Landore Regulatory News (LND)

29 September 2015

Landore Resources Limited

("Landore Resources" or the "Company")

Interim Results for the six months ended 30 June 2015

Landore is pleased to announce its interim results for the six months ended 30 June 2015.

For more information please contact:

Copies of the Interim statement are available on the website, www.landore.com 

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED 30 JUNE 2015

General

The following discussion of performance, financial condition and future prospects should be read in conjunction with the interim consolidated financial statements of the Group and notes thereto for the period from 1 January 2015 to 30 June 2015. All amounts are stated in sterling.

Overview

Landore Resources Limited is listed on the Alternative Investment Market in London, with the trading symbol LND.L. The Company is based in Guernsey in the Channel Islands and its 100% owned operating subsidiary, Landore Resources Canada Inc, is engaged in the exploration and development of a portfolio of precious and base metal properties in North America.

Results of Operations

The financial results for the six months to 30 June 2015 show a loss of £1,180,977 (2014: loss £809,560). These results were in line with expectations. Exploration costs were £466,518 (2014: £376,479).

During the period under review £nil (2014: £nil) was raised from the issue of shares.

The Group has no debt but will need to raise further equity in order to carry out its exploration and development activities, and also for working capital.

Corporate Strategy:

Landore is focussing on the highly prospective Junior Lake nickel-copper-cobalt-PGEs project, with the aim of growing its resource base to plus 100,000 tonnes of nickel equivalent (NiEq), to ultimately sell the project to a third party or enter into a joint venture partnership to develop the project.

To date Landore has delineated NI 43-101 compliant resources totalling 55,008 tonnes NiEq contained metal on the two main deposits the B4-7 and the VW, of which 93.6% is in the Indicated category. In addition there is the B4-7's Exploration Target, estimated to contain approximately 20,000 tonnes NiEq and the highly prospective Alpha Zone adjacent to the B4-7 which promises to add significant tonnage to the B4-7 resource.

Works completed on the Junior Lake property to date have clearly demonstrated the existence of a geological environment that is favourable for the deposition of magmatic nickel-copper sulphide mineralisation. Based on geological signatures and available geological knowledge, this favourable environment is believed to exist along a strike length of approximately 10 kilometres. At its widest, the favourable rock sequences are in the order of 1,000 to 1,500 metres in thickness.

2014-2015 Works:

Recent exploration works in 2014 and 2015, which included 3,250 metres deposit drilling and 6,216 metres of exploration drilling, returned highly encouraging results. Drilling in the B4-7 deposit identified additional high-grade Alpha Zone mineralisation in close proximity to the B4-7 main zone, as well as confirming additional B4-7 massive sulphide mineralisation within the B4-7's Exploration Target. Exploration drilling has confirmed an extension of a gold/copper bearing structure from the B4-7 deposit for 1,000 metres to line 1600E.

Encouraged by these results, Landore initiated a mineral potential investigation and geophysics review on the Junior Lake Property.

Mineral Potential Investigation:

Landore retained the services of RPA Inc. (RPA) independent engineers of Toronto, Canada, for the completion of a review and report of the B4-7 nickel-copper cobalt-PGEs deposit and VW nickel deposit information to include the above 2014-2015 drilling campaigns. As part of this investigation a re-assessment will be conducted of the Alpha Zone and Exploration Target for inclusion into the B4-7 resource, and recommendations will be made for further exploration including drilling, geotechnical and metallurgical works. The report will be to Canadian National Instrument NI 43-101 standards and is scheduled for completion the first week of October 2015.

Geophysics Review:

In support of the above investigation, Landore retained the services of Alan King M.Sc., Professional Geophysicist, an independent geophysicist of Sudbury, Canada, to review and interpret all geophysical survey data acquired by Landore to-date on the Junior Lake property. This independent report was announced on 21st September 2015.

As part of this review numerous targets for further exploration have been identified.

The full report is available on our website www.landore.com.

The Junior Lake property:

The Junior Lake property, 100% owned by Landore Resources, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay, and is host to; the B4-7 Nickel-Copper-Cobalt-PGEs resource, the recently-identified Exploration Target and the Alpha Zone. Junior Lake also contains the VW Nickel resource and numerous other highly prospective mineral occurrences.

B4-7 Nickel-Copper-Cobalt-PGEs Resource:

The B4-7 resource estimate and report, completed by RPA Inc. (RPA) of Toronto, Canada in January 2013, is compliant with the requirements of National Instrument 43-101 (NI 43-101). The resource remains open down plunge at depth and along strike to the west.

VW Nickel Resource:

The VW resource estimate and report, completed in January 2010, is to NI 43-101 standards. The deposit remains open down plunge at depth and along strike to the east and to the west.

Planned Works:

Landore has embarked on a multi-phase works plan starting with the afore-mentioned studies (phase 1). Following the completion of these studies, Landore will commence phase 2 of its works programme consisting of metallurgical and geotechnical studies for optimisation of processing and pit parameters on both the B4-7 and VW deposits, together with drilling to test prospective geophysical targets as identified by the independent geophysicist.

The third phase of works, currently scheduled to commence in Q1 2016, consists of a definition drilling programme as per the independent engineers' recommendations to bring the Exploration Target and Alpha Zone into the NI 43-101-compliant B4-7 resource.

When results from the above works have been received, an updated resource estimate will be completed (phase 4).

For further information on Landore and the Group's projects please visit the website

www.landore.com 

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2014

The Group's operating loss relates to continuing operations.

The notes and accounting policies on pages 9 to 10 form part of these interim financial statements.

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2015

The accounting policies and notes form part of these financial statements.

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2015

The notes and accounting policies form part of these interim financial statements.

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2015

The notes and accounting policies form part of these interim financial statements

LANDORE RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2015

1 Basis of accounting and accounting policies

The financial statements have been prepared in accordance with those International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee ("IFRIC") interpretations issued and effective or issued and early adopted as at the time of preparing these financial statements (September 2015). The Directors have elected not to apply IAS34 Interim Financial Reporting.

The financial statements have not been audited and have been prepared on the historical cost basis. The principal accounting policies adopted are consistent with those adopted in the annual accounts to 31 December 2014.

2 Exploration expenditure and mineral properties

Mineral properties at 30 June 2015 represent accumulated costs to date incurred by Landore Resources Canada Inc., a subsidiary of Landore Resources Limited. On acquisition of Landore Resources Canada Inc. on 5 April 2006 the fair value of those costs incurred to date was considered to be £nil. All subsequent expenditure in the period has been charged to the income statement in accordance with the group accounting policy.

3 Loss per share

The loss per share is based on the loss for the period and the weighted number of ordinary shares in issue during the period, being 517,483,825 (2014: 413,483,825).

Diluted loss per share

The potential ordinary shares which arise as a result of the options in issue are not dilutive under the terms of IAS 33 because they would not increase the loss per share. Accordingly there is no difference between the basic and dilutive loss per share.

4 Share capital

5 Profit and loss reserve