Mineral & Financial Investments Regulatory News (MAFL)

Hameldon Resources Limited

(the 'Company' or 'HRE')

Interim Results - Six months ended 30 June 2010

Summary Financials

·; Loss Attributable to Shareholders for the period ended 30 June 2010: US$0.09 million (2009: US$0.4 million, of which US$0.2 million was from continuing operations)

·; Shareholder Equity at 30 June 2010: US$0.4 million (2009: US$0.3 million)

·; Loss Per Share (basic) for the period ended 30 June 2010: US cent 0.07 (2009: US cent 0.33, of which US cent 0.14 was from continuing operations)

Commentary

·; The Company is classified under the AIM Rules as an investing company and shareholders have approved a change in investment strategy to acquire holdings in natural resources, minerals, metals and oil & gas companies. The Board has been active in seeking opportunities in the natural resources arena and has looked at a number of companies in which to invest. In attempting to make the appropriate investment choices the Board has focused on ensuring that it can protect the value of the Company for all shareholders. The Board continues in its attempts to find the most appropriate investments.

Steve Smith

Chairman

Consolidated Statement of Financial Position

Condensed Consolidated Statement of Cash Flows

Notes to the unaudited interim financial information

1. Basis of preparation

The Company was incorporated as a Corporation in the Cayman Islands which does not prescribe the adoption of any particular accounting framework. The Board has therefore adopted International Financial Reporting Standards as adopted by the European Union (IFRSs). The Company's shares are listed on the AIM market of the London Stock Exchange.

The Company is classified under AIM rules as an investing company and the board has been active in seeking opportunities in the natural resources arena. The Company was previously the holding company of the Group. The principal activities of the companies held by the Group were marketing and public relations before the disposal of all its interests in these undertakings on 27 October 2009.

The interim financial information has been prepared on the historical cost basis except for financial instruments classified as fair value through profit or loss which are measured at fair value.

It should be noted that accounting estimates and assumptions are used in preparation of the interim financial information. Although these estimates are based on management's best knowledge and judgment of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the interim financial information, are set out in Note 3 to the unaudited interim financial information.

The interim financial information contained in this announcement does not constitute statutory accounts within the meaning of the Companies Act 2006. The full accounts for the year ended 31 December 2009 received an unqualified report from the auditors and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

The interim financial information is unaudited but hasbeen reviewed by the Company's Audit Committee.

2. Principal accounting policies

The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". These condensed interim financial information should be read in conjunction with the audited annual financial statements of the Group for the year ended 31 December 2009 (the "2009 Annual Report"), which have been prepared in accordance with International Financial Reporting Standards.

The principal accounting policies and methods of computation adopted to prepare the interim financial information are consistent with those detailed in the 2009 Annual Report published by the Company on 28 June 2010, except for the accounting policy on financial assets at fair value through profit or loss.

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term, or it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking.

Financial assets may be designated at initial recognition as at fair value through profit or loss if the following criteria are met:

- the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the assets or recognising gains or losses on them on a different basis; or

- the assets are part of a group of financial assets which are managed and their performance is evaluated on a fair value basis, in accordance with a documented risk management strategy and information about the group of financial assets is provided internally on that basis to the key management personnel.

Subsequent to initial recognition, the financial assets included in this category are measured at fair value with changes in fair value recognised in the income statement. Fair value is determined by reference to active market transactions or using a valuation technique where no active market exists. Fair value gain or loss does not include any dividend or interest earned on these financial assets.

The financial assets at fair value through profit or loss were acquired and were disposed of during the period ended 30 June 2010.

3. Critical accounting estimates and judgments

The key sources of estimation uncertainty the Directors had made in preparing these financial statements are as follows:

- the assumptions used to calculate the fair value of share options. The share options were cancelled on 27 October 2009.

The Directors consider that the critical judgements in applying the accounting policies, as detailed above, in preparing these financial statements were:

- the use of the functional currencies used by the operating subsidiaries which accorded with the local currency in which they trade; and

- the recognition of revenue on consultancy services and retainer fees and services over the period the services were provided. The revenue was recognised based on management's assessment of the stage of completion of the services provided.

The Company disposed of all its interests in subsidiary undertakings on 27 October 2009. 

4. Segment Information

As described in Note 1 to the unaudited interim financial information, the Group's only segment was that of marketing and public relations. The Group's marketing and public relations activities were discontinued following the disposal of all its interests in subsidiary undertaking on 27 October 2009.

5. Loss from operations - continuing operations

6. Taxation expense - continuing operations

There is no tax credit on the loss for the current or prior period.

7. Loss per share for loss attributable to owners of the Company

(a) Basic

(b) Diluted

No diluted loss per share is shown for the six month ended 30 June 2010, as the outstanding share options were cancelled on 27 October 2009.

No diluted loss per share is shown for the six month ended 30 June 2009 and for the year ended 31 December 2009, as the outstanding share options are anti-dilutive.

8. Trade and other receivables

The fair value of trade and other receivables is considered by the Directors not to be materially different to carrying amounts.

9. Trade and other payables

10. Deferred taxation

Deferred taxation liabilities recognised can be summarised as follows:

11. Share capital

12. Contingencies 

As at 30 June 2010, the Company had no material contingent liabilities.