Source - RNS
RNS Number : 0008L
Great Western Mining Corp. plc
28 September 2016
 

Great Western Mining Corporation PLC


("Great Western Mining", "GWM", the "Group" or the "Company")

 

Half Yearly Report

 

Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mining company announces its Half Yearly results for the six months to 30 June, 2016.

 

Highlights:

·     Pre-tax loss of €252,881

·     Basic and diluted loss per share (cent) 0.001

·     M2 technical scoping study commissioned

·     M1 second soil sampling program completed

·     Huntoon mine area co-operation agreement signed

 

Great Western Mining is currently focused on the continued exploration and appraisal of its prospects in Mineral County, Nevada, and so is not currently generating revenue.  For the six month period ending 30 June 2016, the group reported a loss of €252,881 (30 June 2015: €98,211). As at 30 June 2016, the Company had net current assets of €505,435 (30 June 2015: €1,214,212). GWM continues to tightly control overheads and the Group has no debt as at 30 June 2016.

 

The Company is working on the development of a heap leach facility on 10 acres of private land which it recently purchased at Marietta, Nevada.  This will enable GWM to commence initial gold and copper production from the M2 discovery area where the Company has previously carried out extensive drilling operations. During the period, the Group commissioned Nevada-based mining engineer Mr. W T Cohan to undertake a JORC Compliant Scoping Study for M2 as part of the application process for a full mining licence.  The first part of the Scoping Study, which will include the mine plans and an updated resource estimate, is expected imminently.

 

In the spring and early summer of 2016, the Great Western Mining field team conducted a second soil sampling programme on M1 to consolidate the very encouraging results of the previous year. The sampling programmes have revealed widespread anomalous mineralisation, with gold shows of up to 248 parts per billion gold spread over a large area. The results from the 2016 field programme will be available shortly.

 

Since the end of the reporting period the Group has signed the Huntoon Mine Area Co-operation Agreement with neighbouring claim holder Crown Point Gold & Silver Mining Co. LLC ("Crown"), as announced in August 2016.  This is a significant step in consolidating local operations and gives the Company access to local resources and infrastructure which have not previously been available to the Group.  Crown is actively exploiting its claims and there is now a formal mechanism for sharing the benefits of any productive veins which span the acreage of both parties to the Agreement.  The Agreement is for an initial period of three years and also provides for sharing the benefits of any farm out or sale of acreage which may arise.

 

Looking to the future, both the heap leach project and the Huntoon Mine Area Cooperation Agreement will help move the group from pure exploration towards commercial exploitation of the resources which it has now established.

 

As always the Board and management greatly appreciate shareholder support and look forward to reporting on an active programme going forward.

 

 

ENQUIRIES:

 

Great Western Mining Corporation Plc

David Fraser, Chief Executive

+44 207 933 8780 (via Walbrook)

Davy (Nomad, ESM Adviser & Joint Broker)

John Frain

Roland French

+353 1 679 6363

 

[email protected]

[email protected]

 

 Beaufort Securities Ltd (Joint Broker)

Jon Belliss

Elliot Hance

 

 +44 207 382 8300

Walbrook PR (UK PR and IR)

Paul Cornelius

Gary Middleton

Nick Rome

+44 207 933 8780 

 [email protected]

 

 

 

Important Information

 

The group's strategic objectives for its principal activities, being the exploration and mining for copper, silver, gold and other minerals, are only achievable if certain risks are managed effectively. The board has overall accountability for determining the type and level of risk it is prepared to take. The principal risks and uncertainties that may affect the group's business remain unchanged from those disclosed on page 7 of the annual report for the year ended 31 December 2015. The principal risks include, but are not limited to exploration risk, currency risk and of commodity price risk.

 

Certain statements made in this half-yearly report are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from the expected future events or results referred to in these forward-looking statements.

Unaudited Condensed Consolidated Statement of Comprehensive Income

for the six months to 30 June 2016

 


Notes


Restated





(note 3)




Unaudited

Unaudited

Audited



6 months ended

6 months ended

Year ended



30 Jun '16

30 Jun '15

31 Dec '15








Continuing operations





Administrative expenses


(253,064)

(97,776)

(339,842)

Finance income


231

206

417

Finance costs


(48)

(641)

(1,282)

Loss for the period before tax


(252,881)

(98,211)

(340,707)






Income tax expense

6

-

-

-

Loss for the period


(252,881)

(98,211)

(340,707)






Loss attributable to:





Equity holders of the company

4

(252,881)

(98,211)

(340,707)






Earnings per share





from continuing operations





Basic and Diluted profit/(loss) per share (cent)

5

(0.001)

(0.0003)

(0.001)

 



 

Unaudited condensed consolidated statement of other comprehensive income

For the six months to 30 June 2016

 


Notes


Restated





(note 3)




Unaudited

Unaudited

Audited



6 months ended

6 months ended

Year ended



30 Jun '16

30 Jun '15

31 Dec '15








Loss for the period


(252,881)

(98,211)

(340,707)






Other comprehensive income





Items that are or may be reclassified to profit and loss:





Currency translation differences


(58,445)

(187,201)

268,935



(58,445)

(187,201)

268,935






Total comprehensive (expense)/income for the financial period attributed to equity holders of the company


(311,236)

88,990

(71,772)

 



 

 

Unaudited Condensed Consolidated Statement of Financial Position

For the six months to 30 June 2016

 

 

 


Notes


Restated





(note 3)




Unaudited

Unaudited

Audited



6 months ended

6 months ended

Year ended



30 Jun '16

30 Jun '15

31 Dec '15








Assets










Non-Current Assets





Intangible assets

7

3,278,207

3,041,518

3,255,602

Total Non-Current Assets


3,278,207

3,041,518

3,255,602






Current Assets





Trade and other receivables


229,861

53,449

174,300

Cash and cash equivalents


461,698

1,312,773

759,381

Total Current Assets


691,559

1,366,222

933,681






Total Assets


3,969,766

4,407,740

4,189,283






Equity





Capital and Reserves





Share capital

8

2,648,238

2,648,238

2,648,238

Share premium


4,630,945

4,630,945

4,630,945

Foreign Currency translation reserve


551,777

528,488

610,222

Retained loss


(4,047,318)

(3,551,941)

(3,794,437)

Attributable to owners of the Company


3,783,642

4,255,730

4,094,968






Total Equity


3,783,642

4,255,730

4,094,968






Liabilities





Current Liabilities





Trade and other payables


186,124

112,010

79,315

Convertible debt

11

-

40,000

15,000

Total current liabilities


186,124

152,010

94,315






Total Liabilities


186,124

152,010

94,315






Total Equity and Liabilities


3,969,766

4,407,740

4,189,283







Unaudited Condensed Consolidated Statement of Changes in Equity

for the six months to 30 June 2016

 




Restated






Foreign






Currency

Restated



Share

Share

Translation

Retained



Capital

Premium

Reserve

Earnings

Total








Balance at 1 January 2015

2,648,238

4,630,945

341,287

(3,453,730)

4,166,740







Total comprehensive income for the period






Loss for the period

-

-

-

(98,211)

(98,211)

Currency Translation Differences

-

-

187,201

-

187,201

Total comprehensive income for the period

-

-

187,201

(98,211)

88,990







Balance at 30 June 2015

2,648,238

4,630,945

528,488

(3,551,941)

4,255,730







Balance at 01 July 2015

2,648,238

4,630,945

528,488

(3,551,941)

4,255,730







Total Comprehensive Income for the Period






Loss for the year

-

-

-

(242,496)

(242,496)

Currency Translation Differences

-

-

81,734

-

81,734

Total Comprehensive Income for the period



81,734

(242,496)

(160,762)







Balance at 31 December 2015

2,648,238

4,630,945

610,222

(3,794,437)

4,094,968







Balance at 01 January 2016

2,648,238

4,630,945

610,222

(3,794,437)

4,094,968







Total comprehensive income for the period






Loss for the year

-

-

-

(252,881)

(252,881)

Currency translation differences

-

-

(58,445)

-

(58,445)

Total comprehensive income for the period

-

-

(58,445)

(252,881)

(311,326)







Balance at 30 June 2016

2,648,238

4,630,945

551,777

(4,047,318)

(3,783,642)


Unaudited Condensed Consolidated Statement of Cash Flows

for the six months to 30 June 2016

 

 

 


Notes


Restated




Unaudited

Unaudited

Audited



6 months ended

6 months ended

Year ended



30 Jun '16

30 Jun '15

31 Dec '15








Cash flows from operating activities





Loss for the period


(252,881)

(98,211)

(340,707)

Interest payable and similar charges


48

641

1,282

Interest receivable and similar income


(231)

(206)

(417)

Movement in trade and other receivables


(55,561)

60,838

(64,626)

Movement in trade and other payables


106.809

5,458

(27.239)

Exchange rate adjustment


65,878

(135,085)

(100,061)

Cash flows from operating activities


(135,938)

(167,085)

(531,768)






Cash flows from investing activities





Expenditure on intangible assets


(77,136)

(97,710)

(233,149)

Interest paid

11

(48)

(641)

(1,282)

Interest received


231

206

417

Cash used in investing activities


(76,953)

(98,145)

(234,014)






Cash flows from financing activities





Repayment of convertible debt


(15,000)

-

(25,000)

Net cash used in financing activities

11

(15,000)

-

(25,000)











Decrease in cash and cash equivalents


(227,891)

(265,230)

(790,782)

Foreign exchange on cash and cash equivalents


(69,792)

126,462

98,621

Cash and cash equivalents at beginning of period


759,381

1,451,542

1,451,542

Cash and cash equivalents at end of period


461,698

1,312,774

759,381






Notes to the Financial Statements:

 

http://www.rns-pdf.londonstockexchange.com/rns/0008L_-2016-9-27.pdf


This information is provided by RNS
The company news service from the London Stock Exchange
 
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