Great Western Mining Corporation plc

May 26, 2009 02:00 ET

Audited Final Results for the year ended 31 December 2008

                                                                                             26 May  2009
                                   GREAT WESTERN MINING CORPORATION PLC
                        Audited Final Results for the year ended 31st December 2008
Chairman's Statement

The  year  2008  witnessed  exceptional progress by your company, Great Western Mining  Corporation  Public
Limited  Company ("GWMC"). From a standing start as a public company admitted to trading on the PLUS-Quoted
Market  in London in October 2006 following a share placing at 3.5 pence sterling, the price rose  steadily
to  a  high of 33 pence sterling before softening to 16 pence in late 2008. Your Company received the  LION
Capital Limited "Best Resource Stock of 2008" on the Plus Market at an award ceremony in London.

This was not a simple case of happenstance. The years 2007 and 2008 were marked by a series of developments
which have caught the attention of both the marketplace and sections of the mining industry itself.

Originally  intended as a pure Gold and Silver play based on old claim data from the files  of  a  deceased
prospector, the venture soon morphed into a potentially viable Uranium play with associated metal values of
Gold,  Silver  and  even minor Platinum group Mineralisation. The area under claim  rapidly  rose  from  21
individual  claims,  to,  at  the last count, 139 claims covering an area of  some  12  square  kilometres.
Canadian and American exploration companies were drawn into the immediate area adjacent to our claims.

In  addition  to the precious and energy metals, a new and some might say, original interpretation  of  the
geological  formulation of the area has raised the prospect of a major porphyry copper  deposit  underlying
much of the immediate area.

It  is  for  this reason that the Competent Persons Report ("CPR") begun last autumn, has been delayed  and
expanded  to  take  in the increased flow of information, including three bulk sample  leaching  tests  and
numerous samples taken from the existing adits, trenches and pits both new and old. It is expected that the
CPR  will  be  completed  before the Annual General Meeting and relevant excerpts will  be  posted  on  our
Company's website.

Discovery was never easy. Were it otherwise the market values placed on minerals of all kinds would be  far
less,  and  many of us prospectors might be selling shoes in some basement haberdashery. In that  regard  I
would like to thank my colleague Melvyn Quiller and the entire Board of Directors as well as W.T. Cohan and
Associates, our Engineering and Geological consultant for their tireless efforts on all our behalf over the
year.  I  believe  that  GWMC  is on the cusp of a commercial mine discovery  in  Nevada  that  will  prove
satisfactory to all concerned, most importantly to you, the shareholders.

In  that  regard it should be noted that there are no warrants or options outstanding to anyone.  Thus  any
value  which  may  arise  from our efforts will flow undiluted by warrants and  options,  straight  to  the

The  year ahead promises to be as busy as the past. GWMC intends to establish a base camp in the ghost town
of Marrietta and a field camp at the work site, in order to reduce the onerous and time consuming trek, now
that  the potential targets have been determined. All going well, a drilling programme may be initiated  in
the autumn which will concentrate minds wonderfully in determining the geological profile and extent of any
commercial deposits.

Stay abreast of events by contacting our website:

The directors will not be recommending the payment of a dividend for this period.

Emmett O'Connell

Group Income Statement

For the year ended 31st December 2008

                                                12 months                        9 months
                                                ended                           ended
                                                31/12/2008                       31/12/2007

                                                      Euro                            Euro

Administrative expenses                           (410,694)                        (268,067)

Interest receivable and
similar income                                      18,425                            7,677

Loss for the year before tax                      (392,269)                        (260,390)

Taxation                                                 0                               0

Loss for the year                                 (392,269)                        (260,390)

Earnings per share
Basic loss per ordinary share                     1.47 cent                        1.04 cent

Diluted loss per ordinary share                   1.47 cent                        1.04 cent

The results for the period arise on continuing operations.

Group Balance Sheet

As at 31st December 2008

                                                31/12/2008                       31/12/2007

                                                     Euro                            Euro

Non-Current Assets

Intangible assets                                 588,036                          496,936

Current Assets
Trade and other receivables                        13,041                           81,011
Cash and cash equivalents                         251,490                          673,867
                                                  264,531                          754,878

Total Assets                                      852,567                        1,251,814

Equity and Liabilities

Called up share capital                           267,520                          267,520
Share premium account                           1,399,810                        1,399,810
Retained loss                                    (833,662)                        (491,393)
Attributable to equity   shareholders             783,668                        1,175,937


Current Liabilities
Trade and other payables                           68,899                           75,877
Total liabilities                                  68,899                           75,877

Total Equity and Liabilities                      852,567                        1,251,814

The information contained in this statement has been extracted from the audited accounts, which contain  an
unqualified audit report.

The Directors accept responsibility for the above announcement.


For further information on investor relations please contact:

Liam McGrattan, Investor Relations Director, Great Western Mining Corporation plc
Tel: +353 1 856 1700   Mobile: +353 87 274 5427

Emmett O'Connell, Chairman, Great Western Mining Corporation plc
Tel: +353 51 565844 or +353 1 856 1700

Corporate Advisors: St. Helen's Capital plc
Duncan Vasey/Barry Hocken
Tel: +44 207 628 5582


Contact Information

  • Great Western Mining Corporation plc