All Star Minerals plc
LSE : ASMO

April 30, 2010 11:05 ET

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2009

                                                                                   GB00B12T7004/GBP/PLUS-exn
                                                                                                  30/04/2010
                                                                                                            
                                                                                                            
                                                  ALL STAR MINERALS PLC
                                          ("All Star Minerals" or "the Company"
           
                           UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2009
           
           
           REPORT OF THE DIRECTORS
           
           Highlights
           
           *       Highly encouraging results returned from two phases of radon surveying at the Gilpas 
                   uranium project in Sweden with two strong anomalous zones identified to date
  
           *       Phase III radon survey to commence at Gilpas next month in May, targeted at identifying 
                   the extent a potentially sizeable anomalous radon zone
  
           *       Awaiting response from the Swedish mining authority, Bergsstaten, to commence initial 
                   exploratory drilling at Gilpas
  
           *       In-depth commissioned research report published on All Star Minerals by Edison Investment 
                   Research
           
           
           Chief Executive Officer's Statement
           Since  my  last  statement to shareholders in August 2009 we have made  strong  progress  on  the
           understanding  of the geology at our flagship uranium project in Sweden, Gilpas. Next  month,  in
           May,  work will recommence on radon mapping at the project, focussing on understanding the extent
           of a potentially sizeable anomaly, the periphery of which was identified from the second phase of
           radon surveying in November, being c.300 meters in length.
           
           We  are awaiting a response from the Swedish mining authority, Bergsstaten, on our work programme
           plans  for Gilpas, which includes a proposed 600 metres of drilling. We are not concerned by  the
           length  of  time  taken to receive a response from Bergsstaten, but are frustrated  that  it  has
           delayed  our development plans for the project. Nonetheless, we anticipate a favourable  response
           imminently and will keep shareholders informed on this matter.
           
           The Gilpas Uranium Project
           We have made positive progress on the development of Gilpas. In the period two radon surveys have
           been  undertaken,  which have returned extremely encouraging results. A general  anomalous  radon
           zone of 157,500 metres has been delineated to date, within which two far stronger anomalous zones
           have been identified. Zone 1 is c.6,000 square metres, being 150 metres in length by 40 metres in
           width, whilst zone 2 has revealed an initial length of 300 metres. Further radon surveying in May
           should reveal the extent of the zone 2 anomaly.
           
           The  significance  of  the radon anomalies at Gilpas is that radon gas is  produced  as  a  decay
           product  of  uraniferous minerals, and the strength of the anomalies at Gilpas gives  substantial
           support to the concept that the project hosts uranium mineralization.
           
           It  is  our intention to drill test the zone 1 radon anomaly to identify the source of the  radon
           gas, but until we get approval from the Swedish authorities for our proposed work programme, such
           plans  must  remain  on hold. We will, however, be undertaking further radon  mapping  from  next
           month.
           
           The Samon and Kuusivaara Uranium Projects
           We retain the Samon and Kuusivaara projects in our portfolio. Whilst the development of Gilpas is
           our priority, we do intend to undertake geochemistry work on both Samon and Kuusivaara this year.
           
           Nuclear Outlook for Sweden
           There  have been a number of positive developments for the outlook of nuclear power in Sweden  in
           recent  months. The country already has 10 nuclear reactors that provide over 40% of  its  energy
           requirements, and in February 2009 the government announced plans to introduce a bill to overturn
           a  30-year ban that would enable the construction of nuclear reactors on existing sites, as  well
           as  introducing a new carbon tax as part of a programme to cut carbon emissions by 40%  on  1990-
           levels  by  2020. This bill is scheduled for a parliamentary vote in June and, if  passed,  could
           pave the way for the construction of new reactors in Sweden.
           
           Meanwhile,  the  country has also identified two possible locations for  the  construction  of  a
           nuclear  waste storage facility for spent fuel, Osthammar and Oskarshamn, both of which are  home
           to  reactors  already. A decision on the location for the storage facility  is  anticipated  this
           year.
           
           Furthermore,  a  poll of 1,500 Swedish adults in February showed that 52% of respondents  support
           the continued use of nuclear energy, which is up on a similar poll from January 2008 when 48%  of
           respondents backed the construction of new reactors.
           
           Financials
           The  unaudited  financial results for the twelve months to 30 November 2009  show  a  loss  after
           taxation  of  £161,380 (2008: loss £359,242). The loss is attributable to ongoing  administrative
           costs associated with the running of the Company and exploration expenses.
           
           Outlook
           We  remain cautiously optimistic about the future for the Company. The results from the two radon
           surveys  undertaken at Gilpas to date give us reason to be optimistic for its geologic  potential
           to  host uranium mineralisation. We hope to receive a favourable response from the authorities in
           Sweden  imminently  to enable us to commence initial drilling at the project, and  establish  the
           source  of  the radon gas, and we will keep shareholders updated on such developments. Meanwhile,
           we  look  forward to recommencing work on radon mapping next month at Gilpas, which will  further
           enhance our understanding of the projects' geology.
           
           I  would  like to take this opportunity to thank our shareholders for their continued support  of
           the  Company. Since taking over as CEO of All Star Minerals I have increased my shareholding from
           250,0000  shares  to 7,300,000 shares. It is important that our own interests  as  directors  are
           aligned  with  those  of  all  our shareholders, and such purchases  by  the  board  represent  a
           fundamental part of our strategy for development.
           
           I look forward to keeping shareholders updated on developments over the coming months.
           
           DIVIDENDS
           No dividends will be distributed for the year ended 30 November 2009.
           
           INCOME STATEMENT
           FOR THE YEAR ENDED 30 NOVEMBER 2009
           
                                                                                      2009                        2008
                                                                                         £                           £
           
           CONTINUING OPERATIONS
           Revenue                                                                       -                           -
           
           
           Other operating income                                                       75                         100
           Administrative expenses                                                (161,539)                   (362,820)
           
           OPERATING LOSS                                                         (161,464)                   (362,720)
           
           Finance income                                                               84                       3,478
           
           LOSS BEFORE INCOME TAX                                                 (161,380)                   (359,242)
           
           Income tax                                                                    -                           -
           
           LOSS FOR THE YEAR                                                      (161,380)                   (359,242)
           
           
           Earnings per share expressed
           in pence per share:
           Basic                                                                     -0.18                       -0.57
           Diluted                                                                   -0.13                       -0.39
           
           
           
           STATEMENT OF COMPREHENSIVE INCOME
           FOR THE YEAR ENDED 30 NOVEMBER 2009
           
                                                                                      2009                        2008
                                                                                         £                           £
           
           LOSS FOR THE YEAR                                                      (161,380)                   (359,242)
           
           OTHER COMPREHENSIVE INCOME
           Premium on shares issued                                                110,931                       8,571
           Equity-settled share-based payments                                           -                        (126)
           Deferred shares cancelled                                               572,786                           -
           
           Income tax relating to components of other comprehensive                      -                           -
           income
           
           OTHER COMPREHENSIVE INCOME FOR THE YEAR,
           NET OF INCOME TAX                                                       683,717                       8,445
           
           TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                 522,337                    (350,797)
           
           
           
           
           STATEMENT OF FINANCIAL POSITION
           30 NOVEMBER 2009
           
                                                                                      2009                        2008
                                                                                         £                           £
           ASSETS
           NON-CURRENT ASSETS
           Intangible assets                                                        47,576                      39,080
           Property, plant and equipment                                               310                         622
           
                                                                                    47,886                      39,702
           
           CURRENT ASSETS
           Trade and other receivables                                              19,702                       3,463
           Cash and cash equivalents                                                 2,401                       6,968
           
                                                                                    22,103                      10,431
           
           TOTAL ASSETS                                                             69,989                      50,133
           
           EQUITY
           SHAREHOLDERS' EQUITY
           Called up share capital                                                 116,433                     636,429
           Share premium                                                           434,017                     323,086
           Capital redemption reserve                                              572,786                           -
           Share scheme reserve                                                      6,817                       6,817
           Retained earnings                                                    (1,185,808)                 (1,024,428)
           
           TOTAL EQUITY                                                            (55,755)                    (58,096)
           
           LIABILITIES
           CURRENT LIABILITIES
           Trade and other payables                                                125,744                     108,229
           
           TOTAL LIABILITIES                                                       125,744                     108,229
           
           TOTAL EQUITY AND LIABILITIES                                             69,989                      50,133
        
        
             
        
        The final results to 30 November 2009 have not been audited or extracted from audited financial statements.

        If  it  becomes  known to the Directors of the Company that the audit report is to be qualified,  or
        modified  in relation to going concern or otherwise, the terms of such qualification or modification
        will be announced immediately.
        
        The Directors of All Star Minerals plc are responsible for the contents of this announcement.
        
        ENQUIRIES:
        
        Company
        
        All Star Minerals plc
        Conrad Windham, CEO
        Telephone: 020 3130 0674
        E-mail: c.windham@allstarminerals.com
        Website: www.allstarminerals.com
        
        Corporate Adviser
        
        St Helens Capital Partners LLP
        Duncan Vasey or Mark Anwyl
        Telephone: 020 7368 6959
        
        
        
           

Contact Information

  • All Star Minerals plc