Aspartus Resources plc
LSE : ASPP

July 18, 2011 10:51 ET

Final Results for the year ended 28 February 2011

ASPARTUS RESOURCES PLC
RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2011


Chairman's statement
On  behalf of the Board of Directors of Aspartus Resources PLC, I have the pleasure of presenting to you the
results of the company for the year ended 28 February 2011.

Overview
The accounts for the year to 28 February 2011 showed a loss of GBP7,322.

Outlook
On  20  April  2011,  the  Company announced its intention to change its investment strategy  following  the
appointment of Enrique Lopez De Mesa on 31 March 2011.  The Company's new focus is to seek opportunities  in
the mining sector.   We were therefore pleased to announce the purchase of 49.99% of the entire issued share
capital of Quantum Return Enterprises Limited on 23 June 2011.  Quantum in turn owns 55% of the entire share
capital of P.T. Isco Polman Resources, an Indonesian company which owns a mine.

The  Mine  has  already  been issued with the exploration licences for both lead ore  and  iron  ore  mining
concessions  in  West  Sulawesi,  Indonesia.  We understand that further exploration  and  funding  will  be
required to assess the Mine's potential and establish any meaningful production.

On  1  July  the  Company  acquired 49% of the entire enlarged issued share capital of  Principal  Resources
Limited.   Principal  in turn has signed a sale and purchase agreement to acquire 80% of  the  entire  share
capital  of  P.T.  Gunung Mas Karunia Mining, an Indonesian company, which is subject to certain  conditions
including  due diligence and obtaining the approval of The Investment Coordinating Board of the Republic  of
Indonesia.   P.T. Gunung has been issued with exploration licences for coal mining concessions in Indonesia.
It  is  understood that further exploration and funding will be required to assess its mining potential  and
establish any meaningful production.

To  finance  the  working capital for the Company GBP 40,000 of Convertible Unsecured Loan Notes  2013  were
issued at a price of GBP 0.00001.  The directors continue to review the working capital requirements of  the
company and seek appropriate financing as the company moves forward.

Nigel  Weller resigned as director on 27 May 2011 and the Company would like to thank him for his  help  and
wish him well in his pursuit of other business interests.



L.E.V. Knifton
Director

15 July 2011


The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
Aspartus Resources PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel: +44 (0) 20 7309 2280
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
www.alfredhenry.com



PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2011

                                                                        2011              2010
                                                                         GBP               GBP
                                                                                          
Turnover                                                                   -                 -
Cost of sales                                                              -                 -
                                                                     -------           -------
Gross profit                                                               -                 -
                                                                                          
Administrative expenses                                              (30,063)           (48,019)
                                                                     -------            -------
                                                                                          
Operating loss                                                       (30,063)           (48,019)
Profit on realization of investments                                       -              5,938
Surplus on settlement of convertible loan notes and                                       
warrants                                                              22,741                  -
Interest received                                                          -                  3
                                                                     -------            -------
                                                                                          
Loss on ordinary activities before taxation                           (7,322)           (42,078)
                                                                                          
Tax on loss on ordinary activities                                         -                  -
                                                                     -------            -------
                                                                           -                  -
Loss for the financial year                                           (7,322)           (42,078)
                                                                     =======            =======
                                                                                          
Loss per share - Basic and diluted                                   (0.005p)           (0.058p)
                                                                                          
The profit and loss account has been prepared on the basis that all operations are continuing operations.
 
There are no recognised gains and losses other than those passing through the profit and loss account.
 
 
BALANCE SHEET
AS AT 28 FEBRUARY 2011
 
                                                              2011                          2010
                                                       GBP            GBP            GBP            GBP
Fixed Asset                                                                                     
Investments                                                             2                             2
                                                                                                
                                                                                                
Current assets                                                                                  
Debtors                                             17,276                        18,349         
Cash at bank and in hand                             3,813                         8,295          
                                                   -------                       -------     
                                                    21,089                        26,644         
                                                                                                
Creditors: amounts falling due within                                                           
one year                                           (28,683)                       (8,556)
                                                   -------                       -------        
Net current (liabilities)/assets                                   (7,594)                       18,088
                                                                  -------                       -------
Total assets less current liabilities                              (7,592)                       18,090
                                                                                                
Creditors: amounts falling due after                                                            
more than one year                                                                              
                                                                   (9,116)                      (29,200)
                                                                  -------                       -------
                                                                  (16,708)                      (11,110)
                                                                  =======                       =======
Capital and reserves                                                                            
Called up share capital                                            22,831                        22,831
Share premium                                                     283,968                       283,968
Non-interest bearing loans                                          1,724                             -
Profit and loss account                                          (325,231)                     (317,909)
                                                                  -------                       -------
Shareholders' funds                                               (16,708)                      (11,110)
                                                                  =======                       =======
                                                                                                

NOTES TO RESULTS
FOR THE YEAR ENDED 28 FEBRUARY 2011

1.    The  financial information set out above does not constitute statutory accounts for the purpose  of
      Section 240 of the Companies Act 1985.   The financial information has been extracted from the statutory
      accounts of Aspartus Plc and is presented using the same accounting policies, which have not yet been filed
      with the Registrar of companies, but on which the auditors gave an unqualified report on 15 July 2011.

                                                                                                  
2.    Earnings Per Shares
                                                                                                  
      The loss per share is based on the following losses and shares in issue:   2011                     2010
                                                                                  GBP                      GBP

      Losses                                                                    7,322                   42,078
                                                                              -------                 --------

      Weighted Average Number of shares                                   158,658,016               72,854,400
                                                                          -----------               ----------
                                                                                                  
      Basic E.P.S                                                            (0.005p)                 (0.058p)
                                                                             --------                 --------


3.    Convertible loan notes and warrants

      On  20 September 2010, the company issued a further convertible loan note of GBP20,000 maturing on 31
      December  2013 and convertible into 2,000,000,000 ordinary shares at GBP0.00001 per share,  of  which
      GBP5,000 has been paid up by Mr Nigel Weller.  A further GBP5,000 was paid on 10 March 2011 leaving a
      further GBP10,000 available for draw down as and when required by the company.

      Also  on 20 September 2010, the company paid the holders of the existing convertible loan note  which
      matured  on  30  June 2010 the sum of GBP5,000 in settlement of the liability of GBP29,200,  together
      with the cancellation of the warrants as detailed in Note 9.

      On  20  September 2010, GBP5,840 zero coupon convertible loan notes 2013 were issued at a  conversion
      rate  of GBP0.00001 per share so that the number of shares on conversion will be 584,000,000 ordinary
      shares on full conversion, the final repayment date will be 31 December 2013.

      The  convertible loan notes amounting to GBP10,840 have been split between debt and equity as per the
      requirements  of  FRS25.   Using an interest rate of 8%, the company has estimated  the  debt  to  be
      GBP9,116 and equity of GBP1,724.

      Warrants  over  854,065,000 Ordinary shares of GBP0.00001 each were granted  on  12  March  2006,  at
      GBP0.00005 per share, for five years.  These were cancelled, together with the convertible loan  note
      which matured on 30 June 2010 (see note 8), settlement for both by way of a payment of GBP5,000.   On
      30  September  2010,  854,065,000 warrants were issued to the new convertible loan  note  holder,  at
      GBP0.00001 per share, exercisable at any time within the period ending 31 December 2013.  On  27  May
      2011, 84,408,034 of these warrants were transferred to L.E.V. Knifton, a director.

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