All Star Minerals plc

May 31, 2013 11:37 ET

Final Results

                                  ALL STAR MINERALS PLC GROUP OF COMPANIES
                       ("All Star", the "Company" or, together with its subsidiaries,
                                                the "Group")

                                              31 DECEMBER 2013

All  Star Minerals plc (ISDX: ASMO), the ISDX Growth Market exploration company, is pleased to announce its
preliminary results for the thirteen month period 1 December 2011 to 31 December 2012.


The  past year has seen a degree of positive progress made, but the Company has been constrained as to  the
level of progress that it has been able to make predominantly due to the state of the capital markets.  For
All  Star , with a listing on the ISDX Growth Market, access to capital has been largely dependent upon  UK
investors, being either private client brokerages, sophisticated or high net worth individuals.

It  has  been  widely reported, especially over the past year, as to the challenges being faced  by  junior
small  cap  exploration  companies  to secure funding, and All Star has been  no  exception.  Arguably  the
principal reasons behind such challenges has been a decline in investor sentiment and confidence toward the
sector,  with  investors having a reduced appetite for risk, and a preference for yield and modest  capital
appreciation more associated with blue chip stocks.

The  board  is  keen  to  resolve the obvious challenge of funding faced by All  Star  ,  and  is  actively
investigating  options  to  redress  this matter. Through the acquisition  of  Circle  Resources  Pty  Ltd,
completed at the tail-end of 2011, All Star has come by a portfolio of early-stage exploration projects  of
substantial potential in Queensland, Australia. Such potential has been glimpsed through the very high gold
values  returned  from  rock  chip  and stream sediment reconnaissance sampling  on  the  Brilliant  Brumby


On  26  March 2013 we announced the results of the rock chip and stream sediment sampling program that  had
been  undertaken on the Brilliant Brumby tenement by the Company's geologic consultants, Terra  Search  Pty
Ltd.  By  way of background, the main known target on the project is the Brilliant Brumby gold mine,  which
was  discovered and worked from 1937 to 1940, and sporadically thereafter in 1947 and 1961. Total  recorded
production  is 790 oz of gold from 950 tons of ore. Mineralisation at the mine is hosted by quartz  veining
trending  north-south,  in  contrast to the general north east by south west  trend  of  major  faults  and

The results of the sampling program revealed three main reconnaissance targets at the tenement, being Early
Bird, Brilliant Brumby, and Golden Spur.

Early  Bird  is  a large magnetic low adjacent to a regional north-north east trending deep  seated  fault,
which  might  indicate  an  area  of  alteration within the granite  and  adjacent  to  two  inactive  gold

The Brilliant Brumby area encompasses the inactive gold workings at Brilliant Brumby as well as the Loafer,
Pactolus,  and Sundown occurrences close to a major north-east trending deep-seated fault structure.  These
occurrences and their extensions may point to the existence of a larger scale mineralised system.

The  target  area  at  Golden Spur, meanwhile, is a cluster of previous artisanal gold workings,  including
Occidental and Golden Spur at the margin of a magnetic high related to the intrusion of the Permian  Mundic
Igneous complex.

Of  the  three known reconnaissance targets, we were particularly encouraged by the assay results  returned
from  the Brilliant Brumby and Early Bird areas. At the Brilliant Brumby target, sampling demonstrated that
gold  mineralisation at the main vein that supported historic mining is present over a strike length  of  2
kilometres, with gold values of 176 grams per tonne ("g/t"), 95 g/t, and several other samples of  over  10
g/t being returned from the assay results.

Sampling at Early Bird focused on the collection of mine shafts and trenches that follow a quartz vein with
a  thickness of approximately 40 centimetres. These workings extend for approximately 20 metres in  length.
Gold  grades  returned  from rock chip sampling included 3.24 g/t, 2.43 g/t, and 1.75  g/t,  whilst  stream
sediment sampling returned gold grades of 171,000 parts per billion ("ppb"), 6,700 ppb, and 4,780 ppb.

We  are very encouraged by the results of the rock chip and stream sediment reconnaissance sampling at  the
Brilliant Brumby tenement, which gives us confidence as to the potential of the project to host an economic
deposit.  The  next phase of exploration will see ground magnetics, coupled with further channel  and  soil
sampling, and additional stream sediment sampling undertaken.

During  the year we expanded our position at Brilliant Brumby through the granting of the Brilliant  Brumby
II  tenement,  which covers 24 sub-blocks over an area of 67.2 square kilometres, adjacent  to  the  north-
eastern boundaries of the Brilliant Brumby tenement. Brilliant Brumby II covers the northern extent of  the
Early Bird target.


In  October  2012  the Queensland state government announced that it would be lifting  the  prohibition  on
uranium  mining  in  the  state.  Uranium was last mined in Queensland in 1982,  and  the  lifting  of  the
prohibition  could  prove extremely positive for All Star's Plain Creek project, which is  prospective  for
phosphate and uranium.

During  the year we made an application for two new tenements contiguous with the existing ESA and Overflow
tenements.  The  new  tenements have been named Bully Creek and Plain Creek, and  host  known  uranium  and
phosphate  deposits. We have recently received confirmation of the decision to propose the  grant  of  both
Bully  Creek and Plain Creek, which will take the total size of the Plain Creek project area to 905  square


At  the  time of the acquisition of Circle Resources Pty Ltd, the Wishbone project was still at application
stage, but in the past month has been proposed for grant, which we are delighted with.

By  way of background, the Wishbone project is prospective for polymetallic, gold, and silver deposits. The
Ukalunda  District, which is encompassed by the Wishbone project, lies at the northern end  of  the  Anakie
Metamorphics,  which  is  bounded by deep-seated structures along which much of  the  Drummond  Basin  gold
mineralisation is located.

Ukalunda  is  characterised  by widespread shows of mineralisation; a situation  shared  with  many  mining
districts that host major ore bodies. This suggests that the geological setting is permissive for  a  major
ore body to be present in the district. The larger historical deposits are the Sunbeam Mine, which produced
600,000  ounces of silver with grades of up to 37 kg/tonnes, the Carrington silver bismuth  mine,  and  the
Pyramid lead silver mine.

The  Wishbone  project  area  is centred over the most prospective portion of  the  Ukalunda  District  and
includes several polymetallic (silver, bismuth, and lead) historic mines and advanced prospects, which have
received extensive exploration over the past 30 years.


Blue  Doe Gold plc was formed as a wholly-owned subsidiary of All Star  in January 2012 for the purpose  of
taking  ownership of the Blue Doe, Eagle Hawk, and Edward projects, acquired as part of the acquisition  of
Circle  Resources Pty Ltd. A total of GBP 457,000 was raised by Blue Doe Gold plc through the issue of  new
ordinary  shares at 2.75p. As at today there are 93,867,824 shares issued in Blue Doe, of  which  All  Star
holds 50,000,000, being 53.26% of the total share capital.

It  was  intended  that Blue Doe Gold plc would list on the AIM Market, and substantial work  was  done  to
achieve  this  goal. However, we were advised by the various brokers who we presented to that the  appetite
for  an  early-stage exploration play would be thin on the ground, and as such it would be futile to market
the opportunity in light of the ongoing tough fundraising conditions for such companies. Rather than risk a
failed  listing,  we have had no other option than to put the proposed AIM listing on  hold  for  the  time

It  remains  a  priority for the board to create value for Blue Doe Gold plc and all its  shareholders,  in
particular  All Star. We are in the process of reviewing opportunities, and will update investors  and  the
market as appropriate in due course.

As  a  part of the due diligence for the AIM Competent Persons Report, Terra Search carried out exploration
activities  on a number of the targets at Blue Doe, Eagle Hawk, and Edward. Terra Search has  defined  five
high priority gold and base metal targets, the highlights of which are:

*        The  Blue  Doe Vein Field is a gold bearing vein system that extends over an area of  650  by  200
metres  and may extend up to 2,350 by 200 metres. The systems contain high gold grades in the order  of  10
g/t to 20 g/t with significant multi ounce per tonne silver and significant lead.

*       Top of the Hill Breccia is a possible intrusive related gold target. Assays ranged from 2.43 g/t to
29.5 g/t gold, and 47.3 g/t silver.

*       Eagle Hawk's gold bearing vein structure extends over a strike length of 1 kilometre. One rock chip
sample returned 197 g/t gold (6.35 ozs gold per tonne).

*        Prince Charles South rock chip sampling returned high copper with most samples having greater than
0.5%  copper and many having several percent copper. Geophysical surveys suggest that larger scale deposits
may lie at depth under the narrow surface veins.

*       Black Mountain is a molybdenum-tungsten bearing muscovite rich greisen. The molybdenum zone extends
over  a  500 metre strike length and has a width that ranges between 10 and 40 metres. Elevated  gold  from
stream sediment and rock chip samples have returned gold in the range of 0.4 to 1.4 g/t, and molybdenum  in
the  range of 126 parts per million ("ppm") to 4,570 ppm, Bismuth in the range of 40 ppm to 1,070  ppm  and
Copper to a maximum of 1.22%. The mineralisation indicates that Black Mountain is an Intrusion-Related gold

During the year Blue Doe Gold plc increased its tenement position through applying for an extension to  the
Edward project. The new target is called Edward Extension and comprises 37 sub-blocks and covers the south-
eastern  Black Mountain region that is highly prospective for gold, silver, molybdenum, tungsten and  other
base  metals. In addition Edward Extension also covers the potential north-western extension of the  copper
zone not covered by the existing Edward tenement.


In  light of the number of projects held and the opportunities in Queensland, Australia, the board has made
the  decision  to  relinquish its exploration projects in Sweden. It was felt that greater  value  will  be
created  for shareholders through developing the projects in Queensland, than through the Swedish projects,
which, following the acquisition of Circle Resources Pty Ltd, were deemed non-core assets. Furthermore,  it
was  unfeasible  for the Company, in light of its size and resources, to seek to advance projects  in  both
Queensland  and  Sweden. As a result of this strategic review, the board concluded that All  Star  and  its
shareholders  would  be  better  served by focusing management time  and  resources  on  the  projects  and
opportunities in Australia.


The  consolidated  financial results for the period from 1 December 2011 to 31 December 2012  show  a  loss
after  taxation of GBP 910,105 (2011: GBP 181,936). The basic loss per share was 0.31p (2011:  0.08p).  The
loss  is  attributable  to  ongoing administrative costs associated with the  running  of  the  Group,  and
exploration expenses.

The Directors do not recommend the payment of a dividend.

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


The  principal goal in the near-term is to ensure the Group is financed sufficiently as to be able to  make
meaningful  progress  on its project portfolio. To reiterate the point I made at the commencement  of  this
statement, the board is actively investigating options to redress the funding challenges faced,  and  hopes
to be able to report positive developments in the near future.

In  light of the funding challenges faced by the Group, exploration progress has been constrained,  but  we
were greatly encouraged by the results of the rock chip and stream sediment sampling program undertaken  on
the  Brilliant Brumby tenement. With gold mineralisation being present at the surface, and the high  grades
of  such  mineralisation, further mapping of the main Brumby vein could give us the confidence to  commence
small scale production on the tenement once our understanding of the geology is sufficient.

Clearly we have been disappointed at being unable to progress the planned AIM listing of Blue Doe Gold plc.
It  remains a priority to deliver value for all shareholders of Blue Doe, and we are investigating  options
on  this  front.  Consulting geologists, Terra Search, have given a strong independent endorsement  of  the
potential  of Blue Doe's projects, stating that ".some of the encouraging results to date within  Blue  Doe
Gold  plc's tenements are similar to surface indications recorded at early stages in exploration of  nearby
deposits  that were subsequently developed into highly profitable mines. Bearing in mind the high risk  and
reward  attached  to  exploration  ventures  such as this, Blue Doe  Gold's  North  Queensland  exploration
properties   present  a  promising  opportunity  for  the  potential  discovery  of  gold  and   associated
mineralization in one of Australia's renowned mineral provinces."

We  will continue to keep a tight grip on the purse strings of the Group, whilst seeking to maximise  value
from  the  exciting portfolio of exploration projects owned by All Star . I look forward to  providing  the
market with updates on the Group's progress in the months ahead.

Finally,  I  would like to extend my thanks to the Board and our advisors for their hard work, and  to  our
shareholders for their continued support.

Conrad Windham
Chief Executive Officer

31 May 2013

The Directors of the Company accept responsibility for the contents of this announcement.


All Star Minerals Plc
Conrad Windham, CEO
Telephone: 020 3130 0674

Corporate Adviser
Peterhouse Corporate Finance Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9796


                                                                  Unaudited      Unaudited               
                                                                  13 Months     Six Months   Audited Year
                                                                      Ended          Ended          Ended
                                                                    31 Dec.         31 May        30 Nov.
                                                                       2012           2012           2011
                                                                       GBP            GBP             GBP
Revenue                                                        -               -               -
Administrative expenses                                        (928,428)       (220,540)       (163,613)
                                                                  ----------     ----------     ----------
OPERATING LOSS                                                 (928,428)       (220,540)       (163,613)
Finance costs                                                  (154)           -               (11,215)
Other non-operating income                                     18,477          47              (109)
Other non-operating expenses                                   -               -               (6,999)
                                                                  ----------     ----------     ----------
LOSS BEFORE TAX                                                (910,105)       (220,493)       (181,936)
Income tax expense                                             -               -               -
                                                                  ----------     ----------     ----------
LOSS FOR THE PERIOD                                            (910,105)       (220,493)       (181,936)
                                                                  ----------     ----------       ----------
Attributable to:
Loss attributable to equity holders of the parent              (721,731)       -               -
Loss attributable to Non-controlling interests                 (188,374)       -               -
                                                                  ----------     ----------       ----------
                                                               (910,105)       (220,493)       (181,936)
                                                                  ----------     ----------       ----------
EARNINGS PER SHARE                                                                             
(expressed in pence per share)
Basic loss per share for the period                            (0.31)          (0.08)          (0.08)
Diluted loss per share for the period                          (0.27)          (0.07)          (0.07)


                                                                  Unaudited      Unaudited                  
                                                                  13 Months     Six Months   Audited Year
                                                                      Ended          Ended          Ended
                                                                    31 Dec.         31 May        30 Nov.
                                                                       2012           2012           2011
                                                                      GBP            GBP                 GBP
LOSS FOR THE PERIOD                                            (721,731)       (220,493)       (181,936)
OTHER COMPREHENSIVE INCOME                                                                     
Issue of share options                                         3,658           -               107,500
                                                                  ----------     ----------     ----------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                      (718,073)       (220,493)       (71,436)
                                                                  ----------     ----------       ----------
                                                               (718,073)       (220,493)       (71,436)
Equity holders of the parent
                                                                  ----------     ----------     ----------

AS AT  31 DECEMBER  2012

                                                                  Unaudited      Unaudited   Audited 30 Nov.
                                                                    31 Dec.         31 May           2011
                                                                       2012           2012
                                                                       GBP            GBP            GBP
  NON CURRENT ASSETS                                                                           
     Property, plant and equipment                             371             485             582
     Intangible assets                                         442,966         600,616         160,261
     Investments at cost                                       -               -               52,999
     Available-for-sale financial assets                       1               1               1
     Trade and other receivables                               11,522          1,777           1,855
                                                                  ----------     ----------       ----------
                                                               454,860         602,879         215,698
  CURRENT ASSETS                                                                               
     Trade and other receivables                               52,002          24,903          44,199
     Prepayments                                               1,128           7,703           3,949
     Cash and cash equivalents                                 8,824           55,277          10,909
                                                                  ----------      ---------        ---------
                                                               61,954          87,883          59,057
                                                                  ----------     ----------       ----------
  TOTAL ASSETS                                                 516,814         690,762         274,755
                                                                  ----------     ----------       ----------
  EQUITY PLUS NON-CONTROLLING INTEREST                                                         
  ISSUED CAPITAL AND RESERVES                                                                  
     Issued share capital                                      315,728         301,818         224,485
     Share premium                                             1,152,849       1,124,097       814,930
     Reserves                                                  696,894         693,236         693,236
     Retained profits                                          (1,989,788)     (1,723,595)     (1,503,102)
                                                               -------------  -------------    -------------
     SUBSCRIBED CAPITAL                                        175,683         395,556         229,549
     Non-controlling interests in net assets                   61,300          26,000          -
                                                               -------------  -------------    -------------
     TOTAL EQUITY                                              236,983         421,556         229,549
     CURRENT LIABILITIES                                                                       
  Tax payables                                                 4,300           13,364          4,259
  Trade and other payables                                     275,531         255,842         40,947
                                                                  ----------     ----------       ----------
                                                               279,831         269,206         45,206
                                                                  ----------     ----------     ----------
  TOTAL EQUITY AND LIABILITIES                                 516,814         690,762         274,755
                                                                  ----------     ----------       ----------

    1.      The financial information for the thirteen months ended 31 December 2012 and the six months ended
            31 May 2012 has not been audited and does not constitute statutory accounts within the meaning of 
            Section 434 of the Companies Act 2006.
    2.      Basic loss per share has been calculated using the weighted average number of shares of 291,845,193
            (31.05.2012: 275,625,815; 30.11.2011: 208,674,014).

            Diluted  loss  per  share has been calculated using the weighted average number  of  shares  of
            332,330,080 (31.05.2012: 315,628,815; 30.11.2011: 256,113,466).
    3.      The Directors of the issuer accept full responsibility for this announcement.

Contact Information

  • All Star Minerals plc