Belmore Resources (Holdings) plc

January 29, 2010 02:00 ET

Final Results

                                                                                   29 January 2010

                                          Belmore Resources (Holdings) PLC

                                           ("Belmore" or "the Company")

                                                  FINAL RESULTS

The  Board of Belmore, a minerals exploration company with a focus on projects in the Republic  of
Ireland, is pleased to announce its final results for the year ended 31st August 2009.

Highlights during Year -

    *       Joint Venture agreement with Lundin Mining Exploration Limited announced;
    *       Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore
            currently holds in Co. Clare by spending up to EUR14.7 million over a number of years.
    *       Initial agreed expenditure of EUR700,000 by June 2009
    *       Placing raising EUR100,000; and
    *       Drilling under the Joint Venture agreement has successfully commenced on the Co. Clare

Post Period Highlights -

    *       Placing raising EUR330,400 to be used for strategic investment purposes and as working
            capital for the Company.
    *       Further positive results from the continuing appraisal drilling the Kilbricken Zinc- Lead-
            Silver discovery
    *       Following  a  review of the Clare results Lundin remains committed to and  optimistic
            regarding the East Clare exploration programme.

The directors of the issuer accept responsibility for this announcement

Belmore Resources (Holdings) Plc          Tel: + 353 87 681 2883
Patrick Mahony

Bishopsgate Communications Ltd            Tel: +(0)20 75623350
Nick Rome

Rivington Street Corporate Finance        Tel: +(0)20 7562 3373
Eran Zucker

Chairman's Statement

I am pleased to report that 2009 has been the most active year to date for your company.


In  last year's Annual Report the Company announced the successful drilling of borehole 08-3679-04
at  Kilbricken, County Clare. This drillhole encountered 10 metres of 19.36% combined  zinc,  lead
plus  silver  (13.84%  Zinc,  5.52%  Lead  and  62.84  gm/tonne  Silver).  This  result  attracted
considerable attention within the mining industry.

Subsequent  to  the  Kilbricken discovery, the Company entered into a Joint Venture  agreement  in
early 2009 with Lundin Mining Exploration Limited ("Lundin"), a wholly owned subsidiary company of
Lundin Mining Corporation (TSX:LUN, OMX:LUMI).

This  ensured  the  Company,  in conjunction with Lundin, would be able  to  carry  out  the  more
intensive  exploration programme needed to evaluate a prospect as promising as that  indicated  by
drillhole 08-3679-04.

2009 Work Programme

Lundin commenced an aggressive exploration programme on the Clare licence blocks from the start of
2009. Four diamond drill rigs were present on the licences for the whole of 2009 and at one period
a fifth drill rig was also employed.

A  total  of  twenty-seven drillholes were completed on the Kilbricken Licence (3679)  and  twelve
holes were also drilled on other licences within the Clare blocks.

The  twelve  holes  on  licences  other  than 3679 enabled the  Company  to  meet  all  government
expenditure  commitments  and to renew licences as they became due.  In  addition  the  drillholes
provided  valuable  geological  information and, in particular,  the  drillhole  on  licence  3643
indicates a structural setting analogous to the mineralised faulted zone at Kilbricken.

Many of the Kilbricken holes are mineralised. Drillhole 09-3679-06 had 21.25 metres at a grade  of
11%  Zinc, 4.82% Lead and 142.83 grammes per tonne Silver. Other good drillholes are 3679-8, 9 and
19 while most of the other holes also fall within a much broader mineralised zone.

The  drilling has intersected a number of major fault zones, currently thought to trend in an east
northeast  direction and to down throw the strata to the south. This indicates an east /  west  to
east northeast / west southwest trending prospective zone running through Kilbricken and extending
into prospecting licence 3787 and 3643.

Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently
hold  in  Co. Clare by spending up to EUR14.7 million over a number of years. By June 2009  Lundin
had  spent  the  agreed initial expenditure of EUR700,000, and has since accelerated  its  earn-in

Lundin is also carrying out a detailed gravity survey on the licences and has completed additional
geochemistry as well as re-compiling earlier geochemistry data. These techniques together with the
diamond drilling will test for additional areas of mineralisation on the licence block.

Lundin  remain  very  optimistic about the Kilbricken prospect and the  Clare  licence  blocks  in
general.  The  drilling  programme is continuing with four drill rigs and will  continue  to  test
prospective areas around Kilbricken.


The loss of EUR92,434 for the year ended 31st August 2009 is comprised of administration and legal
expenditure required to keep Belmore as a public company and to conclude the Lundin Joint  Venture

Subsequent  to  the year-end, the Company placed 4,720,001 new ordinary shares of EUR0.01  each  a
price  of  EUR0.07  per  share. The proceeds of EUR330,400 will be used for  strategic  investment
purposes and as working capital for the Company.


The  agreement with Lundin will ensure that the Company will have an active exploration  programme
over the coming year.

In  addition, the Company is currently in negotiations in relation to a new investment opportunity
and  will update the market on any developments as soon as possible. There is no guarantee on the
outcome of these negotiations.

I  would  like to thank my co-director, consultants and shareholders for their support,  and  look
forward to reporting on our active exploration programme and other activities throughout 2010.

Finally,  the Board would like to thank one of its founding Directors Dr. George Emo who left  the
Company during 2009.  The Board of Belmore wish to express its gratitude and appreciation  to  Dr.
Emo for his efforts over the past eight years.

W. Ian L. Forrest

                                 Belmore Resources (Holdings) Plc

             Consolidated Profit and Loss account for the year ended 31st August 2009

                                                            2009                      2008

                                                             EUR                       EUR

Administrative Expenses                                 (91,726)                   (77,435)

Operating loss - continuing operations                  (91,726)                   (77,435)

Interest receivable and similar income                      239                        949

Interest payable and similar charges                       (947)                      (836)
                                                        _______                     ______

Loss on Ordinary activities before taxation             (92,434)                   (77,322)

Tax on loss on ordinary activities                           -                          -
                                                       ________                    _______
(Loss) for the year                                     (92,434)                   (77,322)

Profit and loss account at beginning of year            (507,752)                 (430,430)
                                                       ________                   ________ 
Profit and Loss account at end of year                  (600,186)                 (507,752)

Loss per Ordinary Share                               EUR 0.0028                 EUR0.0025

The company had no recognised gains or losses in the financial year or the proceeding financial
year other than those dealt with in the profit and loss account.

                                 Belmore Resources (Holdings) Plc

                         Consolidated Balance Sheet as at 31st August 2009

                                               2009                                          2008
                                       EUR              EUR                           EUR           EUR
Fixed Assets
Intangible assets                                    586,177                                      526,881

Current Asset
Debtors                               2,446                                            51
Cash at bank and in hand             58,680                                         8,459
                                   ________                                       _______
                                     61,126                                         8,510

Creditors:(amounts falling
due within one year)
Borrowings                             -                                           (1,672)
Other creditors                     (71,291)                                      (27,273)
                                   ________                                      ________
                                    (71,291)                                      (28,945)

Net Current Assets                                   (10,165)                                    (20,435)
                                                    _________                                     _______
Total Assets less Current
Liabilities                                          576,012                                     506,466

Capital and Reserves
Called up share capital                              333,902                                     313,902
Share premium account                                842,296                                     700,296
Profit and loss account                             (600,186)                                   (507,752)
                                                    ________                                     _______ 
Shareholders' Funds                                  576,012                                     506,466


    1.  The financial information set out in this announcement does not constitute statutory

    2.  The Accounts have been prepared on the historical cost basis, using generally recognised
        accounting principles. They have been prepared on a going concern basis.

    3.  The directors do not recommend the payment of a dividend.

    4.  This financial information has not been extracted from the audited full accounts of the
        Group but has been agreed by the auditors.

Contact Information

  • Belmore Resources (Holdings) plc