Belmore Resources (Holdings) plc

January 31, 2011 11:06 ET

Final Results

31 January 2011
                                 Belmore Resources (Holdings) Plc
                                          ("the Company")
                         Final Results for the Year Ended 31st August 2010
The  Board  of Belmore Resources, 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 2010.

Chairman's Statement

I  am  pleased to report that 2010 has been a very active and exciting year for your  company,  as
reflected in the Announcements made during the year.


Last year I reported that Lundin Mining Corporation ("Lundin") had entered into an agreement with
the  Company  whereby they could earn up to a 70% interest in the Kilbricken discovery  area  and
surrounding licences by spending up to €14.7million over a number of years. Since then Lundin has
operated  an  active  exploration programme with currently six rigs drilling  in  the  area.  The
results have been extremely encouraging and Lundin has indicated its continuing commitment to the
programme following expenditure of circa €5 million to date.


Profit  for  the  year amounted to €34,211 (2009: Loss of €92,434) which, on a  weighted  average
basis, equates to a profit of €0.0009 per share. The Company had Net Assets of €940,623 and  cash
balances of €396,876 at 31st August 2010.

The  €330,000  raised  by private placement in October 2009 remains uncommitted  and,  while  the
particular  project  for  which  it  was destined has not come to  fruition  and  notwithstanding
consideration of an alternative exploration proposal, your Board has elected to conserve the cash
position  in  case  the Company is called upon to participate in funding the joint  venture  with


The Company looks forward to a continuing active exploration programme over the coming year.

W. Ian L. Forrest

                                Belmore Resources (Holdings) Plc

      Consolidated Profit and Loss account for the year ended 31st August 2010

                                                                     2010                        2009

                                                                       €                          €

Administrative Expenses                                            (97,605)                    (91,726)
Other Operating Income                                             150,000                        -
                                                                    ______                     ________

Operating profit / (loss) - continuing operations                   52,395                     (91,726)

Interest receivable and similar income                                 -                          239

Interest payable and similar charges                                 (912)                       (947)
                                                                    _______                     ______

Profit /( Loss) on Ordinary activities before taxation              51,483                    (92,434)

Tax on  profit /(loss) on ordinary activities                       (17,272)                      -
                                                                    ________                   _______

Profit / (Loss) for the year                                         34,211                   (92,434)

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

Profit and Loss account at end of year                             (565,975)                 (600,186)

Profit / (Loss) per Ordinary Share                                  € 0.0009                 €(0.0028)

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 2010

                                               2010                                          2009
                                    €                        €                      €                   €

Fixed Assets
Intangible assets                                          589,011                                   586,177

Current Asset
Debtors                             5,293                                           2,446
Cash at bank and in hand            396,876                                         58,680
                                    ________                                        _______
                                    402,169                                         61,126

Creditors:(amounts falling
due within one year)
Other creditors                     (50,557)                                        (71,291)
                                    ________                                        ________
                                    (50,557)                                        (71,291)

Net Current Assets                                         351,612                                  (10,165)
                                                           _______                                   _______
Total Assets less Current
Liabilities                                                940,623                                   576,012

Capital and Reserves
Called up share capital                                    381,102                                   333,902
Share premium account                                    1,125,496                                   842,296
Profit and loss account                                  (565,975)                                  (600,186)
                                                          ________                                   _______ 
Shareholders' Funds                                       940,623                                    576,012


    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.
                                            -- ENDS --
        Belmore Resources (Holdings) Plc          Tel: +4179 202 6927
        Ian Forrest
        Bishopsgate Communications Ltd            Tel: 020 7562 3350
        Nick Rome/Michael Kinirons
        Rivington Street Corporate Finance        Tel: 020 7562 3373
        Eran Zucker

Contact Information

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