Belmore Resources (Holdings) plc
LSE : BEL

May 29, 2009 02:00 ET

Half-yearly report

                                                                                       29 May 2009

                                 Belmore Resources (Holdings) PLC
                                                 
                                   ("Belmore" or "the Company")
                                                 
                                          INTERIM RESULTS

The  Board of Belmore, a minerals exploration company with a focus on projects in the Republic  of
Ireland, is pleased to announce its interim results for the six months ended 28th February 2009.

Highlights during Period -

    -   Joint Venture agreement with Lundin Mining Exploration Limited ("Lundin") giving Lundin
        the right to earn up to a 70% interest in the Prospecting Licences ("PLs") that Belmore currently
        holds in Co. Clare;
    
    -   Lundin to spend up to €14.7 million over a number of years to earn up to the 70% interest;
    
    -   Lundin's agreed initial expenditure will be €700,000 by June 2009; and
    
    -   Acquisition of the remaining interest in the Prospecting Licences that were not already
        held from Central Mining Finance Limited.
    

Post Period Highlights -

    -   Commencement  of active drilling programme on the PLs held by Belmore in  Co.  Clare,
        Republic of Ireland;

    -   Significant results from the initial appraisal drilling of its Kilbricken Zinc-Lead-Silver
        discovery - including: 21.25 m (21.2 m true thickness) grading 11.0% Zinc, 4.8% Lead, 94.4
        gm/tonne Silver; and

    -   Pace of diamond drilling increased with three additional drillholes currently in progress.


Company  Chairman  Mr. Ian Forrest said: "We are delighted with the results  from  the  Kilbricken
discovery. The initial drill hole was impressive enough in its own right to attract the  attention
of Lundin who agreed to cover exploration costs so as to advance the prospect.

"The  further excellent drill results are very exciting and we look forward to updating the market
as the project continues to advance."


                                             --ENDS--
                                                 
                                                 
                                                 
              The directors of the issuer accept responsibility for this announcement
                                                 


ENQUIRIES:
Belmore Resources (Holdings) Plc                                     Tel: 0035 387 681 2883
Patrick Mahony

Bishopsgate Communications Ltd                                           Tel: 020 7562 3350
Nick Rome/Michael Kinirons

Rivington Street Corporate Finance                                       Tel: 020 7562 3389
Monisha Varadan/Eran Zucker
                                                 
                               


Chairman's Statement
                                                 

I am pleased to report Belmore's interim results for the six months ended 28th February 2009, at a
most exciting time for your Company.

Since the publication of our Annual Report at the end of February 2009, in which I outlined:

    1)  The  successful result achieved with the drilling of borehole 3679/04 on  Prospecting
        Licence 3679 in Co. Clare which recorded 10 metres of 10.84% Zinc, 5.52% Lead and 62.84 gm/tonne
        Silver, and

    2)  The agreement entered into with Lundin Mining Exploration Limited ("Lundin") in February
        2009, whereby Lundin have a right to earn up to a 70% interest in the Prospecting Licences that
        Belmore currently holds in Co. Clare by expending up to €14.7 million over a number of years, the
        agreement provides for an initial expenditure of €700,000 by June 2009.

I  am  delighted to report that Lundin commenced drilling operations immediately, and on 21st  May
2009 we announced the following highly significant results from the appraisal drilling.

Hole 09-3679-06

Intercepted  massive  sulphide  mineralisation approximately 50 metres  west  of  similar  massive
sulphide  mineralisation encountered in discovery hole 08-3679-04.  Hole 09-3679-06  returned  the
following results:

441.9 to 463.15 m depth:
21.25 m (21.2 m true thickness) grading 11.0% Zinc, 4.8% Lead, 94.4 gm/tonne Silver

Including:

441.9 to 451.45 m depth:
9.55 m (9.53 m true thickness) grading 18.0% Zinc, 7.2% Lead, 143.8 gm/tonne Silver

and

459.2 to 463.15 m depth:
3.95 m (3.94 m true thickness) grading 12.4% Zinc, 6.2% Lead, 116.7 gm/tonne Silver

Hole 09-3679-05

Intercepted  a  broad zone of strong rock alteration hosting mostly minor sulphide  mineralisation
approximately  50  metres  south of the discovery hole (08-3679-04) intercept,  including  a  more
mineralised zone returning the following results:

473.0 to 476.5 m depth:
3.5 m (true thickness) grading 1.6% Zinc, 3.8% Lead, 58.7 gm/tonne Silver

The  results from drillhole 09-3679-06 are better than the already excellent results obtained from
discovery drillhole 08-3679-04 of last year. The pace of diamond drilling has been increased  with
three  additional drillholes currently in progress, aiming to intercept the target horizon to  the
east  and  north  of the two strongly mineralised drillholes using a 50 metre  grid  pattern.   An
initial downhole induced polarization ("IP") geophysical survey has been completed which is aiding
in targeting the step-out drilling.

The  purpose of this step-out drilling is to evaluate the "Kilbricken Discovery" on PL 3679 so  as
to  determine  the  extent of the mineralisation.  This will enable the Company to  establish  the
direction and size of the mineralisation.

These  excellent  drill results are very exciting for your Company and confirms and  enforces  the
excellent result from the initial discovery hole.

The Company reported losses of €46,209 (2007: €34,387), which, on a weighted average, equates to a
loss  of  €0.0014  per  share. Expenses during the first six months of the financial  year  mainly
reflect administration costs and legal fees relating to the agreement with Lundin. All exploration
costs are paid by Lundin.

Outlook

Following  the  successful drilling on PL 3679, the Company looks forward to  an  active  drilling
programme at the Kilbricken Zinc-Lead-Silver discovery over the coming months.

The Company is also considering new opportunities for growth.

Finally, I would like to express our gratitude and appreciation to George Emo, who resigned  as  a
director  earlier  in May, for his efforts over the past 8 years, which brought the  company  from
incorporation to its present situation, and wish him well.


W. Ian L. Forrest
Chairman


Belmore Resources (Holdings) PLC

Unaudited Consolidated Profit and Loss account for the six months ended 28th February 2009


                                                         2009                   2008
                                                            €                      €

Administration Expenses                                45,678                 34,706

                                                      --------               --------
Operating loss - continuing operations                 45,678                 34,706

Interest receivable and similar income                     (2)                  (517)
Interest payable and similar charges                      533                    198

                                                      --------               --------

Loss on ordinary activities before taxation            46,209                 34,387

Taxation on loss on ordinary activities                     -                      -

                                                      --------               --------

Loss for the period                                    46,209                 34,387
                                                      --------               --------
                                                      --------               --------

Loss per ordinary share                              € 0.0014               € 0.0011

There were no recognised gains or losses other than those recognised in the profit and loss
account.

-------------------------------------------------------------------------------------------------------------

Belmore Resources (Holdings) PLC

Unaudited Consolidated Balance Sheet as at 28th February 2009

                                              2009            2009               2008           2008
                                                 €               €                  €              €


Fixed Assets
Intangible Assets                                          584,722                           511,570
                                                          ---------                         ---------

                                                           584,722                           511,570


Current Assets
Debtors                                    107,387                              8,119
Bank and Cash                                  509                              2,065

                                          ---------                           --------

                                           107,896                             70,184

Creditors (amounts falling
 due within one year)                      (70,380)                           (32,372)
                                          ---------                           --------
Net current assets                                          37,516                            37,812
                                                          ---------                         ---------
Net Assets                                                 622,238                           549,382
                                                          ---------                         ---------
                                                          ---------                         ---------

Capital and Reserves
Share Capital                                              333,902                           313,902
Share Premium                                              842,296                           700,296
Profit and Loss Account                                   (553,960)                         (464,816)

                                                          ---------                         ---------
Equity shareholders' funds                                 622,238                           549,382
                                                          ---------                         ---------
                                                          ---------                         ---------


-------------------------------------------------------------------------------------------------------------

Belmore Resources (Holdings) PLC

Consolidated Cash Flow Statement for the six months ended 28th February 2009

                                                              2009                      2008
                                                                 €                         €

Reconciliation of operating loss to net cash
Outflow from operating activities
Operating loss                                             (45,678)                  (34,706)
Goodwill Amortised                                           7,935                     7,935
Decrease /(Increase) in Debtors                           (107,336)                   (8,018)
Increase/(Decrease) in Creditors                            43,107                    (1,418)

                                                         -----------                ----------
Net cash outflow from operating activities                (101,972)                  (36,207)
                                                         -----------                ----------
                                                         -----------                ----------

Cash flow statement

Net cash outflow from operating activities                (101,972)                   (36,207)
Returns on investments and servicing of finance               (531)                       319
Capital expenditure                                         (3,775)                   (44,486)
 Issue of Shares for Cash                                  100,000                          -

                                                         -----------                ----------

Increase /(Decrease) in cash for the period                 (6,278)                   (80,374)
                                                         -----------                ----------
                                                         -----------                ----------


-------------------------------------------------------------------------------------------------------------


Reconciliation of Movement in Shareholders' Funds

                                                              2009                        2008
                                                                 €                           €

Opening Shareholders Funds                                 506,446                     583,769
Deficit for the period                                     (46,208)                    (34,387)
Proceeds of Issue of Ordinary Shares                       162,000                           -

                                                          ----------                  ----------
Closing Shareholders Funds                                 622,238                     549,382
                                                          ----------                  ----------
                                                          ----------                  ----------

-------------------------------------------------------------------------------------------------------------

    
Belmore Resources (Holdings) PLC

Notes to the Interim Report

    1.  Accounting Policies
        These Accounts have been prepared on the historical cost basis, using generally recognised
        accounting  principles.  They have been prepared on a going  concern  basis.  The  Interim
        Report  for the six months ended 28th February 2009 was approved by the Board on 26th  May
        2009.

    2.  Loss per Share
        The loss per share is based on the Company's loss for the period of €46,209 and a weighted
        average number of shares in issue of 33,390,200.

    3.  Share Capital
        Authorised:  500,000,000 Ordinary Shares of €0.01 each           €5,000,000
        
        Issued:      33,390,200 Ordinary Shares of €0.01 each              €333,902

    4.  Financial Information
        The  financial information in this statement is unaudited and has not been reviewed by the
        Company's  auditors.  This does not constitute statutory accounts within  the  meaning  of
        Section 148 of the Companies Act 1963.

    5.  Accounts
        Copies of the Interim Report are available for collection at the registered office of  the
        Company, 103 Rathfarnham Wood Dublin 14, during normal business hours for a period of  one
        month from the date hereof.

Contact Information

  • Belmore Resources (Holdings) plc