Equity Resources plc

February 23, 2009 05:21 ET

Interim report for the half year ended 30 November 2008

                                             Equity Resources plc
                                                ("the Company")
Interim report for the half year ended 30 November 2008

As  stated  in  the  annual report for the year to 31 May 2008, the Company's two franchise investments  failed
during the six month period under review.  A full provision for the losses was made in the year to 31 May 2008.

The  'future  plans' previously outlined have not progressed as anticipated at the time of the  annual  report.
However the Company has:

    ●   received the benefit of short term loans totalling £510,000; in the event, the Company was precluded
        from making all the investments envisaged when the loan was secured so the Board has agreed to refund £260,000
        during February 2009;

    ●   made an investment of £50,000 by the acquisition of 10,000,000 Ordinary shares at a price of 0.5 pence
        per share in Red Rock Resources plc, a mineral exploration company with interests in Australia and Zambia
        (www.rrrplc.com); these shares are currently trading at a mid price of 0.78 pence;

    ●   advanced a short term loan of £50,000 to Red Rock Resources plc;

    ●   advanced  a  sort term loan of £100,000 to Regency Mines plc, a mineral exploration  company  with
        interests in Australia and Papua New Guinea as well as a 32% stake in Red Rock Resources plc - www.regency-

As  I am a non-executive director of both Red Rock Resources plc and of Regency Mines plc and therefore have  a
conflict of interests, the decisions to make these investments were made by my fellow directors, Simon McNeill-
Ritchie and Arif Virani.

Your  Board  is  considering other investment opportunities which we believe exist in the  mineral  exploration
sector at current depressed prices.


Those  Shareholders who wish to receive electronic copies of regulatory announcements are invited to send their
email address to chairman@equityresources.co.uk.

Your  Board  looks to the future with optimism; although it may take time, we expect a recovery  in  the  asset
value during the remainder of this financial year to 31 May and in the following year.

John Watkins
23 February 2009

Profit & loss account

                                                        6 months to    6 months to        Year to 31 
                                                        30 November    30 November        May 2008
                                                               2008           2007
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Turnover                                                                                         -

Provision for unrealised investment losses                        -              -       (765,000)
Administrative expenses                                    (10,802)       (20,209)        (40,340)

Operating (loss)/profit on ordinary activities             (10,802)       (20,209)       (805,340)

Loss on disposal of investment, less provisions                   -              -        (99,900)
Interest receivable                                             122            730           1,050
(Loss)/profit on ordinary activities before taxation       (10,680)       (19,479)       (904,190)

Tax on profit on ordinary activities                              -              -               -

(Loss)/profit on ordinary activities after taxation        (10,680)       (19,479)       (904,190)

Retained (loss)/profit for the period                      (10,680)       (19,479)       (904,190)

(Loss)/profit per share                                                                           
Basic and diluted                                            (0.02)         (0.04)    (1.93) pence
                                                              pence          pence  

Balance sheet

                                                           As at 30       As at 30           As at
                                                           November       November     31 May 2008
                                                               2008           2007
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Fixed assets                                                                                      
Investments                                                       -        865,000               -
Current assets                                                                                    
Debtors                                                       3,110          8,362           5,733
Cash at bank                                                463,475         31,541          12,004
Investments                                                  50,000              -               -

                                                            516,585         39,903          17,737
Creditors - amounts due within one year                   (513,002)       (20,929)         (3,474)
Net current assets                                            3,583         18,974          14,263
Total assets less current liabilities                         3,583        883,974          14,263

Share capital and reserves                                                                        
Called up share capital                                     479,750        464,750         479,750
Share premium account                                       471,250        471,250         471,250
Profit & loss account                                     (947,417)       (52,026)       (936,737)
Equity shareholders' funds                                    3,583        883,974          14,263

Half-year report notes

1.  Interim report
    The information relating to the six month periods to 30 November 2007 and 30 November 2008 is unaudited.

    The  information  relating  to the year ended 31 May 2008 is extracted from the  audited  accounts  of  the
    Company  which  have  been filed at Companies House and on which the auditors issued an  unqualified  audit

2.  Basis of accounting
    The  report  has  been  prepared using accounting policies that are consistent with those  adopted  by  the
    Company  in  the  statutory  accounts for the year ended 31 May 2008, although  the  information  does  not
    constitute statutory accounts within the meaning of section 240 of the Companies Act 1985.

    The Company will report again for the full year to 31 May 2009.

The Directors of Equity Resources plc accept responsibility for this announcement.


Equity Resources plc                     
John Watkins, Chairman                   Tel:    01483 771992
                                         Email:  john@equityresources.co.uk

St Helen's Capital plc                   Tel:    020 7628 5582
Corporate Adviser                        Email:  barry.hocken@sthelenscapital.com
Barry Hocken


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