All Star Minerals plc
LSE : ASMO

August 31, 2011 05:12 ET

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2011

                                                                            
                                                                                                31/08/2011
                                                                                 GB00B12T7004/GBP/PLUS-exn

                                           All Star Minerals plc
                                  ("All Star Minerals" or "the Company")

                      INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2011

All  Star  Minerals  plc  (PLUS: ASMO) the PLUS-quoted Swedish mineral exploration company  is  pleased  to
announce its interim results for the period 1 December 2010 to 31 May 2011.

CHIEF EXECUTIVE'S STATEMENT

I  am  pleased  to  report  the interim results for the six months ended 31 May 2011  and  to  provide  the
following update on the Company and its project portfolio.

THE GILPAS URANIUM PROJECT

The  bedrock  interface  drilling  programme commenced at the Gilpas  uranium  project  in  mid-August,  as
indicated  in the press release made on 27 July 2011. The drilling programme is testing 50 selected  points
along  a series of lines mapped in a north-west direction, mirroring the contour of the radon anomaly  that
our  technical team believe covers the bedrock uranium mineralization. Each selected point will be  drilled
to  a  depth  of  around 10 metres, of which several metres will be glacial till, and 2-3  metres  will  be
bedrock.

The  objective of the bedrock interface drilling is to test the bedrock for the uranium mineralization that
it might contain, and confirm the source of the radon gas anomaly. Onsite scintillometer readings are being
taken of the bedrock in order to provide an immediate indication of the radioactivity.

We  will announce the results of this drilling programme in the coming weeks, and outline the next stage of
development at the project.

THE SAMON MAGNETIC ANOMALY

In  July,  we  announced that All Star's Chief Geologist, Dr Jan-Ola Larsson and his team had concluded  an
initial  magnetometer survey at the magnetic anomaly at Samon, which covers a continuous  area  of  750,000
square  metres. The survey confirmed the presence of magnetite, although it determined that the outcrop  is
minimal due to glacial till overlying the bedrock.

The  planned next stage of development is for a scout drilling programme to commence in late September.  It
is  planned  that  an  initial  hole will be drilled to a depth of around 25  metres  in  order  to  better
understand  the  mineralization present. The application to commence drilling  has  been  lodged  with  the
Swedish Mines Inspector.

CORPORATE DEVELOPMENTS

In  June, we announced the appointment of SVS Securities as the Company's corporate broker, which also  saw
SVS  raise  GBP150,000  for the Company. We believe the appointment of SVS is a positive  step  forward  to
enable All Star to fulfil its near-term corporate objectives that will serve to expedite the development of
its project portfolio.

Meanwhile,   earlier   this  month  the  Company's  new  website  went  live   and   can   be   viewed   at
http://www.allstarminerals.com . It is our intention to keep the website regularly  updated  and  we  would
encourage investors to visit the website to view the latest information on All Star.

FINANCIALS

The  financial  results for the period from 1 December 2010 to 31 May 2011 show a loss  of  GBP75,853.  The
basic loss per share was 0.04p. The loss is attributable to ongoing administrative expenses and exploration
development.

OUTLOOK

We  are pleased that drilling has commenced at Gilpas, and we can push forward with the development of this
project. We look forward to receiving the drilling results and reporting these to the market in the  coming
weeks.

It  is  our intention that the magnetic anomaly at Samon is the next target on which we undertake  a  scout
drilling programme, and we are planning for this to commence in late September.

I  would  like  to  take this opportunity to thank our shareholders for their ongoing  support.  There  are
exciting times ahead at All Star, and we are optimistic about the future prospects for the Company.

Conrad Windham
Chief Executive Officer

31 August 2011

ALL STAR MINERALS PLC
INCOME STATEMENT
FOR THE SIX MONTHS ENDED  31 MAY 2011


                                                                  Unaudited    Audited       Unaudited
                                                                  Six Months      Year      Six Months
                                                                  Ended          Ended           Ended
                                                                  31 May       30 Nov.           31May
                                                                  2011            2010            2010
                                                                     £           £                £
Revenue                                                              -               -               -
Administrative expenses                                        (75,757)        (117,837)       (38,049)
                                                              ----------     ----------       ----------
OPERATING LOSS                                                 (75,757)        (117,837)       (38,049)
                                                                                               
Finance costs                                                       61                -              -
Other non-operating income                                        (157)             109             52
                                                              ----------     ----------       ----------
LOSS BEFORE TAX                                                (75,853)        (117,728)       (37,997)
                                                                                               
Income tax expense                                                   -               -               -
                                                              ----------      ----------      ----------
LOSS FOR THE PERIOD                                            (75,853)        (117,728)       (37,997)
                                                              ----------      ----------      ----------
                                                                                                         
                                                                                                         
                                                                                                         
EARNINGS PER SHARE                                                                             
(expressed in pence per share)
Basic loss per share for the period                            (0.04)          (0.08)          (0.03)
Diluted loss per share for the period                          (0.03)          (0.06)          (0.02)


STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED  31 MAY 2011


                                                                  Unaudited    Audited       Unaudited
                                                                  Six Months      Year      Six Months
                                                                  Ended          Ended           Ended
                                                                  31 May       30 Nov.           31May
                                                                  2011            2010            2010

                                                                     £              £                £
PROFIT FOR THE PERIOD                                          (75,853)        (117,728)       (37,997)
                                                                                               
OTHER COMPREHENSIVE INCOME                                                                     
Issue of share options                                         107,500                -              -
                                                                                               
                                                              ----------      ----------      ----------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                       31,647         (117,728)       (37,997)
                                                              ----------      ----------      ----------



ALL STAR MINERALS PLC
STATEMENT OF FINANCIAL POSITION
AS AT  31 MAY 2011


                                                                                Audited                   
                                                                 Unaudited     Year Ended    Unaudited
                                                                 31 May          30 Nov.         31May
                                                                 2011             2010            2010
                                                                    £              £                 £
ASSETS                                                                                         
  NON CURRENT ASSETS                                                                           
     Property, plant and equipment                                 679             775             154
     Intangible assets                                         125,653          88,312          66,111
     Available-for-sale financial assets                         7,000               -               -
     Trade and other receivables                                 1,948           1,827           7,000
                                                              ----------     ----------      ----------
                                                               135,280          90,914          73,265
  CURRENT ASSETS                                                                               
     Trade and other receivables                                50,830          31,482          18,283
     Prepayments                                                 7,085           2,452               -
     Cash and cash equivalents                                  65,358           2,346             108
                                                             ----------       ---------       ---------
                                                               123,273          36,280          18,391
                                                             ----------      ----------      ----------
  TOTAL ASSETS                                                 258,553         127,194         91,656
                                                             ----------      ----------      ----------
                                                                                               
EQUITY                                                                                         
  ISSUED CAPITAL AND RESERVES                                                                  
     Issued share capital                                      206,838         181,088         141,593
     Share premium                                             702,143         539,080         479,837
     Reserves                                                  693,807         592,553         592,553
     Retained profits                                       (1,397,590)     (1,327,983)     (1,248,252)
                                                           -------------  -------------   -------------
     TOTAL EQUITY                                              205,198         (15,262)        (34,269)
CURRENT LIABILITIES                                                                            
  Tax payables                                                   1,931             236               -
  Trade and other payables                                      51,424         142,220         125,925
                                                             ----------     ----------      ----------
                                                                53,355         142,456         125,925
                                                             ----------     ----------       ----------
TOTAL EQUITY AND LIABILITIES                                   258,553         127,194          91,656
                                                             ----------     ----------       ----------
      
      
Notes                                                                                               

    1.      The financial information for the six months ended 31 May 2011 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 195,588,132
            (30.11.2010: 150,015,008; 31.05.2010: 135,032,417).

            Diluted  loss  per  share has been calculated using the weighted average number  of  shares  of
            248,505,836 (30.11.2010: 197,465,008; 31.05.2010: 182,482,417).
    
    3.      The Directors of the issuer are responsible for the contents of this announcement.

ENQUIRIES:

Company

All Star Minerals Plc
Conrad Windham, CEO
Telephone: 020 3130 0674
E-mail: c.windham@allstarminerals.com
Website: www.allstarminerals.com

Corporate Advisor

St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Telephone: 020 7368 6959


      

Contact Information

  • All Star Minerals plc