Aspartus Resources plc
LSE : ASPP

November 25, 2011 10:12 ET

Interim results to 31 August 2011

ASPARTUS RESOURCES PLC (The "Company")

CHAIRMAN'S STATEMENT

Interim accounts for the six months ended 31 August 2011

OVERVIEW

The  Company  remains a cash shell at present, although continuing actively to seek new  opportunities  to
enhance shareholder value.

We  are  maintaining  a tight control of the company's resources, which we consider  adequate  to  support
current levels of expenditure.

FINANCIAL OVERVIEW

The  Company acquired for USD490 an investment in Principal Resources Limited, a company registered in the
British Virgin Islands which has a right to acquire 80% or an Indonesian mining company, which in turn has
an  exploration licence to coal mining.  Funding details will be announced in due course.  It retains  its
interest  in minority stakes in Kleenair Systems International Plc and Ovidia Investments Plc  which  both
remain dormant at present.

A  new investment strategy was adopted on 16 May 2011, as announced, to refocus the company in mineral and
precious  metal  mining  assets.   Expenses incurred during the  period  relate  to  the  routine  listing
maintenance and administration.

CASH FLOW AND FUNDING

The  Company  issued convertible loan notes totalling GBP205,000 in the six months to 31 August  2011  and
GBP51,554  of the loan notes were converted to 51,554,376 ordinary shares of GBP 0.001 each  in  the  same
period.

The  Company  had  cash in hand of GBP150,000 at 31 August 2011 and thus has adequate funding  to  finance
routine  administration  costs,  which will not vary materially in  the  near  future,  and  also  initial
prospecting expense.

OUTLOOK

The Board continues to seek further ways, by acquisition, to enhance shareholder value.


L.E.V. Knifton
Chairman


25 November 2011

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
Aspartus Resources PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
Tel: +44 (0) 20 7309 2280
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel: +44 (0) 20 7251 3762


PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 31 AUGUST 2011
                                                                Unaudited        Audited         Unaudited
                                                              6 months to        Year to       6 Months to
                                                                31 August    28 February         31 August
                                                                     2011           2011              2010
                                                   Note           GBP'000        GBP'000           GBP'000
                                                                                            
Administrative expenses                                              (30)           (10)              (10)
Investment acquisition expenses                                      (52)             -                 -
                                                                                            
Profit/(loss) on disposal of                                                                
 Investments                                                           -              -                 -
                                                                   -----          -----             -----
Operating profit (loss)                                              (62)           (30)              (10)
                                                                                             
Interest receivable                                                    -              -                 -
                                                                                            
Surplus on settlement or convertible loan                                                   
notes and warrants                                                     -             23                 -
                                                                                            
                                                                   -----          -----             -----
Profit (Loss) on ordinary activities before                                                 
Taxation                                                             (62)            (7)              (10)
                                                                                            
Tax on profit(loss) on ordinary activities                             -              -                 -
                                                                   -----          -----             -----
Retained profit(loss) for the financial period                       (62)            (7)              (10)
                                                                   =====          =====             =====
                                                                                            
                                                                                            
                                                                   Pence          Pence             Pence
Loss per share                                                                              
Basic earnings per share                             2             (3.32)         (0.44)            (0.63)
                                                                   =====          =====             =====
 

BALANCE SHEET
AS AT 31 AUGUST 2011
                                                               Unaudited         Audited        Unaudited
                                                             6 Months to         Year to      6 Months to
                                                               31 August     28 February        31 August
                                                                    2011            2011             2010
                                                                 GBP'000         GBP'000          GBP'000
                                                                                                           
Fixed Assets                                                                                 
Investments                                                           -               -                 -
                                                                  -----            -----            -----
Current Assets                                                                               
Debtors                                                              25               17               16
Cash at bank and in hand                                            150                4                2
                                                                  -----            -----            -----
                                                                    175               21               18
Creditors                                                                                    
Amounts falling due within one year                                 (40)             (29)             (10)
                                                                  -----            -----            -----
                                                                                             
Net current assets                                                  135               (8)               8
                                                                  -----            -----            -----
Creditors                                                                                    
Amounts falling due after more                                                               
than one year                                                      (130)              (9)             (29)
                                                                  -----            -----            -----
                                                                                             
Net assets                                                         GBP5           GBP(17)          GBP(21)
                                                                  =====            =====            =====
Capital and reserves                                                                         
Called up share capital                                              74               23               23
Share premium account                                               284              284              284
Non-interest bearing loan                                            34                1                -
Profit and loss account                                            (387)            (325)            (328)
                                                                  -----            -----            -----
Equity shareholders' Funds                                         GBP5           GBP(17)          GBP(21)
                                                                  =====            =====            =====


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                              Unaudited          Audited         Unaudited
                                                            6 Months to          Year to       6 Months to
                                                              31 August      28 February         31 August
                                                                   2011             2011              2010
                                                                GBP'000          GBP'000           GBP'000
                                                                                            
Profit (Loss) for the period                                       (62)              (7)              (10)
Issue of shares                                                     51                -                 -
Creation of non-interest bearing loan                               33                1                 -
                                                                 -----            -----             -----
Net (decrease)/increase in shareholders' funds                      22               (6)              (10)
Equity shareholders' funds brought forward                         (17)             (11)              (11)
                                                                 -----            -----             -----
Equity shareholders' funds carried forward                        GBP5           GBP(17)           GBP(21)
                                                                 =====            =====             =====

Cash Flow Statement
for the six months ended 31 August 2010
                                                             Unaudited          Audited         Unaudited
                                                         Six months to          Year to     Six months to
                                                             31 August      28 February         31 August
                                                                  2011             2011              2010
                                              Note               £'000            £'000             £'000
                                                                                           
Cash inflow (outflow) from operating                                                       
activities                                     3                  (59)             (10)               (6)
                                                                -----            -----             -----
Returns on investments                                              -                -                 -
                                                                -----            -----             -----
Acquisitions and disposals                                                                 
Fixed asset investment                                              -                -                 -
Disposal of fixed asset investment                                  -                -                 -
Settlement of loan                                                  -               (5)                -
                                                                -----            -----             -----
                                                                    -              (15)                -
                                                                                           
Financing                                                       -----            -----             -----
Convertible loan                                                  205               11                 -
                                                                -----            -----             -----
Cash increase/(decrease) in the period                            146               (4)               (6)
                                                                =====            =====             =====


Reconciliation of Net Cash Flow to Movement in Net Debt
                                                     
                                                             Unaudited          Audited         Unaudited
                                                         Six months to          Year to     Six months to
                                                             31 August      28 February         31 August
                                                                  2010             2010              2009
                                                               GBP'000          GBP'000           GBP'000
                                                                                           
Increase/(decrease) in cash in the period                          (6)              (12)              14
Cash outflow (inflow) from decrease (increase) in debt                                      
                                                                    -                 1              (41)
Net funds/(debt) brought forward                                  (20)               (9)              (9)
                                                                -----             -----            -----
Net funds/(debt) carried forward                                  (26)              (20)             (36)
                                                                =====             =====            =====
                                                                                            
                                                                                            
NOTES TO THE INTERIM ACCOUNTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2011


1.    ACCOUNTING POLICIES

      (a)   Basis of preparation

            The  interim report has been prepared using accounting policies consistent with those  set
            out  in  the  Company's  Annual Report and Accounts for the period  to  28  February  2010.
            Those financial statements were prepared on a going concern basis.

            The  interim report for the six months to 31 August 2010 was approved by the Board  on  25
            November 2010.
            
2.     PROFIT/(LOSS) PER SHARE
                                                            Unaudited          Audited          Unaudited
                                                        Six months to          Year to      Six months to
                                                            31 August      28 February          31 August
                                                                 2010             2010               2009
                                                                Pence            Pence              Pence
       Profit (Loss) per ordinary share                                                     
       - basic                                                 (0.01)           (0.06)             (0.07)
                                                                                          
                                                              GBP'000          GBP'000            GBP'000
       Profit (Loss) for period                                  (10)             (42)               (15)
                                                                                            
                                                               Number           Number             Number
       - basic                                            158,658,016       72,854,400         21,459,350
                                                                                            
 
3.     RECONCILIATION OF OPERATING LOSS TO NET OUTFLOW FROM OPERATING ACTIVITIES

                                                            Unaudited          Audited           Unaudited
                                                        Six months to          Year to       Six months to
                                                            31 August      28 February           31 August
                                                                 2011             2011                2010
                                                              GBP'000          GBP'000             GBP'000
                                                                                             
       Operating profit (loss)                                   (62)             (30)                (10)
       Net (increase)/decrease in debtors                         (8)               -                   3
       Net increase/(decrease) in creditors                       11               20                   1
                                                               -----            -----               -----
       Net inflow(outflow) from operating                        (59)             (10)                 (6)
       activities                                              =====            =====               =====


4.   The  information for the period ended 28 February 2011 was extracted from the audited accounts,  which
     have  been  delivered  to  Registrar  of Companies and received an  unqualified  audit  opinion.   The
     unaudited  results  for  the  six  months  period have been prepared  on  basis  consistent  with  the
     Accounting Policies disclosed in the Company's 2011 accounts and do not constitute statutory  accounts
     within the meaning of Section 435 of the Companies Act 2006.


5.   Copies  of  this  interim  statement  are available from the Company  at  its  registered  office  at
     Finsgate, 5-7 Cranwood Street, London EC1V 9EE.
    

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