Teknomining Plc
LSE : TEKP

October 28, 2011 13:19 ET

Unaudited Consolidated Interim Results for the six months ended 31 July 2011

                                                  Teknomining Plc
                                                         
                                         ("Teknomining" or the "Company")
                                                         
                   Unaudited Consolidated Interim Results for the six months ended 31 July 2011


CHIEF EXECUTIVE OFFICER'S STATEMENT

I am pleased to report the company's interim results for the 6 months ended 31 July 2011.

Teknomining Plc and its subsidiary Teknomining Madencilik Insaat Turizm Ithalat Ihracat Sanayi Ve Ticaret Limited
Sirketi ("Turkish Subsidiary"), ("collectively "the Group") are, at present, engaged in the exploration and mining
of mineral resources.


KEY EVENTS

The Group announced on 23 May 2011 that, through its wholly owned Turkish subsidiary, it had been awarded full
rights to three additional exploration licences covering an area of c.54.07km sq (5,407 hectares) taking the total
number of licences under management to five - with two operation licences and three exploration licences covering a
total area of 64.97km sq (6,497 hectares).

To date the Group has undertaken five major Geophysical Ground Magnetic, Resistivity and Induced Polarisation (IP)
Surveys which have shown the presence of strong positive anomalies indicative of magnetites with significant
potential reserves in excess of 25 million tonnes of iron.

The Resistivity and IP surveys have shown the presence of strong positive anomalies. Four examples are given which
indicate massive sulphide and silicated sulphide anomalies. Initial test drilling has indicated the presence of
Nickel, Copper, Cobalt and other metallic minerals.

The latest October 2011 Kulp 200806366 licence Deep IP/Resistivity and Ground Magnetic Report indicates the
presence of a possible Porphyry Anomaly with an estimated size of 48 million M3.

The latest October 2011 Kulp 200800729 licence Deep IP/Resistivity and Ground Magnetic Report indicates the
presence of a possible Quartz Porphyry and or intrusive Anomalies containing possible Sulphide mineralization with
an estimated size of 604 Million M3.


FINANCIAL PERFORMANCE

The Group incurred a loss of Euro131,508 for the half year to 31 July 2010.

The basic and diluted loss per share was Euro-0.0033.


OUTLOOK


The Groups' short term strategy and work programme is to complete further exploration and test drilling to confirm
the location and level of reserves, initially in its two Operational licence areas, and prepare geological mapping
to define targets for future detailed sampling and drilling programmes.

On completion of this initial exploration programme, and following technical advice, the Directors will evaluate
the exploration programme results to consider the most efficient option available to the Group to exploit any
commercial reserves identified.

Going forward, it is the intention of the Group to actively seek to significantly expand its licence areas into
other mineral groups in the Turkish region and to prepare a detailed strategy to commence the extraction of its
significant potential reserves of high quality iron ore.



Unaudited Consolidated Interim Results for the six months ended 31 July 2011


Unaudited Consolidated statement of comprehensive income for the period ended 31 July 2011
                                                                                       
                                                                                       
                                                                                                    
                                                           Six Months      Six Months           Year
                                                 Notes      31-Jul-11       31-Jul-10      31-Jan-11
                                                                 Euro            Euro           Euro
Continuing Operations                                                                               
Revenue                                                             -               -               
Other Income                                                        -           4,950          4,950
                                                        --------------------------------------------
                                                                                                    
Administrative Expenses                                     (131,508)       (180,964)      (158,990)

                                                        --------------------------------------------
(Loss) before tax                                           (131,508)       (176,014)      (154,040)
                                                                                                    
Income tax expense                                                  -               -               
                                                        --------------------------------------------
                                                            (131,508)       (176,014)      (154,040)
Other Comprehensive income                                          -               -              -
                                                                                                    
                                                        --------------------------------------------
Loss for the period and total    
comprehensive loss for the period                           (131,508)       (176,014)      (154,040)
                                                        --------------------------------------------
                                                        --------------------------------------------
                                                                                                    
Earnings per share (all continuing)                                                                 
                                                                                                    
Loss per ordinary share - basic & diluted            1       (0.0033)        (0.0064)       (0.0046)

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



Unaudited Consolidated Statement of Financial Position                                 
As at 31 July 2011                                                                     
                                                                                       
                                                            31-Jul-11       31-Jul-10      31-Jan-11
                                                  Note           Euro            Euro           Euro
                                                                                                    
Non Current Assets                                   2      1,119,183         189,498        710,814
                                                                                                    
Current assets                                                                                      
Debtors                                                       115,475          28,570         54,068
Cash and cash equivalents                                     226,926         177,571        337,852
                                                        --------------------------------------------
                                                                                                    
Total assets                                                1,461,584         395,639      1,102,734
                                                        --------------------------------------------
                                                        --------------------------------------------
                                                                                                    
Equity and liabilities                                                                              
                                                                                                    
Equity                                                                                              
"A" Ordinary Share Capital                           3         38,093          38,093         38,093
Ordinary Share Capital                               3         40,250          40,000         40,000
Other Reserves                                                (5,472)                          3,841
Share Premium - Ordinary Shares                      3        772,715         490,000        490,000
Retained Earnings                                    3      (285,549)       (176,014)      (154,040)
                                                        --------------------------------------------
                                                                                                    
Equity attributable to the owners of the Company              560,038         392,079        417,894
                                                        --------------------------------------------
                                                        --------------------------------------------
                                                                                                    
Current Liabilities                                                                                 
Trade & Other Payables                                        901,546           3,560        684,840
                                                        --------------------------------------------
                                                                                                    
Total liabilities                                             901,546           3,560        684,840
                                                        --------------------------------------------
                                                                                                    
Total equity and liabilities                                1,461,584         395,639      1,102,734
                                                        --------------------------------------------
                                                        --------------------------------------------
                                                                                       

Unaudited Consolidated Statement of Changes in Equity                                               
For the period ended 31 July 2011                                                                   
                                                                                                    
                                                                                                    
                                                    "A"     Ordinary       Share     Retained       Total
                                               Ordinary        Share   Premium -       losses
                                                  Share      Capital    Ordinary
                                                Capital                   Shares
                                                                                                         
                                                   Euro         Euro        Euro         Euro        Euro
                                                                                                         
Balance at 31 Jan 2010                                -         0.07           -            -        0.07
Loss for the Period                                   -            -           -    (154,040)   (154,040)
Other comprehensive loss for the period               -            -           -            -           -

                                              -----------------------------------------------------------
Total Comprehensive loss for the period               -         0.07           -    (154,040)   (154,040)
                                              -----------------------------------------------------------
                                                                                                        -
Issue of share capital                           38,093       40,000     490,000            -     568,093

                                              -----------------------------------------------------------
Balance at 31 January 2011                       38,093    40,000.07     490,000    (154,040)     414,053
                                              -----------------------------------------------------------
                                                                                                         
Loss for the Period                                   -            -           -    (131,508)   (131,508)
Other comprehensive loss for the period               -            -           -            -           -
                                                                                                         
                                              -----------------------------------------------------------
Total Comprehensive loss for the period               -            -           -    (131,508)   (131,508)
                                              -----------------------------------------------------------
                                                                                                        -
Issue of share capital                                -          250     282,715            -     282,965
                                                                                                         
                                              -----------------------------------------------------------
Balance at 31 July 2011                          38,093    40,250.07     772,715    (285,548)     565,511
                                              -----------------------------------------------------------


Unaudited Consolidated Statement of Cash Flows                                               
For the half year ended 31 July 2011                                                         
                                                                                             
                                                         Half Year to   Half year to         Year to
                                                            31-Jul-11      31-Jul-10       31-Jan-11
                                                                 Euro           Euro            Euro
Cash flows from operating activities                                                                
                                                                                                    
(Loss) for the year                                         (131,508)      (176,014)       (154,040)
Adjustments For:                                                                                    
Unrealised Exchange gain/loss                                 (9,313)                          3,841
Interest Received                                                                            (4,950)
Movements in working Capital                                                                        
Decrease/(increase) in trade and other receivables           (61,407)       (28,570)        (54,068)
(Decrease)/Increase in trade and other payables               216,706          3,560         684,840

                                                        --------------------------------------------
Cash generated/(used) in operations                            14,478      (201,024)         475,623

Interest Paid                                                                      -               -
                                                                                                    
                                                        --------------------------------------------
Net cash (used) in operating activities                        14,478      (201,024)         475,623
                                                        --------------------------------------------
                                                                                                    
Cash flows from investing activities                                                                
Interest Received                                                                  -           4,950
Payments for exploration and evaluation assets              (408,369)      (189,498)       (710,814)

                                                        --------------------------------------------
Net cash used in investing activities                       (408,369)      (189,498)       (705,864)
                                                        --------------------------------------------
                                                                                                    
Cash flows from financing activities         
                                                        --------------------------------------------
Proceeds from issues of equity shares                         282,965        568,093         568,093
                                                        --------------------------------------------

                                                        --------------------------------------------
Net (decrease) / increase in cash and cash                  (110,926)        177,571         337,852
equivalents
                                                        --------------------------------------------

Cash and cash equivalents at the beginning of period          337,852           0.07            0.07
                                                        --------------------------------------------
                                                        --------------------------------------------
                                                                                                    
Cash and cash equivalents at end of period                    226,926        177,571         337,852
                                                        --------------------------------------------
                                                        --------------------------------------------
 
Accounting policies

Basis of Preparation

The financial statements have been prepared on a historical cost basis. The financial statements are presented in
Euro
    (a)     Statement of Compliance
    
The consolidated unaudited interim financial statements of Teknomining Plc and its subsidiaries have been prepared
in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union ('EU'). In
addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has
also complied with IFRS as issued by the International Accounting Standards Board ('IASB').


1. Loss per share                                                                            
                                                                                             
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the year       
attributable to ordinary equity holders of the parent by the weighted average number of
Ordinary Shares outstanding during the year.
                                                                                             
Basic  earnings per share                                                                    
The weighted average number of ordinary shares used in the                                              
calculation of basic and diluted earnings per share is as follows
                                                                                  31-Jul-11    31-Jan-11
                                                                                       Euro         Euro
(Loss) for the period attributable to equity holders of the parent                (131,508)    (154,040)

                                                                               --------------------------
                                                                                                        
Weighted average number of ordinary shares for the purposes of basic             40,069,931   33,753,495
earnings per share
                                                                               --------------------------

Basic (loss) per ordinary share (in cent)                                          (0.0033)     (0.0046)
                                                                               --------------------------
                                                                               --------------------------


2. Intangible assets - Exploration and Evaluation Assets                           
                                                                                   
                                                                           Turkey             Total
Cost                                                                         Euro              Euro
                                                                                                   
At 31 January 2010                                                              -                 -
Additions                                                                 710,814           710,814
                                                                      -----------------------------
At 31 January 2011                                                        710,814           710,814
                                                                                                   
Additions                                                                 408,369           408,369
                                                                      -----------------------------
At 31 July  2011                                                        1,119,183         1,119,183
                                                                      -----------------------------
                                                                      -----------------------------
                                                                                                   
Provision for diminution in value                                                                  
At 31 January 2010                                                              -                 -
Charge for period                                                               -                 -
                                                                      -----------------------------
At 31 January 2011                                                              -                 -
Charge for period                                                               -                 -
                                                                      -----------------------------
At 31 July  2011                                                                -                 -
                                                                                                   
Net book value                                                                                     
At 31 July  2011                                                        1,119,183         1,119,183
                                                                      -----------------------------
                                                                      -----------------------------
                                                                                                   
At 31 January 2011                                                        710,814           710,814
                                                                      -----------------------------
                                                                      -----------------------------
                                                                                   
                                                                                                   
Expenditure on exploration activities is deferred on areas of interest until a reasonable
assessment can be determined of the existence or otherwise of economically recoverable reserves. No
amortisation has been charged in the period. The directors have reviewed the carrying value of the
exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 July
2011. The recoverability of the exploration and evaluation assets is dependent on the successful
development or disposal of the Group's licence areas.
                                                                                                   

3. Share capital - Group and Company                                    31-Jul-11          31-Jan-11
                                                                             Euro               Euro
Authorised equity                                                                                   
1,000,000,000 Ordinary shares of Euro 0.001 each                        1,000,000          1,000,000

50,000 "A" Ordinary of Euro 1 each                                         50,000             50,000
                                                                       -----------------------------
                                                                                                    
                                                                        1,050,000          1,000,000
                                                                       -----------------------------
                                                                       -----------------------------
                                                                                                    
Issued, called up and fully paid:                                                                   
Share                                                    Number of          Share                   
                                                            shares        Capital            Premium
Ordinary Shares of  Euro 0.001 each                                          Euro               Euro
At 31 January 2010                                              70                                 -
Issued in period                                        40,000,000         40,000            490,000
                                                       ---------------------------------------------
                                                                                                    
As at 31 January 2011                                   40,000,070         40,000            490,000
                                                       ---------------------------------------------
                                                       ---------------------------------------------
                                                                                                    
At 1 February 2011                                      40,000,070         40,000            490,000
Issued in period                                           250,000            250            282,715
                                                       ---------------------------------------------
                                                                                                    
As at 31 January 2011                                   40,250,070         40,250            772,715
                                                       ---------------------------------------------
                                                       ---------------------------------------------
                                                                                                    
                                                                                                    
                                                                                                    
Issued, called up and partly paid:                       Number of          Share              Share
                                                            shares        Capital            Premium
"A" Ordinary Shares of Euro 1 each                                           Euro               Euro
At 31 January 2010                                          38,093         38,093                  -
Issued in period                                                 -              -                  -
                                                                 -              -                  -
                                                       ---------------------------------------------
As at 31 January 2011                                       38,093         38,093                  -
                                                       ---------------------------------------------
                                                       ---------------------------------------------
                                                                                                    
                                                                                                    
At 1 February 2011                                          38,093         38,093                  -
Issued in year                                                                                     
                                                                 -              -                  -
                                                       ---------------------------------------------
As at 31 January 2011                                       38,093         38,093                  -
                                                       ---------------------------------------------
                                                       ---------------------------------------------
                                                                                                    
                                                                                                    
                                                                                            
"A"  Ordinary Shares  of Euro 1 each have the right to receive notice of and attend but not to  vote
at  general  meetings, no right to a dividend, right to return of capital but no  further  right  to
participate in a distribution of assets of the company.
 


General information on the Company and the Group

Teknomining plc ('the Company', or together with its subsidiaries, 'the Group') is a Company incorporated in
Ireland under the Companies Acts, 1963 to 2009. The address of the registered office is 6 Northbrook Road, Dublin
6. The Company is domiciled in the Republic of Ireland.

Teknomining Plc is a mineral exploration and development company engaged in the investigation, exploration,
extraction, processing and marketing of industrial and metallic minerals such as copper, iron-ore, nickel, cobalt,
gold, aluminium and chromium deposit
                                                         
                     The directors of the issuer accept responsibility for this announcement.


Contact Details:

Teknomining Plc
Michael Holden, Managing Director
Mob. Ireland: +353 87 249 10 22
Mob. Turkey: +90 533 241 55 50
Email: Teknomining@gmail.com
Website: www.teknomining.com

Yellow Jersey PR Limited
Dominic Barretto, Managing Director
Mob. UK: +44 (0) 7768 537 739
Email: Dominic@yellowjerseypr.com

Contact Information

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