IMC EXPLORATION GROUP PLC

LSE : IMCP


December 04, 2012 06:33 ET

Unaudited Consolidated Preliminary Financial Statements Year ended 30 June 2012

                                                IMC Exploration Group Plc
                                         ("IMC" or the "Company" or the "Group")
                                                            
                                 Unaudited consolidated preliminary financial statements
                                                 Year ended 30 June 2012

Chairman's Statement

Dear Shareholders,

It is with great pleasure that I report on the first full year of activities.  The Company has made
significant progress to date, with a well-funded drilling programme continuing apace.

On the 26th October 2011 the Company announced the commencement of an eighteen month drilling programme on its
thirteen gold and base metal prospecting licences.

Some of the highlights of the past year are as follows:

Clare - Tulla

*   The first drill hole in the Tulla licence area, in east Co. Clare, intersected significant calcite
    mineralization capping an interval of semi-massive pyrite mineralization. The style and the geology of this
    mineralisation are broadly similar to other known mineralisation in the Limerick Basin such as the discovered
    high grade mineralisation at Kilbricken.

*   Dr John Kelly of SLR Consulting Limited ("SLR"), an expert on the characteristics of Irish Base Metal
    Deposits, was commissioned to provide an independent report on drill core. As a result of his highly
    encouraging findings the Company decided to immediately increase drilling activity in the Tulla area in order
    to further understand this area's exploration potential and confirm the directors' belief that the  Tulla
    Prospecting Licence area hosted significant base metal mineralisation. Subsequently the Company introduced a
    second drill rig to its exploration programme, with one drill rig entirely focused on the exciting base metal
    prospect in Tulla.

*   IMC increased its drilling activity as a result of encouraging indications from drill-hole 11-3729-01,
    drilling three more holes (12-3729-02/03/04) in order to further understand and confirm this area's
    exploration potential. Dr John Kelly was commissioned to review drill-cores from the further three drill-holes
    undertaken in the Tulla area. Dr. Kelly reported that, "In addition to the hydrothermal dolomitic breccias
    intersected in drill-hole 11-3729-01, drill-holes 12-3729-03 and 12-3729-04 intersected significant
    haematisation of Waulsortian limestones and alteration of sub-Waulsortian shales from black/grey to green.
    Such haematisation and shale alteration had been recorded as being associated with base-metal mineralisation
    at the Tynagh, Silvermines, Lisheen and Crinkill base-metal deposits".

Wicklow

*   Drilling was commenced in the highly prospective Goldmine River area of South Co. Wicklow. This area was  the
    site of historic alluvial gold production, the scene of a gold rush in the late 18th century, where 9,000
    ounces of gold were reportedly extracted.

Wexford

*   Encouraging gold sample results of up to 76.8 grams per tonne of gold (2.46 ounces per  tonne) were taken
    from rock grab samples at the Kilmichael Prospecting Licence Area. Following these encouraging gold sample
    results, follow up drilling in North Co. Wexford intersected further encouraging gold results in Holes 1, 2
    and 3.

*   Drilling activity was intensified in the South-Western part of Wexford licence PL 2551 at Boley, near
    Camolin. This drill hole, No. 4, is situated approximately 5km along strike from the earlier drill hole No. 2
    undertaken at Ballygarrett where enhanced values of gold, silver, lead and zinc were reported by IMC.

*   Following these excellent results IMC is now committed to forging ahead with its drilling program in order
    to establish and define the limits of a viable mineral resource in the area.


I would like to thank my fellow directors and corporate advisors for the commitment, professionalism and
energy they have shown.  I would also like to thank you, the shareholders, for your continuing support.  You
may rest assured that it is our intention to continue to add value as we make progress on all fronts.

Since the company's year end further positive progress has been made as follows:

    *new Irish licences have been offered to the company

    *further independent verification of our beliefs of what your company holds has been received

    *developments with our international partner Harvest Resources Limited

I look forward to reporting on further exciting developments in the coming year.


Yours sincerely

Hugh Gibney

Executive Chairman



Condensed Consolidated Statement of Comprehensive Income
for the year ended 30 June 2012                                       Unaudited          Audited
Continuing Operations                                                30 Jun '12       30 Jun '11
                                                  Notes                    Euro             Euro

Administrative expenses                                               (326,338)          (2,500)
                                                                      _________        _________

Results from operating activities                                     (326,338)          (2,500)

Finance income                                                           26,185                -
Amount written off investments                                         (11,545)                -
                                                                      _________        _________

Loss before tax                                                       (311,698)          (2,500)

Income tax expense                                                            -                -
                                                                      _________        _________
Loss for the year and total comprehensive income - all
attributable to equity holders of the Company                         (311,698)          (2,500)
                                                                      _________        _________
Earnings per share
from continuing operations
Basic and Diluted loss per share (in Euro)             2                  (0.01)         (357.14)
                                                                      _________        _________



Condensed Consolidated Statement of Financial Position
as at 30 June 2012                                                          Unaudited         Audited
                                                                         30 June 2012    30 June 2011
                                                                                 Euro            Euro
Assets

Property, plant and equipment                                                   3,940               -
Goodwill                                                                       20,636               -
Intangible assets                                                             289,816               -
Investments                                                                    27,193               -
                                                                            _________       _________
Total Non-Current Assets                                                      341,585               -
                                                                            _________       _________

Current Assets
Trade and other receivables                                                   133,517       1,194,694
Cash and cash equivalents                                                     679,144               -
                                                                            _________       _________
Total Current Assets                                                          812,661       1,194,694
                                                                            _________       _________
Total Assets                                                                1,154,246       1,194,694
                                                                            _________       _________


Equity
Share capital                                                                  91,402          38,094
Share premium                                                               1,319,107               -
Retained deficit                                                            (314,198)         (2,500)
                                                                            _________       _________
Attributable to owners of the Company                                       1,096,311          35,594
                                                                            _________       _________
Total Equity                                                                1,096,311          35,594
                                                                            _________       _________

Liabilities - Current
Trade and other payables                                                       57,935       1,159,100
                                                                            _________       _________
Total Liabilities                                                              57,935       1,159,100
                                                                            _________       _________

Total Equity and Liabilities                                                1,154,246       1,194,694
                                                                            _________       _________



Condensed Consolidated Statement of Changes in Equity
for the year ended 30 June 2012

                                                                 Share         Share     Retained
                                                               Capital       Premium       Losses       Total
Unaudited                                                         Euro          Euro         Euro        Euro

Balance at 27 June 2011 (Date of Incorporation)                      -             -            -           -
                                                             _________     _________    _________   _________
Total comprehensive income for the period:
Loss for the period                                                  -             -      (2,500)     (2,500)
                                                             _________     _________    _________   _________
Total comprehensive income for the period                            -             -      (2,500)     (2,500)
                                                             _________     _________    _________   _________
Transactions with owners, recorded directly in equity
  contributions by and distributions to owners
Shares issued                                                   38,094             -            -      38,094
                                                             _________     _________    _________   _________
Total transactions with owners                                  38,094             -            -      38,094
                                                             _________     _________    _________   _________

Balance at 30 June 2011                                         38,094             -      (2,500)      35,594
                                                             _________     _________    _________   _________
Total comprehensive income for the year:
Loss for the year                                                    -             -    (311,698)   (311,698)
                                                             _________     _________    _________   _________
Total comprehensive income for the year                              -             -    (311,698)   (311,698)
                                                             _________     _________    _________   _________
Transactions with owners, recorded directly in equity
  contributions by and distributions to owners
Shares issued                                                   53,308     1,319,107            -   1,372,415
                                                             _________     _________    _________   _________
Total transactions with owners                                  53,308     1,319,107            -   1,372,415
                                                             _________     _________    _________   _________

Balance at 30 June 2012                                         91,402     1,319,107    (314,198)   1,096,311
                                                             _________     _________    _________   _________




Condensed Consolidated Statement of Cash Flows
for the year ended 30th June 2012                                      Unaudited         Audited
                                                                      30 Jun '12      30 Jun '11
                                                                            Euro            Euro

Cash flows from operating activities

Results from operating activities                                      (326,338)         (2,500)

Adjustments for:
Depreciation                                                                 985               -
                                                                       _________       _________
Cash from operations before changes in working capital                 (325,353)         (2,500)

Movement in trade and other receivables                                1,061,177     (1,194,694)
Movement in trade and other payables                                 (1,101,165)       1,159,100
                                                                       _________       _________
Net cash from operating activities                                     (365,341)        (38,094)
                                                                       _________       _________

Cash flows from investing activities
Expenditure on intangible assets                                               -
Interest paid                                                             26,185               -
Acquisitions and disposals                                             (354,115)               -
                                                                       _________       _________
Net cash (used in) investing activities                                (327,930)               -
                                                                       _________       _________

Cash flows from financing activities
Proceeds from the issue of new shares                                  1,372,415          38,094
Finance income/(expense)                                                       -               -
                                                                       _________       _________
Net cash generated by financing activities                             1,372,415          38,094
                                                                       _________       _________

Movement in cash and cash equivalents                                    679,144               -

Cash and cash equivalents at beginning of year                                -                -
                                                                       _________       _________
Cash and cash equivalents at end of year                                 679,144               -
                                                                       _________       _________



Notes to the Financial Statements for the year ended 30 June 2012

     1.   The Directors are not recommending the payment of an ordinary share dividend.

     2.   The basic and diluted loss per share and the diluted loss per share have been calculated on a loss after
          taxation of Euro 311,698 (2011: loss of Euro 2,500) and a weighted average number of Ordinary Shares in
          issue for the period of 45,560,380 (2011: 7). There are no potential dilutive ordinary shares.


The Directors of the company accept responsibility for the contents of this announcement.

For further information please contact:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Mr. Hugh Gibney
Tel. Ireland: +353 1 823 0510

Dr. Glenn Millar
Managing Director
Tel. Ireland: +353 86 1714790

LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: +353 1 495 9200
con.casey@lhmcaseymcgrath.ie

Kathryn Byrne
Limelight Communications
Tel. Ireland: +353 85 2336033

Contact Information

  • IMC EXPLORATION GROUP PLC