Great Western Mining Corporation plc
LSE : GWMO

September 29, 2010 12:21 ET

Unaudited Interim Financial Results for the 6 Month Period Ended 30 June 2010

29 September 2010

                                          GREAT WESTERN MINING CORPORATION PLC

                                          (the "Company", the "Group" or "GWM")

                                           UNAUDITED INTERIM FINANCIAL RESULTS
                                        FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010

The Directors of Great Western Mining Corporation Plc are pleased to announce the interim financial results for the six
month period ended 30 June 2010.
Chairman's Statement

The  Board of Directors of Great Western Mining Corporation Plc stated it was the Company's intention to seek a  listing
on  the  Alternative Investment Market (AIM) in London. "Hopefully, this can be achieved before the  end  of  the  first
quarter of 2011", Chairman Mr. O' Connell said.

"The continuing geological work and studies at the Marietta gold, silver, uranium and copper prospect in Nevada, U.S.A.,
will in due course enable estimates of potential reserves to be made. The year ahead promises to be an exciting one  for
the Company," the Board's Statement concluded.

The  Marietta prospect now extends to some 33 square kilometers and has drawn-in Canadian and American mining groups  to
the immediate area. Great Western Mining Corporation Plc owns 100% of the interest in its claim area.

A  summary  of significant sample results and laboratory leaching tests taken over the past three years can be  accessed
through the Company's website: www.greatwesternmining.com


With best regards,
Sincerely,



Emmett O'Connell
Chairman


29 September 2010




Great Western Mining Corporation PLC                                                  
Consolidated Statement of Comprehensive                                               
Income
Six months ended 30 June 2010                                                         
                                                    unaudited              unaudited               audited
                                               6 months ended         6 months ended            Year ended
                                                    30-Jun-10              30-Jun-09             31-Dec-09
                                                            €                      €                     €
                                                                                                
                                                                                                
Turnover                                                    0                      0                     0
                                                                                                          
Administration expenses                              (60,437)              (179,290)             (264,969)
Finance income                                              0                  1,053                 1,527
                                               ___________________________________________________________
Loss for the period before tax                       (60,437)              (178,237)             (263,442)
                                                                                                          
Interest payable                                        (330)                      0                     0
Corporation tax expense                                     0                      0                     0
                                                       ______                 ______                ______
Loss for the period from continuing                  (60,767)              (178,237)             (263,442)
operations
                                                                                                          
Other Comprehensive Income                                  0                      0                     0
                                                       ______                 ______                ______
Total Comprehensive Income for the                   (60,767)              (178,237)             (263,442)
period - all attributable to equity
holders of the Company
                                                                                                          
Loss per share                                                                        
Basic                                                  -€0.22                 -€0.67                -€0.93
Diluted                                                -€0.22                 -€0.67                -€0.93



Great Western Mining Corporation PLC                                                                     
Consolidated Statement of Financial Position                                                             
As at 30 June 2010                                                                                       
                                                              unaudited             unaudited               audited
                                                              30-Jun-10             30-Jun-09             31-Dec-09
                                                                      €                     €                     €
Assets                                                                                                   
                                                                                                         
Non current assets                                                                                       
Intangible assets - Exploration costs                           760,500               604,192               705,896
                                                                _______               _______               _______
Total Non-Current Assets                                        760,500               604,192               705,896
Current assets                                                                                           
Trade & other receivables                                         5,585                 5,220                 5,621
Cash & cash equivalents                                         113,347               122,399                59,352
                                                                _______               _______               _______
Total Current Assets                                            118,932               127,619                64,973
                                                                _______               _______               _______
Total assets                                                    879,432               731,811               770,869
                                                                _______               _______               _______
Equity & liabilities                                                                                               
                                                                                                                   
Equity                                                                                                             
Called up share capital                                         282,536               267,520               282,536
Share premium account                                         1,602,234             1,399,810             1,602,234
Retained losses                                             (1,207,871)           (1,061,899)           (1,147,104)
                                                                _______               _______               _______
Total equity - attributable to the owners of the                676,899               605,431               737,666
Company
                                                                                                                   
Non-current liabilities                                                                                            
Trade & other payables                                          202,533               126,380                33,203
                                                                _______               _______               _______
Total Non-Current Liabilities                                   202,533               126,380                33,203
Current liabilities                                                                            
Trade & other payables                                                0                     0                     0
                                                                _______               _______               _______
Total liabilities                                               202,533               126,380                33,203
                                                                _______               _______               _______
Total equity & liabilities                                      879,432               731,811               770,869
                                                                _______               _______               _______
                                                                                                                   
                                                                _______               _______               _______



Great Western Mining Corporation PLC                                                       
                                                                                           
Consolidated Statement of Cashflows
Six months ended 30 June 2010                                                              
                                                        unaudited              unaudited                 audited
                                                   6 months ended         6 months ended              Year ended
                                                        30-Jun-10              30-Jun-09               31-Dec-09
                                                                €                      €                       €
                                                                                                     
Cashflows from operating activities                                                                  
                                                                                                     
Net loss before interest & tax                           (60,437)              (179,290)               (264,969)
                                                                                                                
Adjustments for:                                                                                                
Depreciation                                                    0                      0                       0
Exploration costs written off                                   0                      0                       0
Investment income recognised in P&L                             0                      0                       0
(Increase)/Decrease in receivables                             35                  7,821                   7,420
Increase/(decrease) in liabilities                        169,330                 57,481                (35,696)
Corporation taxes paid                                          0                      0                       0
                                                         ________               ________                ________
Cash generated from operations                            108,928              (113,988)               (293,245)
                                                                                                                
Cashflows from financing activities                                                                             
Proceeds from issue of share capital                            0                      0                 217,441
                                                                                                                
Investing activities                                                                                            
Purchase of plant & equipment                                   0                      0                       0
Expenditure on exploration activities                    (54,604)               (16,156)               (117,860)
Interest received/(payable)                                 (330)                  1,053                   1,527
Non cash movements                                              0                      0                       0
                                                         ________               ________                ________
Net cash used in investing activities                    (54,934)               (15,103)               (116,333)
                                                         ________               ________                ________
Net (decrease)/increase in cash                            53,994              (129,091)               (192,137)
                                                                                                                
Cash at beginning of period                                59,353                251,490                 251,490
                                                           ______                 ______                  ______
Cash at end of period                                     113,347                122,399                  59,353



Great Western Mining Corporation PLC                                                      
                                                  Share          Share         Retained            Total
Consolidated Statement of Changes in            Capital        Premium           losses
Equity                                                           
                                                               
                                                      €              €                €                €
At 1 January 2009                               267,520                       (883,662)          783,668
                                                             1,399,810
Proceeds of share issue                               -              -                -                -
Loss for the period                                   -              -        (178,237)        (178,237)
                                                 ______         ______           ______           ______
At 30 June 2009                                 267,520      1,399,810      (1,061,899)          605,431
Proceeds of share issue                          15,016        202,424                -          217,440
Loss for the period                                   -              -         (85,205)         (85,205)
                                                 ______         ______           ______           ______
At 31 December 2009                             282,536      1,602,234      (1,147,104)          737,666
Proceeds of share issue                               -              -                -                -
Loss for the period                                   -              -         (60,767)         (60,767)
                                                 ______         ______           ______           ______
At 30 June 2010                                 282,536      1,602,234      (1,207,871)          676,899
                                                 ______         ______           ______           ______
                                                                                                        



Notes to the Interim Financial Statements

    1.      Segmental Analysis
    The Group is engaged in one business segment only, exploration of mineral resource projects. Therefore only an
    analysis by geographical segment has been presented. The Group has geographic segments in Ireland and Nevada.
    
    The segment results for the period ended 30th June 2010 are as follows:

                                                              
                                                 Ireland       Nevada
                                                       €            €
     Segment result before tax                         -     (60,767)
                                             ---------------------------
                                                                     
     Loss for the period                               -     (60,767)
                                             ---------------------------
                                                                     

    2.      Loss per share
    The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as
    follows:
    
                                                                                           
                                                         30-Jun-10        30-Jun-09        31-Dec-09
                                                                 €                €                €
      Loss for the period                                 (60,767)        (178,237)        (263,442)
                                                                                                    
      Weighted average number of ordinary shares                                          
      for the purposes of basic earning per                                                         
      share                                             28,263,628       26,752,000       28,253,628
                                                   ---------------------------------------------------
                                                                                                    
      Basic loss per ordinary share (in cent)               (0.22)           (0.67)           (0.93)
                                                   ---------------------------------------------------
                                                                                                    

        Diluted earnings per share
        The earnings used in the calculation of the diluted earnings per share are the same as those for the basic
        earnings per share as outlined above.

    3.      Intangible assets - Exploration costs
    
                                                                                     
                                                     Exploration and                 
                                                   Evaluation Assets            Total         
                                                                                
                                                               €000s            €000s
      Cost                                                                           
      At 1 January 2010                                      705,896          705,896
      Additions                                               54,604           54,604
                                                ---------------------------------------
      At 30 June 2010                                        760,500          760,500
                                                ---------------------------------------
                                                                                     
    

4.Share Capital

                                                    30-Jun-10         30-Jun-09        31-Dec-09
Authorised Equity                                           €                 €                €
100,000,000 Ordinary shares of €0.01 each                                              
(100,000,000 : 31 Dec 2009)                         1,000,000         1,000,000        1,000,000
                                                ---------------------------------------------------
                                                    1,000,000         1,000,000        1,000,000
                                                ---------------------------------------------------
                                                                                                
Issued Capital                                                                                  
Share capital                                         282,536           267,520          282,536
Share premium                                       1,602,234         1,399,810        1,602,234
                                                ---------------------------------------------------
                                                    1,884,770         1,667,330        1,884,770
                                                ---------------------------------------------------
                                                                                                


The  above  financial information has been prepared under International Financial Reporting Standards  using  accounting
policies consistent with the accounting policies which will be applied by the Company in its next annual accounts.

The above interim financial results have been reviewed by the Company's auditor, LHM Casey McGrath.

No dividends were paid or proposed in respect of the six months ended 30 June 2010.

THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

                                                       ---ENDS---

CONTACT DETAILS:

Great Western Mining Corporation plc.

Emmett O'Connell, Chairman.                                 Tel: +353 51 565844
                                                            Fax: +353 51 565 884
                                                            Email: emmett@iol.ie
                                                            
Liam McGrattan, Director.                                   Tel: 087 274 5427

Melvyn Quiller, U.K. Director.                              Tel: 0771 289 9588

SVS Securities Plc - PLUS Corporate Adviser.                Tel: 020 7638 5600
Peter Ward / Alexander Brearley.                            
                                                            
SVS Securities Plc - Broker.                                Tel: 020 7638 5600
Ian Callaway / Alexander Mattey.


ABOUT GREAT WESTERN MINING CORPORATION PLC.

    1.  GWM is an Irish exploration company with rights over approximately 33 square kilometres of mineral claims in
        Nevada. U.S.A.

    2.  GWM's shares are admitted to trading on PLUS-quoted in London, trading symbol GWMO.

    3.  Website: www.greatwesternmining.com

Contact Information

  • Great Western Mining Corporation plc