All Star Minerals plc

August 31, 2012 06:33 ET


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

All  Star  Minerals  plc  (PLUS: ASMO) the PLUS-quoted Swedish uranium exploration company  is  pleased  to
announce its interim results for the period 1 December 2011 to 31 May 2012.


Being  a  junior mining exploration company is extremely tough at this present point in time. There  remain
serious  issues  concerning  the  stability of the Eurozone, with the most recent  figures  informing  that
economic  growth  in the region contracted by 0.2% in the three months to June compared with  the  previous
quarter.  In  China,  growth in the second quarter fell to a three-year low of 7.6%,  indicating  that  the
country  is  not immune to the global financial crisis. In June and July, the People's Bank of China  twice
cut interest rates in a move to support growth.

The  weakness of the Eurozone, and slowing growth in China, has led to falls in commodity prices, with base
metal and precious metal prices performing poorly over the past six months. With such a backdrop, it is  of
little surprise that junior exploration companies are finding current market conditions tough.

All Star has also been affected by the concerns surrounding the future of the PLUS-quoted Market, the stock
exchange  that the Company's shares are traded on. There was a great deal of media attention given  to  the
future  of  PLUS,  which  naturally  spooked investors, and did nothing to  strengthen  confidence  in  the
exchange's  constituent  companies. Indeed, I cannot recall ever having  received  as  many  e-mails  on  a
specific  topic  as  I did with regard to the future of PLUS. Thankfully the future of PLUS  has  now  been
resolved,  with the exchange being acquired by ICAP plc, a FTSE 100 company with acknowledged expertise  in
the  financial  markets  /  services sector. However, the affair did us  no  favours  whatsoever,  and  has
doubtless affected investor confidence in companies quoted on PLUS.

In  spite  of  the  challenges faced, All Star has continued to make meaningful  progress  in  the  period,
progress  that promises to deliver value for shareholders over the coming months. The principle  focus  for
the  Company  over recent months has been on unlocking value from the Australian projects acquired  through
the acquisition of Circle Resources Pty Ltd.

In  June  2012,  we announced that we had completed a pre-IPO fundraise of GBP352,000 at a share  price  of
2.75p for Blue Doe Gold plc. All Star holds 50,000,000 shares in Blue Doe Gold, which at the share price at
which  the  pre-IPO funding was carried out places a value on its holding of GBP1.375 million. The  pre-IPO
fundraise shows how we are unlocking value from the acquisition of Circle Resources Pty Ltd, and,  once  we
list Blue Doe Gold plc on the AIM market, anticipated over the next few months, we would expect to see such
value better reflected in the market's valuation of All Star.

We  have recently formed Brumby Gold plc, which is currently a wholly-owned subsidiary of All Star.  Brumby
Gold plc has been formed to take ownership of Jodo Gold Pty Ltd, one of the three companies we acquired  in
the  Australian transaction in December 2011. Jodo Gold Pty Ltd owns the Brilliant Brumby gold project, and
will, in due course, own the Wishbone gold and silver project. It is our intention to mirror the path  that
has been taken by Blue Doe Gold plc, and to undertake a pre-IPO fundraise for Brumby Gold during the fourth
quarter of 2012.

We  have  also  sought  to  increase  our portfolio companies' landholding  in  Queensland  through  making
application  for two new tenements. Jodo Gold Pty Ltd, has recently made an application for  24  sub-blocks
adjacent  to the north-eastern boundaries of its Brilliant Brumby project, which will be known as Brilliant
Brumby  II.  Blue Doe Gold Pty Ltd, which is a wholly-owned subsidiary of Blue Doe Gold plc, in  which  All
Star  holds  50 million ordinary shares, has recently applied for 37 sub-blocks adjacent to the  north  and
east of the Edward project.


In  Sweden,  our  immediate focus is on advancing our understanding of the magnetic anomaly  at  the  Samon
project,  which  is located in the Jokkmokk municipality of Norrbotten County of Northern Sweden.  We  have
engaged  GeoVista AB to undertake a ground magnetic survey on the target, which will cover the 2  kilometre
(north-south) by 200 metre (east-west) magnetic anomaly. Around 35 line kilometres of total field  magnetic
measurements will be undertaken, with a line spacing of 60 metres and a station spacing of 20  metres.  Due
to  the  impending  moose hunting season in the region it is now intended that GeoVista will  commence  the
ground magnetic survey in mid-September.

In June 2012 we announced that we had registered a new licence that borders the north of the Samon licence,
which  will  be called Samon number 2. The newly registered area covers 600 hectares and will  serve  as  a
buffer  zone  to  cover potential extensions to the magnetic anomaly at the north of  the  Samon  number  1

Testament to our commitment to developing our projects in Sweden, in May 2012 we were delighted to announce
the  appointment of Dr Jan-Ola Larsson as Technical Director of All Star Minerals. Dr Larsson's  wealth  of
experience  operating  in  Sweden, which has more recently been focused on the  Kallak  iron  ore  project,
c.20km's due west of Samon, will prove invaluable for the Company moving forward.


The  consolidated financial results for the period from 1 December 2011 to 31 May 2012 show  a  loss  after
taxation  of  GBP220,493 (2011: GBP75,853). The basic loss per share was 0.08p (2011: 0.04p). The  loss  is
attributable  to  ongoing administrative costs associated with the running of the Company, and  exploration


There have been a number of positive developments for the Company over recent months, most notably the pre-
IPO  funding  of  Blue  Doe  Gold  plc, and the new tenements applied for by  our  portfolio  companies  in
Queensland.  Since  we completed the acquisition of Circle Resources there has been a great  deal  of  work
undertaken  to  restructure  these projects, and to fully understand their potential  through  analysis  of
historic data with our geologic consultants in Queensland, Terra Search.

We  look  forward to progressing the planned AIM listing for Blue Doe Gold plc over the coming months.  The
Blue  Doe,  Eagle Hawk, and Edward projects are in a region proven to host sizeable deposits, such  as  the
Ravenswood gold mine, the Mount Leyshon gold/silver mine, and the Charters Towers gold field, all of  which
are  located  within 60km of Blue Doe. This gives us confidence as to the potential of  these  projects  to
create value for All Star and its shareholders.

In  Sweden, we look forward to the ground magnetic survey at the Samon iron ore target commencing  in  mid-
September.  Once  we have received the results of the survey from GeoVista we will make an announcement  to
the market accordingly.

We  are  keeping administrative costs as low as possible, which was why I elected to take my accrued salary
up  to  31  May 2012 in ordinary shares, at a premium to the prevailing share price. In June  2012  it  was
announced that I had loaned the company GBP50,000 structured through the issue of two convertible unsecured
loan notes, convertible into ordinary shares at 0.5p, again at a premium to the prevailing share price.  At
the  start  of  July 2012, I further increased my shareholding in the Company through acquiring  2  million
shares on the market. It goes without saying that a CEO should lead from the front, and I hope my financial
support of the Company is a clear indication to investors of my commitment and belief in the future of  All

I started my report to shareholders by commenting on the economic backdrop that we are up against. In spite
of  the  challenges, we are striving to create value for shareholders through developing  the  projects  in
Australia  and Sweden. We are cautiously optimistic about the future for the Company, and look  forward  to
the months ahead with great enthusiasm.

Conrad Windham
Chief Executive Officer
31 August 2012


                                                                  Unaudited   Audited Year      Unaudited
                                                                 Six Months          Ended     Six Months
                                                                      Ended        30 Nov.          Ended
                                                                     31 May           2011          31May
                                                                       2012                          2011

                                                                        GBP            GBP            GBP
Revenue                                                                   -              -              -
Administrative expenses                                            (220,540)      (163,613)       (75,757)
                                                                  ----------     ----------     ----------
OPERATING LOSS                                                     (220,540)      (163,613)       (75,757)
Finance costs                                                             -        (11,215)            61
Other non-operating income                                               47           (109)          (157)
Other non-operating expenses                                              -         (6,999)             -
                                                                  ----------     ----------     ----------
LOSS BEFORE TAX                                                    (220,493)      (181,936)       (75,853)
Income tax expense                                                        -              -              -
                                                                  ----------     ----------     ----------
LOSS FOR THE PERIOD                                                (220,493)      (181,936)       (75,853)
                                                                  ----------     ----------     ----------
      EARNINGS PER SHARE                                                                       
      (expressed in pence per share)
      Basic loss per share for the period                           (0.08)          (0.08)          (0.04)
      Diluted loss per share for the period                         (0.07)          (0.07)          (0.03)


                                                                  Unaudited   Audited Year      Unaudited
                                                                 Six Months          Ended     Six Months
                                                                      Ended        30 Nov.          Ended
                                                                     31 May           2011          31May
                                                                       2012                          2011

                                                                        GBP            GBP            GBP
      LOSS FOR THE PERIOD                                          (220,493)      (181,936)       (75,853)
      OTHER COMPREHENSIVE INCOME                                                               
      Issue of share options                                              -        107,500        107,500
                                                                  ----------     ----------     ----------
      TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                    (220,493)       (74,436)        31,647
                                                                  ----------     ----------     ----------
                                                                   (220,493)       (74,436)        31,647
      Equity holders of the parent
                                                                  ----------     ----------     ----------

AS AT  31 MAY  2012

                                                                  Unaudited        Audited      Unaudited
                                                                     31 May        30 Nov.          31May
                                                                       2012           2011           2011

                                                                        GBP            GBP            GBP
  NON CURRENT ASSETS                                                                           
     Property, plant and equipment                                      485            582            679
     Intangible assets                                              600,616        160,261        125,653
     Investments at cost                                                  -         52,999              -
     Available-for-sale financial assets                                  1              1          7,000
     Trade and other receivables                                      1,777          1,855          1,948
                                                                  ----------     ----------     ----------
                                                                    602,879        215,698        135,280
  CURRENT ASSETS                                                                               
     Trade and other receivables                                     24,903         44,199         50,830
     Prepayments                                                      7,703          3,949          7,085
     Cash and cash equivalents                                       55,277         10,909         65,358
                                                                  ----------      ---------      ---------
                                                                     87,883         59,057        123,273
                                                                  ----------     ----------      ---------
  TOTAL ASSETS                                                      690,762         274,755       258,553
                                                                  ----------     ----------      ---------
EQUITY PLUS MINORITY INTEREST                                                                
  ISSUED CAPITAL AND RESERVES                                                                  
     Issued share capital                                           301,818        224,485        206,838
     Share premium                                                1,124,097        814,930        702,143
     Reserves                                                       693,236        693,236        693,807
     Retained profits                                            (1,723,595)    (1,503,102)    (1,397,590)
                                                               -------------  -------------    -----------
     SUBSCRIBED CAPITAL                                             395,556        229,549        205,198
     Minority interests in net assets                                26,000              -              -
                                                               -------------  -------------    -----------
     TOTAL EQUITY                                                   421,556        229,549        205,198
CURRENT LIABILITIES                                                                       
  Tax payables                                                       13,364          4,259          1,931
  Trade and other payables                                          255,842         40,947         51,424
                                                                  ----------     ----------     ----------
                                                                    269,206         45,206         53,355
                                                                  ----------     ----------     ----------
  TOTAL EQUITY AND LIABILITIES                                      690,762        274,755        258,553
                                                                  ----------     ----------     ----------

    1.      The financial information for the six months ended 31 May 2012 and 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 
            275,628,815 (30.11.2011: 208,674,014; 31.05.2011: 195,588,132).

            Diluted  loss  per  share has been calculated using the weighted average number  of  shares of
            315,628,815 (30.11.2011: 256,113,466; 31.05.2011: 248,505,836).
    3.      The Directors of the issuer accept full responsibility for this announcement.

    All Star Minerals Plc
    Conrad Windham, CEO
    Telephone: 020 3130 0674
    Corporate Adviser
    St Helens Capital Partners LLP
    Duncan Vasey or Guy Miller
    Telephone: 020 7368 6959


Contact Information

  • All Star Minerals plc