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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Great Western Mining Corporation Plc | LSE:GWMO | London | Ordinary Share | IE00B1FR8863 | ORD EUR0.0001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0395 | 0.039 | 0.04 | 0.0395 | 0.0388 | 0.0395 | 15,682,727 | 08:00:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 0 | -792k | -0.0002 | -2.00 | 1.43M |
From May 2019 to May 2024
TIDMGWMO
RNS Number : 0916U
Great Western Mining Corp. plc
27 July 2015
Great Western Mining Corporation plc
("Great Western ", "GWM" or the "Company")
Half Yearly Report
Great Western Mining Corporation plc, the AIM (AIM:GWMO) and ESM quoted mineral exploration company with 73 sq. kilometres of mineral claims in south-west Nevada USA, announces its Half Yearly Report for the six months to 30 June 2015.
Highlights:
-- Pre Tax Profit EUR88,784 (Loss EUR258.730 in H1 2014) -- Basic and Diluted profit per share (cent) 0.14 (Loss 0.11 in H1 2014) -- 2015 field programme extends area of IOCG mineralisation by 2.0 Km
-- M2 reclamation completed and disturbance roll over approved. Permit in place for Phase 3 Drilling Programme
-- Target 4 Phase 1 Drilling Programme permit application process completed, awaiting approval -- M1 geochemical soil sampling programme completed
Chairman and Chief Executive's Statement
Great Western is focused on exploration and currently has no operating income, reporting profit in the reporting period of EUR88,784 (Loss EUR258,730 H1 2014). GWM finished the period ending 30 June 2015 with net current assets of EUR1,214,212 (EUR2,165,703 in 1H 2014)
During the first half of 2015 Great Western completed two field programmes on M2 with excellent results. The mapping and sampling extended the Iron-Oxide-Copper Gold ("IOCG") surface trace from the original inferred resource at M2 for a further two kilometres across Bass Mountain. This has enabled the Company's independent consulting geologist, Donald G Strachan, to conclude that the favourable geologic environment for IOCG mineralisation beneath Bass Mountain is almost 4.0 kilometres long, over 1.0 kilometre wide, and open to further southwest extension. In addition two new potential high grade silver-copper zones were identified along the M2 IOCG contact.
During the period, GWM completed reclamation work on the 2014 M2 Phase 2 drill pads, resulting in the US Bureau of Land Management ("BLM") extending a two and a half acre disturbance roll-over under the existing M2 drill permit. Great Western is in the process of designing a Phase 3 drill programme, in order to commence discovery level drilling for the projected high-grade underground IOCG deposit beneath Bass Mountain.
Great Western Mining is planning a discovery level drilling programme on Target 4, approximately 5.0 kilometres south-west from M2. The Company has now submitted a Plan of Operations, Biological Survey Report and Cultural Survey Report to the United State Forestry Service ("USFS"). The USFS evaluation of these reports is now largely complete, and the Company anticipates receiving permit approval early September.
On the west side of the Huntoon Valley, approximately 8.0 kilometres west of Target 4. is the M1 exploration target, located in the Huntoon Group of claims. The Huntoon claim block surrounds the six patented claims that make up the historic Huntoon Mine where Gold-Copper ore was mined between 1906 and 1925. Extensive outcropping copper mineralisation and widespread propylitic alteration occur in a large area over M1. During May and June, a Phase 1 geochemical soil sampling survey has been completed over a substantial area of M1. The Company is eagerly awaiting the assay results and will report its findings to shareholders when available.
In the reporting period Great Western continued to make rapid advances on its mineral projects in Nevada. The Board and management greatly appreciate shareholder support and plans to maintain the momentum achieved and to move forward rapidly so as to bring the Company's prospects closer to commercialisation.
Brian Hall David Fraser
Chairman Chief Executive
Condensed Consolidated Statement of Comprehensive Income
for the period ended 30 June 2015
Hot Features
Premium
Unaudited Unaudited Full
6 months 6 months ended Year ended
ended
30 Jun '15 30 Jun '14 31 Dec '14
Notes EUR EUR EUR
Administrative expenses 88,784 (258,730) (20,000)
----------- --------------- -----------
Results from operating activities 88,784 (258,730) (20,000)
Finance income 206 - 116
Finance costs - - (7,541)
----------- --------------- -----------
Profit/(loss) before tax 88,990 (258,730) (27,425)
Income tax expense - - -
----------- --------------- -----------
Profit/(loss) for the period
and total comprehensive income
- all attributable to equity
holders of the Company 88,990 (258,730) (27,425)
----------- --------------- -----------
Earnings per share
from continuing operations
Basic and Diluted profit/(loss)
per share (cent) 3 0.14 (0.11) (0.01)
----------- --------------- -----------
Condensed Consolidated Statement of Changes in Equity
for the period ended 30 June 2015
Share Share Retained
Capital Premium Losses Total
EUR EUR EUR EUR
Balance at 1 January 2014 648,238 3,978,260 (3,085,018) 1,541,480
---------- ---------- ------------ ----------
Total comprehensive income for
the period
Loss for the period - - (258,730) (258,730)
Total comprehensive income for
the period - - (258,730) (258,730)
----------
Transactions with owners, recorded
directly in equity
Shares issued 2,000,000 792,737 - 2,792,737
---------- ---------- ------------ ----------
Total transactions with owners 2,000,000 792,737 - 2,792,737
----------
Balance at 30 June 2014 2,648,238 4,770,997 (3,343,748) 4,075,487
---------- ---------- ------------ ----------
Total comprehensive income for
the period
Profit for the period - - 231,305 231,305
---------- ---------- ------------ ----------
Total comprehensive income for
the period - - 231,305 231,305
---------- ---------- ------------ ----------
Transactions with owners, recorded
directly in equity
Shares issued - (140,052) - (140,052)
---------- ---------- ------------ ----------
Total transactions with owners - (140,052) - (140,052)
---------- ---------- ------------ ----------
Balance at 31 December 2014 2,648,238 4,630,945 (3,112,443) 4,166,740
---------- ---------- ------------ ----------
Total comprehensive income for
the period
Profit for the period - - 88,990 88,990
---------- ---------- ------------ ----------
Total comprehensive income for
the period - - 88,990 88,990
---------- ---------- ------------ ----------
Transactions with owners, recorded
directly in equity
Shares issued - - - -
---------- ---------- ------------ ----------
Total transactions with owners - - - -
---------- ---------- ------------ ----------
Balance at 30 June 2015 2,648,238 4,630,945 (3,023,453) 4,255,730
---------- ---------- ------------ ----------
Condensed Consolidated Statement of Financial Position
as at 30 June 2015
Unaudited Unaudited Full
6 months 6 months ended Year ended
ended
30 Jun '15 30 Jun '14 31 Dec '14
Notes EUR EUR EUR
Assets
Non-Current Assets
Intangible assets 4 3,041,518 1,909,784 2,747,464
------------ --------------- ------------
Total Non-Current Assets 3,041,518 1,909,784 2,747,464
Current Assets
Trade and other receivables 53,449 178,666 114,288
Cash and cash equivalents 1,312,773 2,175,640 1,451,542
------------ --------------- ------------
Total Current Assets 1,366,222 2,354,306 1,565,830
------------ --------------- ------------
Total Assets 4,407,740 4,264,090 4,313,294
------------ --------------- ------------
Equity
Capital and Reserves
Share capital 5 2,648,238 2,648,238 2,648,238
Share premium 5 4,630,945 4,770,997 4,630,945
Retained loss (3,023,453) (3,343,748) (3,112,443)
------------ --------------- ------------
Attributable to owners of the
Company 4,255,730 4,075,487 4,166,740
------------ --------------- ------------
Total Equity 4,255,730 4,075,487 4,166,740
------------ --------------- ------------
Liabilities
Current Liabilities
Trade and other payables 152,010 188,603 146,554
------------ --------------- ------------
Total Liabilities 152,010 188,603 146,554
------------ --------------- ------------
Total Equity and Liabilities 4,407,740 4,264,090 4,313,294
------------ --------------- ------------
Condensed Consolidated Statement of Cash Flows
for the period ended 30th June 2015
Unaudited Unaudited Full
6 months 6 months ended Year ended
ended
30 Jun '15 30 Jun '14 31 Dec '14
EUR EUR EUR
Cash flows from operating activities
Profit / (Loss) for the period 88,784 (258,730) (20,000)
Movement in trade and other
receivables 60,839 (98,629) (34,251)
Movement in trade and other
payables 5,456 (94,630) (136,679)
----------- --------------- ------------
Cash flows from operating activities 155,079 (451,989) (190,930)
----------- --------------- ------------
Cash flows from investing activities
Expenditure on intangible assets (109,328) (247,968) (1,085,648)
Interest paid 206 - 116
Interest received - - (7,541)
----------- --------------- ------------
Cash flow from investing activities (109,122) (247,968) (1,093,073)
----------- --------------- ------------
Cash flows from financing activities
Proceeds from the issue of new
shares - 2,792,737 2,652,685
Finance income/expense - - -
----------- --------------- ------------
Net cash used in financing activities - 2,792,737 2,652,685
----------- --------------- ------------
Movement in cash and cash equivalents 45,957 2,092,780 1,368,682
Cash and cash equivalents at
beginning of period 1,451,542 82,860 82,860
----------- --------------- ------------
Cash and cash equivalents at
end of period 1,497,499 2,175,640 1,451,542
----------- --------------- ------------
ENQUIRIES:
Great Western Mining +44 207 933 8795 (via Walbrook) Corporation Plc David Fraser, Chief Executive Davy (Nomad, ESM +353 1 679 6363 Adviser & Joint john.frain@davy.ie Broker) roland.french@davy.ie John Frain Roland French Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance +44 207 382 8300 Walbrook (UK PR +44 207 933 8795 and IR) Paul Cornelius greatwesternmining@walbrookpr.com Guy McDougall
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMUMUPAGMC
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