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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Great Western Mining Corp Plc | AQSE:GWMO.GB | Aquis Stock Exchange | Ordinary Share | IE00B1FR8863 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0475 | 0.04 | 0.055 | 0.0475 | 0.0475 | 0.0475 | 0.00 | 06:56:49 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGWMO
RNS Number : 7108V
Great Western Mining Corp. plc
20 April 2016
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Final Results for the year ended 31 December 2015
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral exploration company is pleased to report its Final Results for the year ended 31 December 2015.
Results Highlights:
-- Loss for Year EUR340,707 (2014 restated: EUR368,712) -- Basic and diluted loss per share (cent): 0.01 (2014: 0.01) -- Net current assets at year end: EUR839,366
Operational Highlights:
-- M2 Strike Length doubled to 4 Km. -- Drill Permit obtained for Target 4 ("M4") -- Land acquired as sight for Pilot Heap Leach Facility -- M5 Carlin-Style Gold potential confirmed -- Encouraging Soil Grid completed on M1 Copper-Gold Target
Chief Executive, David Fraser commented:
"2015 has been a year of solid progress for Great Western Mining. The Company is in the strong position of having valid drill permits on its two most advanced Copper-Gold targets, M2 and M4, and has received confirmation of the exciting Carlin-style Gold potential of M5. The beginning of 2016 has seen the Company appoint a mining engineer to conduct technical studies as the first stage of a pre-feasibility study in support of a mining license application to the US Bureau of Land Management. Costs remain under control and the Company remains well positioned to exploit the considerable resource potential of its claims"
ENQUIRIES:
Great Western Mining +44 207 933 8780 (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 PR (UK +44 207 933 8780 PR and IR) greatwesternmining@walbrookpr.com Paul Cornelius Gary Middelton Nick Rome
Chairman's Statement:
Dear Shareholder,
Enclosed herewith are Great Western Mining Corporation PLC's audited results for the year to 31 December 2015, together with a report from the Chief Executive on the Group's operations in Nevada and a notice of annual general meeting.
The Group remains debt-free with its costs tightly controlled and at the year-end reported net current assets of EUR0.84 million (2014: EUR1.42 million). It incurred a loss of EUR0.34 million (2014 restated: EUR0.37 million) for the financial year as it does not yet benefit from production revenues.
The mining industry operates in a harsh environment at present as commodity prices have fallen dramatically over the last year and Great Western faces its share of headwinds but is weathering them well.
We have made good progress in Nevada during 2015 and are now gearing up to develop a pilot production plant as the first stage in commercialising the copper and gold resource that has been established. When this has been accomplished, the Group will have moved from pure exploration to the development of commercial operations. If we can successfully commercialise our main assets in a down cycle, we will be very well placed once the markets improve, as they inevitably will in time.
During the year Emmett O'Connell, previously Executive Chairman, stood down from the Board and severed day-to-day links with the Company. In a long career, Emmett has launched and managed a number of successful businesses and has been a well-known entrepreneur in Ireland and beyond. Great Western was his last venture and, in taking over the reins, the current Board sends Emmett all good wishes for a long, healthy and enjoyable retirement.
Continuing support of our shareholders is much appreciated. We look forward to seeing as many shareholders as possible at the forthcoming AGM which will be held in Dublin on 19 May.
BRIAN HALL
Chairman
Chief Executive's Report:
Dear Shareholders
I am pleased to report to shareholders that 2015 has been another year of progress in the development of Great Western Mining Corporation PLC's ("GWM" or "the Group") 73 square kilometre claim area in Marietta, Nevada.
During the first half of the year GWM completed two field programmes on M2 with very promising results. The mapping and sampling extended the surface area of the 2014 Inferred Resource for a further two kilometres across Bass Mountain. This has resulted in an independent opinion that the favourable geologic environment for mineralisation beneath Bass Mountain is almost four kilometres long and over one kilometre wide, as well as being open to further southwest extension. In addition, the 2015 field programme identified two new potentially high grade silver-copper zones.
The Company completed reclamation work on the 2014 M2 Phase 2 drill pads, resulting in the Federal Bureau of Land Management ("BLM") extending a two-and-a-half-acre disturbance roll-over under the existing M2 drill permit. Thus, the Group is in a good position to move to the next phase of drilling, which is expected to increase the size and grade of the 2014 Inferred Resource dramatically.
At the end of the reporting year, the Group secured final approval from the United States Forest Service ("USFS") and the Nevada Bureau of Mining Regulation and Reclamation ("BMRR") for a drilling permit on the Group's second major Copper-Gold prospect Target 4 ("M4"). The drill permit was the first that the USFS has granted in the area for over two years, putting Great Western in the strong position of holding valid, and fully bonded, drill permits for two of its major Copper-Gold prospects.
On the west side of the Huntoon Valley, approximately eight kilometres west of M4, is the M1 exploration target which 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 occurs in a large area over M1 and in 2015 the Group conducted a Phase 1 geochemical soil sampling survey over a substantial part of this area. The results of this survey were very encouraging, with gold readings up to 248 ppb Au spread over a wide area and Copper readings up to 2.5% Cu. There were also anomalous readings of Arsenic (As), Bismuth (Bi), Cadmium (Cd), Lead (Pb), Silver (Ag) and Titanium (Ti). Further geochemical soil sampling is planned for the first half of 2016.
During this reporting year, the GWM field team, together with an independent geological consultant, worked on-site over the JS Group of Claims ("M5"). After compiling and comparing the assay results from the rock chip samples and the regularly-spaced soil samples, geology and geochemistry suggest epithermal or Carlin-style disseminated gold at M5, consistent with results previously announced in September 2014. In addition, the projected size and scale of the M5 alteration and mineralisation is extensive and approaching ten square kilometres. This is a very exciting development and the Group is prioritizing geochemical surveys over M5 in 2016.
In December 2015, Great Western completed the purchase of 10 acres of private land on the outskirts of the ghost town of Marietta, which is the proposed site of a pilot heap leaching facility for the recovery of commercial quantities of gold and copper. In 2016 the Company plans to submit a Plan of Operations to the BLM and BMRR in order to obtain a Mining License. A pre-feasibility mining study is in progress and initial planning talks for this project have already been held with the BLM.
Further information on GWM's activities can be found on the Company's website www.greatwesternmininng.com which has recently been substantially upgraded and relaunched. Costs are under control as the Company moves towards achievement of first revenues in Nevada.
David Fraser
Chief Executive Officer
Consolidated Income Statement
for the year ended 31 December 2015
Notes Year ended Restated 2015 (Note 3) Continuing Operations EUR 2014 EUR Administrative expenses (339,842) (361,287) Finance income 5 417 116 Finance costs 6 (1,282) (7,541) Loss for the year before tax 7 (340,707) (368,712) Income tax expense 8 - - Loss for the financial year (340,707) (368,712) Loss attributable to: Equity holders of the Company (340,707) (368,712) (340,707) (368,712) Earnings per share from continuing operations Basic and Diluted loss per share (cent) 9 (0.001) (0.001) All activities derived from continuing operations. All losses are attributable to the owners of the Company Consolidated Statement of Other Comprehensive Income Restated For the year ended 31 December 2015
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April 20, 2016 02:00 ET (06:00 GMT)
(Note 3) 2015 2014 EUR EUR Loss for the financial year (340,707) (368,712) Other comprehensive income Items that are or may be reclassified to profit or loss: Currency translation differences 268,935 341,287 Total comprehensive expense for the financial year attributable to equity holders of the company (71,772) (27,245)
Consolidated Statement of Other Comprehensive Income
for the year ended 31 December 2015
Restated (Note 3) 2015 2014 Assets Notes EUR EUR Non-Current Assets Intangible assets 10 3,255,602 2,747,464 Total Non-Current Assets 3,255,602 2,747,464 Current Assets Trade and other receivables 12 174,300 114,288 Cash and cash equivalents 13 759,381 1,451,542 Total Assets 4,189,283 4,313,294 Equity Capital and Reserves Share capital 15 2,648,238 2,648,238 Share premium 15 4,630,945 4,630,945 Foreign currency translation reserve 610,222 341,287 Retained Earnings (3,794.437) (3,453,730) Attributable to owners of the Company 4,094,968 4,166,740 Total Equity 4,094,968 4,166,740 Liabilities Current Liabilities Trade and other payables 14 79,315 106,554 Convertible debt 20 15,000 40,000 Total Liabilities 94,315 146,554 Total Equity and Liabilities 4,189,283 4,313,294
Consolidated Statement of Changes in Equity
for the year ended 31 December 2015
Share Share Foreign Retained Total Capital Premium currency Earnings translation reserve Balance as at 01 January 2014 (note 3) 648,238 3,978,260 - (3,085,018) 1,541,480 Total comprehensive income for the year - restated Loss for the year - - - (368,712) (368,712) Currency translation differences Transactions with owners, recorded directly in equity Shares issued 2,000,000 652,685 - - 2,652,685 ________ ________ ________ ________ ________ Balance at 31 December 2014 - restated 2,648,238 4,630,945 341,287 (3,453,730) 4,166,740 ________ ________ ________ ________ ________ Balance at 1 January 2015 2,648,238 4,630,945 341,287 (3,453,730) 4,166,740 Total comprehensive income for the year Loss for the year - - - (340,707) (340,707) Currency translation differences - - 268,935 - 268,935 ________ ________ ________ ________ ________ Balance at 31 December 2015 2,648,238 4,630,945 610,222 (3,794,437) 4,094,968
Consolidated Statement of Cashflows
for the year ended 31 December 2015
2015 2014 Notes EUR EUR Cash flows from operating activities Loss for the year (340,707) (368,712) Interest payable and similar charges 1,282 7,541 Interest receivable and similar income (417) (116) Interest in trade and other receivables (64,626) (34,251) Decrease in trade and other payables (27,239) (42,550) Exchange rate adjustment (100,061) - Cash outflows from operating activities (531,768) (438,088) Cash flows from investing activities Expenditure on intangible assets 10 (233,149) (778,490) Interest paid 6 (1,282) (7,541) Interest received 4 417 116 Cash flow used in investing activities (234,014) (785,915) Cash flow from financing activities Proceeds from the issue of new shares - 2,652.685 Repayment of convertible debt (25,000) (60,000) Net cash from financing activities (25,000) 2,592,685 (Decrease)/increase in cash and cash equivalents (790,782) 1,368,685 Foreign exchange 98,621 - gain on cash and cash equivalents Cash and cash equivalents at beginning of year 13 1,451,542 82,860 Cash and cash equivalents at end of year 13 759,381 1,451,542
Notes to the Financial Statements PDF link.
http://www.rns-pdf.londonstockexchange.com/rns/7108V_-2016-4-19.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFMFAUFMSELL
(END) Dow Jones Newswires
April 20, 2016 02:00 ET (06:00 GMT)
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