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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Great Western Mining Corporation 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% | 0.0525 | 0.045 | 0.06 | 0.0525 | 0.0525 | 0.0525 | 0.00 | 06:57:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGWMO
RNS Number : 0008L
Great Western Mining Corp. plc
28 September 2016
Great Western Mining Corporation PLC
("Great Western Mining", "GWM", the "Group" or the "Company")
Half Yearly Report
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mining company announces its Half Yearly results for the six months to 30 June, 2016.
Highlights:
-- Pre-tax loss of EUR252,881 -- Basic and diluted loss per share (cent) 0.001 -- M2 technical scoping study commissioned -- M1 second soil sampling program completed -- Huntoon mine area co-operation agreement signed
Great Western Mining is currently focused on the continued exploration and appraisal of its prospects in Mineral County, Nevada, and so is not currently generating revenue. For the six month period ending 30 June 2016, the group reported a loss of EUR252,881 (30 June 2015: EUR98,211). As at 30 June 2016, the Company had net current assets of EUR505,435 (30 June 2015: EUR1,214,212). GWM continues to tightly control overheads and the Group has no debt as at 30 June 2016.
The Company is working on the development of a heap leach facility on 10 acres of private land which it recently purchased at Marietta, Nevada. This will enable GWM to commence initial gold and copper production from the M2 discovery area where the Company has previously carried out extensive drilling operations. During the period, the Group commissioned Nevada-based mining engineer Mr. W T Cohan to undertake a JORC Compliant Scoping Study for M2 as part of the application process for a full mining licence. The first part of the Scoping Study, which will include the mine plans and an updated resource estimate, is expected imminently.
In the spring and early summer of 2016, the Great Western Mining field team conducted a second soil sampling programme on M1 to consolidate the very encouraging results of the previous year. The sampling programmes have revealed widespread anomalous mineralisation, with gold shows of up to 248 parts per billion gold spread over a large area. The results from the 2016 field programme will be available shortly.
Since the end of the reporting period the Group has signed the Huntoon Mine Area Co-operation Agreement with neighbouring claim holder Crown Point Gold & Silver Mining Co. LLC ("Crown"), as announced in August 2016. This is a significant step in consolidating local operations and gives the Company access to local resources and infrastructure which have not previously been available to the Group. Crown is actively exploiting its claims and there is now a formal mechanism for sharing the benefits of any productive veins which span the acreage of both parties to the Agreement. The Agreement is for an initial period of three years and also provides for sharing the benefits of any farm out or sale of acreage which may arise.
Looking to the future, both the heap leach project and the Huntoon Mine Area Cooperation Agreement will help move the group from pure exploration towards commercial exploitation of the resources which it has now established.
As always the Board and management greatly appreciate shareholder support and look forward to reporting on an active programme going forward.
ENQUIRIES:
Great Western Mining +44 207 933 8780 (via Corporation Plc Walbrook) David Fraser, Chief Executive Davy (Nomad, ESM Adviser +353 1 679 6363 & Joint Broker) John Frain john.frain@davy.ie Roland French roland.french@davy.ie Beaufort Securities Ltd (Joint Broker) Jon Belliss Elliot Hance +44 207 382 8300 Walbrook PR (UK PR +44 207 933 8780 and IR) greatwesternmining@walbrookpr.com Paul Cornelius Gary Middleton Nick Rome
Important Information
The group's strategic objectives for its principal activities, being the exploration and mining for copper, silver, gold and other minerals, are only achievable if certain risks are managed effectively. The board has overall accountability for determining the type and level of risk it is prepared to take. The principal risks and uncertainties that may affect the group's business remain unchanged from those disclosed on page 7 of the annual report for the year ended 31 December 2015. The principal risks include, but are not limited to exploration risk, currency risk and of commodity price risk.
Certain statements made in this half-yearly report are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from the expected future events or results referred to in these forward-looking statements.
Unaudited Condensed Consolidated Statement of Comprehensive Income
for the six months to 30 June 2016
Hot Features
Premium
Notes Restated
(note 3)
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended
30 Jun 30 Jun '15 31 Dec
'16 '15
EUR EUR EUR
Continuing operations
Administrative expenses (253,064) (97,776) (339,842)
Finance income 231 206 417
Finance costs (48) (641) (1,282)
---------- ----------- -----------
Loss for the period before
tax (252,881) (98,211) (340,707)
Income tax expense 6 - - -
---------- ----------- -----------
Loss for the period (252,881) (98,211) (340,707)
Loss attributable to:
---------- ----------- -----------
Equity holders of the
company 4 (252,881) (98,211) (340,707)
========== =========== ===========
Earnings per share
from continuing operations
---------- ----------- -----------
Basic and Diluted profit/(loss)
per share (cent) 5 (0.001) (0.0003) (0.001)
========== =========== ===========
Unaudited condensed consolidated statement of other comprehensive income
For the six months to 30 June 2016
Notes Restated
(note 3)
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended
30 Jun 30 Jun '15 31 Dec
'16 '15
EUR EUR EUR
Loss for the period (252,881) (98,211) (340,707)
Other comprehensive income
Items that are or may
be reclassified to profit
and loss:
Currency translation
differences (58,445) (187,201) 268,935
(58,445) (187,201) 268,935
Total comprehensive (expense)/income
for the financial period
attributed to equity
holders of the company (311,236) 88,990 (71,772)
========== =========== ===========
Unaudited Condensed Consolidated Statement of Financial Position
For the six months to 30 June 2016
Notes Restated
(note 3)
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended
30 Jun 30 Jun 31 Dec
'16 '15 '15
EUR EUR EUR
Assets
Non-Current Assets
Intangible assets 7 3,278,207 3,041,518 3,255,602
------------ ------------ ------------
Total Non-Current Assets 3,278,207 3,041,518 3,255,602
Current Assets
Trade and other receivables 229,861 53,449 174,300
Cash and cash equivalents 461,698 1,312,773 759,381
------------ ------------ ------------
Total Current Assets 691,559 1,366,222 933,681
Total Assets 3,969,766 4,407,740 4,189,283
============ ============ ============
Equity
Capital and Reserves
Share capital 8 2,648,238 2,648,238 2,648,238
Share premium 4,630,945 4,630,945 4,630,945
Foreign Currency translation
reserve 551,777 528,488 610,222
Retained loss (4,047,318) (3,551,941) (3,794,437)
------------ ------------ ------------
Attributable to owners
of the Company 3,783,642 4,255,730 4,094,968
Total Equity 3,783,642 4,255,730 4,094,968
Liabilities
Current Liabilities
Trade and other payables 186,124 112,010 79,315
Convertible debt 11 - 40,000 15,000
------------ ------------ ------------
Total current liabilities 186,124 152,010 94,315
Total Liabilities 186,124 152,010 94,315
Total Equity and Liabilities 3,969,766 4,407,740 4,189,283
============ ============ ============
Unaudited Condensed Consolidated Statement of Changes in Equity
for the six months to 30 June 2016
Restated
Foreign
Currency Restated
Share Share Translation Retained
Capital Premium Reserve Earnings Total
EUR EUR EUR EUR EUR
Balance at 1 January
2015 2,648,238 4,630,945 341,287 (3,453,730) 4,166,740
---------- ---------- ------------ ------------ ------------
Total comprehensive
income for the period
Loss for the period - - - (98,211) (98,211)
Currency Translation
Differences - - 187,201 - 187,201
---------- ---------- ------------ ------------ ------------
Total comprehensive
income for the period - - 187,201 (98,211) 88,990
Balance at 30 June 2015 2,648,238 4,630,945 528,488 (3,551,941) 4,255,730
========== ========== ============ ============ ============
Balance at 01 July 2015 2,648,238 4,630,945 528,488 (3,551,941) 4,255,730
Total Comprehensive
Income for the Period
Loss for the year - - - (242,496) (242,496)
Currency Translation
Differences - - 81,734 - 81,734
---------- ---------- ------------ ------------ ------------
Total Comprehensive
Income for the period 81,734 (242,496) (160,762)
Balance at 31 December
2015 2,648,238 4,630,945 610,222 (3,794,437) 4,094,968
========== ========== ============ ============ ============
Balance at 01 January
2016 2,648,238 4,630,945 610,222 (3,794,437) 4,094,968
Total comprehensive
income for the period
Loss for the year - - - (252,881) (252,881)
Currency translation
differences - - (58,445) - (58,445)
---------- ---------- ------------ ------------ ------------
Total comprehensive
income for the period - - (58,445) (252,881) (311,326)
Balance at 30 June 2016 2,648,238 4,630,945 551,777 (4,047,318) (3,783,642)
========== ========== ============ ============ ============
Unaudited Condensed Consolidated Statement of Cash Flows
for the six months to 30 June 2016
Notes Restated
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 Jun 30 Jun 31 Dec
'16 '15 '15
EUR EUR EUR
Cash flows from operating
activities
Loss for the period (252,881) (98,211) (340,707)
Interest payable and
similar charges 48 641 1,282
Interest receivable and
similar income (231) (206) (417)
Movement in trade and
other receivables (55,561) 60,838 (64,626)
Movement in trade and
other payables 106.809 5,458 (27.239)
Exchange rate adjustment 65,878 (135,085) (100,061)
Cash flows from operating
activities (135,938) (167,085) (531,768)
---------- ---------- ----------
Cash flows from investing
activities
Expenditure on intangible
assets (77,136) (97,710) (233,149)
Interest paid 11 (48) (641) (1,282)
Interest received 231 206 417
---------- ---------- ----------
Cash used in investing
activities (76,953) (98,145) (234,014)
---------- ---------- ----------
Cash flows from financing
activities
Repayment of convertible
debt (15,000) - (25,000)
---------- ---------- ----------
Net cash used in financing
activities 11 (15,000) - (25,000)
---------- ---------- ----------
Decrease in cash and
cash equivalents (227,891) (265,230) (790,782)
Foreign exchange on cash
and cash equivalents (69,792) 126,462 98,621
Cash and cash equivalents
at beginning of period 759,381 1,451,542 1,451,542
---------- ---------- ----------
Cash and cash equivalents
at end of period 461,698 1,312,774 759,381
========== ========== ==========
Notes to the Financial Statements:
http://www.rns-pdf.londonstockexchange.com/rns/0008L_-2016-9-27.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDCUDDBGLR
(END) Dow Jones Newswires
September 28, 2016 02:00 ET (06:00 GMT)
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