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GWMO Great Western Mining Corporation Plc

0.0465
0.001 (2.20%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.001 2.20% 0.0465 0.046 0.047 0.0465 0.0455 0.0455 20,762,231 16:19:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Metal Mining Services 0 -792k -0.0002 -2.50 1.79M

Great Western Mining Corp. plc Final Results (7108V)

20/04/2016 7:00am

UK Regulatory


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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 

(MORE TO FOLLOW) Dow Jones Newswires

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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