RNS Number:3188Q
Bullion Resources PLC
30 September 2003







                             BULLION RESOURCES PLC

                                 INTERIM REPORT

                                      2003



BULLION RESOURCES PLC
CHAIRMAN'S REPORT ON THE
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2003



SUMMARY OF THE UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003

The company's loss for the period ended 30 June 2003 was #897,427 (2002:
#1,663,189) after charging administrative expenses of #920,221 (2002:
#1,715,433). Administrative expenses included a write off of pre-production
costs amounting to #777,595 (2002:#1,524,133).

OPERATIONS

In winding down operations the key objectives were the reduction of expenses and
the conservation of liquid resources. Presently, staffing has been reduced to
one person who has been retained to manage the care and maintenance of tangible
mining assets. Security, administration, finance and the commercial aspects of
the business have been outsourced.

Various hearings with Dr Vermaakt who compiled the competent person's report
have been held by the South African Council of Natural Scientific Professions
(SACN), Dr Vermaakt's governing body. The next hearing is scheduled for
mid-October 2003 and once we receive a report from SACN, a decision will be
taken as to your company's further course of action regarding the mineral asset
base.

BOARD OF DIRECTORS

Two of the company's directors, Dr David Davis and Dawie Roodt did not offer
themselves for re-election at the AGM held on 19 September 2003 and I wish to
thank them for their past contributions to the company.

The Board is pleased to announce the appointment of Malcolm Burne as a
non-executive director with effect from 22 September 2003. Malcolm is chairman
of Golden Prospect plc and his experience and enthusiasm for restoring
shareholder wealth should bring much value to your company.

STRATEGIC ACTIVITIES

Potential projects and joint ventures have been sourced and are currently being
evaluated. Several parties are examining the acquisition of the current mineral
property assets held by Bullion.

Various new opportunities are now being pursued and shareholders will be advised
of the outcome.


Johan Meiring
Chairman

30 September 2003
BULLION RESOURCES PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 30 JUNE 2003
                                                                  Eleven months
                                                 Half year to     to 31 December
                                                 30 June 2003              2002
                                                  (Unaudited)         (Audited)
                                                     ----------        ----------
                                                            #                 #

Turnover                                                    -                 -

Cost of sales                                               -                 -
                                                     ----------        ----------

Gross profit                                                -                 -

Administrative expenses                              (920,221)       (1,715,433)
                                                     ----------        ----------

Operating loss                                       (920,221)       (1,715,433)

Interest receivable and similar
income                                                 22,820            52,334
Interest payable and similar
charges                                                   (26)              (90)
                                                     ----------        ----------

Loss on ordinary activities
before taxation                                      (897,427)       (1,663,189)

Tax on loss on ordinary activities                          -                 -
                                                     ----------        ----------

Loss on ordinary activities after
taxation                                             (897,427)       (1,663,189)
                                                     ==========        ==========

Earnings per share
Basic loss per ordinary share                           (1.94)p           (6.16)p
                                                     ==========        ==========








BULLION RESOURCES PLC
CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2003

                                 As at                          As at
                              30 June 2003                 31 December 2002
                                     (Unaudited)                      (Audited)
                                 ---------------                ---------------
                                #              #               #              #

Fixed assets
  Deferred exploration                   831,908                        559,750
  costs - tangible
  assets

Current assets
  Debtors                 357,354                        114,855
  Cash at bank and in   1,251,710                      2,671,763
  hand                    -------                        -------

                        1,609,064                      2,786,618

Creditors:
amount falling
due within one
year                      (69,740)                      (191,302)
                          -------                        -------

Net current
assets                                 1,539,324                      2,595,316
                                        --------                       --------

Total assets
less current
liabilities                            2,371,232                      3,155,066
                                        ========                       ========



Capital and
reserves
  Called up share                        462,500                        462,500
  capital
  Share premium                        4,143,756                      4,143,756
  account
  Other reserves                         325,592                        211,999
  Profit and Loss                     (2,560,616)                    (1,663,189)
  account                               --------                       --------

Equity
shareholders'
funds                                  2,371,232                      3,155,066
                                        ========                       ========



BULLION RESOURCES PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2003

  1.  Accounting policies

1.1   Accounting convention

      The financial statements are prepared under the historical costs
      convention and in accordance with appropriate applicable Accounting
      Standards and the Statement of Recommended Practice 'Accounting for Oil
      and Gas Exploration, Development, Production and Decommissioning
      Activities (the SORP)'.

1.2   Mining rights and development costs

      In accordance with the full cost method as set out in the SORP,
      expenditure including related overheads on acquisition, exploration and
      evaluation of interest in licences not yet transferred to a cost pool is
      capitalised under intangible assets. Cost pools are established on the
      basis of geographic area. When it is determined that such costs will be
      recouped through successful development and exploration or alternatively
      by sale of the interest, expenditure will be transferred to tangible
      assets and depreciated over the expected productive life of the assets.
      Whenever a project is considered no longer viable the associated deferred
      exploration and development costs are written off to the profit and loss
      account.

1.3   Tangible fixed assets

      Tangible fixed assets other freehold land are stated at cost less
      accumulated depreciation and impairments. Depreciation is provided at
      rates calculated to write off the cost less estimated residual value of
      each asset over its expected useful life as follows:

      Land and buildings Freehold     Land is not depreciated. Buildings are
                                      depreciated using the lesser of their
                                      useful life or unit-of-production method
                                      based on proved and probable mineral
                                      reserves.


      Mining plant and machinery      Depreciated using the lesser of their
                                      useful life or units-of-production method
                                      based on proved and probable mineral
                                      reserves.


      Computer equipment              3 to 5 years

      Fixtures, fittings &            3 to 5 years
      equipment

      Motor vehicles                  4 years


BULLION RESOURCES PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2003

1.4   Foreign currency translation

      Monetary assets and liabilities denominated in foreign currencies are
      translated into sterling at the rates of exchange ruling at the balance
      sheet date. Transactions in foreign currencies are recorded at the rate
      ruling at the date of the transaction. All differences are taken to profit
      and loss account.

      Financial statements of overseas subsidiaries are translated at the rate
      ruling at the balance sheet date. Exchange differences arising are dealt
      with through reserves.

  2.  The financial information set out above does not constitute statutory
      accounts as defined in section 240 of the Companies Act 1985.

  3.  The calculation of basic loss per ordinary share is based on a loss after
      tax #897,427 (2002: #1,663,189) and on 46,250,000 (2002: 26,979,208)
      ordinary shares, being the weighted average number of shares in issue
      during the periods ended 30 June 2003 and 31 December 2002 respectively.

      There is no dilutive effect of share options on the basic loss per
      share.

  4.  The directors are not declaring a dividend for the period.

  5.  Copies of this report are being sent to all shareholders and can be viewed
      on the company's web-site









Business Address Registered Office

Bullion Resources PLC 1 The Green
15 The Green Richmond
Richmond Surrey
Surrey TW9 1PL
TW9 1PX United Kingdom
United Kingdom

Telephone +44 (0) 208 939 0111
Facsimile +44 (0) 208 334 0870






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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