29 January 2010
Belmore Resources (Holdings) PLC
("Belmore" or "the Company")
FINAL RESULTS
The Board of Belmore, a minerals exploration company with a focus on projects in the Republic of
Ireland, is pleased to announce its final results for the year ended 31st August 2009.
Highlights during Year -
* Joint Venture agreement with Lundin Mining Exploration Limited announced;
* Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore
currently holds in Co. Clare by spending up to EUR14.7 million over a number of years.
* Initial agreed expenditure of EUR700,000 by June 2009
* Placing raising EUR100,000; and
* Drilling under the Joint Venture agreement has successfully commenced on the Co. Clare
Blocks.
Post Period Highlights -
* Placing raising EUR330,400 to be used for strategic investment purposes and as working
capital for the Company.
* Further positive results from the continuing appraisal drilling the Kilbricken Zinc- Lead-
Silver discovery
* Following a review of the Clare results Lundin remains committed to and optimistic
regarding the East Clare exploration programme.
--ENDS--
The directors of the issuer accept responsibility for this announcement
ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: + 353 87 681 2883
Patrick Mahony
Bishopsgate Communications Ltd Tel: +(0)20 75623350
Nick Rome
Rivington Street Corporate Finance Tel: +(0)20 7562 3373
Eran Zucker
Chairman's Statement
I am pleased to report that 2009 has been the most active year to date for your company.
Exploration
In last year's Annual Report the Company announced the successful drilling of borehole 08-3679-04
at Kilbricken, County Clare. This drillhole encountered 10 metres of 19.36% combined zinc, lead
plus silver (13.84% Zinc, 5.52% Lead and 62.84 gm/tonne Silver). This result attracted
considerable attention within the mining industry.
Subsequent to the Kilbricken discovery, the Company entered into a Joint Venture agreement in
early 2009 with Lundin Mining Exploration Limited ("Lundin"), a wholly owned subsidiary company of
Lundin Mining Corporation (TSX:LUN, OMX:LUMI).
This ensured the Company, in conjunction with Lundin, would be able to carry out the more
intensive exploration programme needed to evaluate a prospect as promising as that indicated by
drillhole 08-3679-04.
2009 Work Programme
Lundin commenced an aggressive exploration programme on the Clare licence blocks from the start of
2009. Four diamond drill rigs were present on the licences for the whole of 2009 and at one period
a fifth drill rig was also employed.
A total of twenty-seven drillholes were completed on the Kilbricken Licence (3679) and twelve
holes were also drilled on other licences within the Clare blocks.
The twelve holes on licences other than 3679 enabled the Company to meet all government
expenditure commitments and to renew licences as they became due. In addition the drillholes
provided valuable geological information and, in particular, the drillhole on licence 3643
indicates a structural setting analogous to the mineralised faulted zone at Kilbricken.
Many of the Kilbricken holes are mineralised. Drillhole 09-3679-06 had 21.25 metres at a grade of
11% Zinc, 4.82% Lead and 142.83 grammes per tonne Silver. Other good drillholes are 3679-8, 9 and
19 while most of the other holes also fall within a much broader mineralised zone.
The drilling has intersected a number of major fault zones, currently thought to trend in an east
northeast direction and to down throw the strata to the south. This indicates an east / west to
east northeast / west southwest trending prospective zone running through Kilbricken and extending
into prospecting licence 3787 and 3643.
Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently
hold in Co. Clare by spending up to EUR14.7 million over a number of years. By June 2009 Lundin
had spent the agreed initial expenditure of EUR700,000, and has since accelerated its earn-in
spending.
Lundin is also carrying out a detailed gravity survey on the licences and has completed additional
geochemistry as well as re-compiling earlier geochemistry data. These techniques together with the
diamond drilling will test for additional areas of mineralisation on the licence block.
Lundin remain very optimistic about the Kilbricken prospect and the Clare licence blocks in
general. The drilling programme is continuing with four drill rigs and will continue to test
prospective areas around Kilbricken.
Financial
The loss of EUR92,434 for the year ended 31st August 2009 is comprised of administration and legal
expenditure required to keep Belmore as a public company and to conclude the Lundin Joint Venture
Agreement.
Subsequent to the year-end, the Company placed 4,720,001 new ordinary shares of EUR0.01 each a
price of EUR0.07 per share. The proceeds of EUR330,400 will be used for strategic investment
purposes and as working capital for the Company.
Outlook
The agreement with Lundin will ensure that the Company will have an active exploration programme
over the coming year.
In addition, the Company is currently in negotiations in relation to a new investment opportunity
and will update the market on any developments as soon as possible. There is no guarantee on the
outcome of these negotiations.
I would like to thank my co-director, consultants and shareholders for their support, and look
forward to reporting on our active exploration programme and other activities throughout 2010.
Finally, the Board would like to thank one of its founding Directors Dr. George Emo who left the
Company during 2009. The Board of Belmore wish to express its gratitude and appreciation to Dr.
Emo for his efforts over the past eight years.
W. Ian L. Forrest
Chairman
Belmore Resources (Holdings) Plc
Consolidated Profit and Loss account for the year ended 31st August 2009
2009 2008
EUR EUR
Administrative Expenses (91,726) (77,435)
Operating loss - continuing operations (91,726) (77,435)
Interest receivable and similar income 239 949
Interest payable and similar charges (947) (836)
_______ ______
Loss on Ordinary activities before taxation (92,434) (77,322)
Tax on loss on ordinary activities - -
________ _______
(Loss) for the year (92,434) (77,322)
Profit and loss account at beginning of year (507,752) (430,430)
________ ________
Profit and Loss account at end of year (600,186) (507,752)
Loss per Ordinary Share EUR 0.0028 EUR0.0025
The company had no recognised gains or losses in the financial year or the proceeding financial
year other than those dealt with in the profit and loss account.
Belmore Resources (Holdings) Plc
Consolidated Balance Sheet as at 31st August 2009
2009 2008
EUR EUR EUR EUR
Fixed Assets
Intangible assets 586,177 526,881
Current Asset
Debtors 2,446 51
Cash at bank and in hand 58,680 8,459
________ _______
61,126 8,510
Creditors:(amounts falling
due within one year)
Borrowings - (1,672)
Other creditors (71,291) (27,273)
________ ________
(71,291) (28,945)
Net Current Assets (10,165) (20,435)
_________ _______
Total Assets less Current
Liabilities 576,012 506,466
Capital and Reserves
Called up share capital 333,902 313,902
Share premium account 842,296 700,296
Profit and loss account (600,186) (507,752)
________ _______
Shareholders' Funds 576,012 506,466
NOTES
1. The financial information set out in this announcement does not constitute statutory
accounts.
2. The Accounts have been prepared on the historical cost basis, using generally recognised
accounting principles. They have been prepared on a going concern basis.
3. The directors do not recommend the payment of a dividend.
4. This financial information has not been extracted from the audited full accounts of the
Group but has been agreed by the auditors.
Belmore Resources (Holdings) plc