28 May 2010
Belmore Resources (Holdings) Plc
("the Company")
Interim Results
The Board of Belmore, a minerals exploration company with a focus on projects in the Republic of Ireland,
is pleased to announce its interim results for the six months ended 28th February 2010.
Highlights during Period -
- Placing at Euro0.07 (£0.063) per share with various investors for net proceeds of Euro330,400;
- Drilling has continued at the Kilbricken Zinc- Lead- Silver discovery; and
- Drillhole 09-3679-19 intersected 3.85m at 16.22% Lead + Zinc and 76.2g/t Silver
Post Period Highlights -
- Drillhole 10-3679-43 intersected 1.45m at 39.95% Lead+ Zinc and 123g/t Silver.
The drillhole also included a 1.2m interval with 50.43% Lead+ Zinc and 927.9g/t Silver;
- Drillhole 10-3679-46 intersected a 20.50m Interval with 16.7% Lead+ Zinc and 74.50g/t Silver.
The drillhole included a 12.6m interval with 19.64% Lead+ Zinc and 98.3g/t Silver; and
- Following recent results Lundin Mining Exploration ("Lundin") has proposed to further accelerate the
exploration programme by adding two more drill rigs, brining the total number to six.
Company Chairman Mr. Ian Forrest said: "The period under review has been an encouraging time for the
Company as we progress the exploration of the Kilbricken deposit with our partners Lundin.
"The Company and Lundin have been particularly enthused by recent results from Clare and it appears that we
are delineating a highly prospective zinc-lead-silver target. The Company and Lundin remain committed to
the exploration at Kilbricken and Lundin has proposed two further drill rigs to be added to the exploration
programme."
--ENDS-
The directors of the issuer accept responsibility for this announcement
ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: 0035 387 681 2883
Patrick Mahony
Bishopsgate Communications Ltd Tel: 020 7562 3350
Nick Rome/Michael Kinirons
Rivington Street Corporate Finance Tel: 020 7562 3389
Eran Zucker
Chairman's Statement
I am pleased to report Belmore's results for the six months ended 28th February 2010.
The six months have produced significant results from our exploration programme in Co. Clare, and I look
forward to receiving the results from the accelerated exploration programme, being operated by Lundin
Mining Exploration Limited, over the coming months.
An active drilling programme is continuing on the Belmore/Lundin Joint Venture ("JV") licences in County
Clare. Drilling during the period included Drillhole 09-3679-19 which intersected 3.85m at 16.22% Lead +
Zinc and 76.2g/t Silver. Mineralisation in drillholes 09-3679-14 and 18 indicated an extension of the
mineralising system to the west-northwest and the massive pyrite in 09-3679-20 also indicated potential
targets to the east and southeast.
In the period the Company raised Euro330,400 (£300,003) at a placing price of Euro0.07 (£0.063) per share
with various investors. The proceeds of the placement will be used for strategic investment purposes and is
designated specifically for project investment.
The Company reported a profit for the period of €85,809 (2009: Loss of €46,209), which, on a weighted
average basis, equates to a profit of €0.0023 per share. The Company had Net Current Assets of €407,386 and
Cash balances of €452,588 at 28th February 2010.
Post period Developments
The JV drilling with Lundin has continued to intersect thick, high-grade zinc-lead-silver sulphide
mineralisation in the Kilbricken area. Excellent results were obtained in drill holes 3679-43 (9.4 metre
interval grading 16.15% zinc plus lead, 242.75 g/t silver, and 1.5 metre interval grading 39.95% zinc plus
lead, 123.6 g/t silver) and 3679-46 (20.5 metre interval grading 17.37% zinc plus lead, 74.5 g/t silver,
including 12.6 metre interval grading 20.41% zinc plus lead, 98.3 g/t silver).
Drill hole 3679-43 is located 100 metres east of the mineralised drill hole 3679-38 (upper 2.85 metre
interval grading 18.32% zinc plus lead, 85.38 g/t silver and lower 5.80 metre interval grading 10.98% zinc
plus lead, 53.75 g/t silver) and drill hole 3679-46 is located 90 metres north of drill hole 3679-38,
giving three contiguous, high-grade drill intercepts in this area. The detailed assay results for silver,
zinc, lead, copper, arsenic and iron from the better mineralised drill holes are presented in the table
which accompanies this release.
The recent drilling confirms the presence of an important normal fault striking west-northwest to east-
southeast and down-dropping the stratigraphic rock package approximately 180 metres to the south. The
hanging wall area of this fault is a major target for concentrations of silver-lead-zinc mineralisation as
evidenced by the thick, high-grade sulphide intercepts in drill holes 3679-32, -46 and -43, all of which
are positioned in the immediate hanging wall of this fault.
The next phase of drilling will continue to test along the extent of this favourable hanging wall zone,
including the current 330 metre gap between holes 3679-32 and 3679-46 in addition to step-out holes which
will test for strike extensions to the west-northwest and east-southeast of these holes respectively.
The extremely high silver and lead values in holes 3679-43 and 3679-46 (including a 1.2 metre intersection
of over 900 g/t silver in drill hole 3679-43) provide strong evidence that drilling is now testing an area
that was once a major conduit of silver-lead-zinc mineralising fluids, important for the development of an
economic mineral deposit.
The highly prospective nature of this area has been reinforced by these recent drill holes and gives
further grounds for optimism that the project will define an economic silver-lead-zinc deposit in Co.
Clare. Following recent results Lundin has proposed to further accelerate the exploration programme by
adding two more drill rigs, bringing the total number of rigs on site to six.
Outlook
As mentioned above, the Company looks forward to an exciting period over the coming months, while
continuing to pursue the investment project that has been previously announced.
I would like to take this opportunity to thank our shareholders for their continued support throughout the
period and look forward to updating you on developments throughout the year.
W. Ian L. Forrest
Chairman
Significant drillhole assays announced to date -
Drillhole From To Interval Zn % Pb % Ag ppm Cu % As % Fe % Zn + Pb
%
08-3679- 448.10 458.10 10.00 13.84 5.52 62.84 0.08 6.42 24.06 19.36
04
09-3679- 473.00 476.50 3.50 1.64 3.82 58.68 0.01 1.08 1.75 5.46
05
09-3679- 441.90 463.15 21.25 11.00 4.82 94.41 0.06 1.28 15.95 15.82
06
incl
441.90 451.45 9.55 17.96 7.22 143.83 0.08 1.26 27.28 25.17
and
459.20 463.15 3.95 12.39 6.23 116.71 0.11 3.25 13.35 18.62
09-3679- 442.75 447.70 4.95 4.94 1.31 59.26 0.01 0.69 18.19 6.25
07
and
459.05 463.95 4.90 3.13 6.65 65.19 0.03 2.39 6.39 9.78
09-3679- 445.60 451.10 5.50 6.18 2.67 57.96 0.06 0.50 16.65 8.86
08
09-3679- 403.00 406.00 3.00 3.30 1.09 33.21 0.01 2.02 3.01 4.39
14
and
09-3679- 423.55 427.00 3.45 3.07 1.48 21.20 0.01 0.22 8.09 4.55
14
09-3679- 462.15 470.70 8.55 1.67 0.89 18.58 0.00 0.32 5.57 2.56
18
09-3679- 431.00 434.85 3.85 10.23 5.99 76.22 0.10 1.63 19.66 16.22
19
09-3679- 445.05 447.90 2.85 0.40 2.08 21.93 0.01 0.43 21.93 2.48
21
09-3679- 355.80 360.50 4.70 8.48 1.93 18.18 0.02 0.09 18.18 10.40
32
09-3679- 425.80 430.00 4.20 3.54 2.36 28.52 0.03 0.29 3.15 5.91
34
and
09-3679- 439.50 442.00 2.50 0.50 0.57 58.26 0.47 2.83 3.55 1.07
34
09-3679- 397.10 399.95 2.85 9.36 8.96 85.38 0.14 8.03 10.73 18.32
38
and
09-3679- 418.50 424.30 5.80 6.98 4.00 53.75 0.03 4.68 14.45 10.98
38
10-3679- 430.30 431.75 1.45 12.73 27.22 123.60 0.28 0.40 7.43 39.95
43
and
10-3679- 442.10 451.45 9.35 4.11 12.04 242.75 0.52 1.14 7.31 16.15
43
10-3679- 415.25 435.75 20.50 7.52 9.85 74.50 0.07 8.65 23.45 17.37
46
incl
10-3679- 423.15 435.75 12.60 8.63 11.78 98.30 0.09 10.24 24.52 20.41
46
Belmore Resources (Holdings) Plc
Unaudited Consolidated Profit and Loss account for the six months ended 28th February 2010
2010 2009
€ €
Administrative Expenses (44,855) (45,678)
Operating loss - continuing operations (44,855) (45,678)
Interest receivable and similar income - 2
Other Income 150,000 -
Interest payable and similar charges (586) (533)
_______ ______
Profit / (Loss) on Ordinary activities
before taxation 104,559 (46,209)
Tax on profit / (loss) on ordinary activities (18,750) -
________ _______
Profit /(Loss) for the period 85,809 (46,209)
Profit / (Loss) per Ordinary € 0.0023 (€ 0.0014)
There were no recognised gains or losses other than those recognised in the profit and loss account.
____________________________________________________________________
Belmore Resources (Holdings) Plc
Unaudited Consolidated Balance Sheet as at 28th February 2010
2010 2009
€ € € €
Fixed Assets
Intangible assets 584,836 584,722
Current Asset
Debtors 7,944 107,387
Cash at bank and in hand 452,558 509
________ _______
460,502 107,896
Creditors:(amounts falling
due within one year) (53,116) (70,380)
_______ _______
Net Current Assets 407,386 70,380
_________ _______
Net Assets 992,222 622,238
Capital and Reserves
Called up share capital 381,102 333,902
Share premium account 1,125,496 842,296
Profit and loss account (514,376) (543,960)
Shareholders' Funds 992,222 506,466
__________________________________________________________________________
Belmore Resources (Holdings) PLC
Consolidated Cash Flow Statement for the six months ended 28th February 2010
2010 2009
€ €
Reconciliation of operating profit (loss)
to net cash inflow / (outflow) from operating
activities
Profit /( loss) 86,395 (45,678)
Goodwill Amortised 7,935 7,935
Decrease /(Increase) in Debtors (5,498) (107,336)
Increase/(Decrease) in Creditors (18,175) 43,107
______ ______
Net cash inflow / (outflow) from operating activities 70,657 (101,972)
Cash flow statement
Net cash inflow / (outflow) from operating activities 70,657 (101,972)
Returns on investments and servicing of finance (586) (531)
Capital expenditure (6,594) (3,775)
Issue of shares for cash 330,401 100,000
_______ ________
Increase / (Decrease) in cash for period 393,878 (6,278)
_____________________________________________________________________
Reconciliation of Movement in Shareholders' Funds
2010 2009
€ €
Opening shareholders funds 576,012 506,446
Surplus / (Deficit) for the period 85,809 (46,208)
Proceesd of Issue of Ordinary Shares 330,401 162,000
_______ ________
Closing Shareholders Funds 992,222 622,238
Belmore Resources(Holdings) PLC
Notes to the Interim Report
1. Accounting Policies
These Accounts have been prepared on the historical cost basis, using generally recognised
accounting principles. They have been prepared on a going concern basis. The Interim Report for
the six months ended 28th February 2010 was approved by the Board on 27th May 2010.
2. Profit per Share
The profit per share is based on the Company's profit for the period of €85,809 and a weighted
average number of shares in issue of 36,536,867.
3. Share Capital
Authorised: 500,000,000 Ordinary Shares of €0.01 each €5,000,000
Issued: 38,110,201 Ordinary Shares of €0.01 each €381,102
4. Financial Information
The financial information in this statement is unaudited and has not been reviewed by the
Company's auditors. This does not constitute statutory accounts within the meaning of Section 148
of the Companies Act 1963
5. Accounts
Copies of the Interim Report are available for collection at the registered office of the Company,
103 Rathfarnham Wood Dublin 14, during normal period of one month from the date hereof.
Belmore Resources (Holdings) plc