IMC Exploration Group Plc
("IMC" or the "Company" or the "Group")
Unaudited consolidated preliminary financial statements
Year ended 30 June 2012
Chairman's Statement
Dear Shareholders,
It is with great pleasure that I report on the first full year of activities. The Company has made significant progress to date, with a well-funded drilling programme continuing apace.
On the 26th October 2011 the Company announced the commencement of an eighteen month drilling programme on its thirteen gold and base metal prospecting licences.
Some of the highlights of the past year are as follows:
Clare - Tulla
- The first drill hole in the Tulla licence area, in east Co. Clare, intersected significant calcite mineralization capping an interval of semi-massive pyrite mineralization. The style and the geology of this mineralisation are broadly similar to other known mineralisation in the Limerick Basin such as the discovered high grade mineralisation at Kilbricken.
- Dr John Kelly of SLR Consulting Limited ("SLR"), an expert on the characteristics of Irish Base Metal Deposits, was commissioned to provide an independent report on drill core. As a result of his highly encouraging findings the Company decided to immediately increase drilling activity in the Tulla area in order to further understand this area's exploration potential and confirm the directors' belief that the Tulla Prospecting Licence area hosted significant base metal mineralisation. Subsequently the Company introduced a second drill rig to its exploration programme, with one drill rig entirely focused on the exciting base metal prospect in Tulla.
- IMC increased its drilling activity as a result of encouraging indications from drill-hole 11-3729-01, drilling three more holes (12-3729-02/03/04) in order to further understand and confirm this area's exploration potential. Dr John Kelly was commissioned to review drill-cores from the further three drill-holes undertaken in the Tulla area. Dr. Kelly reported that, "In addition to the hydrothermal dolomitic breccias intersected in drill-hole 11-3729-01, drill-holes 12-3729-03 and 12-3729-04 intersected significant haematisation of Waulsortian limestones and alteration of sub-Waulsortian shales from black/grey to green. Such haematisation and shale alteration had been recorded as being associated with base-metal mineralisation at the Tynagh, Silvermines, Lisheen and Crinkill base-metal deposits".
Wicklow
- Drilling was commenced in the highly prospective Goldmine River area of South Co. Wicklow. This area was the site of historic alluvial gold production, the scene of a gold rush in the late 18th century, where 9,000 ounces of gold were reportedly extracted.
Wexford
- Encouraging gold sample results of up to 76.8 grams per tonne of gold (2.46 ounces per tonne) were taken from rock grab samples at the Kilmichael Prospecting Licence Area. Following these encouraging gold sample results, follow up drilling in North Co. Wexford intersected further encouraging gold results in Holes 1, 2 and 3.
- Drilling activity was intensified in the South-Western part of Wexford licence PL 2551 at Boley, near Camolin. This drill hole, No. 4, is situated approximately 5km along strike from the earlier drill hole No. 2 undertaken at Ballygarrett where enhanced values of gold, silver, lead and zinc were reported by IMC.
- Following these excellent results IMC is now committed to forging ahead with its drilling program in order to establish and define the limits of a viable mineral resource in the area.
I would like to thank my fellow directors and corporate advisors for the commitment, professionalism and
energy they have shown. I would also like to thank you, the shareholders, for your continuing support. You may rest assured that it is our intention to continue to add value as we make progress on all fronts.
Since the company's yearend further positive progress has been made as follows:
- new Irish licences have been offered to the company
- further independent verification of our beliefs of what your company holds has been received
- developments with our international partner Harvest Resources Limited
I look forward to reporting on further exciting developments in the coming year.
Yours sincerely
Hugh Gibney
Executive Chairman
Condensed Consolidated Statement of Comprehensive Income
for the year ended 30 June 2012
| Continuing Operations | Notes | Unaudited 30 Jun '12 Euro | Audited 30 Jun '11 Euro | |
| Administrative expenses | (326,338) | (2,500) | ||
| Results from operating activities | (326,338) | (2,500) | ||
| Finance income | 26,185 | - | ||
| Amount written off investments | (11,545) | - | ||
| Loss before tax | (311,698) | (2,500) | ||
| Income tax expense | - | - | ||
| Loss for the year and total comprehensive income - all attributable to equity holders of the Company | (311,698) | (2,500) | ||
| Earnings per share from continuing operations | ||||
| Basic and Diluted loss per share (in Euro) | 2 | (0.01) | (357.14) |
Condensed Consolidated Statement of Financial Position
as at 30 June 2012
| Unaudited | Audited | ||
| 30 June 2012 | 30 June 2011 | ||
| Euro | Euro | ||
| Assets | |||
| Property, plant and equipment | 3,940 | - | |
| Goodwill | 20,636 | - | |
| Intangible assets | 289,816 | - | |
| Investments | 27,193 | - | |
| Total Non-Current Assets | 341,585 | - | |
| Current Assets | |||
| Trade and other receivables | 133,517 | 1,194,694 | |
| Cash and cash equivalents | 679,144 | - | |
| Total Current Assets | 812,661 | 1,194,694 | |
| Total Assets | 1,154,246 | 1,194,694 | |
| Equity | |||
| Share capital | 91,402 | 38,094 | |
| Share premium | 1,319,107 | - | |
| Retained deficit | (314,198) | (2,500) | |
| Attributable to owners of the Company | 1,096,311 | 35,594 | |
| Total Equity | 1,096,311 | 35,594 | |
| Liabilities - Current | |||
| Trade and other payables | 57,935 | 1,159,100 | |
| Total Liabilities | 57,935 | 1,159,100 | |
| Total Equity and Liabilities | 1,154,246 | 1,194,694 |
Condensed Consolidated Statement of Changes in Equity
for the year ended 30 June 2012
| Share | Share | Retained | |||||
| Capital | Premium | Losses | Total | ||||
| Unaudited | Euro | Euro | Euro | Euro | |||
| Balance at 27 June 2011 (Date of Incorporation) | - | - | - | - | |||
| Total comprehensive income for the period: | |||||||
| Loss for the period | - | - | (2,500) | (2,500) | |||
| Total comprehensive income for the period | - | - | (2,500) | (2,500) | |||
| Transactions with owners, recorded directly in equity contributions by and distributions to owners Shares issued | 38,094 | - | - | 38,094 | |||
| Total transactions with owners | 38,094 | - | - | 38,094 | |||
| Balance at 30 June 2011 | 38,094 | - | (2,500) | 35,594 | |||
| Total comprehensive income for the year: | |||||||
| Loss for the year | - | - | (311,698) | (311,698) | |||
| Total comprehensive income for the year | - | - | (311,698) | (311,698) | |||
| Transactions with owners, recorded directly in equity contributions by and distributions to owners | |||||||
| Shares issued | 53,308 | 1,319,107 | - | 1,372,415 | |||
| Total transactions with owners | 53,308 | 1,319,107 | - | 1,372,415 | |||
| Balance at 30 June 2012 | 91,402 | 1,319,107 | (314,198) | 1,096,311 |
Condensed Consolidated Statement of Cash Flows
for the year ended 30th June 2012
| Unaudited | Audited | ||
| 30 Jun '12 | 30 Jun '11 | ||
| Euro | Euro | ||
| Cash flows from operating activities | |||
| Results from operating activities | (326,338) | (2,500) | |
| Adjustments for: | |||
| Depreciation | 985 | - | |
| Cash from operations before changes in working capital | (325,353) | (2,500) | |
| Movement in trade and other receivables | 1,061,177 | (1,194,694) | |
| Movement in trade and other payables | (1,101,165) | 1,159,100 | |
| Net cash from operating activities | (365,341) | (38,094) | |
| Cash flows from investing activities | |||
| Expenditure on intangible assets | - | ||
| Interest paid | 26,185 | - | |
| Acquisitions and disposals | (354,115) | - | |
| Net cash (used in) investing activities | (327,930) | - | |
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | 1,372,415 | 38,094 | |
| Finance income/(expense) | - | - | |
| Net cash generated by financing activities | 1,372,415 | 38,094 | |
| Movement in cash and cash equivalents | 679,144 | - | |
| Cash and cash equivalents at beginning of year | - | - | |
| Cash and cash equivalents at end of year | 679,144 | - |
Notes to the Financial Statements for the year ended 30 June 2012
- The Directors are not recommending the payment of an ordinary share dividend.
- The basic and diluted loss per share and the diluted loss per share have been calculated on a loss after taxation of Euro 311,698 (2011: loss of Euro 2,500) and a weighted average number of Ordinary Shares in issue for the period of 45,560,380 (2011: 7). There are no potential dilutive ordinary shares.
The Directors of the company accept responsibility for the contents of this announcement.
For further information please contact:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Mr. Hugh Gibney
Tel. Ireland: +353 1 823 0510
Dr. Glenn Millar
Managing Director
Tel. Ireland: +353 86 1714790
Albene Mendy
William Albert Securities Limited
+44 203 006 3247
Kathryn Byrne
Limelight Communications
Tel. Ireland: +353 85 2336033
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: IMC Exploration Group Plc via Thomson Reuters ONE