BLO Bullion Res

RNS Number:6505Z
Bullion Resources PLC
10 June 2004


Bullion Resources Plc ("Bullion" or "The Company")


10 June 2004


Preliminary statement for year ended 31 December 2003


Bullion Resources Plc announces the unaudited results for the year ended 31
December 2003. The consolidated profit and loss account for the year ended 31
December 2003 and balance sheet as at that date annexed hereto show a pre tax
loss of #2.0 million compared with a loss #1.7 million the previous year and net
assets of #1.4 million compared with #3.2 million.

Due to the delays in obtaining information pertaining to the South African
subsidiaries, the accounts remain unaudited but the 2003 Annual Report and
Accounts should become available by 30 June.

The severe problems caused by the well publicised failure of the company's
resource based assets resulted in the cessation of operations in 2003 and the
retrenchment of all personnel other than security personnel.

Development costs, combined with closure, maintenance, restructuring and
impairment provisions have resulted in further severe losses during the year
ended 31 December 2003. Overheads and maintenance costs are now under control.

The company is now effectively a cash 'shell' with cash reserves of
approximately #900,000. Efforts to dispose of property and residual plant and
equipment on the South African failed mines continue to be made. These have now
been written down to #339,600.

The recently reconstructed board, in conjunction with its advisers, have been
approached by a number of parties seeking exploratory discussions regarding a
reverse take over.

Approaches made to the board to date have led the directors to believe that a
better deal could be struck if the cash resources within Bullion exceed #1.5
million.

The company will seek to raise additional capital in the immediate term.

Regarding matters associated with the possible remedies against those parties
who compiled the competent persons report, which forms part of the prospectus of
Bullion published on 5 June 2002, the directors have now received advice and
will determine the action legally necessary without delay. A provision of
#15,000 has been made for this purpose.

When the audited accounts for the year ended 31 December 2003 are published, the
annual report and accounts and the directors report will deal more fully with
the various issues continually under scrutiny concerning the loss of shareholder
value since the IPO.

The board is determined to find suitable assets to form the basis of a strong
company and will continue to reject mediocre propositions. Neither will the
directors act hastily, nor chase unrealistic values notwithstanding that
shareholder value must be restored as expediently as possible but also as
prudently as possible.

Further information
Contact: Malcolm Burne
+44(0)20 8939 0111


BULLION RESOURCES PLC

UNAUDITED CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2003


                                                 2003                     2002
                                       #            #           #            #

Fixed assets
Tangible assets                               339,600                  559,750

Current assets
Debtors                           22,220                  114,855
Cash as bank and in hand       1,154,928                2,671,763
                               ----------               ----------
                               1,177,148                2,786,618
Creditors: amounts falling due
within one                      (162,513)                (191,302)
year                            --------             ------------


Net current assets                          1,014,635                2,595,316
                                           -----------              ----------

Total assets less current                   1,354,235                3,155,066
                                            =========               ==========
liabilities


Capital and reserves
Called up share capital                       462,500                  462,500
Share premium account                       4,143,756                4,143,756
Other reserves                                434,231                  211,999
Profit and loss account                    (3,686,252)              (1,663,189)
                                           -----------              -----------

Shareholders' funds - equity                1,354,235                3,155,066
                                           ===========            ============
interests




BULLION RESOURCES PLC

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2003





                                                          2003            2002
                                                             #               #

Operating loss                                      (2,094,951)     (1,715,433)

Other interest receivable and similar income            71,917          52,334

Interest payable and similar charges                       (29)            (90)
                                                     ----------         -------

Loss on ordinary activities before taxation         (2,023,063)     (1,663,189)

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

Loss on ordinary activities after taxation          (2,023,063)     (1,663,189)
                                                   ============     ============




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

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