TIDMGWMO
RNS Number : 7108V
Great Western Mining Corp. plc
20 April 2016
Great Western Mining Corporation PLC
("Great Western Mining", "GWM" or the "Company")
Final Results for the year ended 31 December 2015
Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral
exploration company is pleased to report its Final Results for the
year ended 31 December 2015.
Results Highlights:
-- Loss for Year EUR340,707 (2014 restated: EUR368,712)
-- Basic and diluted loss per share (cent): 0.01 (2014: 0.01)
-- Net current assets at year end: EUR839,366
Operational Highlights:
-- M2 Strike Length doubled to 4 Km.
-- Drill Permit obtained for Target 4 ("M4")
-- Land acquired as sight for Pilot Heap Leach Facility
-- M5 Carlin-Style Gold potential confirmed
-- Encouraging Soil Grid completed on M1 Copper-Gold Target
Chief Executive, David Fraser commented:
"2015 has been a year of solid progress for Great Western
Mining. The Company is in the strong position of having valid drill
permits on its two most advanced Copper-Gold targets, M2 and M4,
and has received confirmation of the exciting Carlin-style Gold
potential of M5. The beginning of 2016 has seen the Company appoint
a mining engineer to conduct technical studies as the first stage
of a pre-feasibility study in support of a mining license
application to the US Bureau of Land Management. Costs remain under
control and the Company remains well positioned to exploit the
considerable resource potential of its claims"
ENQUIRIES:
Great Western Mining +44 207 933 8780 (via Walbrook)
Corporation Plc
David Fraser, Chief
Executive
Davy (Nomad, ESM +353 1 679 6363
Adviser & Joint john.frain@davy.ie
Broker) roland.french@davy.ie
John Frain
Roland French
Beaufort Securities
Ltd (Joint Broker)
Jon Belliss
Elliot Hance +44 207 382 8300
Walbrook PR (UK +44 207 933 8780
PR and IR) greatwesternmining@walbrookpr.com
Paul Cornelius
Gary Middelton
Nick Rome
Chairman's Statement:
Dear Shareholder,
Enclosed herewith are Great Western Mining Corporation PLC's
audited results for the year to 31 December 2015, together with a
report from the Chief Executive on the Group's operations in Nevada
and a notice of annual general meeting.
The Group remains debt-free with its costs tightly controlled
and at the year-end reported net current assets of EUR0.84 million
(2014: EUR1.42 million). It incurred a loss of EUR0.34 million
(2014 restated: EUR0.37 million) for the financial year as it does
not yet benefit from production revenues.
The mining industry operates in a harsh environment at present
as commodity prices have fallen dramatically over the last year and
Great Western faces its share of headwinds but is weathering them
well.
We have made good progress in Nevada during 2015 and are now
gearing up to develop a pilot production plant as the first stage
in commercialising the copper and gold resource that has been
established. When this has been accomplished, the Group will have
moved from pure exploration to the development of commercial
operations. If we can successfully commercialise our main assets in
a down cycle, we will be very well placed once the markets improve,
as they inevitably will in time.
During the year Emmett O'Connell, previously Executive Chairman,
stood down from the Board and severed day-to-day links with the
Company. In a long career, Emmett has launched and managed a number
of successful businesses and has been a well-known entrepreneur in
Ireland and beyond. Great Western was his last venture and, in
taking over the reins, the current Board sends Emmett all good
wishes for a long, healthy and enjoyable retirement.
Continuing support of our shareholders is much appreciated. We
look forward to seeing as many shareholders as possible at the
forthcoming AGM which will be held in Dublin on 19 May.
BRIAN HALL
Chairman
Chief Executive's Report:
Dear Shareholders
I am pleased to report to shareholders that 2015 has been
another year of progress in the development of Great Western Mining
Corporation PLC's ("GWM" or "the Group") 73 square kilometre claim
area in Marietta, Nevada.
During the first half of the year GWM completed two field
programmes on M2 with very promising results. The mapping and
sampling extended the surface area of the 2014 Inferred Resource
for a further two kilometres across Bass Mountain. This has
resulted in an independent opinion that the favourable geologic
environment for mineralisation beneath Bass Mountain is almost four
kilometres long and over one kilometre wide, as well as being open
to further southwest extension. In addition, the 2015 field
programme identified two new potentially high grade silver-copper
zones.
The Company completed reclamation work on the 2014 M2 Phase 2
drill pads, resulting in the Federal Bureau of Land Management
("BLM") extending a two-and-a-half-acre disturbance roll-over under
the existing M2 drill permit. Thus, the Group is in a good position
to move to the next phase of drilling, which is expected to
increase the size and grade of the 2014 Inferred Resource
dramatically.
At the end of the reporting year, the Group secured final
approval from the United States Forest Service ("USFS") and the
Nevada Bureau of Mining Regulation and Reclamation ("BMRR") for a
drilling permit on the Group's second major Copper-Gold prospect
Target 4 ("M4"). The drill permit was the first that the USFS has
granted in the area for over two years, putting Great Western in
the strong position of holding valid, and fully bonded, drill
permits for two of its major Copper-Gold prospects.
On the west side of the Huntoon Valley, approximately eight
kilometres west of M4, is the M1 exploration target which surrounds
the six patented claims that make up the historic Huntoon Mine
where Gold-Copper ore was mined between 1906 and 1925. Extensive
outcropping copper mineralisation occurs in a large area over M1
and in 2015 the Group conducted a Phase 1 geochemical soil sampling
survey over a substantial part of this area. The results of this
survey were very encouraging, with gold readings up to 248 ppb Au
spread over a wide area and Copper readings up to 2.5% Cu. There
were also anomalous readings of Arsenic (As), Bismuth (Bi), Cadmium
(Cd), Lead (Pb), Silver (Ag) and Titanium (Ti). Further geochemical
soil sampling is planned for the first half of 2016.
During this reporting year, the GWM field team, together with an
independent geological consultant, worked on-site over the JS Group
of Claims ("M5"). After compiling and comparing the assay results
from the rock chip samples and the regularly-spaced soil samples,
geology and geochemistry suggest epithermal or Carlin-style
disseminated gold at M5, consistent with results previously
announced in September 2014. In addition, the projected size and
scale of the M5 alteration and mineralisation is extensive and
approaching ten square kilometres. This is a very exciting
development and the Group is prioritizing geochemical surveys over
M5 in 2016.
In December 2015, Great Western completed the purchase of 10
acres of private land on the outskirts of the ghost town of
Marietta, which is the proposed site of a pilot heap leaching
facility for the recovery of commercial quantities of gold and
copper. In 2016 the Company plans to submit a Plan of Operations to
the BLM and BMRR in order to obtain a Mining License. A
pre-feasibility mining study is in progress and initial planning
talks for this project have already been held with the BLM.
Further information on GWM's activities can be found on the
Company's website www.greatwesternmininng.com which has recently
been substantially upgraded and relaunched. Costs are under control
as the Company moves towards achievement of first revenues in
Nevada.
David Fraser
Chief Executive Officer
Consolidated Income Statement
for the year ended 31 December 2015
Notes Year ended Restated
2015 (Note 3)
Continuing Operations EUR 2014
EUR
Administrative expenses (339,842) (361,287)
Finance income 5 417 116
Finance costs 6 (1,282) (7,541)
Loss for the year before tax 7 (340,707) (368,712)
Income tax expense 8 - -
Loss for the financial year (340,707) (368,712)
Loss attributable to:
Equity holders of the Company (340,707) (368,712)
(340,707) (368,712)
Earnings per share from continuing operations
Basic and Diluted loss per share (cent) 9 (0.001) (0.001)
All activities derived from continuing operations. All losses are attributable to the owners
of the Company
Consolidated Statement of Other Comprehensive Income
Restated
For the year ended 31 December 2015
(MORE TO FOLLOW) Dow Jones Newswires
April 20, 2016 02:00 ET (06:00 GMT)
(Note 3)
2015 2014
EUR EUR
Loss for the financial year (340,707) (368,712)
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Currency translation differences 268,935 341,287
Total comprehensive expense for the financial year attributable to equity holders
of the company (71,772) (27,245)
Consolidated Statement of Other Comprehensive Income
for the year ended 31 December 2015
Restated
(Note
3)
2015 2014
Assets Notes EUR EUR
Non-Current Assets
Intangible assets 10 3,255,602 2,747,464
Total Non-Current Assets 3,255,602 2,747,464
Current Assets
Trade and other receivables 12 174,300 114,288
Cash and cash equivalents 13 759,381 1,451,542
Total Assets 4,189,283 4,313,294
Equity
Capital and Reserves
Share capital 15 2,648,238 2,648,238
Share premium 15 4,630,945 4,630,945
Foreign currency translation
reserve 610,222 341,287
Retained Earnings (3,794.437) (3,453,730)
Attributable to owners
of the Company 4,094,968 4,166,740
Total Equity 4,094,968 4,166,740
Liabilities
Current Liabilities
Trade and other payables 14 79,315 106,554
Convertible debt 20 15,000 40,000
Total Liabilities 94,315 146,554
Total Equity and Liabilities 4,189,283 4,313,294
Consolidated Statement of Changes in Equity
for the year ended 31 December 2015
Share Share Foreign Retained Total
Capital Premium currency Earnings
translation
reserve
Balance as
at 01 January
2014 (note
3) 648,238 3,978,260 - (3,085,018) 1,541,480
Total comprehensive
income for
the year -
restated
Loss for the
year - - - (368,712) (368,712)
Currency translation
differences
Transactions
with owners,
recorded
directly in
equity
Shares issued 2,000,000 652,685 - - 2,652,685
________ ________ ________ ________ ________
Balance at
31 December
2014 - restated 2,648,238 4,630,945 341,287 (3,453,730) 4,166,740
________ ________ ________ ________ ________
Balance at
1 January 2015 2,648,238 4,630,945 341,287 (3,453,730) 4,166,740
Total comprehensive
income for
the year
Loss for the
year - - - (340,707) (340,707)
Currency translation
differences - - 268,935 - 268,935
________ ________ ________ ________ ________
Balance at
31 December
2015 2,648,238 4,630,945 610,222 (3,794,437) 4,094,968
Consolidated Statement of Cashflows
for the year ended 31 December 2015
2015 2014
Notes EUR EUR
Cash flows from
operating activities
Loss for the year (340,707) (368,712)
Interest payable
and similar charges 1,282 7,541
Interest receivable
and similar income (417) (116)
Interest in trade
and other receivables (64,626) (34,251)
Decrease in trade
and other payables (27,239) (42,550)
Exchange rate adjustment (100,061) -
Cash outflows from
operating activities (531,768) (438,088)
Cash flows from
investing activities
Expenditure on
intangible assets 10 (233,149) (778,490)
Interest paid 6 (1,282) (7,541)
Interest received 4 417 116
Cash flow used
in investing activities (234,014) (785,915)
Cash flow from
financing activities
Proceeds from the
issue of new shares - 2,652.685
Repayment of convertible
debt (25,000) (60,000)
Net cash from financing
activities (25,000) 2,592,685
(Decrease)/increase
in cash and cash
equivalents (790,782) 1,368,685
Foreign exchange 98,621 -
gain on cash and
cash equivalents
Cash and cash equivalents
at beginning of
year 13 1,451,542 82,860
Cash and cash equivalents
at end of year 13 759,381 1,451,542
Notes to the Financial Statements PDF link.
http://www.rns-pdf.londonstockexchange.com/rns/7108V_-2016-4-19.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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