Unaudited Interim Report - Half Year Ended 31 March 2013

Managing director’s statement

 

In difficult economic conditions it is worth reminding ourselves of the reasons we became involved in the mining industry.  Mining has been, and still is, fundamental to the development and economic progression of civilisations throughout history.  Today there is a tremendous demand for raw materials, from precious metals to energy sources, to feed the demands of growing economies and the increasing living standards in many developing countries.  This incessant appetite for commodities continually places new demands on mining companies to replace their production and invest in new projects.

 

Meanwhile the supply of resources becomes ever more expensive.  Grades are lower, projects smaller, and mines located in countries where instability and political risk pose greater threats.  Resource nationalism and mining’s increased profile has led governments to demand a greater share of the profits, while a focus on improving safety and environmental concerns has contributed to a further rise in costs.  Despite an exponential increase in funding for the mineral sector over the past 10 years, new discoveries continue to decline in grade and continual investment is needed to meet the demand of the future.

 

Goldcrest’s projects represent a welcome exception to the current trends.  We have a large landholding in a well-known mining jurisdiction with targets that demonstrate clear potential for high-grade discoveries.  We have the right geology, we have substantial anomalies, we have artisanal workings.  The fact that we are so early in the exploration process and have so many encouraging signs is a promising start and we look forward with anticipation to the next year and making real progress on the ground for the benefit of all our shareholders.

 

Subsequent to the period-end we completed a field visit to the licences to confirm the existing anomalies on the ground and investigate artisanal workings in the area.  Having seen the projects, infrastructure, and geological evidence so far I am even more enthused by the potential our licences hold.

 

Frederick Bell

Managing Director

28 June 2013

 

 Statement of comprehensive income

  

 

 

6 months to 31 March 2013

6 months to 31 March

 2012

18 month period ended 30 September 2012

 

 

Unaudited

GBP,000

Unaudited

GBP,000

Audited

GBP,000

 

 

 

 

 

Continuing   operations

 

 

 

 

Exploration costs

 

 

(9)

-

(2)

Administrative expenses

 

Finance   costs

 

(30)

 

-

(23)

 

-

(40)

 

(4)

 

 

 

 

 

Loss from continuing   operations

 

 

(39)

(23)

(46)

Loss   for the period from discontinued operations 

 

-

-

-

Total comprehensive   (expense) for the period 

 

(39)

(23)

(46)

 

 

Loss   per share:

 

 

0.006 p

 

0.006 p 

 

0.011 p



Statement of financial position

 

 

 

At 31 March 2013

At 31 March 2012

 

At 30 September 2012

 

 

Unaudited

GBP,000

Unaudited

GBP,000

Audited

GBP,000

 

 

 

 

 

Assets

Non-current assets

Intangible assets

 

 

 

-

32 

 

-

-

 

 

-

-

 

 

 

32

-

-

Current   assets

Cash and cash equivalents

Trade and other receivables

 

 

2

1

 

30

4

 

17

2

Total current assets

 

3

34

19

Total   assets

 

35

34

19

 

Equity and liabilities

 

 

 

 

Capital   and reserves

Called up share capital

Share premium account

Profit and loss account

Share option reserve

Option premium on convertible notes                                  

 

 

262

1,603

(1,934)

-

3

 

203

1,588

(1,911)

81

3

 

203

1,588

(1,892)

38

3

Total Equity

 

(66)

(36)

(60)

 

 

 

 

 

Current Liabilities

Trade and other payables

Borrowings

Provisions

 

 

41

50

10

 

10

50

10

 

15

54

10

 

Total Current Liabilities

 

 

101

70

79

 Total Equity and Liabilities

 

 

35

34

19

  

 Interim report notes

 

1.       Interim report

 

The information relates to the 6 month period from 1 October 2012 to 31 March 2013. 

The interim report was approved by the Directors on 25 June 2013.

The interim report is unaudited and was not reviewed by the Company’s auditors.

 

2.      Basis of accounting

  1. The report has been prepared using accounting policies that the Company has adopted and were used for the accounting period to 30 September 2012.  The information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.
  2. The financial statements are prepared under the historical cost convention.
  3. The Company and Group will report again for the full year to 30 September 2013.

 

3.      Other matters

 

The Company has a contingent liability as follows:  In June 2012, HM Revenue & Customs carried out a review of the Company’s VAT position and in August 2012 decided to de-register the Company with effect from 31 March 2010.  The Directors have appealed against HMRC’s decision believing there to be a reasonable case to support the Company’s continued VAT registration.  The dispute is on-going.  Should the Company fail to preserve its registration, as at 30 September 2012, the amount of GBP12,773 was calculated as due; interest continues to run at the rate of 3% from 1 October 2012.

 

Copies of this interim report are available free of charge by application in writing to the Company Secretary at Ronaldsons LLP, 55 Gower Street, London, WC1E 6HQ, or by email to This email address is being protected from spambots. You need JavaScript enabled to view it.

 

The Directors of the Issuer accept responsibility for this announcement.

  

ENQUIRIES:

Goldcrest Resources plc

Frederick Bell,

Managing Director

Tel: 0755 4872 794

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

John Watkins,

Chairman

Tel: 01483 771992

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Fungai Ndoro and Eran Zucker

Peterhouse Corporate Finance Limited

Tel: 020 7469 0934