CHIEF EXECUTIVE OFFICER'S STATEMENT
I am pleased to report the company's interim results for the period ended 31st December 2011.
IMC Exploration Group Public Limited Company ("IMC") successfully listed on the PLUS-quoted market on 12th October 2011. Within two weeks of listing, IMC commenced a continuous 18 month drilling program on its 13 prospecting licences.
The initial drillhole was located in the highly prospective Tulla area, Co. Clare. Within a month of the commencement of the drilling, programme, encouraging indications from drillhole 11-3729-01 in Prospecting Licence Area 3729, Tulla, Co. Clare, were observed. An independent expert was engaged by IMC to undertake further investigative work to confirm the view of the company that the results were of a highly significant and encouraging nature. Dr John Kelly of SLR Consulting Limited ("SLR"), an expert on the characteristics of Irish Base Metal Deposits reported that "The drillhole intersected a number of interesting features including breccias, interpreted to be hydrothermal in origin with clasts containing replacive pyrite noted, together with green argillite bands having an altered appearance at the base of the Waulsortian Limestone".
This is a major development for the Company and confirms that significant alteration of the type associated with the Silvermines, Lisheen and Galmoy deposits is present in the Tulla area.
Due to these highly encouraging findings we are increasing our drilling activity in the Tulla area.
Exploration of our other Prospecting Licences Areas continue. We have been very encouraged by the surface sampling results on our Kilmichael gold Prospect Licence Area in Co. Wexford where grades of up to 76.8 grams per tonne of gold (2.46 ounces per tonne) have been recorded from our rock grab samples.
A huge amount has been achieved since the listing of the Company on PLUS-quoted six months ago. It is our intention to build on these achievements. At this early stage of development in the company, we already have a focussed program of work based on the positive results achieved to date. The company is well funded and we look forward to the forthcoming weeks and months with enthusiasm and excitement.
We would like to thank all our shareholders for their support and assure you that IMC continues to explore opportunities with a view to enhancing shareholder value.
DR GLENN MILLAR
Chief Executive Officer
Unaudited Consolidated statement of comprehensive income for the period ended 31 December 2011
Six Months 3 Days
Notes 31-Dec-11 30-Jun-11
Euro Euro
Continuing Operations
Revenue - -
Other Income - -
Administrative Expenses (182,017) (2,500)
-------------------------------
(Loss) before tax (182,017) (2,500)
Income tax expense
- -
(Loss) for period from continuing operations (182,017) (2,500)
-------------------------------
Other Comprehensive income - -
-------------------------------
Loss for the period and total comprehensive loss for the
period (182,017) (2,500)
-------------------------------
-------------------------------
Earnings per share (all continuing)
Loss per ordinary share - basic & diluted 1 (0.0049) (357.1429)
Unaudited Consolidated Statement of Financial Position As At 31st December 2011
31-Dec-11 30-Jun-11
Note Euro Euro
Non Current Assets 2 137,528 -
Current assets
Debtors 28,570 1,194,694
Cash and cash equivalents 1,039,317 -
-------------------------------
Total assets 1,205,415 1,194,694
-------------------------------
-------------------------------
Equity and liabilities
Equity
"A" Ordinary Share Capital 3 (38,093) (38,093)
Ordinary Share Capital 3 (53,309) (1)
Share Premium - Ord Shares 3 (1,246,691) -
Retained Earnings 184,517 2,500
-------------------------------
Equity attributable to the owners of the Company (1,153,576) (35,594)
-------------------------------
-------------------------------
Current Liabilities
Trade & Other Payables (51,839) (1,159,100)
-------------------------------
Total liabilities (51,839) (1,159,100)
-------------------------------
Total equity and liabilities (1,205,415) (1,194,694)
-------------------------------
-------------------------------
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2011
"A" Ordinary Ordinary Share Share Premium Retained Total
Share Capital Capital - Ord Shares losses
Euro Euro Euro Euro Euro
Balance at 27 June 2011 - 0.07 - - 0.07
Loss for the Period - - - (2,500) (2,500)
Other comprehensive loss
for the period - - - - -
--------------------------------------------------------------------------------
Total Comprehensive loss
for the period - 0.07 - (2,500) (2,500)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Issue of share capital 38,093 - 38,093
--------------------------------------------------------------------------------
Balance at 30 June 2011 38,093 0.07 - (2,500) 35,593
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loss for the Period - - - (182,017) (182,017)
Other comprehensive loss
for the period - - - - -
--------------------------------------------------------------------------------
Total Comprehensive loss
for the period - - - (182,017) (182,017)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Issue of share capital - 53,309 1,246,691 - 1,300,000
Share Issue costs -
--------------------------------------------------------------------------------
Balance at 31 December 2011 38,093 53,309 1,246,691 (184,517) 1,153,576
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--------------------------------------------------------------------------------
Accounting policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis. The financial statements are presented in Euro
(a) Statement of Compliance
The consolidated unaudited interim financial statements of IMC Exploration Group Plc and its subsidiary have not been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union ('EU'). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board ('IASB').
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. Loss per share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows
31-Dec-11 30-Jun-11
Euro Euro
Loss for the period attributable to equity holders of the parent 182,017 2,500
-----------------------------
Weighted average number of ordinary shares for the 37,206,946 7
purposes of basic earnings per share
-----------------------------
Basic (loss) per ordinary share (0.0049) (357.14)
-----------------------------
-----------------------------
2. Intangible assets - Exploration and Evaluation Assets
Ireland Total
Cost Euro Euro
At 27 June 2011 - -
Additions - -
-----------------------------
At 30th June 2011 - -
Additions 137,528 137,528
-----------------------------
At 31 December 2011 137,528 137,528
-----------------------------
-----------------------------
Provision for diminution in value
At 27 June 2011 - -
Charge for period - -
-----------------------------
At 30th June 2011 - -
Charge for period - -
-----------------------------
At 31 December 2011 - -
-----------------------------
-----------------------------
Net book value
At 31 December 2011 137,528 137,528
-----------------------------
-----------------------------
At 30th June 2011 - -
-----------------------------
-----------------------------
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2011. The recoverability of the exploration and evaluation assets is dependent on the successful development or disposal of the Group's licence areas.
3. Share capital - Group and Company
31-Dec-11 30-Jun-11
Authorised equity Euro Euro
200,000,000 Ordinary shares of Euro0.001 each 200,000 1,000,000
50,000 "A" Ordinary of one euro 50,000 50,000
-------------------------------
250,000 1,000,000
-------------------------------
-------------------------------
Issued, called up and fully paid: Number of Share
shares Capital Premium
Euro 0.001 Ordinary Shares Euro Euro
At 27 June 2011 7 0.007 -
Issued in period
---------------------------------------------------
As at 30 June 2011 7 0.007 -
---------------------------------------------------
---------------------------------------------------
At 1 July 2011 7 0.007
Issued in period 53,308,500 53,309 1,246,691
---------------------------------------------------
As at 31 December 2011 53,308,507 53,309 1,246,691
---------------------------------------------------
---------------------------------------------------
Issued, called up and partly paid: Number of Share Share
shares Capital Premium
One Euro A Ordinary Shares Euro Euro
At 27 June 2011 -
Issued in period 38,093 38,093 -
---------------------------------------------------
- - -
---------------------------------------------------
As at 30 June 2011 38,093 38,093 -
---------------------------------------------------
---------------------------------------------------
At 1 July 2011 38,093 38,093
-
Issued in year ---------------------------------------------------
As at 31 December 2011 38,093 38,093 -
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"A" Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.
General information on the Company and the Group
IMC Exploration Group Plc has secured full rights to ten licences for base metal exploration in the Irish Base Metal Province and 3 licences for gold exploration in Wicklow/Wexford.
The Group has conducted a review of historic mineral exploration data utilising the extensive experience, knowledge and expertise of the team. Drill targets have been generated on each of the prospecting licences based on exploration models developed by the Group. The Group intends to undertake an exploration programme that includes a comprehensive historical data compilation and review, geochemical sampling, geophysical data capture/processing and ultimately drilling based on these analyses.
The directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Mr. Hugh Gibney
Tel. Ireland: +353 87 671 9332
LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: +353 1 495 9200
This email address is being protected from spambots. You need JavaScript enabled to view it.
IMC EXPLORATION GROUP PLC
