Final Results

Alba Mineral Resources PLC
16 May 2007



Alba Mineral Resources Plc
Final results for the year ended 30 November 2006



CHAIRMAN'S STATEMENT



The results for Alba Mineral Resources plc (the 'Company', and collectively with
its Subsidiary Companies, the 'Group') cover the year ended 30 November 2006.
They incorporate the results of its subsidiary companies Aurum Mineral Resources
Limited ('Aurum'), Mauritania Ventures Limited ('MVL') and Alba Mineral
Resources Sweden AB (collectively the 'Subsidiary Companies').

INTRODUCTION

Aurum, holds, or has applied for, exclusive rights to explore a portfolio of
mineral exploration properties. These are primarily nickel and gold exploration
projects in Scotland and Ireland, which are at different stages of development,
from conceptual exploration targets to more advanced drill-ready projects.



The Company has acquired nine exploration licences in Sweden, which form part of
a collaboration Agreement with Altius Minerals Corporation (Altius) of Canada
whereby Altius subscribed for 1,250,000 shares in the company at 8p per share
raising a total of £100,000.



The Company also co-formed MVL to acquire exploration permits in Mauritania and
prospect for uranium and Iron Oxide-Copper-Gold (IOCG). Three permits have been
granted and ten are pending. Ground-based exploration commenced after the
year-end on the three permits currently held.



The Company was admitted to the AIM market of the London Stock Exchange on 4
April 2005 after successfully raising £1,050,000 (before expenses) and
subsequently raised a further £504,600 (before expenses) by the placing of
6,307,500 ordinary shares at 8p per share on 22 August 2006.

REVIEW OF ACTIVITIES

The Company announced on 27 April 2007 that it was continuing to seek additional
sources of funds to enable it to pursue its exploration programmes. The 'Review
of Activities' set out below assumes that such funds are made available to the
Company.



The Company has, where possible, been actively exploring and enhancing its
understanding of the Group's nickel-copper-platinum group minerals (PGM) and
gold licences that it holds in Scotland and Ireland.  The Group's activities
have principally focused on its nickel-copper-PGM prospect at Arthrath, near
Aberdeen in Scotland where orientation geochemical and geophysical sampling
programmes have been undertaken. The verification programme drilling results
from this project have been encouraging and demonstrate the size of the
mineralizing system and highlight the potential for higher grades within the
large, poorly explored area over which the Group has an interest.



In addition, a detailed electromagnetic survey indicates the presence of a
number of moderate and weak electromagnetic conductors, which confirm the
Company's interest in the area as a significant regional target.  The Board
believes that this project has now sufficiently progressed to enable it to
examine and evaluate the various options available to it to pursue further
detailed exploration.



Four gold and silver licences have been awarded to the Company by the Crown
Mineral Agent at Aberfeldy and the Ochil Hills (both Perthshire), Kimelford
(Argyllshire) and over the Arthrath project area in Aberdeenshire. Initial
research on gold mineralization in the first three areas is promising and
fieldwork will commence during 2007. Fieldwork over the Arthrath area will be
conducted together with our other ongoing exploration activities.



The Group has also undertaken exploration at the Bohaun (Co. Galway), Lough
Gowna (Cos. Longford and Leitrim) and North Limerick properties in Ireland.
Positive initial exploration results from a rock sampling programme confirmed
Bohaun as a prospective gold target with high-grade potential. The Group intends
to conduct detailed infill-sampling, mapping, soil sampling and prospecting to
further assess this exciting project and the results will be published in due
course. Initial planning, permitting and environmental investigations will run
in parallel as the prospects develop during 2007. The work programmes at Lough
Gowna and North Limerick are ongoing.



In Sweden technical research identified a number of nickel sulphide exploration
targets, which show significant merit.   As a result of these investigations
applications for nine new exploration licences, primarily for nickel-copper-PGM,
were made with the Company successfully being awarded eight in late 2006 and one
after the year end. These licence areas offer the Company a significant
opportunity to expand operations in a new geographical area.  Field-based
exploration will take place over the next year and we look forward to reporting
on progress.



Our activities in Mauritania represent Alba's most significant development over
the last year where, following the establishment of a jointly owned company, we
have to date acquired three uranium exploration permits totaling approximately
4,500 km2 of prospective ground. Target generation and ground acquisition was
conducted based on known mineral occurrences and favourable geology.  An
additional three uranium permits are pending in adjacent areas, together with
five permits in the south of the country for iron oxide-copper-gold style
mineralization and a further two in the north of the country, which cover the
same ground as two of the outstanding uranium permits.

OUTLOOK

The Group is now a committed junior explorer and developer with a diversified
exploration portfolio focused on the margins of the Atlantic Ocean.  The Group's
overall corporate and exploration strategy is to develop a series of
well-researched and promising exploration properties which will be developed
either in the Group's own right or in conjunction with other parties.



The Company, although now focused as a uranium and nickel junior explorer, will
continue to evaluate additional cost effective projects and proposals that the
Board believes have the potential to add value to the Company.



As part of this new focus the Board believes in developing not only a strong
portfolio of primary projects, but also a series of supplementary exploration
projects.  The rationale behind this approach is to limit the Company's risk on
a particular commodity, or the political or climatic restrictions associated
with a geographical area.



On 3 January 2007 the Company announced that the exploration efforts on its
existing project portfolio would be within the constraints of the financial
resources available and that the Company would be seeking to raise additional
funds to actively pursue and explore these existing projects.



On 27 April 2007 the Company announced that it is continuing to seek additional
funding to pursue these objectives and until this funding is in place the
Company will, in the short term, downgrade active fieldwork exploration on the
existing licences and permits, whilst maintaining the portfolio of assets. Alba
will continue the programme of desktop research, analysis and studies using its
existing in-house team.



Michael Nott, Chairman

14 May 2007





CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2006


                                                                               2006             2005
                                                                                  £                £
Turnover from continuing operations                                               -                -

Cost of sales                                                                     -                -

Gross profit                                                                      -                -
Administrative expenses                                                   (388,892)        (213,445)

Operating loss                                                            (388,892)        (213,445)

Interest receivable and similar income                                       15,860           20,269

Loss on ordinary activities before taxation                               (373,032)        (193,176)
Tax on loss on ordinary activities                                                -                -

Loss on ordinary activities after taxation                                (373,032)        (193,176)
Minority interests                                                            7,282                -

Retained loss for the year transferred to reserves                        (365,750)        (193,176)

Loss per ordinary 1p share
           Basic and diluted                                             0.59 pence       0.47 pence



CONSOLIDATED BALANCE SHEET
30 NOVEMBER 2006


                                                                                2006            2005
                                                                                   £               £
Fixed assets
Intangible fixed assets                                                      750,315         454,077
Tangible fixed assets                                                          4,439             630

                                                                             754,754         454,707
Current assets
Debtors                                                                      158,062          63,076
Cash at bank and in hand                                                     507,568         653,764
                                                                             665,630         716,840

Creditors: amounts falling due within one year                             (280,767)       (187,219)

Net current assets                                                           384,863         529,621


Total assets less current liabilities                                      1,139,617         984,328

Capital and reserves
Called up share capital                                                      666,201         603,126
Share premium account                                                        790,133         374,887
Profit and loss account                                                    (558,926)       (193,176)
Merger reserve                                                               200,000         200,000
Foreign exchange revaluation reserve                                           (509)           (509)
Equity shareholders' funds                                                 1,096,899         984,328
Minority interest                                                             42,718               -

                                                                           1,139,617         984,328




CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2006


                                                                                  2006             2005
                                                                                     £                £
Net cash outflow from operating activities                                   (351,682)         (54,893)

Returns on investments and servicing of finance
Interest received                                                               15,860           20,269

                                                                                15,860           20,269

Taxation
UK corporation tax                                                                   -                -

                                                                                     -                -

Capital expenditure and financial investment
Payments for intangible assets                                               (333,118)        (235,365)
Purchase of tangible fixed assets                                              (5,577)            (708)


                                                                             (338,695)        (236,073)

Acquisitions
Purchase of subsidiary undertakings                                           (57,299)                -
Cash/(net overdrafts) acquired with subsidiary undertakings                    107,299          (3,552)

                                                                                50,000          (3,552)

Financing
Issue of ordinary share capital net of costs                                   478,321          928,013

                                                                               478,321          928,013


(Decrease)/increase in cash in the period                                    (146,196)          653,764



NOTES



1.  Basis of preparation



The financial information set out above does not constitute the Group's
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The balance sheet at 30 November 2006 and the profit and loss account and cash
flow statement for the year then ended have been extracted from the Group's
audited financial statements. The auditors report on those financial statements
 is unqualified  and does not contain statements under s.237(2) or (3) Companies
Act 1985.These financial statements will be delivered to the Registrar of
Companies and shareholders in due course.

2.  Taxation

No charge for corporation tax for the period has been made due to the expected
tax losses available.

3.  Loss per share

Basic loss per share is calculated by dividing the loss attributed to ordinary
shareholders of £365,750 by the weighted average number of shares of 62,057,963
in issue during the year.  The diluted loss per share calculation is identical
to that used for basic loss per share as the exercise of warrants would have the
effect of reducing the loss per ordinary share and is therefore not dilutive
under the terms of Financial Reporting Standard 14 'Earnings per Share'.



Enquiries:


Michael Nott, Alba Mineral Resources Plc                           020 7495 5326
Liam Murray, City Financial Associates Limited                     020 7090 7800




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