Interim Results

29 March 2011

Greatland Gold plc

Half-yearly report - six months ended 31 December 2010

Greatland  Gold plc  ("Greatland" or  the "Company"),  the AIM-listed and London
based  gold  exploration  and  development  company  focused on gold projects in
 Tasmania   and  Western  Australia  announces today its  half-yearly report for
the six months ended 31 December 2010.

Managing Director's statement

In  the six  month period  ending 31st December  2010 the Company reported a net
loss  of £152,110 equating to a loss  per share of 0.09p (31st December 2009 EPS
-0.16p).  Part of Greatland's total exploration  costs were expensed through the
profit  and loss  account whilst  the balance  of £135,015  in respect of Ernest
Giles was capitalised and taken through the balance sheet.

Net   cash   outflow   from   operations   was  £411,634  which  reflects  total
administrative expenses plus exploration expenses both capitalised and expensed.
From the cash flow figures it is apparent that we have maintained our commitment
to  exploration and drilling. The  Company's administrative expenses declined to
£94,941 over the period as the board once again exercised expense restraint. The
Company's  cash deposits stood at £1.25m at the period end. In my view we are in
a strong liquidity position ahead of our 2011 exploration plans.

Our loss on a per share basis at 0.09p reduced sharply from the loss of 0.16p in
the  comparable  period  reflecting  lower  expenses  hence  reduced  losses, an
increase  in  issued  share  capital,  gains  from  available for sale financial
investments, and currency gains. Our net loss of £152,110 is less than half last
year's  interim loss of  £328,609. The Company's  balance sheet ended the period
with £2.16m of net assets against £1.982m at the 2009 interims.

Our  team got underway at Ernest Giles  last summer with the first drill results
reported  in August 2010. It is worth remembering  the sheer scale of the Ernest
Giles  property  post  our  licence  extension  at  up to 948 km² and it is very
encouraging  to see proof of  concept in the first  drilling at Ernest Giles. We
have  drilled only four holes to date in  a strike length of more than 100km and
have  intersected gold bearing  alteration systems with  analogies to major gold
deposits  elsewhere in Western  Australia. Our program  has confirmed that a new
greenstone  belt  is  present  and  that  it  has  the potential for large-scale
mineralisation.   Ernest   Giles   contains   over   100km of  gold  prospective
greenstones.  Results from the 2010 drill programme were considered by the board
to  have provided sufficient encouragement for  further work at the project. The
board feel it is important to undertake further drilling in the short term.

I  am likewise optimistic over the recently acquired Bromus project also located
in  the Yilgarn which has excellent fundamentals  in terms of access and ease of
operations.  Field  activities  are  underway  and  we  expect  to  make further
announcements with respect to Bromus in the coming months.

No  field work was carried out in Tasmania over the period, however, towards the
end  of 2010 we had completed government technical reporting and the planning of
field   and   drilling  activities  for  2011. Our  next  programme  of  reverse
circulation  drilling will be  at the Warrentinna  licence (Derby North area) in
Tasmania scheduled to commence in early April 2011. Previous reverse circulation
drilling  at Derby North by the  Company returned results of 5m at 29.26g/t gold
from  36m, including  1m at  103.07g/t gold.  Also,  drilling at the nearby East
Lisle property is scheduled to commence during April 2011.

During  the interim period  we received third  party inquiries relating to joint
ventures covering our Tasmanian licence interests, which were pursued. In recent
months  further  enquiries  have  been  forthcoming  for  both our Tasmanian and
Western  Australian licences. Negotiations are  continuing with several parties.
We  continue to  believe that  the Greatland  asset portfolio  holds significant
attractions for investors whether it be via a joint venture or otherwise, and we
remain keen to find a deal that will be positive for our shareholders.

The  overall environment  for gold  investment is  possibly the strongest it has
ever  been. Recent moves in  the gold price above  US$1,400 per ounce suggests a
permanent  shift in investment and  retail demand for gold.  This may prompt M&A
activity and/or joint venture deals amongst our peer group companies.

Once again, on behalf of the board, I would like to thank shareholders for their
support  and  invite  them  to  check  our  website  atwww.greatlandgold.com for
periodic updates.

Callum N Baxter
CEO
29 March 2011



Group statement of comprehensive income

                                6 months to          6 months to      Year ended
                          31 December  2010    31 December  2009    30 June 2010

                                  Unaudited            Unaudited         Audited
                                          £                    £               £

Turnover                                  -                    -               -



Exploration expenses              (180,183)            (262,250)       (417,477)

Administrative expenses            (94,941)            (108,450)       (203,178)

Currency gain/(loss)                      -             (13,909)               -

                        -------------------- -------------------- --------------
Operating loss                    (275,124)            (384,609)       (620,655)


Finance revenue                       1,642                1,748           3,923

                        -------------------- -------------------- --------------
Loss on ordinary                  (273,482)            (382,861)       (616,732)
activities before
taxation


Tax on loss on ordinary                   -                    -               -
activities

                        -------------------- -------------------- --------------
Loss for the financial            (273,482)            (382,861)       (616,732)
period

                        -------------------- -------------------- --------------
Other comprehensive
income

Gain/(loss) on                       25,265              (2,839)           4,048
revaluation of available
for sale investments

Exchange differences on              96,107               57,091          50,367
translation of foreign
operations
                        -------------------- -------------------- --------------
Other comprehensive                 121,372               54,252          54,415
income for the year net
of taxation
                        -------------------- -------------------- --------------
Total comprehensive               (152,110)            (328,609)       (562,317)
income for the year
attributable to equity
holders of the parent
                        -------------------- -------------------- --------------


Loss per share - see           (0.09) pence         (0.16) pence    (0.25) pence
note 3
Basic


                        -------------------- -------------------- --------------


Group balance sheet

                             31 December 2010   31 December 2009    30 June 2010

                                    Unaudited          Unaudited         Audited
                                            £                  £               £


Assets

Non-current assets

Tangible assets                         4,801              5,465           6,627
Intangible assets                     872,969            563,008         666,116

                            ------------------ ------------------ --------------
Total non-current assets              877,770            568,473         672,743

                            ------------------ ------------------ --------------
Current assets
Cash and cash equivalents           1,246,011          1,433,786       1,752,949
Trade and other receivables            41,359             51,869          62,222
Available for sale financial           76,724             37,547          44,547
assets - see note 4

                            ------------------ ------------------ --------------
Total current assets                1,364,094          1,523,202       1,859,718

                            ------------------ ------------------ --------------
Total assets                        2,241,864         £2,091,675      £2,532,461
                            ------------------ ------------------ --------------
Liabilities

Current liabilities

Trade and other payables             (75,417)          (109,411)       (213,904)

                            ------------------ ------------------ --------------
Total liabilities                    (75,417)          (109,411)       (213,904)

                            ------------------ ------------------ --------------
Net assets                         £2,166,447         £1,982,264      £2,318,557

                            ------------------ ------------------ --------------


Equity
Called up share capital               289,550            239,550         289,550
Share premium reserve               3,718,471          3,198,471       3,718,471
Share based payment reserve            74,443             74,443          74,443
Retained losses                   (2,286,729)        (1,779,377)     (2,013,247)
Other reserves                        370,712            249,177         249,340

                            ------------------ ---------------------------------
Total equity                       £2,166,447         £1,982,264      £2,318,557
                            ------------------ ---------------------------------


Group cash flow statement

                                  6 months to        6 months to      Year ended
                                  31 December        31 December    30 June 2010
                                         2010               2009

                                    Unaudited          Unaudited         Audited
                                            £                  £               £


Cash flow from operating
activities

Operating loss                      (275,123)          (384,609)       (620,655)

Decrease/(increase) in                 23,874            (1,796)        (12,149)
debtors

(Decrease)/increase in              (160,385)             25,661         130,154
creditors

Depreciation                                -                  -           1,483

Currency adjustments                        -             13,062               -
                           ------------------- ------------------ --------------
Net cash outflow from               (411,634)          (347,682)       (501,167)
operations
                           ------------------- ------------------ --------------

Cash flows from investing
activities

Interest received                       1,642              1,748           3,923
Payments     to     acquire         (134,489)                  -        (97,506)
intangible assets                                              -         (1,743)
Payments     to     acquire
tangible assets
                           ------------------- ------------------ --------------
Net cash flows used in              (132,847)              1,748        (95,326)
investing activities
                           ------------------- ------------------ --------------

Cash inflows from financing
activities

Proceeds from issue of                      -                  -         600,000
shares                                      -                  -        (30,000)
Transaction costs of issue
of shares
                           ------------------- ------------------ --------------
Net cash flows from                         -                  -         570,000
financing activities
                           ------------------- ------------------ --------------

Net (decrease)/increase in          (544,481)          (345,934)        (26,493)
cash and cash equivalents
Cash and cash equivalents           1,752,949          1,779,720       1,779,720
at the beginning of period
Exchange gain on cash and              37,543                  -           (278)
cash equivalents
                           ------------------- ------------------ --------------
Cash and cash equivalents           1,246,011          1,433,786       1,752,949
at end of period
                           ------------------- ------------------ --------------




Statement of group changes in equity

                Called up       Share     Share     Retained     Other     Total
                    share     premium     based     earnings  reserves
                  capital     account payment
                                        reserve

                        £           £         £            £         £         £
               -----------------------------------------------------------------
As at 30 June     239,550   3,198,471    74,443  (1,396,516)   194,925 2,310,873
2009



Loss for the            -           -         -    (616,731)         - (616,731)
period

Gain on                 -           -         -            -     4,048     4,048
revaluation of
available for
sale
investments

Currency                -           -         -            -    50,367    50,367
translation
differences
               -----------------------------------------------------------------
Total                   -           -         -    (616,731)    54,415 (562,316)
comprehensive
income

Share capital      50,000     550,000         -            -         -   600,000
issued

Cost of share           -    (30,000)         -            -         -  (30,000)
issue
               -----------------------------------------------------------------
As at 30 June     289,550   3,718,471    74,443  (2,013,247)   249,340 2,318,557
2010
               -----------------------------------------------------------------

Loss for the period             -         -      -   (273,482)       - (273,482)

Gain on revaluation of          -         -      -           -  25,265    25,265
available for sale
investments

Currency translation            -         -      -           -  96,107    96,107
differences
                         -------------------------------------------------------
Total comprehensive             -         -      -   (273,482) 121,372 (152,110)
income

Share capital issued            -         -      -           -       -         -

Cost of share issue             -         -      -           -       -         -
                         -------------------------------------------------------
As at 31 December 2010    289,550 3,198,471 74,443 (2,286,729) 370,712 2,166,447
                         -------------------------------------------------------


Statements of changes in other reserves

                         Merger  Foreign currency   Available for    Total other
                        reserve       translation          resale       reserves
                                          reserve       financial
                                                   assets reserve

Group                         £                 £               £              £

As at 30 June           225,000            75,362       (105,437)        194,925
2009

Net unrealised                -                 -           4,048          4,048
gain on financial
assets available
for resale

Unrealised                    -            68,499        (18,132)         50,367
foreign currency
gains
                 ---------------------------------------------------------------
As at 30 June           225,000           143,861       (119,521)        249,340
2010
                 ---------------------------------------------------------------

Net unrealised losses on financial assets             -       -   25,265  25,265
available for resale

Unrealised foreign currency gains                     -  96,107        -  96,107
                                               ---------------------------------
As at 31 December 2010                          225,000 239,968 (94,256) 370,712
                                               ---------------------------------


Half-yearly report notes

1. Half-yearly report

This half-yearly report was approved by the Directors on 28 March 2011.

The  information relating to  the six month  periods to 31 December 2009 and 31
December 2010 are unaudited.

The  information  relating  to  the  year  to 30 June 2010 is extracted from the
audited  financial statements of the Company  which have been filed at Companies
House and on which the auditors issued an unqualified audit report.

2. Basis of accounting

The  report has been  prepared using accounting  policies and practices that are
consistent with those adopted in the statutory financial statements for the year
ended  30 June  2010, although  the  information  does  not constitute statutory
financial statements within the meaning of the Companies Act 2006.

These  half-yearly financial statements consolidate  the financial statements of
the Company and its subsidiary and are prepared in accordance with International
Financial Reporting Standards as adopted for use in the European Union.

The Company and Group will report again for the full year to 30 June 2011.

3. Loss per share

                                6 months to          6 months to      Year ended
                          31 December  2010    31 December  2009    30 June 2009

                                  Unaudited            Unaudited         Audited
                                          £                    £               £



These      have     been          (273,482)            (382,861)       (356,103)
calculated on a loss of:

                        -------------------- -------------------- --------------

The   weighted   average        289,550,000          239,550,000     201,262,329
number  of  shares  used
was:

                        -------------------- -------------------- --------------

Basic loss per share:          (0.09) pence         (0.16) pence    (0.18) pence
                        -------------------- -------------------- --------------

4. Available for sale financial assets

The  Group's  investments  were  valued  at  £76,724 at 31 December 2010 (2009 -
£37,547).


Copies of this half-yearly report are available free of charge by application in
writing  to the Company  Secretary at the  Company's registered office, 55 Gower
Street,  London WC1E 6HQ, or by  email [e-mail]. The report will
also be made available on the Company's website, www.greatlandgold.com.

End






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Source: Greatland Gold PLC via Thomson Reuters ONE

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