IMC Exploration Group Plc : Unaudited Consolida...

01 April 2014

("IMC" or the "Company")

Statement by the Board
Interim Financial Results IMC Exploration Group Plc ('IMC') for the six months to 31^st December 2013

Dear Shareholder,

The directors of IMC Exploration Group plc, are pleased to present the Interim Financial Results for ('IMC') for the six months to 31^st December 2013.

IMC continued its exploration activities having  identified  gold and base metal drill targets in its Avoca Licences in Co. Wicklow and gold targets in its licence in Co. Wexford, Ireland as previously announced  by the Company in 2013.

IMC recently concluded a convertible loan note funding arrangement, providing the Company with access to immediate working capital to enable it to continue its activities and the Company recently announced the completion of a share for share exchange agreement with Global Resource Investment Trust Plc ("GRIT").  GRIT has been established to exploit investment opportunities in the junior mining and natural resource sectors worldwide with an investment objective to generate medium and long term capital growth.  

Your board anticipates that 2014 will be a significant year in the development of your company, as our independent commissioned works programmes progress. Over the coming months we will continue to build on the significant work already carried out to date.

Liam McGrattan
Chairman

Unaudited Consolidated Statement of Comprehensive Income
for the period ended 31 December 2013
		Six Months	Six Months	Year Ended
	Notes	31-Dec-13	31-Dec-12	30-Jun13
		Euro	Euro	Euro
Continuing Operations
Revenue		-	-	-
Other Income		1,017	5,193	11,699
Administrative Expenses		(80,387)	(170,235)	(357,492)
(Loss) before tax		(79,369)	(165,042)	(345,793)
Income tax expense		-	-	(11,011)
(Loss) for period from continuing operations		(79,369)	(165,042)	(356,804)
Other Comprehensive income		-	-	-
Loss for the period and total comprehensive loss for the period		(79,369)	(165,042)	(356,804)
Earnings per share (all continuing)
Loss per ordinary share - basic & diluted	1	(0.001)	(0.003)	(0.007)

Unaudited Consolidated Statement of Financial Position
As At 31st December 2013
		31-Dec-13	31-Dec-12	30-Jun-13
	Note	Euro	Euro	Euro
Non Current Assets	2	531,763	511,029	532,375
Current assets
Debtors		134,296	135,233	154,033
Cash and cash equivalents		2,033	303,414	52,991
Total assets		668,091	949,676	739,399
Equity and liabilities
Equity
"A" Ordinary Share Capital	3	38,093	38,093	38,093
Ordinary Share Capital	3	53,309	53,309	53,309
Share Premium - Ord Shares	3	1,308,102	1,308,102	1,308,102
Retained Earnings		(823,455)	(502,545)	(744,086)
Equity attributable to the owners of the Company		576,049	896,959	655,418
Current Liabilities
Trade & Other Payables		92,043	52,717	83,981
Total liabilities		92,043	52,717	83,981
Total equity and liabilities		668,091	949,676	739,399

Unaudited Consolidated Statement of Changes in Equity
for the period ended 31 December 2013
	"A" Ordinary Share Capital	Ordinary Share Capital	Share Premium Ord Shares	Retained losses	Total
	Euro	Euro	Euro	Euro	Euro
Balance at 30 June 2012	38,093	53,309	1,308,102	(387,282)	1,012,222
Loss for the Period	-	-	-	(356,804)	(356,804)
Other comprehensive loss for the period	-	-	-	-	-
Total Comprehensive loss for the period	38,093	53,309	1,308,102	(744,086)	655,418
Issue of share capital	-	-	-	-	-
Balance at 30 June 2013	38,093	53,309	1,308,102	(744,086)	655,418
Loss for the Period	-	-	-	(79,369)	(79,369)
Other comprehensive loss for the period	-	-	-	-	-
Total Comprehensive loss for the period	-	-	-	(79,369)	(79,369)
Issue of share capital	-	-	-	-	-
Share Issue costs	-	-	-	-	-
Balance at 31 December 2013	38,093	53,309	1,308,102	(823,455)	576,049

Accounting policies

Basis of Preparation

The financial statements have been prepared on a historical cost basis. The financial statements are presented in Euro.

1. 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-13	31-Dec-12	30-Jun-13
		Euro	Euro	Euro
Loss for the period attributable to equity holders of the parent		79,369	165,042	356,804
Weighted average number of ordinary shares for the purposes of basic earnings per share		53,128,507	45,560,330	53,128,507
Basic (loss) per ordinary share		(0.001)	(0.003)	(0.007)

2. Non Current Assets
	Exploration	Plant and	Financial
	Expenditure	Equipment	Assets	Total
Cost	Euro	Euro	Euro	Euro
At 30 June 2012	357,802	4,925	-	362,727
Additions	166,922	1,200	38,738	206,861
At 30th June 2013	524,724	6,125	38,738	569,588
Additions	-	-	-	-
At 31 December 2013	524,724	6,125	38,738	569,588
Provision for diminution in value
At 30 June 2012	-	(985)	-	(985)
Charge for period	-	(1,225)	(35,002)	(36,227)
At 30th June 2013	-	(2,210)	(35,002)	(37,212)
Charge for period	-	(613)	-	(613)
At 31 December 2013	-	(2,823)	(35,002)	(37,825)
Net book value
At 31 December 2013	524,724	3,302	3,736	531,763
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 2013. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group's licence areas.
3. Share capital - Group and Company		31-Dec-13	31-Dec-12	30-Jun-13
Authorised equity		Euro	Euro	Euro
200,000,000 Ordinary shares of Euro 0.001 each		200,000	200,000	200,000
50,000 "A" Ordinary of  one euro		50,000	50,000	50,000
		250,000	250,000	250,000
Issued, called up and fully paid:		Number of	Share
		shares	Capital	Premium
Euro 0.001 Ordinary Shares			Euro	Euro
At 30 June 2012		53,308,507	53,309	1,308,102
Issued in period		-	-	-
As at 30 June 2013		53,308,507	53,309	1,308,102
Issued in period		-	-	-
As at 31 December 2013		53,308,507	53,309	1,308,102
Issued, called up and partly paid:		Number of	Share	Share
		shares	Capital	Premium
One Euro A Ordinary Shares			Euro	Euro
At 30 June 2012		38,093	38,093	-
Issued in period		-	-	-
As at 30 June 2013		38,093	38,093	-
Issued in period		-	-	-
As at 31 December 2013		38,093	38,093	-
"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.

The directors of the issuer accept responsibility for this announcement.

Contact Details:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: [phone]

LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: [phone]
[e-mail]

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IMC Exploration Group Plc via Globenewswire

HUG#1773369