Final Results

Landore Resources Limited
10 April 2006


                           Landore Resources Limited
                          ('Landore' or 'the Company')

                                 Final results
                     for the period ended 31 December 2005

The Board of Landore is pleased to announce its audited results for the period
to 31 December 2005.

Chairman's statement

The last year has seen many positive changes for the Company both on a corporate
and operational front.

Corporate
In April 2005 the business moved its domicile from Canada to Guernsey by way of
a Scheme of Arrangement. At the same time the Company listed on AIM (trading
symbol LND.L) and raised £2 million, before expenses, at 7p per share. Given the
fact that the senior management is better known in London and Europe this move
has had a positive effect on the Company's profile and share performance.
The Company has adopted International Financial Reporting Standards (IFRS) in
the preparation of its consolidated financial statements. This has resulted in a
provision required against carried exploration costs by the impairment of
goodwill. Consequently this year's profit and loss statement has been charged
with a one-off provision of approximately £3.5 million resulting in a loss for
the period of £4,865,860.

In addition to exploration expenses for the period amounting to £713,986,
administrative expenses of £727,709 included a charge of £169,855 relating to
share based option/payments as per IFRS.

In November 2005 the Company received further funds of approximately £775,000 as
a result of the exercise of certain warrants at 10.9p per share. This has
ensured that the Company is well funded for its 2006 activities.

Operations
Landore's exploration efforts this year have been directed mainly on Junior Lake
and the adjacent optioned Lamaune Lake properties, located approximately 235
kilometres northeast of Thunder Bay.

An initial drilling programme carried out on both properties, to test targets
identified by previous exploration works, was highly successful and led to the
significant nickel discovery at Ketchikan Lake, now known as the VW Zone.

Follow up drilling in November both confirmed and extended this exciting
discovery, intersecting wide sulphide mineralisation with assay results
returning high grades of up to 1.37 per cent. nickel over 4 metres including 3.7
per cent. nickel over 0.7 metres.

A substantial drilling programme (plus 10,000 metres) is scheduled to commence
in late April to further test the VW Zone and to test several other promising
areas identified by earlier drilling.

Excellent results have also been received on Landore's West Graham property,
from drilling carried out by our joint venture partner, First Nickel Inc.
Drilling consistently intersected wide mineralisation with assay results of up
to 0.90 per cent. nickel and 0.33 per cent. copper over 14.25 metres including
3.16 per cent. nickel over 0.5metres. First Nickel Inc. has scheduled 6,000
metres of additional drilling on West Graham this year.

Conclusion
The Company is now looking forward to the results of the 2006 drilling and
exploration programmes, particularly on the Junior Lake and West Graham
projects.

Finally, I would like to take this opportunity to thank all staff members and
our team of advisers for their efforts in 2005 and to the shareholders for their
support.

William Humphries
Chairman
7 April 2006


Operations report

Introduction
Landore Resources Limited through its 100 per cent. owned subsidiary, Landore
Resources Canada Inc., is actively involved in mineral exploration in Eastern
Canada.

Landore owns or has mineral rights to 10 properties owned 100 per cent. and
option agreements on a further two properties.

The Company is concentrating the majority of its resources and efforts on the
Junior Lake property and the Miminiska Lake property. In addition substantial
exploration work is being carried out on the West Graham property by our joint
venture partner

The Junior Lake project - Nickel
The Junior Lake - Lamaune Lake properties are located in the province of
Ontario, approximately 235 kilometres north-northeast of Thunder Bay and are
situated within the Caribou-O-Sullivan Greenstone Belt in the Wabigoon
Subprovince.

The property consists of three blocks:

• Junior Lake - 34 unpatented and two leased, for a total of 5,397
  hectares owned outright.
• Lamaune Lake - eight unpatented, for a total of 1,616 hectares, option
  to purchase.
• Pichette Claim - three unpatented, for a total of 96 hectares, option to
  purchase.

The Junior Lake property is host to a nickel-copper-platinum group elements
(Ni-Cu-PGE) deposit ('B4-7' zone of 2.3 million tons at 0.87 per cent. Ni and
0.58 per cent. Cu), at least eight other Ni-Cu-PGE occurrences, a recently
discovered gold occurrence ('BAM' zone), several copper-zinc occurrences and a
chromium occurrence. These occurrences are hosted by several complex sequences
of Archean-age supracrustal and intrusive rocks.

Exploration work over the last several years has indicated that the contiguous
Junior Lake - Lamaune Lake properties have excellent potential to host a
nickel-copper-platinum group elements (Ni-Cu-PGE) massive sulphide deposit of
the Noril'sk-Talnakh/Voiseys Bay type and/or a nickel (Ni) dominant komatiite
hosted massive sulphide deposit of the Kambalda-type as well as the potential to
host shear zone related lode gold deposits.

In June 2005, an exploratory drilling campaign was completed on the Junior Lake
- Lamaune Lake properties to test targets identified by the previous exploration
works. Four areas drilled, returned significant results, the best being the VW
Zone discovery at Ketchikan Lake, towards the southeastern end of the Junior
Lake property. Wide mineralised horizons were intersected varying in apparent
thickness from 4 to 21 metres with nickel values of up to 0.95 per cent.

Consultant's opinion
Following a property visit and review of drill core from the Ketchikan area,
Geological Consultant Dr. J Mungall from Toronto University commented that
further work should be directed on the Ketchikan occurrence ('VW' zone),
indicating that the occurrence 'has the appearance of a deformed, peripheral
portion of a better mineralised komatiite-hosted system nearby.' His
recommendations include additional prospecting and sampling along the strike
extension of the known occurrence and drilling the known structure where high
conductance anomalies are evident.

In late 2005 additional drilling at Ketchikan Lake confirmed this significant
nickel discovery, consistently intersecting wide sulphide mineralisation with
high nickel values. Hole 0405-40, drilled 75 metres to the west of discovery
hole 0405-36, intersected 0.44 per cent. nickel over 40.1 metres including three
high grade intervals of 1.37 per cent. nickel over 4.0 metres, 0.86 per cent.
nickel over 3.9 metres and 1.24 per cent. nickel over 2.6 metres.

Drilling results from Junior Lake property

Drill-hole           From          Width             Nickel             Copper
No                 metres         metres          per cent.          per cent.

0405-35              28.9           16.1               0.30               0.06
Includes                             3.0               0.68               0.08
0406-36              36.0            7.5               0.21               0.05
And                  90.0           18.0               0.22               0.02
0406-37              31.5           26.5               0.31               0.06
Includes                             4.5               0.80               0.08
And                  63.0            4.5               0.27               0.09
And                  75.0            7.5               0.44               0.05
Includes                             1.5               0.95               0.03
0405-38             216.2            2.5               0.40               0.04
Includes                             0.4               1.01               0.16
0405-40              39.3            5.3               0.41               0.04
                     83.5           14.0               0.37               0.05
Includes                             4.3               0.62               0.02
                    129.0           11.8               0.28               0.03
                    171.0            8.0               0.31               0.06
Includes                             1.5               0.70               0.03
                    184.5            1.9               0.53               0.06
                    225.5           40.1               0.44               0.06
Includes                             4.0               1.37               0.16
which includes                       0.7               3.70               0.10
Includes                             3.9               0.86               0.16
Includes                             2.6               1.24               0.18
0405-43             144.0            0.4               0.12               1.16
0405-46             277.8            0.2               0.09               1.18
                    (All holes were inclined at -45 degrees)

Lamaune Lake property
Landore has given notice that it intends to increase its interest to 80 per
cent. by expending a further C$500,000 on exploration over the next three years.
Lamaune Lake abuts the Junior Lake property to the west and contains the highly
prospective Carrot Top zone which returned grades of up to 0.45 per cent. nickel
and up to 0.64 per cent. copper.

Further drilling
The two drilling campaigns completed in May/June and October/November 2005 on
the Junior Lake and Lamaune Lake properties, successfully identified numerous
nickel occurrences, including the significant discovery at the VW zone and the
highly prospective New, PQ and Carrot Top zones.

A substantial drilling programme (plus 10,000 metres), is scheduled to commence
in April 2006, to be carried out on the above targets.

Miminiska Lake project - Gold
The Miminiska Lake property is located 115 kilometres to the east of Pickle
Lake, Ontario and 180 kilometres to the southeast of the Placer Dome Musselwhite
Mine.

The property consists of three blocks:

• Miminiska Lake - 28 patents and two claims for a total of 800 hectares,
  owned outright.
• Wottam - 20 claims for a total of 4,160 hectares, contiguous and along
  strike from Miminiska, owned outright.
• Frond Lake, 24 patents for a total of 485 hectares, owned outright and
  purchased in December 2005.

The mineralisation is hosted in iron formation in a similar setting to the
Musselwhite gold deposit which has so far produced 1.4 million ounces with
reserves currently estimated at over 2 million ounces.

A drilling campaign, completed in the Miminiska property in February 2005,
succeeded in providing the depth extension of the mineralised zones to a
vertical depth of 250 metres with high grade gold being intersected in most
holes.

Landore has completed four drilling campaigns over the past two years on the
Miminiska gold occurance with 47 NQ diamond drill holes for 9,349 metres,
focusing on two potential shoots within a known 800 metre strike length.

Significant Drill intersections include:
• 40.2g/t gold over 2.4 metres;         9.7g/t gold over 4.3 metres;
• 9.8g/t gold over 2.2 metres;          9.8g/t gold over 3.5 metres;
• 132.1g/t gold over 0.5 metres

A two thousand metres NQ diamond drill programme during late 2006 is planned on
Frond to test the strike, down-dip and plunge extension of the historical
resource reported by Tandem (278,000t @7.4 gpt Au).

West Graham/First Nickel option - Nickel
The West Graham property consists of one patented lot owned outright by Landore
Resources Inc. of 130 hectares.

First Nickel Inc. entered into an option/joint venture with Landore Resources
Canada Inc. to acquire a 70 per cent. interest in the West Graham property which
is strategically located immediately to the south of the East Zone of the
Lockerby Mine. The agreement provides for First Nickel to make cash payments to
Landore of C$150,000 and carry out exploration and development expenditures of
C$6 million over a four-year period. Should First Nickel fully exercise the
option, Landore shall decide whether it wishes to participate to the extent of
its 30 per cent. working interest in the development of the property, failing
which, First Nickel shall have the right to increase its interest to 85 per
cent. by completing a bankable feasibility study within two years thereafter.
The West Graham property contains the historic Conwest Deposit, which represents
the up-plunge extension of First Nickel's Lockerby East Deposit.

There is also felt to be significant potential for high grade footwall-type
deposits in the shadow of the Lockerby East-Conwest system on the West Graham
property given the identification of substantial amounts of Sudbury Breccia and
anomalous platinum group metal values within the footwall stratigraphy.

A resource estimate completed by the Conwest Exploration Company Limited in the
1960's yielded 4.3 million tons at 0.52 per cent. nickel and 0.33 per cent.
copper. This resource should be considered non-compliant with National
Instrument 43-101.

First Nickel drilling results

                                       Drill width            Ni            Cu
Drill Hole     From (m)     To (m)          m (ft)     per cent.     per cent.

FNI2001          268.40     276.35     7.95 (26.1)          0.66          0.46
FNI2002          306.50      321.5    15.00 (49.2)          1.05          0.57
Incl.            310.15     320.00     9.85 (32.3)          1.22          0.62
and              331.50      32.55     1.05 (3.44)          1.23          0.58
FNI2003          356.45     371.53    15.08 (49.5)          1.07          0.38
Incl.            356.45     366.10     8.75 (28.7)          1.30          0.39
FNI2004          356.80     356.60     8.80 (28.9)          0.60          0.32
Incl.             362.4      363.8      1.40 (4.6)          1.00          0.22
FNI2005          186.40     192.60     6.20 (20.3)          0.54          0.32
FNI2006          144.40     188.00   42.70 (140.1)          0.63          0.36
Incl.            159.33     159.90     0.57 (1.87)          3.22          0.14
Incl.            166.40     167.60      2.26 (7.4)          1.30          0.36
FNI2007          107.30     121.55    14.25 (46.8)          0.90          0.33
Incl.            111.80     117.80     6.00 (19.7)          1.24          0.35
Incl.            116.00     116.50       0.5 (1.6)          3.16          0.20
And              133.10     134.60      1.50 (4.9)          1.11          0.31
FNI2008           88.50     130.70   40.80 (133.9)          0.55          0.30
Incl.             91.25      92.35      1.10 (3.6)          1.99          0.08
Incl.             98.80      99.85      1.05 (3.4)          2.08          0.88
FNI2009          101.50     131.25    29.75 (97.6)          0.60          0.29
Incl.            102.95     103.85     0.90 (2.95)          2.99          0.39

First Nickel Inc. will also be examining the possibility that this entire system
could represent a bulk tonnage underground mining situation given the 5 per
cent. to 9 per cent. nickel tenors (ie nickel in 100 per cent. sulphides), which
are present in this material. These tenors are very high by Sudbury standards
for contact-type ores.

An exploration programme is being developed to drill untested gradient IP
anomalies along the contact to the northeast of the Conwest Deposit and to test
the underlying footwall rocks that cover approximately 75 per cent. of the West
Graham property. Six thousand metres of diamond drilling are scheduled for this
property in 2006.

Lessard Property - Copper Zinc
This property comprises 91 claims for a total area of 1,456 hectares and is
situated in the Troilus greenstone belt, 100 kilometres north of Chibougamau,
Quebec. The potential mineralisation is massive and disseminated sulphides
associated with felsic volcanics.

During 2006 a programme of data compilation and reconnaissance exploration is
planned.

Seeley Lake - Glass-grade Nepheline
This property comprised 18 leased claims for a total area of 289 hectares and is
situated 256 kilometres east of Thunder Bay, Ontario.
During 2005 four diamond drill holes totalling 802 metres were completed.

Mount Fronsac - Lead - Zinc - Copper
This property, located about 65 kilometres southwest of Bathurst, New Brunswick,
comprises 31 claims for a total area of 471 hectares. Exploration targets
include lead, zinc and copper with associated gold and silver. This property is
currently under option to Noranda Mining and Exploration Inc.

Brancote US Inc.
In addition Landore, through its wholly owned subsidiary Brancote US Inc., holds
nine mineral properties in Nevada USA. These properties include grass roots
exploration areas as well as defined drill targets. Four of these properties are
optioned to third parties. Landore is actively seeking to option or sell
outright the remaining five properties.


Consolidated income statement
for the period 16 February 2005 to 31 December 2005
                                                         Notes   Period ended 31
                                                                   December 2005
                                                                             £

Exploration costs                                            3        (713,986)
Administrative expenses                                               (727,709)
Impairment of goodwill                                              (3,486,377)

Operating loss                                                      (4,928,072)
Interest receivable                                                     62,212

Loss before income tax                                              (4,865,860)
Income tax expense                                           2               -

Loss for the period                                          1      (4,865,860)

Attributable to:
Equity holders of the Group                                         (4,865,860)

Earnings per share for loss attributable to the equity
holders of the Group during the period (expressed in £ 
per thousand shares)
- basic                                                      4          (0.066)
- diluted                                                    4          (0.066)

The Group's operating loss relates to continuing operations.



Consolidated balance sheet
at 31 December 2005
                                                       Group          Company
                                                       At 31            At 31
                                                    December         December
                                                        2005             2005
                                                           £                £

Assets
Non current assets
Goodwill                                                   -                -
Property, plant
and equipment                                         63,573                -
Investments                                                -           94,889

                                                      63,573           94,889
Current assets
Trade and other
receivables                                           24,653          273,502
Cash and cash
equivalents                                        1,848,807        1,839,644

                                                   1,873,460        2,113,146

Total assets                                       1,937,033        2,208,035

Equity
Capital and reserves attributable to
 the Company's equity holders
Share capital                                        930,033          930,033
Share premium                                      5,410,126        5,410,126
Share options                                        247,531          247,531
Warrants                                              43,571           43,571
Retained earnings                                 (4,861,337)      (4,479,531)
Cumulative
translation
adjustment                                            22,622                -

Total equity                                       1,792,546        2,151,730

Liabilities
Current liabilities
Trade payables                                       144,487           56,305

Total liabilities                                    144,487           56,305

Total equity and
liabilities                                        1,937,033        2,208,035



Consolidated statement of changes in equity
31 December 2005
                                                                  Period ended
                                                                   31 December
                                                                          2005
                                                                             £

Loss for the financial year                                         (4,865,860)
Lapse of warrants credited to reserves                                   4,523
Translation adjustment on consolidation                                 22,622

Net loss recognised directly in equity                              (4,838,715)
Issue of ordinary share capital                                        930,033
Share premium arising on issue of ordinary share capital             5,875,204
Issue costs                                                           (465,078)
Issue of warrants                                                       43,571
Issue of share options                                                 247,531

Net increase in shareholders' funds                                  1,792,546
Opening shareholders' funds                                                  -

Closing shareholders' funds                                          1,792,546



Consolidated cash flow statement
For the period ended 31 December 2005
                                                                   31 December
                                                                          2005
                                                                             £
Cash flows from operating activities
Operating loss                                                      (4,865,860)
Depreciation of tangible fixed assets                                   36,696
Impairment of goodwill                                               3,486,377
Share based payment                                                    169,855
Decrease in debtors                                                        566
Increase in creditors                                                   18,437

Net cash outflow from operating activities                          (1,153,929)
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired                        693,642
Purchase of property, plant and equipment                              (50,078)
                                                                       643,564
Cash flows from financing activates
Issue of ordinary share capital                                      2,803,084
Issue costs                                                           (447,829)
                                                                     2,355,255
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period                             -
Exchange gains/(losses) on cash and cash equivalents                     3,917

Cash and cash equivalents at end of period                           1,848,807



Accounting policies
Basis of accounting
The preliminary announcement has been prepared in accordance with those
International Financial Reporting Standards ('IFRS') and International Financial
Reporting Interpretations Committee ('FRIC') interpretations issued and
effective or issued and early adopted as at the time of preparing these
financial statements (February 2006).

The financial statements have been prepared on the historical cost basis. The
Group has adopted UK Sterling as its functional currency. The principal
accounting policies adopted are set out below.

The Directors consider the going concern basis of preparation to be appropriate
as the Group has sufficient cash reserves to permit it to continue trading for a
period of at least twelve months following the date of approval of these
accounts.


Notes to the financial statements
for the period ended 31 December 2005

1. Loss from operations
                                                                          2005
                                                                             £
Loss from operation is stated after charging:
Impairment of goodwill                                               3,486,377
Depreciation of property, plant and equipment                           36,696
Auditors' remuneration - audit services                                 27,500

2. Taxation
Landore Resources Limited is a Guernsey registered company and is eligible for
exemption from income tax in Guernsey under the Income Tax (Exempt Bodies)
(Guernsey) Ordinances 1989 and 1992 as amended. An annual fee of £600 is paid in
this respect.

The Company's subsidiary, Landore Resources Canada Inc., is subject to Canadian
Federal tax. No tax has been provided in the accounts due to losses incurred by
that company to date.

3. Mineral properties
                            April         Expenditure              Accumulated
                             2005                  in           expenditure at
                                                  the              31 December
                                               period                     2005
                                £                   £                        £

Miminiska Lake          1,117,599               9,615                1,127,214
Junior Lake               544,684             395,495                  940,179
Frond Lake                 33,917              23,874                   57,791
Wottam                     60,128               1,430                   61,558
Lamaune Lake               68,953             202,409                  271,362
Seeley Lake                     -              80,431                   80,431
Other                      11,260                 732                   11,992
                        1,836,541             713,986                2,550,527

Mineral properties at 5 April 2005 represent accumulated costs to date incurred
by Landore Resources Canada Inc., a subsidiary of Landore Resources Limited. On
acquisition of Landore Resources Canada Inc., on 5 April 2005 the fair value of
those costs incurred to date was considered to be £nil (see note 8). All
subsequent expenditure has been charged to the income statement in accordance
with the Group accounting policy.

3.1 Miminiska Lake
Miminiska Lake, wholly owned by the Company, is a gold exploration project
located approximately 115 kilometres east of Pickle Lake in Northern Ontario,
Canada. The property consists of 28 patented and 2 staked claims.

3.2 Junior Lake
Junior Lake is a nickel, copper, platinum group metals and gold exploration
project located approximately 250 kilometres north of Thunder Bay in Northern
Ontario, Canada. The property consists of two leased claims wholly owned by the
Company. A portion of the project is subject to a 2 per cent. net smelter return
('NSR').

3.3 Frond Lake
Frond Lake is a gold property located about 125 kilometres east of Pickle Lake,
Ontario. The property is comprised of 24 patented claims contiguous to the east
of the Wottam property. On December 22, 2005, the Company purchased the property
outright subject to underlying 2 per cent. NSR agreements.

3.4 Wottam
The Wottam property is a gold exploration project located 125 kilometres east of
Pickle Lake in Northern Ontario, Canada. The property is wholly owned by the
Company and includes claims contiguous to the east of the Miminiska Lake
property.

3.5 Lamaune Lake
Effective 5 September 2002, the Company entered into an Option Agreement with
Michael Stares, Stephen Stares, James Dawson and Stares Contracting Corp
relating to eight mining claims located near Lamaune Lake, Ontario. The Lamaune
Lake property is contiguous with the Auden and Junior Lake property claims held
by the Company. The Company has the ability to earn up to an 80 per cent.
interest in the Lamaune Lake property subject to the conditions set forth in the
Option Agreement.

3.6 Seeley Lake
Seeley Lake is an industrial minerals nepheline-syenite property, located 250
kilometres to the east of Thunder Bay, Ontario, on the north of Lake Superior.
The property is comprised of 18 leased claims wholly owned by the Company.

4. Loss per share
The calculation of the basic loss per share is based on the loss for the
financial period divided by the weighted average number of shares being
73,657,371 in issue during the period.

Diluted loss per share
The fully diluted loss per share is based on the loss for the financial period
divided by the weighted average number of shares and potential shares being
73,785,547 in issue during the period:
                                                                          2005
                                                                 No. of shares

Ordinary shares                                                     73,657,371
Effect of options and warrants issued at fair value                    128,176
                                                                    73,785,547

5. Reconciliation of net cash flow to movement in net funds
                                                                          2005
                                                                             £
Increase in cash                                                     1,848,807
Change in net funds resulting from cash flows                        1,848,807
Closing net funds                                                    1,848,807

6. Analysis of net funds
                                     At           Cashflow                 At
                            16 February                           31 December
                                   2005                                  2005
                                      £                  £                  £
Cash at bank and in
hand                                  -          1,848,807          1,848,807
Total                                 -          1,848,807          1,848,807

7. Publication of non statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts.

The balance sheet at 31 December 2005 and the profit and loss account, cash flow
statement and associated notes for the period then ended have been extracted
from the Company's 2005 statutory financial statements upon which the auditors'
opinion is unqualified.

8. Annual Report
The Annual Report for the period ended 31 December 2005 will be posted to
shareholders shortly. The Annual General Meeting of the Company will be held at
La Tonnelle House, Les Banques, St Sampson, Guernsey at 11.00 a.m. on Tuesday 23
May 2006.







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