Interim Results

Alba Mineral Resources PLC
31 August 2005

Alba Mineral Resources Plc

Interim results for the period ended 31 May 2005





CHAIRMAN'S STATEMENT



Introduction



The results for Alba Mineral Resources Plc (the 'Company', and collectively with
the Subsidiary Company, the 'Group') reflect the period from the Company's
incorporation, 12 November 2004, to 31 May 2005. They incorporate the results of
the Company's only subsidiary Aurum Mineral Resources Limited, which is wholly
owned. The Company completed a successful placing of 20,000,000 ordinary shares
on 4 April 2005. The gross proceeds of the placing were £1,050,000 and all of
the Company's ordinary shares were admitted to trading on AIM.



Results for the Period



The Group made a loss for the period, after taxation, of £63,250 after receiving
interest of £6,047 and having paid administrative expenses of £69,297. The basic
loss per share was 0.3 pence and 0.3 pence on a fully diluted basis. The Group
had cash balances of £775,807 at the period end.



Review of Activities



The Company's Board has been actively exploring and enhancing its understanding
of the Company's nickel-copper-PGE and gold licences which it holds in Scotland
and Ireland. Orientation, geochemical and geophysical sampling programmes have
been ongoing during the summer field season and verification drilling of the
Company's nickel-copper-PGE prospect in Scotland commenced in mid-August.
Additionally, regional lithogeochemical sampling of the North Limerick gold
prospect in Ireland was recently completed. The Company anticipates making
further announcements on the progress and results of these work programmes in
the near future.



Furthermore the Board intends to develop the Company as a quality 'Junior
Explorer' with interests in a number of well researched and promising properties
which it may own either in its own right or in conjunction with other parties.
To this end the Board is looking to enter into partnerships with other like
minded companies where a pooling of resources and expertise has the potential to
increase the opportunity to acquire other licences and prospects. The objective
is to diversify the Company's risk profile so that its future success is not
solely dependant on results from any one project or small number of projects.
The Company will make further announcements on such developments as and when
agreements are entered into.



Future Prospects



Our principal objective now, and in the immediate future, is to further validate
and advance our understanding of our nickel-copper-PGE prospect at Arthrath,
Scotland. However, we are also aware that there are potential opportunities in
base and precious metals elsewhere as well as other potential opportunities
within the Appalachian-Caledonide trend in a zone extending from the eastern
seaboard of North America to Scandinavia, also encompassing areas of Greenland,
Ireland and the United Kingdom. We will continue to evaluate such new projects,
adding them to our portfolio where appropriate, whilst at the same time looking
to advance steadily the development of our existing gold and base-metal
projects.











Lance O'Neill

31 August 2005

Chairman









CONSOLIDATED PROFIT AND LOSS ACCOUNT


                                                                                            Unaudited
                                                                                         Period ended
                                                                                          31 May 2005
                                                                                   £                £
Turnover                                                                                            -
Cost of sales                                                                                       -
                                                                                      ---------------
Gross profit                                                                                        -
Administrative expenses
           Acquisitions                                                     (29,294)
           Other continuing operations                                      (40,003)
                                                                     ---------------
                                                                                             (69,297)
                                                                                      ---------------
Operating loss                                                                               (69,297)

Interest receivable and investment income                                                       6,047
                                                                                      ---------------
Loss on ordinary activities before taxation                                                  (63,250)

Tax on ordinary activities (note 2)                                                                0

                                                                                      ---------------
Retained loss for the period                                                                 (63,250)
                                                                                            =========
Loss per ordinary 1p share (note 3)
-  basic                                                                                    0.3 pence
-  diluted                                                                                  0.3 pence







CONSOLIDATED BALANCE SHEET


                                                                                          Unaudited
                                                                                        31 May 2005
                                                                                                  £

Intangible fixed
assets
Intangible assets                                                                            86,469
Goodwill                                                                                    178,254
                                                                                    ---------------
                                                                                            264,723
                                                                                    ---------------
Current assets
Debtors                                                                                      50,690
Cash at bank and in hand                                                                    775,807
                                                                                    ---------------
                                                                                            826,497

Creditors: amounts falling due within one year                                             (77,180)
                                                                                    ---------------
Net current assets                                                                          749,317
                                                                                    ---------------

                                                                                    ---------------
Total assets less current liabilities                                                     1,014,040
                                                                                          =========
Capital and reserves
Called up share                                                                             590,626
capital
Share premium account                                                                       287,387
Merger reserve                                                                              200,000
Profit and loss                                                                            (63,250)
account
Foreign currency translation reserve                                                          (723)
                                                                                    ---------------
                                                                                          1,014,040
                                                                                          =========



CONSOLIDATED CASH FLOW STATEMENT


                                                                                          Unaudited
                                                                                       Period ended
                                                                                        31 May 2005
                                                                                                  £
Net cash outflow from operating activities                                                 (36,762)

Returns on investments
Interest received                                                                             6,047

Capital expenditure
Purchase of intangible assets                                                              (17,939)

Acquisitions
Net cash balances acquired with subsidiary                                                  (3,552)
Purchase of subsidiary undertaking                                                        (250,000)

                                                                                    ---------------
Net cash outflow before                                                                   (302,206)
financing
                                                                                    ---------------
Financing
Issue of shares net of costs                                                              1,078,013
                                                                                    ---------------
Increase in cash in the period                                                              775,807
                                                                                          =========

Reconciliation of operating loss to net cash outflow from operating activities
Operating loss                                                                             (69,297)
Depreciation and amortisation                                                                 6,147
Foreign currency translation adjustments                                                      (102)
Increase in trade debtors                                                                  (50,690)
Increase in trade creditors                                                                  77,180
                                                                                    ---------------
Net cash outflow from operating activities                                                 (36,762)
                                                                                          =========





NOTES



1.                   Basis of preparation



The interim report for the period to 31 May 2005 is unaudited and does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985.  It has been prepared under the historical cost convention.

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 and diluted loss per share are presented in accordance with FRS14 '
Earnings per share' based on the loss for the period of £63,250 and the
following weighted average number of ordinary shares.
                                                                              Unaudited
                                                                           Period ended
                                                                            31 May 2005

Weighted average number of shares:
Basic                                                                        23,479,998
Dilutive effect of warrants                                                      69,600
                                                                        ---------------
Weighted average number of shares - diluted                                  23,549,598
                                                                              =========



Enquiries:


Lance O'Neill, Alba Mineral Resources Plc                                020 7499 8334
Nigel Duxbury, Alba Mineral Resources Plc                                020 7499 8334
Liam Murray, City Financial Associates Limited                           020 7090 7800




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