Interim Results

RNS Number : 7162R
Beowulf Mining PLC
27 August 2010
 



27 August 2010

 

Beowulf Mining Plc

("Beowulf" or the "Company")

 

Interim Results for the six months ended 30 June 2010

 

Beowulf (AIM: BEM, Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, announces its unaudited interim results for the six months ended 30 June 2010.

 

Highlights:

 

Ruoutevare/Kallak iron ore projects:

·      Independent scoping/conceptual study from the Raw Materials Group of Sweden confirms that the Ruoutevare and Kallak projects have considerable promise with a significant resource close to the surface and being very amenable to open-pit mining.

·      Encouraging initial assay results received from the 3,500 metre drilling programme on Kallak which is now nearing completion.  The drill programme seeks to further define the quantity and quality of iron ore present, and refine the commerciality of the project, with the intention of obtaining a maiden JORC compliant resource estimate.

·      Drilling campaign on Ruoutevare to commence in Q4 2010.

 

Ballek Joint Venture project:

·      Operational partner, Energy Ventures Limited, completes 1,601 metre drilling commitment to earn-in a 50 per cent. interest in the newly established joint venture holding company, Wayland Copper Limited.

·      Assay results from the 8 hole diamond drilling programme confirm the presence of widespread anomalous copper-gold mineralisation in the Ballek area.

 

Other projects/Corporate:

·      Acquisition of three new permits agreed with Tasman Metals Limited, subject to regulatory approval, to add significant resources to the southern extensions of the Kallak project.

·      Successful placing completed in March 2010 to raise £1 million (gross) to provide flexibility in respect of the development of the Company's flagship projects.  

·      Approximately £752,000 cash held at the period end.

·      Recent share price performance and strong trading volumes in London and Stockholm reflect the Company's encouraging prospects.

 

 

Clive Sinclair-Poulton, Executive Chairman of Beowulf commented:

"The first half of 2010 has been another active period for the Company and we look forward to reporting the remaining results of our Kallak drilling programme, which is currently nearing completion, in due course. We remain on schedule to commence our new drilling campaign at Ruoutevare this year and also anticipate starting   work on our recently acquired permits at Parkijaure, just south of Kallak, by the end of this year subject to receiving regulatory approval on the acquisition. Such approval is expected to be received in the coming quarter.

 

The Company remains well placed to build on the current momentum and progress the further development and commercialisation of its attractive portfolio of Swedish exploration assets."

 

Enquiries:

 

Beowulf Mining Plc


Clive Sinclair-Poulton, Chairman

Tel: +353 (0)85 739 2674



Strand Hanson Limited


Matthew Chandler / Simon Raggett

Tel: +44 (0)20 7409 3494



Alexander David Securities Limited


David Scott / Nick Bealer

Tel: +44 (0)20 7448 9820



Lothbury Financial Services Limited


Gary Middleton / Michael Padley

Tel: +44 (0)20 7868 2010



or visit http://www.beowulfmining.net       


 

           

Chairman's statement

 

The Board of Beowulf is pleased to present the Company's unaudited interim results for the six month period to 30 June 2010. Beowulf currently has eight exploration projects in Northern Sweden primarily prospecting for iron, copper, gold and uranium. The results show that the Company incurred a loss after taxation for the six month period ended 30 June 2010 of £221,968 (2009: loss of £190,547).

 

Ruoutevare and Kallak projects (iron ore)

 

The independent conceptual study completed by Sweden's Raw Materials Group ("RMG") and released during the period under review, confirmed the Board's belief that the Company's two wholly-owned flagship iron ore deposits at Ruoutevare and Kallak in the municipality of Jokkmokk, northern Sweden, have considerable promise, containing a significant resource close to the surface and being very amendable to open-pit mining. RMG suggested that both Ruoutevare and Kallak are some of Scandinavia's largest known remaining iron ore deposits still awaiting commercial exploitation. They also recommended that Beowulf conduct further drilling and analytical work to further refine the commerciality of the two projects and prove up their potential value.

 

Accordingly, in April 2010 the Company embarked on a 3,500 metre drilling campaign at its Kallak North iron ore deposit to further define the quantity and quality of iron ore already known to be present in the licence area. Encouraging initial assay results for the first 1,600 metres were announced in July 2010, revealing commercial grades of iron across the 300 metre width of the deposit and the identification of significant high grade sections of iron ore at depth in the western section. Our thanks go to Jan-Ola Larsson, Technical Director, who has overseen the campaign and successfully overcome the initial technical problems, mainly relating to difficult fast melting snow conditions. The remainder of the drilling programme is now nearing completion with analytical testing scheduled to be completed during September 2010, the results of which are anticipated to be available for release in Q4 2010. A further drilling campaign for Ruoutevare is intended to commence in Q4 2010.

 

The Board continues to believe that with further work there is good potential for increasing the maiden inferred JORC resource estimate at Ruoutevare from the current level of 140 million tonnes to approximately 200 million tonnes and to achieve a maiden JORC compliant resource classification for Kallak in the region of 150 million tonnes. Ongoing metallurgical tests being conducted by MINPRO AB's research laboratory at Stråssa, Central Sweden on iron ore from the Kallak deposit, have shown that a high grade pellet feed product containing 70.4% iron can be produced by conventional techniques.

 

Ballek Joint Venture project (copper-gold-uranium)

 

In the first quarter of 2010, our operational partner on the Ballek Joint Venture project, Energy Ventures Limited ("EVE") completed its 1,601 metre drilling commitment to earn-in a 50 per cent. interest. The project, comprising four exploration permits covering 110 square kilometres in Arjeplog County, northern Sweden, is now held in a newly established UK private company, Wayland Copper Limited ("Wayland") which is jointly and equally owned by Beowulf and EVE. Assay results from the 8 hole diamond drilling programme, testing a series of geophysical targets to the north and south of the Lulepotten deposit, were announced in late June 2010 and confirmed the presence of widespread anomalous copper-gold mineralisation in the Ballek area. Wayland is currently reviewing all the available data on the project in order to identify and prioritise targets for further exploration drilling and assessing its development options.

 

Other projects

 

We have continued to look at ways to develop our other assets and assess opportunities to expand our existing portfolio. In July 2010, we agreed to acquire Iron of Sweden Limited ("IOS"), the wholly owned UK subsidiary of Tasman Metals Limited (TSX.V: TSM), for consideration of C$40,000 to be satisfied by the allotment of 691,921 new ordinary shares of 1p each in the Company and a 1.5% net smelter royalty on any future production. Completion of the acquisition remains conditional on the receipt of regulatory approval from the Swedish authorities for the transfer of three permits to IOS (Parkijaure numbers 1 and 2 and Nakerivaara number 1), which is anticipated to be received shortly. These additional permits will add significant iron ore resources to the southern extensions of our existing Kallak project and we anticipate commencing work on the new licence areas by the end of this year.

 

An independent report produced in May 2009 by ReedLeyton Consulting stated that the two Parkijaure permits have an anomaly with an estimated 34 million tonnes of 38-39% iron ore and that "....the source of the anomaly is not only bigger in volume than that of the Kallak deposit but also significantly higher in magnetic susceptibility."

 

Corporate

 

In late March 2010, the Company successfully completed a placing of 40,000,000 new ordinary shares at a price of 2.5p per share to raise £1 million (gross) to provide additional working capital and afford the Company greater flexibility in respect of the development of its two major iron ore assets.

 

Further to the Company's connection agreement with AktieTorget AB (www.aktietorget.se) in Stockholm, it provides a facility for the Company's ordinary shares to be traded in Sweden in the form of Swedish Depositary Receipts ("SDRs"). Under this arrangement, Beowulf's ordinary shares can be lodged with custodian bank Skandinaviska Enavilda Banken AB, via its London agent HSBC bank, as security against the issue of SDRs which can then be traded on the Swedish Aktietorget market. As well as affording Swedish investors easier access to ownership of a stake in Beowulf, the Board's intention was to also increase liquidity and demand for the Company's ordinary shares. Trading in the SDRs on the Aktietorget commenced on 6 August 2008. From an initial tranche of 2 million ordinary shares lodged at inception of the facility, as at 31 July 2010 there were approximately 18.98 million ordinary shares lodged and traded on the Aktietorget via SDRs. As a company operating in Sweden and developing Swedish natural resource assets, this continued interest and support from Swedish investors remains highly encouraging.

 

We remain committed to maintaining strong investor relations and following our successful presentation in April at the Minesite investor forum in London, intend making a follow up presentation at next year's equivalent event. We have also recently upgraded our corporate website and enhanced its content

 

Outlook

 

The natural resource sector and market for commodities continues to be buoyant with prices remaining robust albeit buffeted by concerns over the possible cooling of the Chinese economy. While China may indeed slow down to "only" a 9.9% economic growth rate in 2010 (source: The Economist, 19 August 2010), the Board believes that this will be balanced by the inclusion of India to the global equation and improvements in the North American and European markets.

 

The first half of 2010 has been another active period for the Company with positive newsflow from both our Kallak and Ballek projects and the acquisition of new permits to expand our existing portfolio. We are particularly pleased by the Company's recent share price performance with strong trading volumes in both London and Stockholm reflecting the Company's encouraging prospects. We look forward to reporting further progress in due course.

 

Clive Sinclair-Poulton

Executive Chairman

27 August 2010

 

 

 

INCOME STATEMENT

FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010

 

                                                                              (Unaudited)       (Unaudited)           (Audited)

                                                                             6 months to       6 months to       Year ended

                                                                           30 June 2010     30 June 2009     31 Dec 2009

                                                                                                    (as restated)     (as restated)

                                                                                           £                      £                      £

CONTINUING OPERATIONS

Revenue                                                                                 -                       -                       -

 

Other operating income                                                            -                    75                    75

Administrative expenses                                               (217,583)          (187,481)          (396,294)








OPERATING LOSS                                                     (217,583)          (187,406)          (396,219)

 

Finance costs                                                                 (4,667)              (3,333)              (6,394)

 

Finance income                                                                  282                   192                  278








LOSS BEFORE TAX                                                    (221,968)          (190,547)          (402,335)

 

Tax                                                                                        -                       -                       -








LOSS FOR THE PERIOD                                             (221,968)          (190,547)          (402,335)








Basic loss per share                                                       (0.17p)              (0.25p)              (0.44p)

Diluted loss per share                                                     (0.16p)              (0.22p)              (0.42p)

 

 

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010

 

                                                                              (Unaudited)       (Unaudited)           (Audited)

                                                                             6 months to       6 months to       Year ended

                                                                           30 June 2010     30 June 2009     31 Dec 2009

                                                                                           £                      £                      £

 

LOSS FOR THE PERIOD                                             (221,968)          (190,547)          (402,335)

 

OTHER COMPREHENSIVE INCOME                                                                                        

Revaluation of investments                                               39,329             (24,931)             70,685








OTHER COMPREHENSIVE INCOME

FOR THE PERIOD, NET OF INCOME TAX                       39,329             (24,931)             70,685

 

TOTAL COMPREHENSIVE INCOME

FOR THE PERIOD                                                       (182,639)          (215,478)          (331,650)








 



STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2010

                                                                              (Unaudited)       (Unaudited)           (Audited)

                                                                             6 months to       6 months to       Year ended

                                                                           30 June 2010     30 June 2009     31 Dec 2009

                                                                                                    (as restated)     (as restated)

                                                                                           £                      £                      £

ASSETS

NON-CURRENT ASSETS

Intangible assets                                                           852,800            545,815            663,888

Property, plant and equipment                                              943                1,079                1,079

Investments                                                                  165,695              49,408            155,024








                                                                                1,019,438            596,302            819,991








CURRENT ASSETS

Trade and other receivables                                             51,836              37,433              22,595

Cash and cash equivalents                                            752,370              41,798            190,332








                                                                                   804,206              79,231            212,927








TOTAL ASSETS                                                        1,823,644            675,533         1,032,918








 

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital                                               1,458,982            808,982         1,058,982

Share premium                                                          3,387,719          2,597,191         2,847,719

Share scheme reserve                                                      5,351                5,879                5,351

Revaluation reserve                                                              695             (55,592)             40,024

Capital contribution reserve                                              46,451              46,451              46,451

Retained earnings                                                     (3,359,179)        (2,917,571)       (3,137,211)








TOTAL EQUITY                                                         1,540,019            485,340            861,316








 

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

  Interest bearing loans and borrowings                           250,000            150,000            150,000








CURRENT LIABILITIES

Trade and other payables                                                33,625              40,193              21,602








TOTAL LIABILITIES                                                     283,625            190,193            171,602








TOTAL EQUITY AND LIABILITIES                             1,823,644            675,533         1,032,918










CASHFLOW STATEMENT

FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010

 

                                                                              (Unaudited)       (Unaudited)           (Audited)

                                                                             6 months to       6 months to       Year ended

                                                                           30 June 2010     30 June 2009     31 Dec 2009

                                                                                                    (as restated)     (as restated)

                                                               Notes                    £                      £                      £

Cash flows from operating activities

Cash generated from operations                       1           (234,131)          (175,956)          (383,522)

Interest paid                                                                            -                       -               (8,061)








Net cash from operating activities                                  (234,131)          (175,956)          (391,583)








 

Cash flows from investing activities

Purchase of intangible fixed assets                                (194,113)            (36,729)          (162,654)

Purchase of tangible fixed assets                                              -                       -                       -

Purchase of fixed asset investments                                (50,000)                      -             (10,000)

Interest received                                                                  282                   192                  278








Net cash from investing activities                                   (243,831)            (36,537)          (172,376)








 

Cash flows from financing activities

New loans in period                                                       100,000                       -                       -

Loan repayments in the period                                                  -           (100,000)          (100,000)

Share issue                                                               1,000,000                       -            500,000

Cost of share issue                                                        (60,000)                      -                       -








Net cash from financing activities                                 1,040,000           (100,000)           400,000








 

(Decrease)/Increase in cash

 and cash equivalents                                                 562,038           (312,493)          (163,959)

Cash and cash equivalents at the beginning

 of period                                                      2            190,332            354,291            354,291








Cash and cash equivalents at end of period               752,370              41,798            190,332








 



 

NOTES TO THE CASH FLOW STATEMENT

FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010

 

1. Reconciliation of loss before tax to cash generated from operations

 

                                                                              (Unaudited)       (Unaudited)           (Audited)

                                                                             6 months to       6 months to       Year ended

                                                                           30 June 2010     30 June 2009     31 Dec 2009

                                                                                                    (as restated)     (as restated)

                                                                                           £                      £                      £

Loss before tax                                                            (221,968)          (190,547)          (402,335)

Depreciation charges                                                           136                   360                  360

Impairment of exploration costs                                         5,201                       -                       -

Equity-settled share-based payment transactions                       -                       -                       -

Finance costs                                                                  4,667                3,333                6,394

Finance income                                                                 (282)                 (192)                (278)








                                                                                  (212,246)          (187,046)          (395,859)

Decrease/(Increase) in trade and

 other receivables                                                           (29,242)              (3,479)             11,359

Increase/(Decrease) in trade and

 other payables                                                                7,357              14,569                  978








Cash generated from operations                               (234,131)          (175,956)          (383,522)








 

2. Cash and cash equivalents

 

The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet amounts:

 

Period ended 30 June 2010

                                                                                                   30 June 2010        1 Jan 2010

                                                                                                                   £                      £

Cash and cash equivalents                                                                    752,370            190,332








 

Period ended 30 June 2009

                                                                                                   30 June 2009        1 Jan 2009

                                                                                                                   £                      £

Cash and cash equivalents                                                                      41,798            354,291








 

Year ended 31 December 2009

                                                                                                    31 Dec 2009        1 Jan 2009

                                                                                                                   £                      £

Cash and cash equivalents                                                                    190,332            354,291








Cash and cash equivalents consist of cash in hand and balances with banks.



NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION

FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2010

 

1. Basis of preparation

 

These interim financial statements for the six month period ended 30 June 2010 have been prepared using the historical cost convention, on a going concern basis and in accordance with the International Financial Reporting Standards ("IFRS") including IAS 34 'Interim Financial Reporting' and IFRS 6 'Exploration for and Evaluation of Mineral Resources', as adopted by the European Union ("EU"). They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2010, and which are also consistent with the accounting policies applied for the year ended 31 December 2009 except for the adoption of new standards and interpretations.

 

These interim results for the six months ended 30 June 2010 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2009 have been delivered to the Registrar of Companies and filed at Companies House and the auditors' report on those financial statements was unqualified and did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.

 

2. Accounting policies

 

Reporting entity

Beowulf Mining plc is a company domiciled in the United Kingdom.  The address of the Company's registered office is Richmond House, Broad Street, Ely, Cambridgeshire, CB7 4AH.  The Company is primarily involved in the exploration for world-class iron, copper, gold and uranium deposits.

 

Compliance with accounting standards

These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

 

The financial statements have been prepared under the historical cost convention.

 

Significant accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for revenues and expenses during the year and the amounts reported for assets and liabilities at the balance sheet date. However, the nature of estimation means that the actual outcomes could differ from those estimates.

 

The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are the measurement of any impairment on intangible assets and the estimation of share-based payment costs. The Company determines whether there is any impairment of intangible assets on an annual basis. The estimation of share-based payment costs requires the selection of an appropriate model, consideration as to the inputs necessary for the valuation model chosen and the estimation of the number of awards that will ultimately vest.

 

Changes in accounting policies

When originally adopting IFRS the Company took the option under IFRS 6 (Exploration for and Evaluation of Mineral Resources) to continue to use the accounting policy applied immediately before adopting the IFRS, resulting in exploration costs continuing to be amortised over the licence periods. The Company has now changed its accounting policy to fully adopt the provisions of IFRS 6, which it feels makes the financial statements more relevant to the economic decision-making needs of users.

 

Intangible fixed assets - exploration costs

Expenditure on the acquisition costs, exploration and evaluation of interests in licences including related overheads are capitalised.  Such costs are carried forward in the balance sheet under intangible assets and amortised over the minimum period of the expected commercial production in respect of each area of interest where:

 

a) such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its sale;

 

b) exploration activities have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active operations in relation to the areas are continuing.

 

An annual impairment review is carried out by the directors to consider whether any exploration or development costs have suffered impairment in value and whether necessary provisions are made accordingly.

 

Accumulated costs in respect of areas of interest that have been abandoned are written off to the profit and loss account in the year in which the area is abandoned.

 

Exploration costs are carried at cost less provisions for impairment.

 

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

 


Plant and machinery

- 25% on reducing balance

 

Investments

Fixed asset investments are stated at open market value.  The revaluation adjustment is taken to the revaluation reserve and any impairments are shown in the income statement for the year.

 

Financial instruments

Financial assets and liabilities are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

-


Cash and cash equivalents comprise cash held at bank and short term deposits


-


Trade payables are not interest bearing and are stated at their nominal value


-


Equity instruments issued by the Company are recorded at the proceeds received except where those proceeds appear to be less than the fair value of the equity instruments issued, in which case the equity instruments are recorded at fair value. The difference between the proceeds received and the fair value is reflected in the share based payments reserve.


 

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

 

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.  Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

 

Share-based payment transactions

Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement over the vesting period.  Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of all options granted.  As long as all other vesting conditions are satisfied, a charge is made irrespective of whether market vesting conditions are satisfied.  The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

Where terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, the income statement or share premium account if appropriate, are charged with the fair value of goods and services received.

 

 

3. Loss per share

 

Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares of 128,881,672 (30 June 2009 - 77,479,016 and 31 December 2009 - 92,131,124) outstanding during the period.

 

Diluted loss per share is calculated using the weighted average number of shares of 132,131,672 (30 June 2009 - 85,100,445 and 31 December 2009 - 95,647,425) adjusted to assume the conversion of all dilutive potential ordinary shares.

 

 

4. Prior year adjustments

 

As a result of the abovementioned change of accounting policy, amortisation costs previously charged to the income statement have been removed and the value of intangible assets on the statement of financial position re-stated. The amortisation charged for the year to 31 December 2008 was £74,725 and 31 December 2009 was £189,542. After applying the prior year adjustments and removing these charges from the income statements, the amount of intangible assets shown on the statements of financial position increase by £278,182 as at 31 December 2008 and £459,872 as at 31 December 2009 and have been re-stated accordingly.

 

 

5. Called up share capital

 

                                                                              (Unaudited)       (Unaudited)           (Audited)

                                                                           30 June 2010     30 June 2009     31 Dec 2009

                                                                                           £                      £                      £

Allotted, called up and fully paid

145,898,247 Ordinary shares of 1p each                       1,458,982            808,982         1,058,982








 

 

 

 

 

 

6. Reserves

 

                                                                                  Retained               Share       Revaluation

                                                                                  Earnings           premium             reserve

                                                                            (as restated)

                                                                                           £                      £                      £

 

At 30 June 2009                                                        (2,917,571)         2,597,191             (55,592)

Deficit for period                                                           (219,640)                      -                       -

Cash share issue                                                                    -            250,000                       -

Revaluation in period                                                                -                       -              95,616

Equity-settled share-based transactions                                    -                   528                       -








At 31 December 2009                                                (3,137,211)         2,847,719              40,024 

Deficit for year                                                             (221,968)                      -                       -

Cash share issue                                                                    -            540,000                       -

Revaluation in period                                                                -                       -             (39,329)

Equity-settled share-based transactions                                    -                       -                       -








At 30 June 2010                                                        (3,359,179)         3,387,719                  695








 

 

                                                                                     Capital               Share                       

                                                                              contribution            scheme               Totals

                                                                                    reserve              reserve     (as restated)

                                                                                           £                      £                      £

 

At 30 June 2009                                                             46,451                5,879           (323,642)

Deficit for year                                                                         -                       -           (219,640)

Cash share issue                                                                    -                       -            250,000

Revaluation in period                                                                -                       -              95,616

Equity-settled share-based transactions                                    -                  (528)                      -








At 31 December 2009                                                     46,451                5,351           (197,666)

Deficit for year                                                                         -                       -           (221,968)

Cash share issue                                                                    -                       -            540,000

Revaluation in period                                                                -                       -             (39,329)

Equity-settled share-based transactions                                    -                       -                       -








At 30 June 2010                                                             46,451                5,351              81,037

 

 







7. Availability of Interim Report

 

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at Richmond House, Broad Street, Ely, Cambridgeshire CB7 4AH. A copy can also be downloaded from the Company's website at www.beowulfmining.net. Beowulf Mining Plc is registered in England and Wales with registered number 02330496.


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