Interim Results

Regency Mines PLC 31 March 2008 Regency Mines plc Half-yearly report - six months ended 31 December 2007 Dated: 31 March 2008 Regency Mines plc ('Regency' or the 'Company') the mineral exploration and development company focused on exploring areas of copper and nickel potential in Western Australia, Queensland, and Papua New Guinea, announces its unaudited half-yearly report for the six months ended 31 December 2007. Chairman's statement Dear Shareholders, Summary The Company reports the following developments during the six months to 31 December 2007: â€¢ Exploration focus on the Company's lateritic nickel property in Papua New Guinea â€¢ Â£585,000 before expenses raised from a share placing in September 2007 at 3.5p â€¢ Impact of Typhoon Guba on operations in Papua New Guinea. Exploration Drilling began in the second half of 2007 at the Company's Mambare lateritic nickel project in Oro Province, Papua New Guinea. Although there is a road from nearby the project to the provincial port, communications with other provinces are by air or transhipment from Port Moresby, and the terrain within the project area is deeply incised tropical forest without road access and dependent on tracks. Therefore, on the advice of its resident geologist, who has several years experience in the country, the Company has initially been operating with lighter equipment, including man-portable drill rigs, transportable along tracks by teams of 4 to 10 men. Identifying suitable equipment for cost-effective and efficient use has been a matter of trial and error, exacerbated by the high demand and short supply of almost all categories of rig. The Company began drilling in a small south-western portion of the Mambare licence close to the Kokoda-Popondetta road and along the Aruma river valley which provides access, with the object of delineating a small resource of limonite ore suitable for direct shipping. 43 Auger holes were drilled along three prepared east-west lines between August and November 2007 for 278.7m of drilling. With bits and equipment for conversion to diamond drilling not arriving on schedule, the drill penetration was affected by any encounter with boulders or rock fragments. Despite shutting down for a period for adjustments, results did not significantly improve. The rig was put on standby in November awaiting the delivery of HQ diamond drilling equipment, when severe floods associated with Typhoon Guba terminated the 2007 programme. A small wacker drill and drill string were after delays delivered in October, and 26 wacker holes for 124m of drilling, including some duplicating the earlier auger results, were drilled over the next month. These holes were drilled on sections 21600N (CAW008-019), 22000N (CAW054-059) and 22800N (CAW060-067). The easternmost hole on Section 21600N, CAW019, intersected ore grade material, with 3 metres of 0.95% nickel. To the west the holes were collared on alluvial flats. Drilling needs to be continued to the east on the higher prospective country. Within Section 22000N, ore grade mineralisation was intersected in 5 of the 6 holes. The un-mineralised hole was collared on the Aruma alluvial flats. Further drilling is required to the east. On Section 22800N, eight wacker holes, CAW060-067, were drilled. Ore grade nickel or cobalt mineralisation was intersected in 6 of these holes. Generally better penetration was achieved with the wacker rig than the auger core rig, but it was also stopped by larger boulders and harder saprolite material. The drilling completed in 2007 indicates that the flat country on either side of the Aruma River hosts transported volcanic ash and laterite material, possibly re-worked landslips. The higher ridges to the east and west of the Aruma River are mineralised with 1-12 metres of 0.8% to 1.35% nickel and 0.04-0.19% cobalt. The plateau west of the ridge west of the Aruma was considered un-mineralised from the historical data. The current drilling indicates that this area is mineralised with cobalt grades up to 0.19% over 2-6 metre intervals. Cobalt was not assayed in the historical data. To fully test the laterite, diamond or tungsten carbide drilling is needed to test the profile of both the limonite and saprolite horizons. The wacker can, at best, only test the limonite material. Exploration in 2008 will focus on delineating a resource in the targeted areas along the north-south ridges which contain the best mineralisation and cross-cut the east-west lines along which the 2007 programme was carried out. Drills capable of penetrating the saprolite will be used to obtain complete profiles in the current exploration area, the higher plateau areas nearby, and further east-west lines to the immediate north. Some holes will be drilled at selected points elsewhere in the Mambare plateau to evidence the scale of the mineralisation potential. A valley crossed by the existing drilled lines, where limonite material had been eroded away, will be redrilled to test the hypothesis that in these areas the rock underlying the surface ash may be nickel-bearing saprolitic rock rather than bedrock. A small purpose-built diamond drill was due for delivery in late 2007, but due to the destruction of transportation infrastructure by Typhoon Guba, delivery has been delayed. Following a management visit to Mambare in early 2008 to assess the bottlenecks and the impact of the typhoon, negotiations have begun to bring in an experienced drill crew from another country in the region with additional rigs for a 3,000m plus drill contract to outline a JORC resource, with a possible extension to a larger programme. When the diamond drill equipment is delivered for the auger, which is expected shortly, the auger will be mobilised to extend the 2007 programme along east-west lines parallel and to the north of the area covered in 2007. When the small purpose built diamond rig is delivered, or the drill contractor arrives on site, drilling will initially be carried out along the lines drilled last year. Across to the south of the Aruma River, the wacker drill will be mobilised to test a geologically similar extension of the plateau that may contain further mineralisation. Lines have been cleared and surveyed for the delayed ground penetrating radar programme, which is also expected to start imminently. Negotiations are in train for leasing a 20 hectare administration site in Kokoda from the Government, and a suitable handling area at Oro port has also been identified and offered. Impact of the typhoon The localised impact of the typhoon in November on the infrastructure between Mambare, the provincial capital and the port beyond it was serious. A State of Emergency was declared in Oro Province and remains in force. All bridges were either washed away, on the larger rivers, or had their embanked approaches washed away, leaving the central span intact on the smaller rivers. Little was done before the New Year to restore land transport infrastructure, as the emphasis was on disaster relief, but at the time of our visit in February 2008, the Army had restored bridges or the loggers had created alternative vehicular crossing points - except in the one case of the Kumusi River, which still represented an obstacle between the provincial capital of Popondetta and Kokoda. This speed of recovery from so exceptional an event was encouraging. Beyond the Kumusi, earth-moving plant owned by Higatori Oil Palms, a subsidiary of Cargill Inc, has helped clear the roads. Cargill Inc is constructing a new oil palm factory at the estate next to the Company's licence area at Mambare, in addition to its existing plant at Popondetta. Our conclusion from the visit was that, on the assumption that the Kumusi River crossing is restored soon, no further impact from the typhoon beyond the delays already encountered is to be expected. Other infrastructure, including cellphone communication, looks set to improve over the next six months. Red Rock Resources Plc The Company maintains its substantial interest in the AIM-quoted Red Rock Resources Plc ('Red Rock'). On 28 January 2008 Red Rock carried out a placement of 18,000,000 new shares at 2p per share, and given the low issue price the company, rather than be further diluted, elected to subscribe for 4,000,000 of these shares. Consequently the Company now holds 107,250,000 Red Rock shares, representing 39.1% of Red Rock's issued share capital. Other A 'Memorandum of Investment and Co-operation' with an Asia-based investment group was announced in November 2007 which could lead to a substantial investment in the Company and the Mambare project. The agreement was subject to contract and receipt of regulatory approvals. The Company envisaged that these would be completed relatively quickly, but the typhoon, delays to work on site in Papua New Guinea, and the need to assess local infrastructure and the feasibility of travel by road within the province before arranging any site visit mean that this timetable has been extended. Meanwhile, expressions of interest in co-operation or investment have been received from several other parties. The Company announced in November an investment in 9,375,000 new shares in AIM-quoted Alba Mineral Resources Plc ('Alba'), amounting to 10.65% of Alba's issued share capital. Following further investment, the Company now holds 11,434,047 Alba shares - 13% of Alba's issued share capital, and 1,750,000 Alba warrants. As previously noted, at the original issue price to us Alba was valued at only Â£1m. Alba's holdings include important sulphide nickel licences in Scotland and Sweden, zinc licenses in Ireland, gold licenses, and a 50% shareholding in Mauritania Ventures Ltd. Alba has made progress on many matters since our investment, and we see a number of benefits flowing from this co-operation, besides the benefit of seeing a company in which we are a substantial shareholder making a strong recovery in its business and beginning to unlock the value of its assets. The price of Alba has held up in what have been difficult markets for small exploration companies. Future prospects We expect commodity demand growth from developing economies, notably China and India, to continue. Despite the draining of liquidity from the market as a result of the banking crisis that has been developing since mid-2007, we expect conditions in metal markets to remain stable. This reduction in market liquidity, combined with a downturn in the nickel price, caused our share price to suffer in the latter part of 2007. We have undiminished confidence in the merit and potential of our main assets, and the exploration we have planned for the remaining part of the year, with the management and reporting structures being put in place to control it, are focussed on bringing into public view that unrecognised value. International financial reporting standards With effect from 1 July 2007, the Company made the transition to preparing financial statements in accordance with the International Financial Reporting Standards ('IFRS') as adopted by the Eurpean Union. Accordingly, these interim statements reflect the assumptions made by the Board about the standards and interpretations expected to be effective, and the policies expected to be adopted, when the Company issues its first complete set of IFRS financial statements for the Group for the year ending 30 June 2008. The unaudited results of our activites during the period ended 31 December 2007 show a loss before taxation of Â£414,720 (2006 as adjusted, a loss of Â£292,895). Andrew Bell Chairman 31 March 2008 Income statement Group Group Group 6 months to 6 months to Year to 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Unaudited Â£ Â£ Â£ Income Management services 19,323 - 27,229 Gross profit 19,323 - 27,229 Exploration expenses (162,311) (204,582) (276,278) Administrative expenses (177,709) (179,857) (465,000) Currency gain/(loss) 4,573 21 701 Operating loss (316,124) (384,418) (713,348) Share of operating loss in associates (111,855) (1,174) (5,050) (Loss)/profit on sale of trading asset investments - 1,046 1,046 (Deficit)/surplus on revaluation of trade investments (24,157) 23,363 1,604 Interest receivable 9,322 583 2,034 Interest payable (148) (300) (3,787) Loss on ordinary activities before taxation (442,962) (360,900) (717,501) Deferred taxation provision 481 (7,009) (481) Loss after taxation (442,481) (367,909) (717,982) Minority interests 27,761 75,014 92,502 Retained loss attributable to Shareholders (414,720) (292,895) (625,480) Loss per share - see note 3 Basic (0.23) pence (0.22) pence (0.44) pence Share options were not dilutive during the period There are no recognised gains or losses in either period other than the loss for the period. Balance sheet Group Group Group 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Unaudited Â£ Â£ Â£ Assets Non-current assets Tangible assets 15,487 19,361 15,958 Investments in associates 138,145 6,326 244,950 Goodwill 45,000 45,000 45,000 Total non-current assets 198,632 70,687 305,908 Current assets Cash and cash equivalents 160,521 64,620 188,771 Trade and other receivables 387,577 185,135 201,480 Trade investments 338,857 228,162 213,014 Exploration properties 543,412 1,639,196 558,400 Total current assets 1,430,367 2,117,113 1,161,665 Total assets 1,628,999 2,187,800 1,467,573 Current liabilities Trade and other payables 84,262 347,868 36,888 Non-current liabilities Deferred taxation - 7,009 481 Total liabilities 84,262 354,877 37,369 Net assets 1,544,737 1,832,923 1,430,204 Equity Called up share capital 186,941 137,048 170,226 Share premium account 2,266,351 1,210,449 1,726,816 Share option reserve 112,992 - 112,992 Other reserves 255,955 650,351 253,260 Retained losses (1,242,111) (564,466) (827,391) Shareholders' funds 1,580,128 1,433,382 1,435,903 Minority interests (35,391) 399,541 (5,699) Total equity 1,544,737 1,832,923 1,430,204 Cash flow statement Group Group Group 6 months to 6 months to Year to 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Unaudited Â£ Â£ Â£ Cash flows from operating activities Operating loss (316,124) (384,418) (713,348) (Increase) in debtors (186,097) (79,713) (96,058) Increase/(decrease) in creditors 47,375 51,344 (37,803) Impairment of exploration properties 20,752 38,654 190,814 Depreciation of fixed assets 4,008 - 7,130 Sale of trade investments - 30,557 30,557 Purchase of trade investments (150,000) (205,770) (189,332) Exploration property costs (19,331) (62,819) (62,819) Share based payments - - 112,992 Currency adjustments 11,280 2,760 6,075 Corporation tax paid - - (6,029) Cash (outflow) generated from operations (588,137) (609,405) (757,821) Cash outflows from investing activities Interest received 9,322 583 2,034 Interest paid (148) (300) (3,787) Purchase of fixed assets (3,537) (19,362) (23,089) Net cash flows used in investing activities 5,637 (19,079) (24,842) Acquisitions and disposals Purchase of subsidiary (2,000) - - Cash disposed of on deconsolidation of subsidiary - - (46,214) Net cash (outflow)/inflow from acquisitions and (2,000) - (46,214) disposals Cash inflows from financing activities Proceeds from issue of shares 585,000 137,653 714,697 Transaction costs of issue of shares (28,750) - (27,500) Subsidiary company share issue for cash - 100,375 100,375 Subsidiary company short term loans - 225,000 - Net cash flows from financing activities 556,250 463,028 787,572 Net increase/(decrease) in cash and cash equivalents (28,250) (165,456) (41,305) Cash and cash equivalents at the beginning of period 188,771 230,076 230,076 Cash and cash equivalents at end of period 160,521 64,620 188,771 Consolidated Statement of changes in equity For the 6 months ended 31 December 2007 Share Share Share option Consolidation Retained Total capital premium reserve reserve earnings equity Â£ Â£ Â£ Â£ Â£ Â£ At 1 July 2006 129,897 1,079,947 - 550,156 (203,711) 1,556,289 Loss for the period - - - - (292,895) (292,895) Issue of shares 7,151 130,502 - - - 137,653 Share issue expenses - - - - - - Deconsolidation - - - 100,195 (67,860) 32,335 At 31 December 2006 137,048 1,210,449 - 650,351 (564,466) 1,433,382 At 1 July 2006 129,897 1,079,947 - 550,156 (203,711) 1,556,289 Loss for the period - - - - (625,480) (625,480) Issue of shares 40,329 674,369 - - - 714,698 Share issue expenses - (27,500) - - - (27,500) Share based payments - - 112,992 - - 112,992 Deconsolidation - - - (296,896) 1,800 (295,096) At 30 June 2007 170,226 1,726,816 112,992 253,260 (827,391) 1,435,903 Loss for the period - - - - (414,720) (414,720) Issue of shares 16,715 568,285 - - - 585,000 Share issue expenses - (28,750) - - - (28,750) Consolidation - - - 2,694 - 2,694 At 31 December 2007 186,941 2,266,351 112,992 255,954 (1,242,111) 1,580,127 Half-yearly report notes 1. Company and Group As at 31 December 2007, the Company had no operating subsidiaries and therefore has not prepared Group financial statements. As at 31 December 2006 and 30 June 2007, the Company had an operating subsidiary which became dormant shortly before its sale on 6 August 2007. The Company will report again for the year ending 30 June 2008. 2. Accounting policies Accounting policies adopted under IFRS These interim financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (' IFRS'). The basis of preparation and accounting policies used in preparing the interim statements for the six months ended 31 December 2007 are set out below. The basis of preparation describes how IFRS has been applied under IFRS 1, the assumptions made by the Company about the Standards and interpretations expected to be effective and the policies expected to be adopted when the Company issues its first complete set of IFRS financial statements for the year ending 30 June 2008. Statement of compliance This consolidated financial information of Regency Mines plc is prepared in accordance with IFRS as adopted by the European Union with the exception of IAS 34 'Interim Financial Reporting'. Basis of preparation The consolidated financial information has been prepared in accordance with accounting policies which will be adopted in presenting the full year annual report and accounts. The full year annual report and accounts will be prepared for the first time in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The group has therefore applied IFRS for the six month period ended 31 December 2007, with comparative figures for the six month period ended 31 December 2006 also prepared under IFRS as adopted by the European Union. In preparing this consolidated financial information, the Group has elected to take advantage of provisions within IFRS 1 'First-time adoption of International Financial Reporting Standards' ('IFRS 1'), which offer certain exemptions from applying IFRS to the opening IFRS balance sheet prepared at 1 June 2006. In particular: â€¢ IFRS 3, 'Business Combinations', has not been applied retrospectively to business combinations that occurred prior to 1 June 2006. The carrying amount of goodwill in the opening IFRS balance sheet at 1 June 2006 is therefore its carrying amount at that date under UK GAAP; â€¢ IFRS 2, 'Share-based payment', has not been applied to equity instruments that were granted after on 4 November 2004 and on 20 January 2006 all of which vested prior to 1 July 2006. The interim financial information is unaudited and does not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The Group's statutory consolidated financial statements for the year ended 30 June 2007 were presented under UK GAAP, and have been delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. Comparative figures for the year ended 30 June 2007 presented here are abridged and non-statutory, have been adjusted to reflect the transition to IFRS and are unaudited. The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, available for sale investments and intangible assets acquired in a business combination, which have been measured at fair value. The consolidated financial statements are presented in sterling ('GBP') and a;; values are rounded to the nearest pound except where stated. Significant accounting policies The accounting policies adopted in the preparation of the interim financial statements will be consistent with those that will be followed in the preparation of the Company's annual financial statements for the year ending 30 June 2008. 3. Loss per share 6 months to 6 months to Year to 31 December 31 December 30 June 2007 2006 2007 Unaudited Unaudited Unaudited Â£ Â£ Â£ These have been calculated on a loss of: (414,720) (292,895) (625,480) The weighted average number of shares used was: 180,309,451 135,959,680 143,680,386 Share options were not dilutive during the period. Basic loss per share: (0.23) pence (0.22) pence (0.44) pence 4. Transition to IFRS The financial information for the six months ended 31 December 2006 and the opening balance sheet at 1 July 2006 have been prepared in accordance with International Financial Reporting Standards (IFRS) for the first time. The Company's transition date to IFRS is 1 July 2006. The rules for first-time adoption of IFRS are set out in IAS 1 'First time adoption of international reporting standards'. In preparing the IFRS financial information, these transition rules have been applied to the amounts reported previously under generally accepted accounting principles in the United Kingdom ('UK GAAP'). IFRS generally requires full retrospecti9ve application of the Standards and Interpretations in force at the first reporting date. However, IFRS 1 allows certain exemptions in the application of particular Standards to prior periods in order to assist companies with the transition process. â€¢ Changes in presentation of financial information: o IAS1: The form and presentation of the UK GAAP statements has been changed to be compliant with IAS 1. o IAS 7: Cash flows under IFRS are presented within the Cash Flow Statement under three main headings: cash flows from operating activities, from investing activities and from financing activities. This has resulted in some presentational changes compared to UK GAAP. There is no change to the net movement of cash and cash equivalents. â€¢ Changes in accounting policies: o IAS 12: Under UK GAAP, deferred tax was recognised on the basis of timing differences, subject to certain exemptions. Under IAS 12, deferred tax is recognised on the basis of taxable temporary differences, subject to certain exceptions. Temporary differences include all timing differences and many permanent differences. This change has had no effect on any of the figures reported. o Under IAS 39, the trade investments which are deemed to be held for short term gain are taken to the profit and loss account at fair value as opposed to being held at historical cost under UK GAAP. o Under IAS 39, the trade investments which are not held for short term gain and are categorised as 'available-for-sale' financial assets are restated at fair value on the balance sheet date as opposed to being held at historical cost under UK GAAP. The gain or loss on revaluing the asset is held under a 'financial asset revaluation reserve' in Capital and Reserves. The changes arising are included in the restatements for IFRS. o Company has chosen to adopt IFRS 3. Accordingly, business combinations from the date of transition will be accounted for under IFRS 3 using the purchase method. â€¢ Reconciliations of UK GAAP to IFRS: o For the period ended 31 December 2006 and year ended 30 June 2007 there are differences between the income statement and balance sheet amounts reported under UK GAAP and IFRS as noted on the following pages. In addition, there are differences under UK GAAP and IFRS for the opening balance sheet at 1 July 2006 on transition. o There is no monetary impact on the cash flow statement for these periods. 5. Market value of investments As at 31 December 2007, the market values of publicly quoted investments were as follows: â€¢ Associate company investments: Â£2,839,375 (book value Â£242,500) â€¢ Trade investments: Â£288,414 (book value Â£288,414). 6. 7. Restatement of reported figures Consolidated financial information as at 1 July 2006 As originally Restate per Restate for IFRS reported note 7 IFRS under UK GAAP Â£ Â£ Â£ Â£ Balance sheet Non-current assets Intangible assets 1,657,142 (1,657,142) - - Goodwill 45,000 - - 45,000 Total non-current assets 1,702,142 (1,657,142) - 45,000 Current assets Cash and cash equivalents 230,076 - - 230,076 Trade and other receivables 105,422 - - 105,422 Trade investments 48,540 - - 48,540 Exploration properties - 1,657,142 - 1,657,142 Total current assets 384,038 1,657,142 - 2,041,180 Total assets 2,086,180 - - 2,086,180 Current liabilities Trade and other payables 80,941 - - 80,941 Total liabilities 80,941 - - 80,941 2,005,239 - - 2,005,239 Net assets Capital and reserves Share capital 129,897 - - 129,897 Share premium account 1,079,947 - - 1,079,947 Retained losses (203,711) - - (203,711) Other reserves 550,156 - - 550,156 Shareholders' funds 1,556,289 - - 1,556,289 Minority interests 448,950 - - 448,950 Total equity 2,005,239 - - 2,005,239 Restatement of reported figures, continued Consolidated financial information for the half-year ended 31 December 2006 As originally Restate per Restate for IFRS reported note 7 IFRS under UK GAAP Â£ Â£ Â£ Â£ Balance sheet Non-current assets Tangible assets 19,361 - - 19,361 Intangible assets 1,690,100 (1,690,100) - - Investments in associates - - 6,326 6,326 Goodwill 45,000 - - 45,000 Total non-current assets 1,754,461 (1,690,100) 6,326 70,687 Current assets Cash and cash equivalents 64,620 - - 64,620 Trade and other receivables 185,135 - - 185,135 Trade investments 269,799 (65,000) 23,363 228,162 Exploration properties - 1,690,100 (50,904) 1,639,196 Total current assets 519,554 1,625,100 (27,541) 2,117,113 Total assets 2,274,015 (65,000) (21,125) 2,187,800 Current liabilities Trade and other payables 347,868 - - 347,868 Non-current assets Deferred taxation 7,009 7,009 Total liabilities 347,868 - 7,009 354,877 Net assets 1,926,147 (65,000) (28,224) 1,832,923 Capital and reserves Share capital 137,048 - - 137,048 Share premium account 1,210,449 - - 1,210,449 Other reserves 758,755 (65,000) (43,404) (650,251) Retained losses (591,687) - 27,221 (564,466) Shareholders' funds 1,514,565 (65,000) (16,183) 1,433,382 Minority interests 411,582 - (12,041) 399,541 Total equity 1,926,147 (65,000) (28,224) 1,832,923 Restatement of reported figures, continued Consolidated financial information for the half-year ended 31 December 2006, continued As originally Restate for IFRS reported under IFRS UK GAAP Â£ Â£ Â£ Income statement Turnover 30,557 (30,557) - Direct costs (29,511) 29,511 - Gross profit 1,046 (1,046) - Exploration expenses (204,582) - (204,582) Administrative expenses (179,857) - (179,857) Currency gain 21 - 21 Operating loss (383,372) (1,046) (384,418) Share of operating loss in associate - (1,174) (1,174) Profit on sale of trade investment - 1,046 1,046 Surplus on revaluation of financial assets - 23,363 23,363 Interest receivable 583 - 583 Interest payable (300) - (300) Loss on ordinary activities for the period (383,089) 22,189 (360,900) Deferred taxation provision - (7,009) (7,009) Loss on ordinary activities after taxation (383,089) 15,180 (367,909) Minority interests 79,958 (4,944) 75,014 Retained loss attributable to Shareholders (303,131) 10,236 (292,895) Restatement of reported figures, continued Consolidated financial information for the year ended 30 June 2007 As originally Restate for IFRS reported under IFRS UK GAAP Â£ Â£ Â£ Balance sheet Non-current assets Tangible assets 15,958 - 15,958 Investments in associates - 244,950 244,950 Goodwill 45,000 - 45,000 Total non-current assets 60,958 244,950 305,908 Current assets Cash and cash equivalents 188,771 - 188,771 Trade and other receivables 191,421 10,559 201,480 Trading asset investments 420,753 (207,739) 213,014 Exploration properties 631,443 (73,043) 558,400 Total current assets 1,432,388 (279,223) 1,161,665 Total assets 1,493.346 (25,973) 1,467,573 Current liabilities Trade and other payables 61,198 (24,310) 36,888 Deferred taxation - 481 481 Total liabilities 61,198 (23,829) 37,369 Net assets 1,432,148 (1,944) !,430,204 Capital and reserves Share capital 170,226 - 170,226 Share premium account 1,726,816 - 1,726,816 Share option reserve 112,992 - 112,992 Other reserves 247,330 5,930 253,260 Retained losses (851,676) 24,285 (827,391) Shareholders' funds 1,405,688 30,215 1,435,903 Minority interests 26,460 (32,159) (5,699) Total equity 1,432,148 (1,944) 1,430,204 Restatement of reported figures, continued Consolidated financial information for the year ended 30 June 2007 As originally Restate for IFRS reported under IFRS UK GAAP Â£ Â£ Â£ Income statement Turnover 57,786 (27,229) - Cost of sales (29,511) 29,511 - Gross profit 28,275 (1,046) 27,229 Exploration expenses (289,384) 13,106 (276,278) Administrative expenses (451,864) (13,136) (465,000) Currency loss (204) 905 701 Operating loss (713,177) (171) (713,348) Share of operating loss in associate (27,335) 22,285 5,050 Profit on sale of trade investment - 1,046 1,046 Surplus on revaluation of financial assets - 1,604 1,604 Interest receivable 2,034 - 2,034 Interest payable (3,787) - (3,787) Loss on ordinary activities for the period (742,265) 24,764 (717,501) Deferred taxation provision - (481) (481) Loss on ordinary activities after taxation (742,265) 24,283 (717,982) Minority interests 94,301 (1,799) 92,502 Retained loss attributable to Shareholders (647,964) 22,484 (625,480) 8. Restatement of reported figures - notes: During 2007, exploration properties previously reported as intangible fixed assets, were reclassified and reported as current assets. This correction has now been applied as at 30 June 2006 and 31 December 2006. Copies of this half-yearly report are available free of charge by application in writing to the Company Secretary at the Company's business office, 115 Eastbourne Mews, Paddington, London W2 6LQ, or by email to admin@regency-mines.com. End Enquiries: Andrew Bell 07766 474849 Red Rock Resources plc Chairman John Simpson 020 7512 0191 Blomfield Corporate Finance Ltd Nominated Adviser Ron Marshman / John Greenhalgh 020 7628 5518 City of London PR Limited Public Relations Updates on the Company's activities are regularly posted on the Company's website, www.regency-mines.com This information is provided by RNS The company news service from the London Stock Exchange

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