Interim Results

GCM Resources PLC
06 March 2008

                               GCM Resources plc
                                   (AIM: GCM)


            Interim Report for the six months ended 31 December 2007


GCM the exploration and development company with a diverse portfolio of assets
announces its interim results for the period ending 31 December, 2007.

GCM's vision is to maximise shareholder value by developing the Phulbari Coal
Project and investing in other opportunities for positive returns. The Company
has progressed this vision throughout the first half of the 2007/08 financial
year.

The Phulbari Coal Project remains the priority for GCM. While awaiting approval
of the Scheme of Development (Project Feasibility Study), we continue to ensure
that upon Approval, the early project development phase will be implemented
efficiently.


Results


The Group made a profit of £1,472,000 after tax for the six months to 31
December 2007 (December 2006: loss of £721,000). The profit is due to the gain
made on disposal of GCM's interest in CCEC Ltd, when it accepted Regent Pacific
Group Ltd's (RPG) share offer for 100% of CCEC Ltd shares. GCM now holds shares
in RPG.

Exploration expenditure relating to the Phulbari Coal Project amounted to
£940,000 for the six months (December 2006: £1,830,000) reflecting the reduced
activity while awaiting approval from the Government of Bangladesh, to proceed
with the next stage of the Phulbari Coal Project.







Condensed Consolidated Income Statement


                                                       6 months ended   6 months ended             Year
                                                     31 December 2007 31 December 2006            ended
                                                                                                30 June
                                                                                                   2007
                                                            unaudited        unaudited        unaudited
                                                                 £000             £000             £000
Operating expenses
Exploration costs                                                  43                -               42
Share based payments                                                -              833              833
Other operating expenses                                          810              839            1,541

Operating loss                                                  (853)          (1,672)          (2,416)

Profit on disposal of investment                                2,486                -                -
Finance revenue                                                   438              647            1,163

Profit (loss) before tax                                        2,071          (1,025)          (1,253)

Taxation                                                        (599)              304              330

Profit (loss) for the period                                    1,472            (721)            (923)

Attributable to:
Equity shareholders of the parent                               1,472            (721)            (923)
                                                                1,472            (721)            (923)

Basic (pence per share)                                          3.0p           (1.5)p           (1.9)p
Diluted (pence per share)                                        2.8p           (1.5)p           (1.9)p






Condensed Consolidated Statement of Changes in Equity


                                                Share        Share        Other   Accumulated        Total
                                              Capital      premium     reserves        losses
                                                           account
                                                 £000         £000         £000          £000         £000
Balance at 1 July 2006                          4,877       42,664          346       (1,811)       46,076

Change in fair value of
available-for-sale financial assets
                                                    -            -        4,656             -        4,656
Tax on items taken directly to equity               -            -      (1,304)             -      (1,304)
Share based payments                                -            -          375           833        1,208
Loss for the financial year                         -            -            -         (923)        (923)
Equity share options issued                         4           22            -             -           26
Share issue costs refundable                        -           45            -             -           45

Balance at 30 June 2007                         4,881       42,731        4,073       (1,901)       49,784

Change in fair value of
available-for-sale financial assets
                                                    -            -        9,536             -        9,536
Tax on items taken directly to equity               -            -      (1,974)             -      (1,974)
Transfer to income statement on disposal                                (2,486)                    (2,486)
Share based payments                                -            -           61             -           61
Profit for the financial period                     -            -            -         1,472        1,472


Balance at 31 December 2007                     4,881       42,731        9,210         (429)       56,393




                                                Share        Share        Other   Accumulated        Total
                                              Capital      premium     reserves        losses
                                                           account
                                                 £000         £000         £000          £000         £000
Balance at 1 July 2006                          4,877       42,664          346       (1,811)       46,076

Change in fair value of
available-for-sale financial assets
                                                    -            -         (99)             -         (99)
Tax on items taken directly to equity               -            -           30             -           30
Share based payments                                -            -          191           833        1,024
Loss for the financial period                       -            -            -         (721)        (721)
Share issue costs refundable                        -           45            -             -           45

Balance at 31 December 2006                     4,877       42,709          468       (1,699)       46,355





Condensed Consolidated Balance Sheet

                                                         31 December  31 December 2006          30 June
                                                                2007                               2007
                                                           unaudited         unaudited        unaudited
                                                                £000              £000             £000
Current assets
Cash and cash equivalents                                     13,602            23,502           16,932
Receivables                                                      353               305              551

Total current assets                                          13,955            23,807           17,483

Non-current assets
Property, plant and equipment                                    281               351              310
Intangible assets                                             22,156            19,760           21,216
Other investments                                             23,873             2,414           12,068
Deferred tax assets                                                -               321                -

Total non-current assets                                      46,310            22,846           33,594

Total assets                                                  60,265            46,653           51,077

Current liabilities
Payables                                                         312               298              306

Total current liabilities                                        312               298              306

Non-current liabilities
Deferred tax liabilities                                       3,560                 -              987

Total non-current liabilities                                  3,560                 -              987

Total liabilities                                              3,872               298            1,293

Net assets                                                    56,393            46,355           49,784

Equity
Share capital                                                  4,881             4,877            4,881
Share premium account                                         42,731            42,709           42,731
Other reserves                                                 9,210               468            4,073
Accumulated losses                                             (429)           (1,699)          (1,901)

Total equity                                                  56,393            46,355           49,784




Condensed Consolidated Cash Flow Statement


                                                   6 months ended    6 months ended              Year
                                                      31 December  31 December 2006             ended
                                                             2007                             30 June
                                                                                                 2007
                                                        unaudited         unaudited         unaudited
                                                             £000              £000              £000
Cash flows from operating activities
Profit (loss) before tax                                    2,071           (1,025)           (1,253)

Adjusted for:
  Depreciation of non-current assets                            7                 7                14
  Share based payments                                          -               833               833
  Profit on disposal of investment                        (2,486)                 -                 -
  Finance revenue                                           (438)             (647)           (1,163)

                                                            (846)             (832)           (1,569)
Movements in working capital:
  Decrease (increase) in operating receivables               (10)                20              (72)
  Increase (decrease) in operating payables                   (5)                46               105

Cash used in operations                                     (861)             (766)           (1,536)

Interest received                                             434               568             1,096

Net cash used in operating activities                       (427)             (198)             (440)

Cash flows from investing activities
Payments for property, plant and                             (13)              (47)              (47)
equipment
Payments for intangible assets                              (832)           (1,822)           (3,112)
Payments for investments                                  (2,058)           (2,514)           (7,623)

Net cash used in investing activities                     (2,903)           (4,383)          (10,782)

Cash flows from financing activities
Issue of ordinary share capital                                 -                 -                26
Refund of share issue costs                                     -                 -                45

Net cash generated by financing                                 -                 -                71
activities

Total decrease in cash and cash                           (3,330)           (4,581)          (11,151)
equivalents

Cash and cash equivalents at the start
of the period                                              16,932            28,083            28,083

Cash and cash equivalents at the end of
the period                                                 13,602            23,502            16,932







For further information:


Stephen Bywater
Chief Executive                                        Charlie Vivian
Ph: [phone]                                Pelhams Public Relations
                                                       Ph: [phone]
                                                       Email: [e-mail]
Graham Taggart
Finance Director                                       Klara Kaczmarek
Ph: [phone]                                Pelhams Public Relations
                                                       Ph: [phone]
                                                       Email: [e-mail]


GCM Resources plc
Tel: [phone], Fax: [phone]
[e-mail]; www.gcmplc.com



Hard copies of the interim accounts will be posted to shareholders following
this announcement.


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