Interim Results

RNS Number : 9709R

Great Western Mining Corp. plc

18 September 2014

Great Western Mining Corporation PLC

("Great Western Mining", "GWM" or the "Company")

Interim Results for the six months ended 30 June 2014

Great Western Mining, the AIM (AIM: GWMO) and ESM quoted mineral exploration company with 73 sq.kilometresof mineral claims in south-west Nevada USA, is pleased to report its Interim Results for the six months to 30 June 2014.

Highlights:

· Pre Tax Loss €258,730 (€211,833 in H1 2013)

· Basic and Diluted loss per share (cent) 0.11 (0.33 in H1 2014)

· Successful placings raising £2,300,000 (gross) well supported by new and existing shareholders

· 14000 feet Phase 2 Drilling Programme at M2-Smith completed

· Target 4 Phase 1 Drilling Programme permit application submitted

· Initial Field Programme EM Group, JS Group TUN Group completed

· M1 geochemical soil sampling programme planned

David Fraser, Chief Executive of GWM commented:

"We are greatly enthused by the results received thus far from this year's exploration activities, and we look forward to progressing ongoing works towards further results, across our extensive claim area. The Board remains committed to driving shareholder value, and we are confident the next six months will see us report substantial developments."

Chairman and Chief Executive's Statement

The Company is focused on exploration and currently has no operating income, consequently incurring a loss in the reporting period of €258,730 (€211,833 H1 2013). GWM finished the period ending 30 June 2014 with a cash balance of €2,175,640 (€278,475 in H1 2013).

During the first half of 2014 the Company was able to successfully complete two institutional placings, raising total gross proceeds of €2,803,700 (£2,300,000). This enabled GWM to progress two of the Company's major prospects held on a 100% working interest basis in the Marietta District, Mineral County, Nevada.

GWM announced, in August, the completion of a 14,000 feet drilling progamme on the first prospect, M2-Smith, and is awaiting completion of a JORC compliant report, which the Company expects will enable it to establish a maiden JORC Resource.

In addition to the drill programme at M2-Smith, the proceeds from the placing have enabled the companyto initiate a drilling programme on its Target 4 (M4-T4) copper-gold prospect. M4-T4 is located approximately three miles south-west from M2-Smith, and is now drill ready. GWM has prepared a drilling programme, with advice from the Company's independent consulting geologist, Donald G Strachan, and Environscientists Inc., Reno, Nevada. Environscientists was appointed to project manage the drill permit application process, which involved conducting baseline studies and producing a Plan of Operations. This has now been submitted to the United States Forestry Service.

On the west side of the Huntoon Valley, approximately five miles west of M4-T4, is the former Huntoon mine (M1) where copper-gold ore was mined intermittently from 1906 to 1925. Extensive outcropping copper mineralisation and widespread propylitic alteration occur in and around the old mine. A Phase 1 geochemical soil sampling survey is in the process of being finalised by the Company and work is currently scheduled to commence before the end of 2014. M1 is GWM's third major prospect in the Marietta District,

Mineral County, Nevada.

To the south lies the Golconda Thrust group of claims. This contains the TUN Group, the EM group, the RH Group and the JS group, all of which have been identified as interesting anomalies by Aero-magnetic and ASTER surveys. An initial field programme of soil and outcrop sampling was initiated this summer by the GWM field team. The Company is awaiting the final assay results and will report its findings to shareholders shortly.

In the reporting period and subsequent months Great Western Mining has made rapid advances on its mineral projects in Nevada, made possible by the successful placing of new shares for cash at the beginning of 2014. The Board and management greatly appreciate this shareholder support and plan to continue moving forward rapidly to bring the Company's prospects closer to commercialisation.

Brian Hall David Fraser

Chairman Chief Executive

Condensed Consolidated Statement of Comprehensive Income

for the period ended 30 June 2014

Continuing Operations		Unaudited	Unaudited	Full
		6 months ended	6 months ended	Year ended
		30 Jun '14	30 Jun '13	31 Dec '13
		€	€	€


	Notes

Administrative expenses		(258,730)	(211,889)	(442,579)
		_________	_________	_________

Results from operating activities		(258,730)	(211,889)	(442,579)
Finance income		-	6	-
Finance costs		-	-	(5,740)
		_________	_________	_________
Loss before tax		(258,730)	(211,883)	(448,319)
Income tax expense		-	-	-
		_________	_________	_________
Loss for the period and total comprehensive income - all attributable to equity holders of the Company		(258,730)	(211,883)	(448,319)
		_________	_________	_________
Earnings per share from continuing operations Basic and Diluted loss per share (cent)	2	(0.11)	(0.33)	(0.69)
		_________	_________	_________

Condensed Consolidated Statement of Financial Position

as at 30 June 2014



		Unaudited	Unaudited	Full
		6 months ended	6 months ended	Year ended
		30 Jun '14	30 Jun '13	31 Dec '13
	Notes	€	€	€
Assets

Non-Current Assets
Intangible assets	3	1,909,784	1,716,922	1,661,816
		_________	_________	_________
Total Non-Current Assets		1,909,784	1,716,922	1,661,816

Current Assets
Trade and other receivables		178,666	15,425	80,037
Cash and cash equivalents		2,175,640	278,475	82,860
		_________	_________	_________
Total Current Assets		2,354,306	293,900	162,897
		_________	_________	_________
Total Assets		4,264,090	2,010,822	1,824,713
		______________	__________________	__________________

Equity

Capital and Reserves
Share capital	4	2,648,238	648,238	648,238
Share premium	4	4,770,997	3,978,259	3,978,260
Retained loss		(£3,343,748)	(£2,848,582)	(£3,085,018)
		_________	_________	_________
Attributable to owners of the Company		4,075,487	1,777,915	1,541,480
		_________	_________	_________
Total Equity		4,075,487	1,777,915	1,541,480
		_________	_________	_________

Liabilities
Current Liabilities
Trade and other payables		188,603	232,907	283,233
		_________	_________	_________
Total Liabilities		188,603	232,907	283,233
		_________	_________	_________

Total Equity and Liabilities		4,264,090	2,010,822	1,824,713
		_________	_________	_________

Condensed Consolidated Statement of Cash Flows

for the period ended 30th June 2014


	Unaudited	Unaudited	Full
	6 months ended	6 months ended	Year ended
	30 Jun '14	30 Jun '13	31 Dec '13
	€	€	€

Cash flows from operating activities
Loss for the period	(258,730)	(211,889)	(442,579)

Movement in trade and other receivables	(98,629)	(3,171)	(67,783)
Movement in trade and other payables	(94,630)	(64,658)	(15,933)
	_________	_________	_________
Cash flows from operating activities	(451,989)	(279,718)	(526,295)
	_________	_________	_________

Cash flows from investing activities
Expenditure on intangible assets	(247,968)	(152,712)	(97,606)
Interest paid	-	6	(5,740)
	_________	_________	_________
Cash flow from investing activities	(247,968)	(152,706)	(103,346)
	_________	_________	_________
Cash flows from financing activities
Proceeds from the issue of new shares	2,792,737	-	-
Finance income/expense	-	-	-
	_________	_________	_________
Net cash used in financing activities	2,792,737	-	-
	_________	_________	_________

Movement in cash and cash equivalents	2,092,780	(432,424)	(629,641)

Cash and cash equivalents at beginning of period	82,860	710,899	712,501
	_________	_________	_________
Cash and cash equivalents at end of period	2,175,640	278,475	82,860
	_________	_________	_______

Condensed Consolidated Statement of Changes in Equity

for the period ended 30 June 2014

	Share	Share	Retained	Total
	Capital	Premium	Losses
	€	€	€	€

Balance at 1 January 2013 Total comprehensive income for the period	648,238	3,978,260	(2,636,699)	1,989,799
	_________	_________	_________	_________
Loss for the period	-	-	(211,883)	(211,883)
	_________	_________	_________	_________
Total comprehensive income for the period
	-	-	(211,883)	(211,883)
	_________	_________	_________	_________
Transactions with owners, recorded directly in equity
Shares issued	-	-	-	-
	_________	_________	_________	_________
Total transactions with owners	-	-	-	-
	_________	_________	_________	_________
Balance at 30 June 2013	648,238	3,978,260	(2,848,582)	1,777,916
	_________	_________	_________	_________
Total comprehensive income for the period
Loss for the period	-	-	(236,436)	(236,436)
	_________	_________	_________	_________
Total comprehensive income for the period	-	-	(236,436)	(236,436)
	_________	_________	_________	_________
Transactions with owners, recorded directly in equity
Shares issued	-	-	-	-
	_________	_________	_________	_________
Total transactions with owners	-	-	-	-
	_________	_________	_________	_________
Balance at 31 December 2013	648,238	3,978,260	(3,085,018)	1,541,480

Total comprehensive income for the period
Loss for the period	-	-	(258,730)	(258,730)
Total comprehensive income for the period	-	-	(258,730)	(258,730)
Transactions with owners, recorded directly in equity
Shares issued	2,000,000	792,737	-	2,792,737
	_________	_________	_________	_________
Total transactions with owners	2,000,000	792,737	-	2,792,737
Balance at 30 June 2014	_________ 2,648,238	_________ 4,770,997	_________ (3,343,748)	_________ 4,075,487

Notes to the Financial Statements

for the period ended 30 June 2014

1. Segment Information

In the opinion of the Directors the operations of the Group comprise one class of business, being the exploration and mining for copper, silver, gold and other minerals. The Group's main operations are located within Nevada, USA. The information reported to the Group's chief operating decision maker for the purposes of resource allocation and assessment of segment is specifically focussed on the exploration areas in Nevada. In the opinion of the Directors the Group has only one reportable segment under IFRS 8 "Operating Segments", which is exploration carried out in Nevada.

Segment Loss
	Ireland	Nevada
	€	€
Loss for period to 30 June 2014

Segment loss for period	-	(258,730)
	_________	_________

Loss for period to 30 June 2013

Segment loss for period	-	(211,883)
	_________	_________

Loss for period to 31 December 2013

Segment loss for period	-	(448,319)
	_________	_________

2. Loss per share

Basic earnings per share

The basic and weighted average number of ordinary shares used in the calculation of basic

earnings per share are as follows:

	Unaudited	Unaudited	Full
	6 months ended	6 months ended	Year ended
	30 Jun '14	30 Jun '13	31 Dec '13
	€	€	€
Loss for the period attributable to equity holders of the parent	448,319	-258,730	-211,883
	_________	_________	_________
Number of ordinary shares at start of year	64,823,809	64,823,809	64,823,809

Ordinary shares issues during the year	200,000,000	-	-
	_________	_________	_________
Ordinary shares in issue at end of year	264,823,809	64,823,809	64,823,809
	_________	_________	_________

Effect of shares issued during the year	181,436,464	-	-
	_________	_________	_________
Weighted average number of ordinary shares for the purposes of basic earnings per share
	246,260,273	64,823,809	64,823,809
	_________	_________	_________
Basic loss per ordinary share (cent)	-0.11	-0.33	-0.69
	_________	_________	_________

Diluted earnings per share

There were no potential ordinary shares that would dilute the basic earnings per share.

3. Intangible assets - Group


	Unaudited	Unaudited	Full
	6 months ended	6 months ended	Year ended
	30 Jun '14	30 Jun '13	31 Dec '13
	€	€	€
Cost	1,909,784	1,716,922	1,661,816
Accumulated amortisation and impairment	-	-	-
	_________	_________	_________
	1,909,784	1,716,922	1,661,816
	_________	_________	_________

	Exploration and	Exploration and	Exploration and
	Evaluation Assets	Evaluation Assets	Evaluation Assets
	€	€	€
Cost
Opening cost	1,661,816	1,564,210	1,564,210
Additions	247,968	152,712	97,606
	_________	_________	_________
Closing cost	1,909,784	1,716,922	1,661,816
	_________	_________	_________

4. Share Capital

	Unaudited	Unaudited	Full
	6 months ended	6 months ended	Year ended
	30 Jun '14	30 Jun '13	31 Dec '13
	€	€	€

Authorised equity
300,000,000 Ordinary shares of €0.01 each	3,000,000	1,000,000	3,000,000

	_________	_________	_________
(2012: 100,000,000 Ordinary shares of €0.01 each)
	3,000,000	1,000,000	3,000,000
	_________	_________	_________
Issued Capital
Share Capital	2,648,238	648,238	648,238
Share Premium	4,770,997	3,978,259	3,978,260
	_________	_________	_________
	7,419,235	4,626,497	4,626,498
	_________	_________	_________