Final Results

Greatland Gold plc Final audited results for the year ended 30 June 2011 Greatland  Gold plc ("Greatland"  or the "Company")  the mineral exploration and development  company focused on gold projects  in Tasmania and Western Australia announced today its final audited results for the year ended 30 June 2011. Chairman's Statement Dear Shareholders It gives me pleasure to report the acceleration in our exploration activities and significant progress, post the year end in respect of our Tasmanian licences. Of note is the recently signed Farm In deal with Unity Mining Limited (ASX:UML) covering the Firetower licences.  This major development is a step forward for Greatland in developing its Tasmanian asset base.  We look forward to the Unity Mining team drilling at Firetower and an improvement in the current JORC inferred resource. The recent performance of gold has been nothing short of remarkable, reaching a record high of $1,923 in early September 2011.  Whilst the gold price appears to be consolidating, it remains underpinned as a safe asset in a volatile global market. Greatland has been busy adding to its portfolio of licence interests and undertaking exploration work to ensure investors can be confident we are acquiring in the right areas. Early in 2011, we added the Bromus project, a highly prospective area in the Southern Yilgarn near Norseman.  We began work at Bromus early in 2011 and have received encouraging indications of gold anomalies over a large area.  We have also been busy with exploration at both Lackman Rock and Ernest Giles.  After having confirmed a new greenstone belt at Ernest Giles further encouraging data showed a large mineralised system. Our follow up drilling at Derby North, our best performing area in terms of featured gold anomalies, received encouraging data just after the 2011 year end.  The Warrentinna licence continues to surprise in terms of providing consistent findings of gold mineralisation. During June 2011 Greatland Gold placed 11,111,111 ordinary shares raising £250,000 before expenses.  At the end of June 2011 Greatland Gold had 300,661,111 ordinary shares with 6,000,000 options outstanding.  Our current cash levels are sufficient for foreseeable expenses well into the 2012 financial year. We remain amenable to further third party interest and see opportunities in increasing cost and risk sharing opportunities.  It may be that there is more interest over the next 12/18 months from financial investors interested in taking a stake in our projects as a result of our activities. I would express my sincere gratitude to our shareholders.  We will continue to provide timely updates as appropriate to AIM and via our website (www.greatlandgold.com).  May I also take this opportunity to thank our professional advisors for their work. Andrew R. McM. Bell Chairman 12 October 2011 Chief Executive's Review of Operations The Company reported a net loss of £506k equating to a loss per share of 0.17p on income of £37.3k which related to a grant from the Western Australia government. Both net loss and net loss per share reduced from 2010 levels helped by the revenue item and our continued focus on cost containment. Greatland held £1.1m in liquid resources at the end of the accounting period and balance sheet net assets of £2.17m. Greatland has been active over 2011 adding to its licence interests and expanding knowledge of its projects. Our momentum has built and we are increasingly confident our strategy is bearing fruit. In Western Australia we have improved our understanding of our find of a mineralised greenstone belt at the Ernest Giles project with encouraging first phase exploration and follow up work. Given the size of the area at 948km², the task of properly delineating the mineralised zone is very much work in progress and we expect to undertake follow up drilling to confirm gold mineralisation in key areas. We acquired and commenced work at Bromus in the Southern Yilgarn area close to the gold mining centre of Norseman. The work has revealed significant gold anomalies over a large area. This property is interesting due to the strike length of greenstone and excellent location. We also undertook follow up work at Lackman Rock which showed areas with anomalous gold and positive indications of ultramafic lithologies with potential for nickel sulphides. In Tasmania we completed a reverse circulation drill programme at Warrentinna with the bulk of holes intersecting gold mineralisation. This was followed by further work during August that confirmed coarse nugget type gold. We remain of the view that on its present development trajectory further positive findings could result in an open pit operation. We also worked to negotiate and conclude discussions that led to the signing of a farm in deal with ASX listed Unity Mining Ltd with regard to our Firetower project in the last month. We consider the farm-in deal with Unity Mining a major step in moving forward our licence interests and increasing our JORC inferred resource base. The deal brings additional excellent expertise and reduces cash outlays whilst improving the valuation and transparency of our portfolio. We look forward to keeping a watchful brief on the drill programme at Firetower. Currently we have a buoyant and competitive Australian resources sector. Recent research by Melbourne based Surbiton Associates highlighted a near 10% increase in Australian gold production to 270 tons to end June 2011 and profit margins of over $1,000 per ounce at many companies in the industry. The research pointed to the Department of Mines and Petroleum issuing 1,721 rights to small prospectors causing competition between prospectors, and the industry. These conditions are certainly bidding up prices for gold prospective areas, increasing interest from mid tier players and M&A/ acquisition type deals. Greatland's portfolio and acreage under licence increased over 2011 due to the Bromus addition.  The Company currently owns six mineral projects comprising thirteen mineral licences all located in Australia, the details are tabulated below. Chief Executive's Review of Operations, continued Project/licence Size (sq km) Progress 2010-2011 Firetower Project TAS Firetower 23 Farm-In - all tenements Firetower East 30 A$7mil for 75% Quamby 97 Beulah 105 Warrentinna Project TAS Warrentinna 71 RC Drilling - Derby North Southern Cross 42 Coarse gold to 23.9g/t gold Lisle Project TAS East Lisle 72 Unsuccessful RAB test / review Ernest Giles Project WA Calanchini 340 Diamond drilling - gold identified Peterswald 346 Ida Range 262 Lackman Rock Project WA Lackman Rock                 210 Geochemistry -  gold and nickel Bromus Project WA Bromus 139 Geochemistry - large gold anomaly Bromus North 93 Following our farm-in deal with Unity Mining we are shifting from sole proprietor to a joint ownership and cost sharing arrangement. We expect to continue to seek and attract interest from other mining and exploration companies as the competitive environment tightens up. Chief Executive's Review of Operations, continued We raised £250k from new and existing investors during June 2011 at 2.25p per share via the issue of 11.1m new ordinary shares. Recent capital market conditions have resulted in weaker investment appetite on AIM. Cost management over the year has served the Company well in reducing external funding requirements. Where possible we plan to continue this approach. Current financial resources at over £1m are sufficient for immediate needs and we continue to exercise vigilance over costs. I would like to say a thank you for the keen interest and support you have shown as shareholders. Please find regular updates on our website (www.greatlandgold.com) and we look forward to hearing from you. Callum N Baxter Chief Executive 12 October 2011 Results and dividends The Group's results are described in the Group statement of comprehensive income.  The Group has incurred a loss for the year of £506,060 (2010:  £616,732). The Directors do not recommend the payment of a dividend. The Group's results have been audited by Messrs Chapman Davis LLP who have signed an unqualified report. Group statement of comprehensive income for the year ended 30 June 2011     Year ended     Year ended   30 June 2011 30 June 2010 £ £ Revenue   -   - Exploration costs   (340,857)   (417,477) Administrative expenses   (206,185)   (203,178) -------------- ------------- Operating loss   (547,042)   (620,655) Finance revenue   3,710   3,923 Grant received 37,272 - -------------- ------------- Loss before taxation   (506,060)   (616,732) Income tax expense   -   - -------------- ------------- Loss for the year   (506,060)   (616,732) -------------- ------------- Other comprehensive income Exchange differences on translation of foreign 97,349 50,367 operations Gain on revaluation of available for sale   25,441   4,048 investments -------------- ------------- Other comprehensive income for the year net of   122,790   50,367 taxation -------------- ------------- Total comprehensive income for the year   (383,270)   (562,317) attributable to equity holders of the parent -------------- ------------- Loss per share - basic and diluted (0.17) pence (0.25) pence -------------- ------------- Group balance sheet as at 30 June 2011     30 June 2011 30 June 2010     £ £ £ £ ASSETS Non-current assets Tangible assets 6,036 6,627 Intangible assets   973,240   666,116 ------------- -------------       979,276   672,743 Current assets Cash and cash equivalents 1,097,900 1,752,949 Trade and other receivables 67,444 62,222 Available for sale financial 77,259 44,547 assets ------------- ------------- Total current assets     1,242,603   1,859,718 ----------- ---------- TOTAL ASSETS     2,221,879   2,532,461 LIABILITIES Current liabilities Trade and other payables (49,092) (213,904) ------------- ------------- TOTAL LIABILITIES     (49,092)   (213,904) ----------- ---------- NET ASSETS     2,172,787   2,318,557 ----------- ---------- EQUITY Called-up share capital 300,661 289,550 Share premium reserve 3,944,860 3,718,471 Share based payment reserve 74,443 74,443 Retained earnings (2,519,307) (2,013,247) Other reserves   372,130   249,340 ------------- ------------- ----------- ---------- TOTAL EQUITY     2,172,787   2,318,557 ----------- ---------- Group statement of changes in equity for the year ended 30 June 2011   Share Share Share Retained Other Total capital premium based earnings reserves account payment reserve   £ £ £ £ £ £ ----------------------------------------------------------------- As at 30 June 239,550 3,198,471 74,443 (1,396,516) 194,925 2,310,873 2009 Loss for the - - - (616,731) - (616,731) year Gain on - - - - 4,048 4,048 revaluation of available for sale investments Currency - - - - 50,367 50,367 translation differences ----------------------------------------------------------------- Total - - - (616,731) 54,415 (562,317) comprehensive income Share capital 50,000 550,000 - - - 600,000 issued Cost of share - (30,000) - - - (30,000) issue ----------------------------------------------------------------- As at 30 June 289,550 3,718,471 74,443 (2,013,247) 249,340 2,318,557 2010 ----------------------------------------------------------------- Loss for the - - - (506,060) - (506,060) year Gain on - - - - 25,441 25,441 revaluation of available for sale investments Currency - - - - 97,349 97,349 translation differences ----------------------------------------------------------------- Total - - - (506,060) 122,790 (383,270) comprehensive income Share capital 11,111 238,889 - - - 250,000 issued Cost of share - (12,500) - - - (12,500) issue ----------------------------------------------------------------- As at 30 June 300,661 3,944,860 74,443 (2,519,307) 372,130 2,172,787 2011 ----------------------------------------------------------------- Other reserves Merger Foreign currency Available for Total other reserve translation sale financial reserves reserve assets reserve   £ £ £ £ As at 30 June 2009 225,000 75,362 (105,437) 194,925 Gain on revaluation - - 4,048 4,048 of available for sale investments Currency - 68,499 (18,132) 50,367 translation differences ------------------------------------------------------------- Total comprehensive - 68,499 (14,084) 54,415 income ------------------------------------------------------------- As at 30 June 2010 225,000 143,861 (119,521) 249,340 Gain on revaluation - - 25,441 25,441 of available for sale investments Currency - 116,856 (19,507) 97,349 translation differences ------------------------------------------------------------- Total comprehensive - 116,856 5,934 122,790 income ------------------------------------------------------------- As at 30 June 2011 225,000 260,717 (113,587) 372,130 ------------------------------------------------------------- Group cash flow statement for the year ended 30 June 2011     Year ended   Year ended   30 June 2011 30 June 2010 £ £ Cash flows from operating activities Operating loss (547,042) (620,655) (Increase)/decrease in receivables (5,222) (12,149) (Decrease)/increase in payables (164,812) 130,154 Depreciation 1,571 1,483 Grant received 37,272 - Currency adjustments - - -------------- ------------- Net (decrease) in cash and cash equivalents from   (678,233)   (501,167) operations -------------- ------------- Cash flows from investing activities Interest received 3,710 3,923 Payments to acquire intangible assets (228,634) (97,506) Payments to acquire tangible assets - (1,743) -------------- ------------- Net cash flows used in investing activities   (224,924)   (95,326) -------------- ------------- Cash inflows from financing activities Proceeds from issue of shares 250,000 600,000 Transaction costs of issue of shares (12,500) (30,000) -------------- ------------- Net cash flows from financing activities   237,500   570,000 -------------- ------------- Net (decrease) in cash and cash equivalents   (665,657)   (26,493) Cash and cash equivalents at the beginning of   1,752,949   1,779,720 period Exchange gain/(loss) on cash and cash equivalents   10,608   (278) -------------- ------------- Cash and cash equivalents at end of period   1,097,900   1,752,949 -------------- ------------- Notes 1 The financial information set out in this final results announcement does not constitute statutory accounts as defined in the Companies Act 2006. Results for the year ended 30 June 2011 are abridged from the 2011 Annual Report and Financial Statements, which received an unqualified auditor's report and will be filed with the Registrar of Companies following the Annual General Meeting. 2 Basis of preparation The consolidated financial statements of Greatland Gold plc and its subsidiary have been prepared in accordance with International Reporting Standards (IFRS) as adopted for use in the European Union. The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis. 3 Loss per share   The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.     2011 2010 £ £   Loss for the period (506,060) (616,732) -------------------------- Weighted average number of Ordinary shares of £0.001 290,037,062 245,029,452 in issue (0.17) pence (0.25) pence Loss per share - basic -------------------------- Weighted average number of Ordinary shares of £0.001 296,037,062 251,029,452 in issue inclusive of outstanding options --------------------------   As inclusion of the potential Ordinary shares would result in a decrease in the loss per share they are considered to be anti-dilutive, as such, a diluted earnings per share is not included. 4 The Annual Report will be posted to shareholders on 31 October 2011.  Further copies will be available from the Company's registered office: 3rd Floor, 55 Gower Street, London WC1E 6HQ for one month from that date or from the Company's website www.greatlandgold.com. 5 The Annual General Meeting of the Company will be held at the offices of Grant Thornton UK LLP at 30 Finsbury Square, London EC2A 1AG on 23 November 2011 at 11 am. Enquiries: +-----------------------------+------------------------------+-----------------+ |Callum Baxter         |+44 (0)20 7099 5845 |Chief Executive | | |Greatland Gold plc     |  | +-----------------------------+------------------------------+-----------------+ |Gerry Beaney or  Colin |+44 (0)20 7383 5100 |Nominated Adviser| |Aaronson |Grant Thornton  Corporate | | | |Finance | | | |  | | +-----------------------------+------------------------------+-----------------+ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Greatland Gold PLC via Thomson Reuters ONE [HUG#1554503]

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