Interim Results

Greatland Gold PLC
12 March 2008

RNS Announcement

Greatland Gold plc ('Greatland Gold')

12 March 2008

Half-yearly report - six months ended 31 December 2007


Managing Director's statement

Greatland Gold is an AIM listed mining company focussed on growth through
exploration and development of natural resources, particularly gold.  The mining
sector has seen a strong resurgence following sweeping increases in metal prices
as demand for metals continues unabated, particularly gold.  The gold price has
rallied to record highs, your Board expects further gains to levels never seen
before, and the AIM mining sector has outperformed the FTSE 350 miners
reflecting positive sentiment in the market and the continuing success of AIM.

In this dynamic environment the period has been an exciting and active time for
your Company.  Exploration activities have been successful in advancing the
Company's properties at Firetower and Warrentinna, in Tasmania, Australia.  Both
projects have returned positive gold results and further sound results are
expected.

At Firetower, work has outlined a large mineralised system more than 6km in
length, and only 400m of this has been investigated to date suggesting scope for
a large gold resource.  The Firetower mineralisation resembles the nearby Henty
gold mine owned and operated by Barrick Gold, the world's largest gold mining
company.  Henty is a plus million ounce deposit with a pre-mining resource of
2.83 Mt @ 12.5g/t gold.  Activities at Firetower have identified gold
mineralisation adjacent to our existing 90,000 oz resource.  This remains to be
tested by drilling.  The original project area, originally covering 18km of
strike and hosting the Firetower gold resource, has also been extended to cover
over 40km of strike.

At Warrentinna, numerous high gold results were returned from surface sampling
and mapping of the many historic workings.  Results include 464g/t gold (14.9
ounces per tonne), 130g/t gold (4.2 ounces per tonne) and 61g/t gold (1.9 ounces
per tonne) confirming the high grade nature of two goldfields in the southern
parts of the project area.  Both these goldfields cover around 6km of strike
each which again implies scope for discovery of large resources.  An additional
two goldfields in the north of the Warrentinna project area are yet to be
evaluated.  The geology of the Warrentinna project is similar to that of the
Victorian goldfields in south eastern Australia.  These have produced over 30
million ounces of gold since the 1850s.  The Company's first reverse circulation
(RC) drilling program has recently been completed at the Warrentinna goldfield,
one of the southern goldfields of the Warrentinna project.  Sulphide
mineralisation has been visually confirmed  in several of the drill holes.
Laboratory gold analyses will be available in the coming weeks.

Your Company is focussed on the low cost - high reward phase of mineral
exploration and development. Both Tasmanian properties are located close to
several large gold and base-metal deposits. All of the projects are 100% owned
by Greatland Gold, and were previously operated by major mining companies. The
properties are located in Australia which has all the advantages of established
infrastructure, skilled mining workforce, a resource based economy and political
stability.

Capital raising was successfully completed during July 2007 at a 12.5% premium
to the IPO issue price. Consequently your Company is in a confident cash
position to continue its activities through 2008 and beyond. Spending during
the period was at budgeted levels, reflecting the sound progress of the Company
and its properties.  Along with ongoing exploration at its existing properties,
the company also continues to evaluate other investment opportunities and on
this front we are now targeting the acquisition of further projects.

Your board, skilled in the mining and finance sectors, remains focussed on the
existing assets, future acquisitions, and growth for the Company. The board
would like to thank the Company's advisors and investors for their continued
support.  The Company expects to be able to update shareholders and the market
in the coming weeks, particularly in relation to laboratory gold analyses of
Warrentinna drilling..

Existing and prospective investors may sign up for email announcements at the
Company's website www.greatlandgold.com.


Callum N Baxter
Managing Director
12 March 2008



The unaudited results are as follows:

Group income statement


                                         6 months to             6 months to             Year ended
                                    31 December 2007        31 December 2006           30 June 2007
                                           Unaudited               Unaudited                Audited
                                                   £                       £                      £

Turnover                                           -                   6,212                  6,276

Exploration costs                          (122,380)               (127,826)              (327,332)

Administrative expenses                    (126,622)               (145,568)              (283,128)

Currency gain/(loss)                          11,813                 (2,517)                 15,552

Operating loss                             (237,189)               (269,699)              (588,632)

Interest receivable                           41,307                  14,628                 27,306

Loss on ordinary activities                (195,882)               (255,071)              (561,326)
before taxation

Tax on loss on ordinary                            -                       -                      -
activities

Loss for the financial period              (195,882)               (255,071)              (561,326)

Loss per share - see note 3
Basic                                   (0.10) pence            (0.24) pence           (0.51) pence



Group balance sheet
                                      31 December 2007        31 December 2006          30 June 2007
                                             Unaudited               Unaudited               Audited
                                                     £                       £                     £
Assets
Non-current assets
Tangible assets                                  6,346                 423,212                 7,339

Intangible assets                              474,397                  13,258               463,613

Total non-current assets                       480,743                 436,470               470,952

Current assets

Cash and cash equivalents                    2,123,847                 758,112             1,241,211

Trade and other receivables                     30,398                 112,944                60,982

Available for sale financial assets            106,360                  78,871               106,203

Total current assets                         2,260,605                 949,927             1,408,396

Total assets                                 2,741,348               1,386,397             1,879,348


Liabilities
Current liabilities

Trade and other payables                      (80,990)                (99,315)              (88,104)

Total liabilities                             (80,990)                (99,315)              (88,104)

Net assets                                  £2,660,358              £1,287,082            £1,791,244



Equity

Called up share capital                        196,550                 106,550               146,550

Share premium reserve                        2,955,521               1,224,771             1,936,771

Share option reserve                            74,443                       -                74,443

Retained losses                              (784,820)               (282,683)             (588,938)

Other reserves                                 218,664                 238,444               222,418


Total equity                                £2,660,358              £1,287,082            £1,791,244





Group cash flow statement


                                           6 months to             6 months to            Year ended
                                     31 December  2007       31 December  2006          30 June 2007
                                             Unaudited               Unaudited               Audited
                                                     £                       £                     £

Cash flow from operating activities
Operating loss                               (237,189)               (269,699)             (588,632)
Decrease/(Increase) in debtors                  30,584                (44,974)              (18,239)
(Decrease) in creditors                        (7,113)               (125,143)             (136,354)
Depreciation                                     1,229                       -                 2,958
(Increase) in available for sale                     -               (112,944)                     -
financial assets
Share based payments                                 -                       -                74,443
Currency adjustments                          (11,166)                       -              (16,788)
Cash outflow from operations                 (223,655)               (552,760)             (682,612)


Cash flows from investing
activities
Interest received                               41,307                  14,628                27,306

Purchase of intangible assets                  (3,766)                (13,258)             (165,230)

Purchase of tangible assets                          -               (131,833)               (9,360)

Purchase of available for sale                       -                       -             (122,228)
financial assets
Net cash flows used in investing                37,541               (130,463)             (269,512)
activities


Cash inflows from financing
activities
Proceeds from issue of shares                1,125,000                 120,000               920,000

Transaction costs of issue of                 (56,250)                   2,687              (45,313)
shares
Net cash flows from financing                1,068,750                 122,687               874,687
activities


Net increase/(decrease) in cash and            882,636               (560,536)              (77,437)
cash equivalents

Cash and cash equivalents at the
beginning of period                          1,241,211               1,318,648             1,318,648
Cash and cash equivalents at end of          2,123,847                 758,112             1,241,211
period




Statements of changes in equity


                        Called up        Share  Share based     Retained        Other         Total
                    share capital      premium    payment       earnings     reserves
                                       account      reserve

Group                           £            £            £            £            £             £
As at 1 July 2006         100,550    1,108,084            -     (27,612)      238,444     1,419,466
Share capital              46,000      874,000            -            -            -       920,000
issued
Cost of share                   -     (45,313)            -            -            -      (45,313)
issue
Loss for the                    -            -            -    (561,326)            -     (561,326)
period

Share based                     -            -       74,443            -            -        74,443
payments

Net unrealised                  -            -            -            -     (16,026)      (16,026)
losses on
available for sale
financial assets

As at 30 June 2007        146,550    1,936,771       74,443    (588,938)      222,418     1,791,244
(audited)


As at 1 July 2007         146,550    1,936,771       74,443    (588,938)      222,418     1,791,244

Share capital              50,000    1,075,000            -            -            -     1,125,000
issued
Cost of share                   -     (56,250)            -            -            -      (56,250)
issue
Loss for the                    -            -            -    (195,882)            -     (195,882)
period

Net unrealised                  -            -            -            -      (3,754)       (3,754)
losses on
available for sale
financial assets

As at 31 December         196,550    2,955,521       74,443    (784,820)      218,664     2,660,358
2007 (unaudited)




Statements of changes in other reserves


                                       Merger  Foreign currency  Net unrealised        Total other
                                      reserve       translation  financial assets         reserves
                                                        reserve     available for
                                                                   resale reserve

Group                                       £                 £                 £                £
As at 1 July 2006                     225,000            13,444                 -          238,444
Net unrealised losses on                    -                 -          (16,026)         (16,026)
financial assets available for
resale

As at 30 June 2007 (audited)          225,000            13,444          (16,026)          222,418


As at 1 July 2007                     225,000            13,444          (16,026)          222,418

Net unrealised losses on                    -                 -           (3,754)          (3,754)
financial assets available for
resale

As at 31 December 2007                225,000            13,444          (19,780)          218,664
(unaudited)




Half-yearly report notes



1.       Half-yearly report

The information relating to the six month periods to 31 December 2007 and 31
December 2006 are unaudited.

The information relating to the year to 30 June 2007 is extracted from the
audited financial statements of the Company which have been filed at Companies
House and on which the auditors issued an unqualified audit report.

2.      Basis of accounting

The report has been prepared using accounting policies and practices that are
consistent with those adopted in the statutory financial statements for the
period ended 30 June 2007, although the information does not constitute
statutory financial statements within the meaning of section 240 of the
Companies Act 1985.

These half-yearly financial statements consolidate the financial statements of
the Company and its subsidiary and are prepared in accordance with International
Financial Reporting Standards as adopted for use in the European Union.

The Company and Group will report again for the full year to 30 June 2008.

3.      Loss per share
                                            6 months to         6 months to          Year ended
                                           31 December         31 December         30 June 2007
                                                   2007                2006
                                              Unaudited           Unaudited             Audited
                                                      £                   £                   £

These have been calculated on a loss          (195,882)           (255,071)           (561,326)
of:

The weighted average number of shares       190,028,261         104,272,826         110,456,849
used was:

Basic loss per share:                      (0.10) pence        (0.24) pence        (0.51) pence




Copies of this half-yearly report are available free of charge by application in
writing to the Company Secretary at the Company's London office, 115 Eastbourne
Mews, London W2 6LQ, or by email to [e-mail].



Enquiries to:

Greatland Gold plc

Callum Baxter
Tel  [phone]
Email:  [e-mail]
www.greatlandgold.com

Grant Thornton Corporate Finance
Gerry Beaney / Colin Aaronson
Tel  [phone]
Email:
[e-mail]
[e-mail]



End




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