IMC Exploration Group Plc: Unaudited Consolidat...

IMC Exploration Group PLC

("IMC" or the "Company")

Unaudited Consolidated Interim Results for the six months ended 31^st December 2012

CHIEF EXECUTIVE OFFICER'S STATEMENT

Dear Shareholder,

I am pleased to present the interim financial and operating results for IMC for the six months to 31st December 2012.

The second half of 2012 proved to be an exciting time for your company, the highlight being the discovery of "bonanza" grade gold during drilling at Boley, Co. Wexford which yielded grades of 354g/t gold (11.38oz/t gold) within a 13.5m interval averaging 3.5g/t gold.

This exceptional result followed on from other previous positive results and further drilling results have identified three distinct gold zones in this licence area.

Further work is presently being carried out in Wexford, including the reprocessing of available airborne geophysics and geochemical surveys, all of which will give a clear definition of the enormous potential of the Wexford licence area.

In Tulla Co. Clare findings from further drilling, backed up by an independent Competent Person's Report, confirmed the area's potential to host significant zinc and other base metal mineralisation.  Features of a type associated with Silvermines, Lisheen and Galmoy Zn-Pb deposits were identified which endorsed the directors' belief that the Tulla area hosts significant base metal mineralisation.

The recent award by the Department of Communications, Energy and Natural Resources of two licences in Avoca, Co. Wicklow is a significant achievement by the company. This is a further endorsement of our progress to date as well as our ability to put in place professional, competent and achievable strategic plans to maximise the potential of each licence area.

We have already commissioned an independent report on the Avoca Licence area, where drilling targets have been identified and a detailed program of exploration, drilling and analysis of our five licence areas in Wicklow/Wexford is underway.

We will keep you, our shareholders, informed of all developments as your company enters a further exciting stage of its development.

Dr Glenn Millar,
Chief Executive Officer

Unaudited Consolidated statement of comprehensive income
for the period ended 31 December 2012
		Six Months	Six Months
	Notes	31-Dec-12	31-Dec-11
		Euro	Euro
Continuing Operations
Revenue		-	-
Other Income		5,193	-
Administrative Expenses		(170,235)	(252,433)
(Loss) before tax		(165,042)	(252,433)
Income tax expense		-	-
(Loss) for period from continuing operations		(165,042)	(252,433)
Other Comprehensive income		-	-
Loss for the period and total comprehensive loss for the period		(165,042)	(252,433)
Earnings per share (all continuing)
Loss per ordinary share - basic & diluted	1	(0.0031)	(0.0049)

Unaudited Consolidated Statement of Financial Position
As At 31st December 2012
		31-Dec-12	31-Dec-11
	Note	Euro	Euro
Non Current Assets	2	511,029	137,528
Current assets
Debtors		135,233	28,570
Cash and cash equivalents		303,414	1,039,317
Total assets		949,676	1,205,415
Equity and liabilities
Equity
"A" Ordinary Share Capital	3	38,093	38,093
Ordinary Share Capital	3	53,309	53,309
Share Premium - Ordinary Shares	3	1,319,107	1,319,107
Retained Earnings		(513,550)	(256,933)
Equity attributable to the owners of the Company		896,959	1,153,576
Current Liabilities
Trade & Other Payables		52,717	51,839
Total liabilities		52,717	51,839
Total equity and liabilities		949,676	1,205,415

Unaudited Consolidated Statement of Changes in Equity
for the period ended 31 December 2012
	"A" Ordinary Share Capital	Ordinary Share Capital	Share Premium - Ordinary Shares	Retained losses	Total
	Euro	Euro	Euro	Euro	Euro
Balance at 30 June 2012	38,093	53,309	1,319,107	(348,508)	1,062,001
Loss for the Period	-	-	-	(165,042)	(165,042)
Other comprehensive loss for the period	-	-	-	-	-
Total Comprehensive loss for the period	-	-	-	(165,042)	(165,042)
Issue of share capital	-	-	-	-	-
Balance at 31 Dec 2012	38,093	53,309	1,319,107	(513,550)	896,959

Accounting policies

Basis of Preparation

The financial statements have been prepared on a historical cost basis. The financial statements are presented in Euro

1. Statement of Compliance 

The consolidated unaudited interim financial statements of IMC Exploration Group Plc and its subsidiary have not been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union ('EU'). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board ('IASB').

NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. Loss per share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic  earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows
		31-Dec-12	31-Dec-11
		Euro	Euro
Loss for the period attributable to equity holders of the parent		165,042	346,008
Weighted average number of ordinary shares for the purposes of basic earnings per share		53,129,059	37,206,946
Basic (loss) per ordinary share		(0.0031)	(0.0049)

2. Intangible assets - Exploration and Evaluation Assets
		Ireland	Total
Cost		Euro	Euro
At 30th June 2012		314,392	314,392
Additions		181,895	181,895
At 31 December 2012		496,287	496,287
Provision for diminution in value
At 30th June 2012		-	-
Charge for period		-	-
At 31 December 201		-	-
Net book value
At 31 December 2012		496,287	496,287
At 30th June 2012		314,392	314,392
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2012. The recoverability of the exploration and evaluation assets is dependent on the successful development or disposal of the Group's licence areas

3. Share capital - Group and Company		31-Dec-12	31-Dec-11
Authorised equity		Euro	Euro
200,000,000 Ordinary shares of Euro0.001 each		200,000	200,000
50,000 "A" Ordinary of  one euro		50,000	50,000
		250,000	250,000
Issued, called up and fully paid:	Number of	Share
	shares	Capital	Premium
Euro 0.001 Ordinary Shares		Euro	Euro
At 30 June 2012	53,308,507	53,309	1,319,107
Issued in period	-	-	-
As at 31 December 2012	53,308,507	53,309	1,319,107
Issued, called up and partly paid:	Number of	Share	Share
	shares	Capital	Premium
One Euro A Ordinary Shares		Euro	Euro
At 30 June 2012	38,093	38,093	-
Issued in period	-	-	-
As at 31 December 2012	38,093	38,093	-
"A" Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.

General information on the Company and the Group

IMC Exploration Group Plc has secured full rights to 18 licences for base metal exploration in the Irish Base Metal Province and 5 licences for gold exploration in Wicklow/Wexford.

The Group has conducted a review of historic mineral exploration data utilising the extensive experience, knowledge and expertise of the team. Drill targets have been generated on each of the prospecting licences based on exploration models developed by the Group. The Group intends to undertake an exploration programme that includes a comprehensive historical data compilation and review, geochemical sampling, geophysical data capture/processing and ultimately drilling based on these analyses.

The directors of the issuer accept responsibility for this announcement.

Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: [phone]

Mr. Hugh Gibney
Tel. Ireland: [phone]

William Albert Securities Limited
Mr. Albene Mendy
Tel.  [phone]
[e-mail]

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information contained therein.

Source: IMC Exploration Group Plc via Thomson Reuters ONE

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