Final Results

30th Dec 2008 12:00



BERKELEY MINERAL RESOURCES PLC

(formerly Tecteon PLC)

(AIM: BMR)

Preliminary Results for the Year ended 30 June 2008

Berkeley Mineral Resources Plc ("BMR" or the "Company"), the AIM listed mining and processing company, is pleased to announce its results for the year ended 30 June 2008. The results are in line with expectations, following the change in the direction of the business.

EXECUTIVE DIRECTOR'S REVIEW

Zambia

The comprehensive matrix survey of the metal values of the Kabwe dumps was recently completed and we are pleased to state that the material content is better than previously expected. The survey reported values of up to 4.54% lead and 8.61% zinc. The dumps also contain minor amounts of copper (up to 0.15%), manganese (up to 0.18%) and silver (up to 14.4g/t) which may be recoverable and thus contribute further smelter credits. The Company is currently negotiating off-take arrangements prior to commencing mining the dumps. Results for possible rare earth elements are pending.

Prior Activities - Voice quality market

The Company is in active negotiations to sell the patented technology to new contacts. The recovery of amounts receivable from Clement Clarke Communications is ongoing. 

Going concern

The convertible loan of £300,000 received in November 2007 from Quazer Group Corporation was converted into shares of 1p each in July 2008. The Zambian business represents an attractive opportunity and the off-take arrangements we are negotiating are not expected to require significant working capital. The Directors are confident in their ability to obtain finance via loans and/or further share issues to meet working capital requirements.

Results for the year

The loss for the year ended 30 June 2008 amounted to £2,142,265 compared with a loss of £1,884,653 for the prior year. The overheads include provision against receivable of £nil (2007: £573,447) and amortisation of intangible assets of £1,710,048 (2007: £610,048).

Summary

The business is now in a position to move forward. The initial results from analysis of the Kabwe dumps show that we have a viable, valuable project despite recent resource price movements.

30 December 2008

M A Alikhani

Executive Director

For further information please contact:

Berkley Mineral Resources Plc	Tel: 020 7408 1181
Masoud Alikhani, Executive Director
Lothbury Financial Limited	Tel: 020 7011 9411
Michael Padley

  BERKELEY MINERAL RESOURCES PLC

INCOME STATEMENT
for the year ended 30 June 2008
				2008		2007
				£		£
Turnover				-		28,506
Administrative expenses				(2,115,150)		(1,926,247)
OPERATING LOSS				(2,115,150)		(1,897,741)
Finance income				129		1,939
Finance costs				(27,244)		(3,351)
Other income				-		14,500
LOSS BEFORE TAXATION				(2,142,265)		(1,884,653)
Taxation				-		-
LOSS FOR THE YEAR
				(2,142,265)		(1,884,653)
Loss per ordinary share		- Basic and diluted		0.95p		0.83p

All recognised gains and losses have been included in the Income Statement.

All of the activities are continuing.

 

BALANCE SHEET
as at 30 June 2008
			2008		2007
			£		£
NON-CURRENT ASSETS
Research and development			182,574		1,892,622
Plant and equipment			-		30,373
Investment			40,000		-
			222,574		1,922,995
CURRENT ASSETS
Trade and other debtors			9,300		117,444
Cash and cash equivalents			58,649		83
			67,949		117,527
TOTAL ASSETS			290,523		2,040,522
CURRENT LIABILITIES
Trade and other payables			(1,266,720)		(874,454)
NET CURRENT LIABILITIES			(1,198,771)		(756,927)
TOTAL LIABILITIES			(1,266,720)		(874,454)
NET (LIABILITIES)/ASSETS			(976,197)		1,166,068
EQUITY
Share capital			9,709,771		9,709,771
Share premium			2,705,939		2,705,939
Merger reserve			1,824,000		1,824,000
Accumulated loss			(15,215,907))		(13,073,642)
TOTAL (DEFICIT)/EQUITY			(976,197)		1,166,068
Non-equity shareholders' funds			195,799		195,799
Equity attributable to the shareholders of the Company			(1,171,996)		970,269
			(976,197)		1,166,068

CASH FLOW STATEMENT
for the year ended 30 June 2008
		2008		2007
		£		£
NET CASH OUTFLOW FROM OPERATING ACTIVITIES		201,563		(317,695)
INVESTING ACTIVITIESICING OF FINANCE
Interest received		129		1,939
Purchase of plant and machinery		-		(866)
NET CASH GENERATED FROM INVESTING ACTIVITIES		129		1,073
FINANCING ACTIVITIES
Interest payable		-		(3,351)
Loan received during the year		300,000		-
Investments		(40,000)		-
NET CASH USED IN FINANCING ACTIVITIES		260,000		(3,351)
NET INCREASE IN CASH AND CASH EQUIVALENTS		58,566		(319,973)
Cash and cash equivalents at beginning of year		83		320,056
CASH AND CASH EQUIVALENTS AT END OF YEAR		58,649		83

NOTES TO THE CASHFLOW STATEMENT
	2008		2007
	£		£
Operating loss from continuing operations	(2,115,150)		(1,883,241)
Depreciation & amortization of fixed assets	1,740,421		664,340
Decrease in debtors	108,144		562,245
Increase in creditors	65,022		338,962
Net cash (outflow	(201,563)		(317,965)

 

ENDFR FDUFFSSASELE

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Berkeley Mineral Resources