18th Nov 2005 10:33
Red Rock Resources plc18 November 2005 Red Rock Resources plc Preliminary Results for the year ended 30 June 2005 Dated: 18 November 2005 CHAIRMAN'S STATEMENT Dear Shareholders, The financial period to 30th June 2005 was the first of Red Rock's corporatelife, and saw both the Company's conversion to a PLC and the decision taken toapply for admission to trading on AIM. In mid-May, Red Rock purchased five iron ore tenements in Western Australia andTasmania, and four manganese exploration properties in Western Australia fromRegency Mines plc, Iron and Uranium Limited and Callum Baxter, Paul Winston andBernfried Wasse through the issue of 113,559,998 ordinary shares in the Companyand AUS$250,00 in cash. Following these acquisitions the issued capital of the Company was 113,560,000with Regency Mines plc holding 88.1% of the issued capital immediately prior tothe placing. POST BALANCE SHEET EVENTS On 29th July 2005 Red Rock was admitted to the AIM Market of the London StockExchange, raising £546,000 before expenses. A copy of the AdmissionDocument, which contains details of the Company's mineral tenements, can bedownloaded from the Company's website at www.rrrplc.com. On 3rd October the Company acquired a portfolio of five uranium and iron oreproperties in the Northern Territory of Australia from Tennant Creek GoldLimited. The purchase price was satisfied by the issue of 19,000,000 newordinary shares in the Company at 2.5p per share. The properties included the2,044 sq km Woolgni/Edith River exploration licenses situated some 220 km southeast of Darwin and 35 km south east of Pine Creek, that contain four knownuranium prospects initially explored in the 1950s, as well as areas with stronggold anomalies confirmed by trenching results including 10.7m at 4.44 g/t Au androck chip samples ranging from 0.21 g/t to 31.1 g/t. Alluvial gold mining wascarried out in part of the license in the late nineteenth century. Two other areas, Celia and Marrakai, acquired at the same time are situated inthe Rum Jungle Uranium Field. Celia contains an established magnesite resource.The remaining two areas, Hayes Creek South and Daly River, are iron oreprospects close to infrastructure, where test work has shown strong iron and (inthe case of Hayes Creek South) manganese mineralization. A 1967-8 estimate ofresources at Daly River, following a ten hole drill programme on part of theproperty, was 125m tons of haematite iron ore. EXPLORATION The Company is shortly to begin exploration programmes at Edith River and at itsWestern Australia properties. OUTLOOK The directors believe your company is well positioned to grow and anticipatethat 2005-2006 will continue to be a year of active development. The Directorsare constantly reviewing opportunities that are being presented, and expect toundertake further acquisitions of viable exploration and mining tenements. CONCLUSION I would like to record my appreciation and thanks to our new investors whosupported the Placing and to our professional advisers for their support duringthe fund raising and the Admission to AIM. Andrew R. M. Bell Chairman 16 November 2005 PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 30 JUNE 2005 Period ended 30 June 2005 £ Turnover -Administrative expenses 20,379Loss on ordinary activities before taxation (20,379)Tax on loss on ordinary activities -Loss on ordinary activities after taxation (20,379)Retained loss for the year (20,379) Earnings per share - basic loss (0.1) pence There are no recognised gains or losses other than the loss for the year. All of the operations are considered to be continuing. BALANCE SHEET AS AT 30 JUNE 2005 30 June 2005 £Fixed assets Exploration licences 348,932 Current assets Cash at bank - -Creditors - amounts due within oneyear (143,751)Net current liabilities (143,751)Total assets less current 205,181liabilities Share capital and reserves Called-up share capital 113,560 Share premium account 112,000Profit and loss account (20,379) Equity shareholders' funds 205,181 CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2005 As there were no cash transactions during the period, so none are to bedisclosed in a cash flow statement.. The shares issued during the period were in consideration for the acquisition ofexploration licenses at a value of £225,560. NOTES The financial information set out above does not constitute statutory accountsas defined in section 240 of the Companies Act 1985. The Directors are not recommending the payment of an ordinary share dividend. The basic loss per share is derived from the ordinary activities after taxationof £20,379 divided by 20,178,528 ordinary shares, being the weighted average inissue during the period. No diluted loss per share is presented. The balance sheet at 30 June 2005, the profit and loss account, and the cashflow statement for the period then ended have been extracted from the Group'sstatutory financial statements upon which the auditors' opinion is unqualifiedand does not include any statement under Section 237 of the Companies Act 1985. Copies of the report and financial statements will be posted to Shareholders on24 November 2005 and be available for one month from the Company Secretary atthe registered office from Thursday 24 November 2005. Alternatively, the report may be downloaded from the Company's website,www.rrrplc.com. ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held at the offices ofRonaldsons, 3rd Floor, 55 Gower Street, London WC1E 6HQ England, on Wednesday 21December 2005 at 11.00 a.m. ENQUIRIES: Andrew Bell 07766 474849 Red Rock Resources plc Chairman John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser Ron Marshman / John 020 7628 5518 City of London PR Limited Public RelationsGreenhalgh This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Red Rock Resources