Red Rock Resources Regulatory News (RRR)

31 Mar 2006 11:55

Red Rock Resources plc31 March 2006 Red Rock Resources plc Interim report - six months ended 31 December 2005 Chairman's statement The half year to December saw the listing of the company's shares on the AIMmarket on 29th July 2005. 27,300,000 shares were placed at 2p per share toraise a net £476,000. With 141,860,000 shares in issue, the stock priceclosed its first day of trading at 2.5 pence, valuing the company at £3.54m. Between listing and the year end, the shares traded within the range 2.25p and 2.88p. The company listed with a portfolio of iron ore and manganese assets in WesternAustralia and Tasmania; in October it acquired uranium and iron ore propertiesin the Northern Territory of Australia, which also contain historical goldworkings and nearby areas where initial sampling for gold had produced resultsup to up to 31.1 g/t but no follow-up work had been carried out. Subsequentlyin December the company also acquired uranium projects in Malawi. As a resultof these transactions, the company's issued share capital has increased to161,660,000 shares. The company, consistent with its aim of identifying advanced projects or thosewith the potential to be fast-tracked to production, has been actively pursuinga potentially significant project within its existing sector of focus, inAfrica; this has absorbed considerable management resources during the latterpart of the period. The company is urgently investigating ways in which it can maximise theshareholder value of its gold exploration portfolio, and is conducting a similarreview of its uranium assets. On 14th October the company's listing in Frankfurt was one of the first by anAIM mining stock; also the company has been one of the first AIM companies tostart trading on the PLUS Markets trading platform. The directors expect 2006 to be a year of major developments for the company. Andrew Bell Chairman 29 March 2006 Consolidated profit & loss account 6 months to 31 Period December 2005 8 September 2004 to 30 June 2005 Unaudited Audited £,000 £,000 Turnover - - Administrative expenses (100) (20) Operating loss (100) (20) Interest receivable 2 - Loss on ordinary activities before taxation (98) (20) Tax on loss on ordinary activities - - Loss on ordinary activities after taxation (98) (20) Minority interests - - Retained loss for the period £(98) £(20) Loss per share - see note 3Basic (0.07) pence (0.1) penceFully diluted (0.07) pence (0.1) pence Consolidated balance sheet 31 December 30 June 2005 2005 Audited Unaudited £,000 £,000 Fixed assets 953 349 Current assetsDebtors 40 -Cash at bank and in hand 217 - 257 349 Creditors - amounts falling due within one year (74) (144) Net current assets 183 (144) Total assets less current liabilities £1,136 £205 Capital and reservesCalled up share capital 162 113Share premium account 1,051 112Profit and loss account (111) (20)Other reserves (3) - Equity shareholders' funds 1,099 205 Minority interests 37 - £1,136 £205 Consolidated cash flow statement 6 months to 31 Period December 2005 8 September 2004 to 30 June 2005 Unaudited Audited £,000 £,000 Net cash inflow/(outflow) from operating (181) -activitiesCapital expenditure and investment (604) - Cash outflow before financing (785) - Financing 1,002 - Increase in cash in the period £217 - Reconciliation of movement in shareholders' funds 6 months to 31 Period December 2005 8 September 2004 to 30 June 2005 Unaudited Audited £,000 £,000 Total recognised losses relating to the period (98) (20)Proceeds of share issues, net of expenses 995 225Other reserves (3) - Increase in shareholders' funds 894 205 Opening shareholders' funds 205 - Closing shareholders' funds £1,099 £205 Interim report notes 1. Interim report This interim report was approved by the Directors on 29 March 2006. The information relating to the six month period to 31 December 2005 isunaudited. The Company entered into no transactions during the period from the date offormation, 8 September 2004 to 31 December 2004. The information relating to the year ended 30 June 2005 is extracted from theaudited accounts of the Company which have been filed at Companies House and onwhich the auditors issued an unqualified audit report. 2. Basis of accounting The report has been prepared using accounting policies and practices that areconsistent with those adopted in the statutory accounts for the year ended 30June 2005, although the information does not constitute statutory accountswithin the meaning of section 240 of the Companies Act 1985. These interim financial statements consolidate the financial statements of theCompany and its subsidiary. The Company and Group will report again for the full year to 30 June 2006. 3. Loss per share 6 months to 31 Period December 2005 8 September 2004 to 30 June 2005 Unaudited Audited £,000 £,000 These have been calculated on a loss of: (98) (20) The weighted average number of shares used was: 147,015,978 20,178,528The effect of dilutive securities was: - -The weighted average number of shares and dilutiveoutstanding options used was: 147,015,978 20,178,528 Copies of this interim report are available free of charge by application inwriting to the Company Secretary at the Company's registered office, 55 GowerStreet, London WC1E 6HQ, or by email to andrew@bellmin.com. Enquiries: Andrew Bell 07766 474849 Red Rock Resources plc ChairmanRon 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 Exchange