TIDMHRE 
 
RNS Number : 4689T 
Hameldon Resources Limited 
28 September 2010 
 

 
                           Hameldon Resources Limited 
                            (the 'Company' or 'HRE') 
 
                Interim Results - Six months ended 30 June 2010 
 
Summary Financials 
 
·    Loss Attributable to Shareholders for the period ended 30 June 2010: 
US$0.09 million (2009: US$0.4 million, of which US$0.2 million was from 
continuing operations) 
·    Shareholder Equity at 30 June 2010: US$0.4 million (2009: US$0.3 million) 
·    Loss Per Share (basic) for the period ended 30 June 2010: US cent 0.07 
(2009: US cent 0.33, of which US cent 0.14 was from continuing operations) 
 
 
Commentary 
 
·    The Company is classified under the AIM Rules as an investing company and 
shareholders have approved a change in investment strategy to acquire holdings 
in natural resources, minerals, metals and oil & gas companies. The Board has 
been active in seeking opportunities in the natural resources arena and has 
looked at a number of companies in which to invest. In attempting to make the 
appropriate investment choices the Board has focused on ensuring that it can 
protect the value of the Company for all shareholders. The Board continues in 
its attempts to find the most appropriate investments. 
 
 
Steve Smith 
Chairman 
 
 
+----------------------+-+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Consolidated Income Statement                                                                                  | 
|                                                                                                                | 
+----------------------------------------------------------------------------------------------------------------+ 
| Continuing           | |       |          |           |          |            |          |          |          | 
| Operations           | |       |          |           |          | (Restated) |          |          |          | 
|                      | |       |          | Unaudited |          |  Unaudited |          |  Audited |          | 
|                      | |       |          |       six |          | six months |          |    year  |          | 
|                      | |       |          |    months |          |      ended |          |    ended |          | 
|                      | |       |          |     ended |          |    30 June |          |       31 |          | 
|                      | |       |          |   30 June |          |            |          | December |          | 
+----------------------+-+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |      2010 |          |       2009 |          |     2009 |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |Notes  |          |   US$'000 |          |    US$'000 |          |  US$'000 |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Continuing operations  |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Turnover               |       |          |         - |          |          - |          |        - |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Material cost of sales |       |          |         - |          |          - |          |        - |          | 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Gross profit           |       |          |         - |          |          - |          |        - |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss on financial      |       |          |           |          |            |          |          |          | 
| assets at fair value   |       |          |       (5) |          |          - |          |        - |          | 
| through profit or loss |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Other income           |       |          |        34 |          |          - |          |        - |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Other operating        |       |          |     (120) |          |      (144) |          |    (331) |          | 
| expenses               |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss from operations   |       |          |           |          |            |          |          |          | 
| prior to share based   |       |          |      (91) |          |      (144) |          |    (331) |          | 
| payment charge         |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Share based payment    |       |          |         - |          |       (43) |          |     (89) |          | 
| charge                 |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss from operations   |  5    |          |      (91) |          |      (187) |          |    (420) |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Finance income         |       |          |         - |          |          - |          |        - |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Finance costs          |       |          |         - |          |          - |          |        - |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss before taxation   |       |          |      (91) |          |      (187) |          |    (420) |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Taxation expense       |  6    |          |         - |          |          - |          |        - |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss from continuing   |       |          |      (91) |          |      (187) |          |    (420) |          | 
| operations             |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Discontinued           |       |          |           |          |            |          |          |          | 
| operations             |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss from discontinued |       |          |         - |          |      (261) |          |    (283) |          | 
| operations             |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Loss for the period,   |       |          |           |          |            |          |          |          | 
| attributable to owners |       |          |      (91) |          |      (448) |          |    (703) |          | 
| of the Company         |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Other comprehensive    |       |          |           |          |            |          |          |          | 
| income                 |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Exchange differences   |       |          |           |          |            |          |          |          | 
| on translation of      |       |          |      (30) |          |       (39) |          |      364 |          | 
| foreign operations     |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
| Total comprehensive    |       |          |           |          |            |          |          |          | 
| income for the period, |       |          |           |          |            |          |          |          | 
| attributable to owners |       |          |     (121) |          |      (487) |          |    (339) |          | 
| of the Company         |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+------------------------+-------+----------+-----------+----------+------------+----------+----------+----------+ 
|                        |       |          |           |          |            |          |          |          | 
+----------------------+-+-------+----------+-----------+----------+------------+----------+----------+----------+ 
 
 
 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         | 7  |          |         |          |          |          |         |          | 
| Loss per share          |    |          |         |          |          |          |         |          | 
| attributable to owners  |    |          |      US |          | US cents |          |      US |          | 
| of the Company during   |    |          |   cents |          |          |          |   cents |          | 
| the period              |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Basic:                  |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Continuing operations   |    |          |  (0.07) |          |   (0.14) |          |  (0.31) |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Discontinued operations |    |          |       - |          |   (0.19) |          |  (0.21) |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Total                   |    |          |  (0.07) |          |   (0.33) |          |  (0.52) |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Diluted:                |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Continuing operations   |    |          |  (0.07) |          |   (0.14) |          |  (0.31) |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Discontinued operations |    |          |       - |          |   (0.19) |          |  (0.21) |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
| Total                   |    |          |  (0.07) |          |   (0.33) |          |  (0.52) |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
|                         |    |          |         |          |          |          |         |          | 
+-------------------------+----+----------+---------+----------+----------+----------+---------+----------+ 
Consolidated Statement of Financial Position 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
|                             |       | Unaudited | Unaudited |  Audited | 
|                             |       |   30 June |   30 June |       31 | 
|                             |       |           |           | December | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |      2010 |      2009 |     2009 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |Notes  |   US$'000 |   US$'000 |  US$'000 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| ASSETS                      |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Non-current assets          |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Property, plant and         |       |         - |       139 |        - | 
| equipment                   |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Intangible assets           |       |         - |        58 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |         - |       197 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Current assets              |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Trade and other receivables |  8    |       127 |     1,164 |       25 | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Cash and cash equivalents   |       |       562 |       409 |      737 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |       689 |     1,573 |      762 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Total assets                |       |       689 |     1,770 |      762 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| LIABILITIES                 |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Current liabilities         |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Trade and other payables    |  9    |       303 |     1,081 |      255 | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Deferred income             |       |         - |       315 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Current tax provision       |       |         - |        32 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Bank loan                   |       |         - |        16 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |       303 |     1,444 |      255 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Non-current liabilities     |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Deferred taxation           |  10   |         - |        13 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Bank loan                   |       |         - |         - |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |         - |        13 |        - | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Total liabilities           |       |       303 |     1,457 |      255 | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| EQUITY                      |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Share capital               |  11   |       636 |       636 |      636 | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Reserves                    |       |     (250) |     (323) |    (129) | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
| Equity attributable to      |       |           |           |          | 
| owners of the Company       |       |       386 |       313 |      507 | 
|     and total equity        |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
|                             |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
| Total equity and            |       |       689 |     1,770 |      762 | 
| liabilities                 |       |           |           |          | 
+-----------------------------+-------+-----------+-----------+----------+ 
 
 
 
 
 
 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Consolidated Statement of Changes in Equity                                        | 
|                                                                                    | 
+------------------------------------------------------------------------------------+ 
|                   |         |         |         |          |             |         | 
|                   |         |         |         |          |             |         | 
|                   |         |         |         |  Foreign | Accumulated |         | 
|                   |   Share |   Share | Capital | exchange |      losses |   Total | 
|                   | capital | premium | reserve |  reserve |             |  equity | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
|                   | US$'000 | US$'000 | US$'000 |  US$'000 |     US$'000 | US$'000 | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
| At 1 January 2010 |     636 |   4,438 |  29,214 |  (3,980) |    (29,801) |     507 | 
| (Audited)         |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Exchange          |       - |       - |       - |     (30) |           - |    (30) | 
| difference        |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Loss for the      |       - |       - |       - |        - |        (91) |    (91) | 
| period            |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Total             |       - |       - |       - |     (30) |        (91) |   (121) | 
| comprehensive     |         |         |         |          |             |         | 
| income for the    |         |         |         |          |             |         | 
| period            |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
| At 30 June 2010   |     636 |   4,438 |  29,214 |  (4,010) |    (29,892) |     386 | 
| (Unaudited)       |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
| At 1 January 2009 |     636 |   4,438 |   6,547 |       73 |    (10,937) |     757 | 
| (Audited)         |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Exchange          |       - |       - |       - |     (39) |           - |    (39) | 
| difference        |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Loss for the      |       - |       - |       - |        - |       (448) |   (448) | 
| period            |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Total             |       - |       - |       - |     (39) |       (448) |   (487) | 
| comprehensive     |         |         |         |          |             |         | 
| income for the    |         |         |         |          |             |         | 
| period            |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Share based       |       - |       - |       - |        - |          43 |      43 | 
| payments          |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
| Transactions with |       - |       - |       - |        - |          43 |      43 | 
| owners            |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
| At 30 June 2009   |     636 |   4,438 |   6,547 |       34 |    (11,342) |     313 | 
| (Unaudited)       |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
|                   |         |         |         |          |             |         | 
+-------------------+---------+---------+---------+----------+-------------+---------+ 
 
 
 
 
Condensed Consolidated Statement of Cash Flows 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
|                            |    | Unaudited | Unaudited |  Audited | 
|                            |    |       six |       six |     year | 
|                            |    |    months |    months |    ended | 
|                            |    |    ended  |    ended  |       31 | 
|                            |    |   30 June |   30 June | December | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |      2010 |      2009 |     2009 | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |   US$'000 |   US$'000 |  US$'000 | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Net cash outflow from      |    |           |           |          | 
| operating activities       |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| - Continuing operations    |    |     (202) |     (105) |     (73) | 
+----------------------------+----+-----------+-----------+----------+ 
| - Discontinued operations  |    |         - |     (135) |     (51) | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |     (202) |     (240) |    (124) | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Net cash inflow /(outflow) |    |           |           |          | 
| from investing activities  |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| - Continuing operations    |    |        67 |         - |        - | 
+----------------------------+----+-----------+-----------+----------+ 
| - Discontinued operations  |    |         - |      (19) |      130 | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |        67 |      (19) |      130 | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Net cash outflow from      |    |           |           |          | 
| financing activities       |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| - Continuing operations    |    |         - |         - |        - | 
+----------------------------+----+-----------+-----------+----------+ 
| - Discontinued operations  |    |         - |      (12) |     (20) | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |         - |      (12) |     (20) | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Net decrease in cash and   |    |     (135) |     (271) |     (14) | 
| cash equivalents           |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Cash and cash equivalents  |    |           |           |          | 
| as at                      |    |       737 |       719 |      719 | 
|      start of period       |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Effect of exchange rate    |    |      (40) |      (39) |       32 | 
| fluctuations               |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Cash and cash equivalents  |    |           |           |          | 
| as at end of period        |    |       562 |       409 |      737 | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Analysed into:             |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| - Continuing operations    |    |       562 |         7 |      737 | 
+----------------------------+----+-----------+-----------+----------+ 
| - Discontinued operations  |    |         - |       402 |        - | 
+----------------------------+----+-----------+-----------+----------+ 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
| Total                      |    |       562 |       409 |      737 | 
|                            |    |           |           |          | 
+----------------------------+----+-----------+-----------+----------+ 
 
 
 
 
 
 
 
Notes to the unaudited interim financial information 
 
1.    Basis of preparation 
 
The Company was incorporated as a Corporation in the Cayman Islands which does 
not prescribe the adoption of any particular accounting framework. The Board has 
therefore adopted International Financial Reporting Standards as adopted by the 
European Union (IFRSs). The Company's shares are listed on the AIM market of the 
London Stock Exchange. 
 
The Company is classified under AIM rules as an investing company and the board 
has been active in seeking opportunities in the natural resources arena. The 
Company was previously the holding company of the Group. The principal 
activities of the companies held by the Group were marketing and public 
relations before the disposal of all its interests in these undertakings on 27 
October 2009. 
 
The interim financial information has been prepared on the historical cost basis 
except for financial instruments classified as fair value through profit or loss 
which are measured at fair value. 
 
It should be noted that accounting estimates and assumptions are used in 
preparation of the interim financial information. Although these estimates are 
based on management's best knowledge and judgment of current events and actions, 
actual results may ultimately differ from those estimates. The areas involving a 
higher degree of judgment or complexity, or areas where assumptions and 
estimates are significant to the interim financial information, are set out in 
Note 3 to the unaudited interim financial information. 
 
The interim financial information contained in this announcement does not 
constitute statutory accounts within the meaning of the Companies Act 2006.  The 
full accounts for the year ended 31 December 2009 received an unqualified report 
from the auditors and did not contain a statement under Section 498(2) or (3) of 
the Companies Act 2006. 
 
The interim financial information is unaudited but hasbeen reviewed by the 
Company's Audit Committee. 
 
 
2.   Principal accounting policies 
The interim financial information has been prepared in accordance with 
International Accounting Standard 34 "Interim Financial Reporting".   These 
condensed interim financial information should be read in conjunction with the 
audited annual financial statements of the Group for the year ended 31 December 
2009 (the "2009 Annual Report"), which have been prepared in accordance with 
International Financial Reporting Standards. 
 
The principal accounting policies and methods of computation adopted to prepare 
the interim financial information are consistent with those detailed in the 2009 
Annual Report published by the Company on 28 June 2010, except for the 
accounting policy on financial assets at fair value through profit or loss. 
Financial assets at fair value through profit or loss include financial assets 
held for trading and financial assets designated upon initial recognition at 
fair value through profit or loss. Financial assets are classified as held for 
trading if they are acquired for the purpose of selling in the near term, or it 
is part of a portfolio of identified financial instruments that are managed 
together and for which there is evidence of a recent pattern of short-term 
profit-taking. 
 
Financial assets may be designated at initial recognition as at fair value 
through profit or loss if the following criteria are met: 
 
-the designation eliminates or significantly reduces the inconsistent treatment 
that would otherwise arise from measuring the assets or recognising gains or 
losses on them on a different basis; or 
 
-        the assets are part of a group of financial assets which are managed 
and their performance is evaluated on a fair value basis, in accordance with a 
documented risk management strategy and information about the group of financial 
assets is provided internally on that basis to the key management personnel. 
 
Subsequent to initial recognition, the financial assets included in this 
category are measured at fair value with changes in fair value recognised in the 
income statement. Fair value is determined by reference to active market 
transactions or using a valuation technique where no active market exists. 
Fair value gain or loss does not include any dividend or interest earned on 
these financial assets. 
 
The financial assets at fair value through profit or loss were acquired and were 
disposed of during the period ended 30 June 2010. 
 
3.    Critical accounting estimates and judgments 
 
The key sources of estimation uncertainty the Directors had made in preparing 
these financial statements are as follows: 
 
-       the assumptions used to calculate the fair value of share options. The 
share options      were cancelled on 27 October 2009. 
 
The Directors consider that the critical judgements in applying the accounting 
policies, as detailed above, in preparing these financial statements were: 
 
-      the use of the functional currencies used by the operating subsidiaries 
which accorded with the local currency in which they trade; and 
-         the recognition of revenue on consultancy services and retainer fees 
and services over the period the services were provided. The revenue was 
recognised based on management's assessment of the stage of completion of the 
services provided. 
 
The Company disposed of all its interests in subsidiary undertakings on 27 
October 2009. 
 
 
4.   Segment Information 
 
As described in Note 1 to the unaudited interim financial information, the 
Group's only segment was that of marketing and public relations.  The Group's 
marketing and public relations activities were discontinued following the 
disposal of all its interests in subsidiary undertaking on 27 October 2009. 
 
 
5.   Loss from operations - continuing operations 
 
+-------------------------------+-----------+-----------+-----------+ 
|                               | Unaudited | Unaudited |   Audited | 
|                               |       six |       six |     year  | 
|                               |    months |    months |     ended | 
|                               |     ended |     ended |        31 | 
|                               |   30 June |   30 June |  December | 
|                               |      2010 |      2009 |      2009 | 
+-------------------------------+-----------+-----------+-----------+ 
|                               |   US$'000 |   US$'000 |   US$'000 | 
+-------------------------------+-----------+-----------+-----------+ 
|                               |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
| Loss before taxation is       |           |           |           | 
| arrived at after              |           |           |           | 
| charging/(crediting):         |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
|                               |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
| Auditors' remuneration:       |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
| - fee payable to the          |           |           |           | 
| Company's auditors and its    |           |           |           | 
| associates for the audit of   |        11 |        19 |        23 | 
| the Company's financial       |           |           |           | 
| statements                    |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
| Foreign exchange              |      (34) |         - |        44 | 
| (gain)/losses, net            |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
|                               |           |           |           | 
+-------------------------------+-----------+-----------+-----------+ 
 
 
6.       Taxation expense - continuing operations 
 
There is no tax credit on the loss for the current or prior period. 
 
 
7.    Loss per share for loss attributable to owners of the Company 
 
(a)      Basic 
 
+--------------------------+-------------+------------+------------+ 
|                          |             |            |            | 
|                          |   Unaudited |  Unaudited |    Audited | 
|                          | six months  | six months |      year  | 
|                          |      ended  |            |      ended | 
|                          |     30 June |      ended |         31 | 
|                          |        2010 |    30 June |   December | 
|                          |             |       2009 |       2009 | 
+--------------------------+-------------+------------+------------+ 
|                          |     US$'000 |    US$'000 |    US$'000 | 
+--------------------------+-------------+------------+------------+ 
|                          |             |            |            | 
+--------------------------+-------------+------------+------------+ 
| Loss attributable to     |             |            |            | 
| owners of the Company    |             |            |            | 
+--------------------------+-------------+------------+------------+ 
| - Continuing operations  |        (91) |      (187) |      (420) | 
+--------------------------+-------------+------------+------------+ 
| - Discontinued           |           - |      (261) |      (283) | 
| operations               |             |            |            | 
+--------------------------+-------------+------------+------------+ 
|                          |             |            |            | 
+--------------------------+-------------+------------+------------+ 
|                          |        (91) |      (448) |      (703) | 
+--------------------------+-------------+------------+------------+ 
 
+--------------------------+-------------+-------------+-------------+ 
|                          |   Number of |   Number of |   Number of | 
|                          |      shares |      shares |      shares | 
+--------------------------+-------------+-------------+-------------+ 
|                          |             |             |             | 
+--------------------------+-------------+-------------+-------------+ 
| Weighted average number  |             |             |             | 
| of shares for            | 137,401,194 | 137,401,194 | 137,401,194 | 
| calculating basic loss   |             |             |             | 
| per share                |             |             |             | 
+--------------------------+-------------+-------------+-------------+ 
 
+---------------------------+------------+------------+-------------+ 
|                           |            |            |             | 
|                           |  Unaudited |  Unaudited |     Audited | 
|                           | six months | six months |       year  | 
|                           |      ended |            |       ended | 
|                           |    30 June |      ended | 31 December | 
|                           |       2010 |    30 June |        2009 | 
|                           |            |       2009 |             | 
+---------------------------+------------+------------+-------------+ 
|                           |  US cents  |   US cents |    US cents | 
+---------------------------+------------+------------+-------------+ 
|                           |            |            |             | 
+---------------------------+------------+------------+-------------+ 
| Basic loss per share      |            |            |             | 
+---------------------------+------------+------------+-------------+ 
| - Continuing operations   |     (0.07) |     (0.14) |      (0.31) | 
+---------------------------+------------+------------+-------------+ 
| - Discontinued operations |          - |     (0.19) |      (0.21) | 
+---------------------------+------------+------------+-------------+ 
|                           |            |            |             | 
+---------------------------+------------+------------+-------------+ 
|                           |     (0.07) |     (0.33) |      (0.52) | 
+---------------------------+------------+------------+-------------+ 
 
(b)      Diluted 
 
No diluted loss per share is shown for the six month ended 30 June 2010, as the 
outstanding share options were cancelled on 27 October 2009. 
 
No diluted loss per share is shown for the six month ended 30 June 2009 and for 
the year ended 31 December 2009, as the outstanding share options are 
anti-dilutive. 
 
 
8.   Trade and other receivables 
 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     | Unaudited | Unaudited |    Audited | 
|                          |     |   30 June |   30 June |         31 | 
|                          |     |           |           |   December | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |      2010 |      2009 |       2009 | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |   US$'000 |   US$'000 |    US$'000 | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |           |           |            | 
+--------------------------+-----+-----------+-----------+------------+ 
| Trade receivables -gross |     |         - |     1,039 |          - | 
+--------------------------+-----+-----------+-----------+------------+ 
| Less: impairment losses  |     |         - |      (79) |          - | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |           |           |            | 
+--------------------------+-----+-----------+-----------+------------+ 
| Trade receivables - net  |     |         - |       960 |          - | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |           |           |            | 
+--------------------------+-----+-----------+-----------+------------+ 
| Other receivables        |     |       107 |         5 |          - | 
+--------------------------+-----+-----------+-----------+------------+ 
| Deposits and prepayments |     |        20 |       199 |         25 | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |           |           |            | 
+--------------------------+-----+-----------+-----------+------------+ 
|                          |     |           |           |            | 
+--------------------------+-----+-----------+-----------+------------+ 
| Total                    |     |       127 |     1,164 |         25 | 
+--------------------------+-----+-----------+-----------+------------+ 
 
The fair value of trade and other receivables is considered by the Directors not 
to be materially different to carrying amounts. 
 
 
9.   Trade and other payables 
 
+--------------------------+-----------+-----------+------------+ 
|                          | Unaudited | Unaudited |    Audited | 
+--------------------------+-----------+-----------+------------+ 
|                          |   30 June |  30 June  |         31 | 
|                          |           |           |   December | 
+--------------------------+-----------+-----------+------------+ 
|                          |      2010 |      2009 |       2009 | 
+--------------------------+-----------+-----------+------------+ 
|                          |   US$'000 |   US$'000 |    US$'000 | 
+--------------------------+-----------+-----------+------------+ 
|                          |           |           |            | 
+--------------------------+-----------+-----------+------------+ 
| Trade payables           |         - |       396 |          - | 
+--------------------------+-----------+-----------+------------+ 
| Other payables and       |        42 |       685 |        119 | 
| accrued charges          |           |           |            | 
+--------------------------+-----------+-----------+------------+ 
| Amounts due to directors |       261 |         - |        136 | 
| and others               |           |           |            | 
+--------------------------+-----------+-----------+------------+ 
|                          |           |           |            | 
+--------------------------+-----------+-----------+------------+ 
| Total                    |       303 |     1,081 |        255 | 
+--------------------------+-----------+-----------+------------+ 
 
 
 
10.  Deferred taxation 
 
Deferred taxation liabilities recognised can be summarised as follows: 
 
+---------------------------+-----------+-----------+----------+ 
|                           |           |           |  Audited | 
|                           | Unaudited | Unaudited |       31 | 
|                           |  30 June  |  30 June  | December | 
|                           |      2010 |      2009 |     2009 | 
+---------------------------+-----------+-----------+----------+ 
|                           |   US$'000 |   US$'000 |  US$'000 | 
+---------------------------+-----------+-----------+----------+ 
|                           |           |           |          | 
+---------------------------+-----------+-----------+----------+ 
| Non-current liabilities   |         - |        13 |        - | 
+---------------------------+-----------+-----------+----------+ 
 
 
 
+---------------------------+-----------+-----------+----------+ 
|                           |           |           |  Audited | 
|                           | Unaudited | Unaudited |       31 | 
|                           |  30 June  |  30 June  | December | 
|                           |      2010 |      2009 |     2009 | 
+---------------------------+-----------+-----------+----------+ 
|                           |   US$'000 |   US$'000 |  US$'000 | 
+---------------------------+-----------+-----------+----------+ 
|                           |           |           |          | 
+---------------------------+-----------+-----------+----------+ 
| At 1 January              |         - |        22 |       22 | 
+---------------------------+-----------+-----------+----------+ 
| Credited to income        |         - |       (9) |     (15) | 
| statement                 |           |           |          | 
+---------------------------+-----------+-----------+----------+ 
| Disposal of foreign       |         - |         - |      (7) | 
| operations                |           |           |          | 
+---------------------------+-----------+-----------+----------+ 
|                           |           |           |          | 
+---------------------------+-----------+-----------+----------+ 
|                           |           |           |          | 
+---------------------------+-----------+-----------+----------+ 
| At 30 June/31 December    |         - |        13 |        - | 
+---------------------------+-----------+-----------+----------+ 
 
 
11.        Share capital 
 
+---------------------------------+----------------+------------+ 
|                                 |      Number of |      Value | 
|                                 |       ordinary |    US$'000 | 
|                                 |         shares |            | 
|                                 |                |            | 
+---------------------------------+----------------+------------+ 
| Authorised                      |                |            | 
| (par value of 0.25p each)       |                |            | 
+---------------------------------+----------------+------------+ 
|                                 |                |            | 
| At 30 June 2010, 30 June 2009   |                |            | 
| and 31 December 2009            |  4,000,000,000 |     18,470 | 
+---------------------------------+----------------+------------+ 
|                                 |                |            | 
+---------------------------------+----------------+------------+ 
| Issued and fully paid           |                |            | 
| (par value of 0.25p each)       |                |            | 
+---------------------------------+----------------+------------+ 
|                                 |                |            | 
| At 30 June 2010, 30 June 2009   |                |            | 
| and 31 December 2009            |    137,401,194 |        636 | 
+---------------------------------+----------------+------------+ 
 
 
12.        Contingencies 
 
As at 30 June 2010, the Company had no material contingent liabilities. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR BLGDCLXDBGGI 
 

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