1st July 2014 - Marshall Lake Mining Plc Report and Accounts 31 December 2013Marshall Lake Mining Plc
We are pleased to announce audited results for the twelve months to 31st December 2013.
- Loss before tax GBP 92,904[2012 GBP 173,541]
- Loss after tax GBP 92,904 [2012 GBP 173,541]
- Loss per share 0.56p [2012 1.10p]
- No dividend is proposed
Our principal activity is the development of the Marshall Lake copper project
towards commercial production. The property was optioned out on the 6th July
2010 to White Tiger Mining, a Canadian junior mining exploration company.
Consequently Marshall Lake holders are not being asked to fund this Canadian
Dollar 4.0m expenditure.
The terms of White Tiger's involvement in the project is by spending Canadian
Dollar 4.0m over a five year period it earns the right to earn a 50% interest
in the project from Marshall Lake Mining and Rainy Mountain Royalties, the
Once White Tiger attains a 50% interest it has the option to take the project
to bank feasibility and earn a further 25% at which point Marshall Lake Mining
would hold a 12.5% interest in the project.
As of 31st December 2013 White Tiger had filed circa Canadian Dollar 2.2m of
expenditure on the property. At this point they will have therefore earned in
a 25 percent interest in the project holding, subject to formal confirmation.
Marshall Lake Mining Plc interest would therefore be 37.5 percent of the
project. Some additional expenditures are yet to be filed so we expect this
total will rise towards Canadian Dollar 3m in 2014.
As all shareholders will be aware the last few years have been very difficult
year for all equity markets with the mineral exploration sector suffering more
than most. This has significantly affected on our investment portfolio, and
has affected White Tiger's ability in raising funds and consequently in
advancing the project. The year 2013 has therefore been a rather quiet one in
terms of exploration.
We are now exploring various ways to accelerate the pace of exploration in the
In terms of our financial performance GBP 34,157 of our loss relates to
administration costs whilst the balance of the loss GBP 58,792 relates to the
write down of our portfolio of shares.
Annual general meeting
Notices will be sent to shareholders with the accounts.
Dr Jeffrey Malaihollo
1st of July 2014
The directors of Marshall Lake Mining Plc accept responsibility for the
contents of this announcement.
Marshall Lake Mining Plc Profit and Loss Account for the year ended 31 December 2013
Administrative expenses (34,157) (51,188)
Movement in value of investments (58,792) (122,410)
Interest receivable 45 57
Loss on ordinary activities before taxation (92,904) (173,541)
Tax on loss on ordinary activities - -
Loss for the financial year (92,904) (173,541)
Basic (loss)/earnings per share (0.60p) (1.14p)
Diluted (loss)/earnings per share (0.56p) (1.10p)
Balance Sheet as at 31 December 2013 2013 2012
Intangible assets 829,195 829,195
Debtors 0 14,350
Investments held as current assets 32,704 99,919
Cash at bank and in hand 18,661 16,290
Creditors: amounts falling due within one year (21,292) (17,687)
Total assets less current liabilities 859,268 942,067
Capital and reserves
Called up share capital 77,925 76,420
Share premium 738,008 728,408
Shareholders' funds 859,268 942,067