News Column

MARSHALL LAKE MINING PLC - Annual Financial Report 2013

July 1, 2014



1st July 2014 - Marshall Lake Mining Plc Report and Accounts 31 December 2013Marshall Lake Mining Plc Chairman's Statement Dear shareholder We are pleased to announce audited results for the twelve months to 31st December 2013. Financial results - 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 Directors Report 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 current owners. 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 coming months. Financial performance 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. Yours sincerely Dr Jeffrey Malaihollo Director 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 2013 2012 GBP GBP Administrative expenses (34,157) (51,188) Movement in value of investments (58,792) (122,410) (92,949) (173,598) 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 GBP GBP Fixed assets Intangible assets 829,195 829,195 Current assets 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




For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: PR Newswire (UK Disclosure)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters