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IMC Exploration (IMCP) – Commencement of drilling programme on Zinc Prospecting Licence 3729, Tulla, Co. Clare, Ireland

Commencement of drilling programme on Zinc Prospecting Licence 3729, Tulla, Co. Clare, Ireland

With the continuation of its works’ programme on its base metal licence area in the highly prospective South West Ireland,  IMC is pleased to announce that drilling has commenced on prospecting licence area 3729 (PL 3729), Tulla, Co Clare, Ireland.  IMC’s PL 3729 sits on an East / North East striking mineralised structural trend.

Chairman of IMC, Liam McGrattan said ‘With rising zinc prices, this is a great time for zinc in Ireland. PL 3729 is a highly prospective base metal property in an area where a number of international mining companies have recently commenced exploration work and have achieved encouraging results.  IMC’s PL 3729 is adjoining many of these properties’.

Contact Details:

IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427

Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090

IMC Exploration Group (IMCP) – Half year report

Interim Financial Results IMC Exploration Group PLC (‘IMC’) for the six months to 31st December 2016

 

Dear Shareholder,

The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for the six months to 31st December 2016.

IMC recently announced the implementation of its works programme on its base metal licence area in the highly prospective south west of Ireland.  This comprehensive exploration programme consists of geochemistry, geophysics and drilling.

Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals, ranking third in Europe and fourteenth in the world for zinc.  IMC holds licences close to the Tynagh mine.  This is a very exciting time for IMC with its zinc properties.  Zinc has tight supply fundamentals due to falling production, subdued discovery and increasing demand. The zinc price doubled in 2016.

IMC in conjunction with its joint venture partner, Koza Limited, has carried out an extensive target generation, mapping and rock sampling programme on its gold mine river licence PL 3857 in Co. Wicklow and licence PL 2551 in Co. Wexford.  This work is in addition to the previous drilling programme and is part of the works programme for our five precious metal licence areas.  This is preparatory work for the next phase of our fully funded drilling programme.  The Geological Survey of Ireland’s (GSI) Tellus survey confirms high levels of gold in the streams near the Goldmines River and Avoca regions of Wicklow.  These areas are included in our JV licences areas.

IMC continues to make progress on all its activities: implementing its base metal works programme in South West Ireland, as well as continuing progress on our licence areas in Wicklow and Wexford under the IMC/Koza joint venture agreement.

Liam McGrattan

Chairman

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2016
Six Months Six Months Year Ended
Notes 31-Dec-16 31-Dec-15 30-Jun-16
Euro Euro
Continuing Operations
Revenue
Other Income / (Expense) 0 0 0
Administrative Expenses (98,919) (178,163) (410,007)
(Loss) before tax (98,919) (178,163) (410,007)
Income tax expense 0 0 0
(Loss) for period from continuing operations (98,919) (178,163) (410,007)
Other Comprehensive income
Loss for the period and total comprehensive loss for the period (98,919) (178,163) (410,007)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.001) (0.002) (0.004)

 

Unaudited Consolidated Statement of Financial Position As at 31 December 2016
Six Months Six Months Year Ended
Notes 31-Dec-16 31-Dec-15 30-Jun-16
Non Current Assets 2 587,666 525,577 587,666
Current assets
Debtors 88,688 111,028 95,047
Cash and cash equivalents 300 62,985 61,742
Total assets 676,654 699,590 744,454
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093 38,093
Ordinary Share Capital 107,817 97,817 107,817
Share Premium – Ord Shares 2,237,415 1,987,221 2,237,415
Retained Earnings (1,916,874) (1,586,112) (1,817,956)
Equity attributable to the owners of the Company 466,451 537,020 565,369
Current Liabilities
Trade & Other Payables 210,203 162,570 179,085
Total liabilities 210,203 162,570 179,085
Total equity and liabilities 676,654 699,590 744,454
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2016
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2015 38,093 74,317 1,739,769 (1,407,949) 444,230
Loss for the Period (410,007) (178,163)
Other Comprehensive loss for the period
Issue of share capital 33,500 497,646 270,952
Share Issue Costs
Balance at 30 June 2016 38,093 107,817 2,237,415 (1,817,956) 565,369
Loss for the Period (98,919) (98,919)
Other Comprehensive loss for the period
Issue of share capital 0
Share Issue Costs
Balance at 31 December 2016 38,093 107,817 2,237,415 (1,916,874) 466,451

 

Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The Interim financial statements of IMC Exploration Group PLC and its subsidiary have not been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).
Notes to and forming part of the annual financial statements
1.   Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
Six Months Six Months Year Ended
31-Dec-16 31-Dec-15 30-Jun-16
Loss for the period attributable to equity holders of the parent 98,919 178,163 410,007
Weighted average number of ordinary shares for the purposes of basic earning per share 107,816,719 97,816,719 107,816,719
Basic (loss) per ordinary share (0.001) (0.002) (0.004)

 

2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2015 524,724 6,125 38,738 569,587
Additions/Disposals 62,941- 62,941
At 30 June 2016 587,665 6,125 38,738 632,528
Additions/Disposals 0 0
At 31 December 2016 587,665 6,125 38,738 632,528
Provision for diminution in value
At 30 June 2015 (4,660) (38,738) (43,398)
Charge for period (1,465) (1,465)
Disposal 0 0
At 30 June 2016 (6,125) (38,738) (44,863)
Charge for period 0 0
At 31 December 2016 (6,125) (38,738) (44,863)
Net book value
At 31 December 2016 587,665 0 0 587,665
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2016. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.

 

3.   Share capital – Group and Company
31-Dec-16 31-Dec-15 30-Jun-16
Euro Euro Euro
200,000,000 Ordinary shares of Euro 0.001 each 200,000 200,000 200,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000 50,000
250,000 250,000 250,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
As at 30 June 2015 74,316,719 74,317 1,739,769
Issued in period 33,500,000 33,500 497,646
As at 30 June 2016 107,816,719 107,817 2,237,415
Issued in period
As at 31 December 2016 107,816,719 107,817 2,237,415
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2015 38,093 38,093
Issued in period
As at 30 June 2016 38,093 38,093
Issued in period
As at 31 December 2016 38,093 38,093
“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.
The directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel.  Ireland +353 872745427
This announcement is distributed by PR Newswire on behalf of the company.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Brand CEO Alan Green talks TYM, IMCP, TAP and CRAW on the VOX Markets podcast

Brand CEO Alan Green talks Tertiary Minerals (TYM), IMC Exploration (IMCP), Taptica (TAP) and Crawshaw (CRAW) with Justin Waite on the VOX Markets podcast. The interview is 52 minutes 30 seconds in.

IMC Exploration Group (IMCP) – Implementation of comprehensive Zinc Work’s Programme

IMC announces the implementation of its work’s programme on its base metal licence area in the highly prospective South West Ireland. The comprehensive exploration programme consists of geochemistry, geophysics and drilling.

IMC holds numerous licences between the Tynagh and Silveriness deposits within this Irish Base Metal Province. These licences are highly prospective, lying proximal to the intersection of the ‘Navan-Silvermines Trend’ and ‘Limerick Trend’, the latter which hosts the deposits at Pallas Green and Kilbricken.

Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals ranking third in Europe and fourteenth in the world for zinc.  IMC also holds licences close to Tynagh.

Liam McGrattan, Chairman of IMC said ‘The zinc price soared in 2016 and many experts are predicting that 2017 will bring more of the same.  A Senior Analyst on Zinc Markets at Wood Mackenzie is predicting an average zinc price of $3,200 per tonne.  The Analyst sees the metal hitting $4,000 per tonne midway through next year.  The implementation of the works programme, concentrating on licence areas with previously indicated zinc deposits, makes absolute sense from a financial, strategic and asset enhancement point and represents a great opportunity to unlock significant value for IMC’s shareholders.’

Contact Details:

IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427

Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090

Brand Communications
Alan Green
Tel. +44 7976 431608

IMC Exploration (IMCP) – Issue of Equity

IMC has issued 2.5 million new ordinary shares at a price of 1p per share in settlement of fees for professional third party services and 3.2 million ordinary shares converting a Wilhan Limited loan note at the agreed conversion price of 2p sterling.

Following this issue, the total voting rights in the Company are 128,516,719.

The interests of substantial shareholders and the directors are as follows:

Global Resources Investment Trust plc: 21,000,000 ordinary shares (16.3 per cent. of the total voting rights in the Company)

Liam McGrattan: 7,952,985 ordinary shares (6.2 per cent. of the total voting rights in the Company)

Nial Ring: 4,233,334 new ordinary shares (3.3 per cent. of the total voting rights in the Company)

Contact Details:

IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427

Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090

Brand Communications
Alan Green
Tel: +44 7976 431608

IMC Exploration Group (IMCP) – AGM and Share Placement

IMC Exploration Group (IMCP) – AGM & SHARE PLACEMENT

At the recent Annual General Meeting of IMC, all the resolutions put to shareholders were passed.

The board of IMC Exploration Group plc are also pleased to announce that they have raised £150,000 by way of a Placing and Subscription of 15,000,000 new ordinary shares of €0.01 each in the Company, at a price of 1p per share.   Two directors, Liam McGrattan and Nial Ring have subscribed £50,000. Global Resource Investment Trust plc has subscribed a further £50,000.

Following this issue of new ordinary shares, the total number of ordinary shares in issue is 122,816,719.

Chairman, Liam McGrattan commented “IMC continues to make solid progress in its exploration and corporate activities. We look forward to the coming year with enthusiasm.”

Contact Details:

IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427

Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090

IMC Exploration Group (IMCP) – Update on Exploration Programme

IMCIMC Exploration Group Plc is pleased to announce that, in conjunction with its joint venture partner Koza Limited, it has recently commenced an extensive target generation, mapping and rock sampling programme on its Goldmines River licence PL 3857 in Co. Wicklow, and on licence PL 2551 in Co. Wexford. This work, scheduled to commence in early 2017, is in addition to the previous drilling programme, and is part of our works programme on our five precious metal Licence Areas, and is essential preparatory work for our next phase fully funded drilling programme.

Commenting on this development, IMC Chairman, Liam McGrattan said: “The recently published Geological Survey of Ireland Tellus Survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, areas included in our licences.  The fact that the new data identifies gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be the source for the gold mineralisation in the region encourages us to believe that this comprehensive, extensive and agreed works programme will identify promising drill targets.”

The Directors of the issuer accept responsibility for this announcement.

Contact Details:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090

Brand Communications
Mr. Alan Green
Tel. +44 (o)7976 431608

IMC Exploration Group (IMCP) – Annual Financial Report

IMCFinancial Results IMC Exploration Group PLC (IMCP) for the twelve months to 30th June 2016

Dear Shareholder,

The directors of IMC Exploration Group plc (‘IMC’) are pleased to present the Financial Results for IMC for twelve months to 30th June 2016.

World developments in recent times have had an encouraging effect on the mining sector and IMC is in a position to benefit from these developments. The rising price of gold and zinc since the beginning of the year is very reassuring but we are also very mindful of, and encouraged by, the results of an Irish Government sponsored Tellus geological survey.

Earlier this year, the Geological Survey of Ireland (GSI) released the Tellus Survey, revealing higher than expected values of gold and platinum in the stream and rivers of Counties Wicklow and Wexford in south east Ireland.  All five of IMC’s precious metal prospecting licences in Wicklow and Wexford are sited centrally in the survey region, the very licence areas that we continue to explore with our joint venture partners, Koza Limited (a subsidiary of the gold mining major, Koza Altin Isletmeleri AS).

We are delighted to report that The Tellus Survey confirms high levels of gold in streams near the Gold Mine River and Avoca region of Wicklow. This justifies, confirms and validates the current geological exploration programme underway with Koza Limited.

IMC is currently evaluating a number of approaches from international mining companies in relation to its base metal licences.  These advances have come as a result of a resurgence of interest in the base metal sector in Ireland, leaving IMC well positioned to take advantage of this via our 10 base metal licences, through the imminent implementation of our base metal Work’s Programme.

IMC continues to make excellent progress in its exploration and corporate activities. We look forward to the coming weeks and months with enthusiasm.

This is a great time for gold and base metals and is an exciting time for IMC.”

Liam McGrattan

Chairman

Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2016
Audited Audited
Year Ended Year Ended
Notes 30-Jun-16 30-Jun-15
Euro Euro
Continuing Operations
Revenue
Other Income / (Expense)
Administrative Expenses (417,989) (439,648)
(Loss) before tax (417,989) (439,648)
Income tax expense 0 (1,093)
(Loss) for period from continuing operations (417,989) (440,741)
Other Comprehensive income
Loss for the period and total comprehensive loss for the period (417,989) (440,741)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.004) (0.006)
Audited Consolidated Statement of Financial Position As at 30 June 2016
Audited Audited
Year Ended Year Ended
Notes 30-Jun-16 30-Jun-15
Non Current Assets 2 524,725 526,189
Current assets
Debtors 100,135 111,671
Cash and cash equivalents 3,731 (26,685)
Total assets 628,591 611,175
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093
Ordinary Share Capital 107,817 74,317
Share Premium – Ord Shares 2,053,373 1,739,769
Retained Earnings (1,825,938) (1,407,949)
Equity attributable to the owners of the Company 373,346 444,230
Current Liabilities
Trade & Other Payables 255,245 166,945
Total liabilities 255,245 166,945
Total equity and liabilities 628,591 611,175
Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2016
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2015 38,093 74,317 1,739,769 (1,407,949) 444,230
Loss for the Period (417,989) (417,989)
Other Comprehensive loss for the period
Issue of share capital 33,500 313,604 347,104
Share Issue Costs
Balance at 30 June 2016 38,093 107,817 2,053,373 (1,825,938) 373,346
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).
Notes to and forming part of the annual financial statements
1.   Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
30-Jun-16 30-Jun-15
Loss for the period attributable to equity holders of the parent 417,989 440,741
Weighted average number of ordinary shares for the purposes of basic earning per share 107,816,719 74,316,719
Basic (loss) per ordinary share (0.004) (0.006)
2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2015 524,724 6,125 38,738 569,587
Disposals 0
At 30 June 2016 524,724 6,125 38,738 569,587
Provision for diminution in value
At 30 June 2015 (4,660) (38,738) (43,398)
Charge for period (1,465) 0 (1,465)
Disposal 0 0
At 30 June 2016 (6,125) (38,738) (44,863)
Net book value
At 30 June 2016 524,724 0 0 524,724
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 30 June 2016. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.
3.   Share capital – Group and Company
30-Jun-16 30-Jun-15
Euro Euro
200,000,000 Ordinary shares of Euro 0.001 each 200,000 200,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000
250,000 250,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
As at 30 June 2015 74,316,719 74,317 1,739,769
Issued in period 33,500,000 33,500 313,604
As at 30 June 2016 107,816,719 107,817 2,053,373
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2015 38,093 38,093
Issued in period
As at 30 June 2016 38,093 38,093
“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.
The directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel.  Ireland +353 872745427

TipTV Interview with Nial Ring, FD at IMC Exploration (ISDX:IMCP) – Leveraging from Irish mining sector revival

In today’s CEO interview segment we have Nial Ring, Finance Director at IMC Exploration Group, who explains to viewers that the company is in a ‘sweet spot’, and well placed to benefit from international mining developments. Ring is joined by Alan Green, CEO of Brand Communications.

Brand CEO Alan Green discusses Irish gold, IMC Exploration (IMCP) and Feedback (FDBK) on VOX Markets podcast

Brand CEO Alan Green discusses IMC Exploration (IMCP) and the surge in interest in Ireland’s gold, and Feedback (FDBK) with Justin Waite on the VOX Markets podcast. The interview is 39 minutes 30 seconds in.

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