Ann: HALFYR: NTL: Half Year Preliminary to 30 Sep

• Release Date: 29/11/12 19:01
• Summary: HALFYR: NTL: Half Year Preliminary to 30 September 2012
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NTL
29/11/2012 17:01
HALFYR

REL: 1701 HRS New Talisman Gold Mines Limited

HALFYR: NTL: Half Year Preliminary to 30 September 2012

29 November 2012

FOR IMMEDIATE RELEASE

RESULTS FOR ANNOUNCEMENT TO THE MARKET (NZX, ASX: NTL)

Half Year Preliminary Announcement

Reporting period 6 months to 30 September 2012
Previous reporting period 6 months to 30 September 2011
Amount ($); percentage change
Revenue from ordinary activities 6,064; 19,281; - 69%
Loss from ordinary activities after tax attributable to members
of the listed issuer 469,866; 331,145; + 41.9%
No dividend attributed to this period

ACTIVITY
During the six months to 30 September 2012 the company was focussed on the
preliminary research required for the prefeasibility study which commences in
earnest in early December.

The company worked with its consultants on the geological model
interpretations of the Rahu and Talisman data.

During the period the company continued discussions with investor groups.

Fund Raising
During the period the company completed an SPP and raised NZ$306,961 before
expenses through the issue of 16,001,360 shares.

Gold Tenements (Waihi, New Zealand)

At Talisman the company completed an internal review of the 2011 scoping
study.

A review of the mine and initiated works to be completed at the mine as a
precursor to development.

The company has been reviewing various options which may allow for lower
project costs. At this stage, until completion of the prefeasibility study,
it is too early to accurately estimate the cost benefit of utilising the
various options.

During the exploration period the Rahu permit was renewed.

Base Metals (Northland, New Zealand)

Following earlier prospecting, Heritage applied for, and was granted an
exploration permit over a copper prospect in Northland. The area had a small
scale mining operation many years ago and is prospective for base metals and
gold.

Thackaringa Cobalt Project (New South Wales, Australia)

New Talisman Gold Mines has a strategic 21.7% interest in Broken Hill
Prospecting Limited (BHPL) which owns the project.

Drilling by BHPL has extended the cobalt-bearing zone at Pyrite Hill at least
300 metres down dip and it
remains open at depth.

A new resource estimate after the end of the period was expected to increase
the existing inferred resource figures.

BHPL has indicated its interest in acquiring uranium prospects with the
recent changes to uranium exploration legislation in New South Wales,
Australia.

FINANCIAL RESULTS

Tenement expenditure was $297,774 compared to $193,027 in the previous
reporting period.

Overhead expenditure for the reporting period was 30% more than in the
previous reporting period.

At the end of the half year the Company had a cash balance of $206,407.

LOOKING AHEAD

The Company is focussed on the key flagship asset the Talisman Mine and
delivering the prefeasibility study and initiating bulk sampling in 2013.

The Board is confident of the Talisman mine's potential and plans to appoint
a highly qualified senior mining engineer to set the platform for progressing
the mine to development.

During the Period the company announced a capital raising through a rights
issue underwritten by Canaccord Genuity (Australia) Pty Ltd to raise A$1.2M
(NZ$1.5M), after the end of the period.

Matthew Hill
Executive Director

Interim results are outlined below:

Consolidated Statement of Comprehensive Income
Reporting period 6 months to 30 September 2012
Previous reporting period 6 months to 30 September 2011
Reporting period; previous reporting period
($)
Revenue 6,064; 19,281
Total revenue 6,064; 19,281

Audit fees 6,800; 4,725
Depreciation 453; 450
Director fees 45,851; 37,793
Director remuneration 43,300; 45,000
Foreign exchange loss 1,453; 974
Share revaluation loss 8,611; 11,300
Rent and leasing 7,428; 6,595
Operating expenses 208,511; 141,155
Write off exploration expenses Nil; Nil
Total operating expenses 322,407; 247,992
Loss from operations 316,343; 228,711

Share of results of associate using equity method (153,523); (102,434)
(Broken Hill Prospecting Ltd)

Net deficit attributable to members 469,866; 331,145

Earnings per share:
Basic earnings/(loss) per share (0.13) cents; (0.10) cents
Diluted earnings/(loss) per share (0.13) cents; (0.10) cents

Consolidated Statement of Financial Position
Reporting period 30 September 2012
Previous reporting periods 31 March 2012, 30 September 2011
Reporting period; previous reporting period
($)
Current assets 284,974; 383,436; 845,378
Cash 206,407; 346,921; 778,446
Receivables and prepayments 78,242; 36,515; 66,932
Advances to related parties 325; Nil; Nil
Non-current assets 9,186,344; 9,052,498; 9,000,590
Property, plant & equipment 5,481; 7,284; 9,882
Intangible assets (prospecting expenditure) 8,369,789; 8,072,015; 7,894,126
Investments 27,942; 36,545; 33,905
Investment in associate using equity method 783,132; 936,654; 1,062,677

Total assets 9,471,318; 9,435,934; 9,845,968

Current liabilities 428,097; 114,580; 89,500
Payables 268,699; 108,021; 86,922
Employee entitlements 33,817; 6,559; 2,578
Short term loan 125,581; Nil; Nil

Total liabilities 428,097; 114,580; 89,500

Capital 24,461,125; 24,269,394; 24,269,394
Reserves 335,341; 335,341; 335,341
Retained profit/(loss) (15,753,245); (15,283,381); (14,848,267)
Total equity 9,043,221; 9,321,354; 9,756,468

Total Equity and Liabilities 9,471,318; 9,435,934; 9,845,968

Consolidated Statement of Cash Flows
Reporting period six months to 30 September 2012
Previous reporting period six months to 30 September 2011
Reporting period; previous reporting period
($)
Cash flows relating to operating activities
Cash inflows 6,542; 19,146
Cash outflows (250,256); (291,998)
Net operating cash flows (243,714; (272,852)

Cash flows relating to investing activities
Cash inflows 706; 6,390
Cash outflows (265,972); (197,998)
Net investing cash flows (265,266); (191,608)

Cash flows relating to financial activities
Cash inflows 432,133; Nil
Cash outflows (62,245; Nil
Net financing cash flows 369,888; Nil

Net increase/(decrease) in cash held (139,092); (464,460)
Cash at beginning of period 346,921; 1,244,128
Exchange rate gain/(loss) (1,422); (1,222)
Cash at end of period 206,407; 778,446

No dividends or distributions were paid or are planned.

Consolidated Statement of Changes in Equity
Reporting period six months to 30 September 2012
Previous reporting period six months to 30 September 2011
Reporting period; previous reporting period
($)
Equity at start of period 9,321,354; 10,087,613
Net profit / (loss) (469,866); (331,145)
Shares issued 191,733; Nil
Equity at end of period 9,043,221; 9,756,468

Net tangible assets per security
Reporting period; previous reporting period
Net tangible assets 1,101,529; 1,951,842
Net tangible assets per security 0.3 cents; 0.6 cents

New Talisman ownership in Broken Hill Prospecting Ltd (formerly Broken Hill
Cobalt Ltd)
Reporting period; previous reporting period
Percentage held 21.7%; 21.7%
Contribution towards / (against) net loss 153,523; 102,434

These interim financial statements have been prepared in accordance with
IAS-34, Interim Financial Reporting and should be read in conjunction with
the accounting policies set out in the annual financial statements for the
year ended 31 March 2012.

There have been no changes in accounting policies during the period.  The
accounting policies and method of computation applied during the previous
year were applied on a consistent basis during the current period.

The half yearly financial statements are subject to completion of the audit.

END

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About New Talisman Gold Mines Ltd
New Talisman Gold is a dual listed (NZX Main Board & ASX: NTL) with 1800
shareholders who are mainly from Australia and New Zealand. It is a leading
New Zealand minerals development and exploration company with a portfolio of
high quality mineral interests. Its gold properties near Paeroa in the
Hauraki District of New Zealand are a granted mining permit, including a JORC
compliant mineral resource within the original Talisman underground mine, and
an adjacent exploration permit along strike from the mine. The company is now
advancing its plans to develop the mine, and advance the exploration project.

Through a subsidiary company, New Talisman Gold owns 21.7% of Broken Hill
Prospecting Limited, which is planning to develop a cobalt project at
Thackaringa, about 25 kilometres south-west of Broken Hill in Australia. BPL
is listed on both the ASX and NZSX (Code: BPL).

More about New Talisman Gold at www.newtalismangold.co.nz
End CA:00230437 For:NTL    Type:HALFYR     Time:2012-11-29 17:01:48