RNS Number:4073XScarborough Minerals PLC30 May 2007 SCARBOROUGH...

RNS Number:4073X
Scarborough Minerals PLC
30 May 2007


SCARBOROUGH MINERALS PLC

INTERIM REPORT
FOR THE SIX MONTHS ENDED 31 MARCH 2007

30 May 2007

HIGHLIGHTS

* Recommended agreed merger with Mineral Securities ("Minsec"):

- Combining complementary management teams and assets to accelerate development of
the investment portfolio;
- 4 Minsec shares(1) for every 5 Scarborough shares;
- Shareholder meetings on 28 June 2007 at 11.00 a.m. in the offices of Jones Day,
21 Tudor Street London EC4Y 0DJ;
- expected to complete in July 2007, with Minsec listing on AIM and ASX.

* Key financial information:

- Revenue US$2.7 million (2006: US$4.2 million) down 35.7%;
- Loss before exceptional items attributable to members US$2.7 million (2006:
US$0.8 million);
- Net loss for the period attributable to members reduced by US$2.6 million (42.9%);
- Group financial assets total US$59.9 million (31 March 2006: US$13.6 million) of
which:

* cash and cash equivalents comprise US$33.3 million including US$2.4 million held
by listed subsidiary, Buka Gold (2006: US$5.2 million (US$4.7 million)); and
* Financial assets available-for-sale are US$26.5 million (2006: US$8.4 million);

- Tangible assets per Scarborough share(2) at 31 March 2007 have increased by 3.31
US cents (10.3%) to 35.28 US cents compared with 31 March 2006;
- No dividend has been declared for the period (2006: Nil).

* Operational developments:

- Acquired 12.2% stake in Chaarat Gold for US$6.9 million - gold exploration in
western Kyrgyzstan, expected stock market listing in next 12 months;
- Partnership with CVRD to progress Vostok project;
- Examining opportunities for Lady Loretta development synergies with Xstrata's
Mount Isa operations and resuming copper exploration;
- Sappes working towards submission of revised EIS;
- Solid progress for each of Minsec's key investments - Platmin, CopperCo and
Tianshan.

Robert Champion de Crespigny AC, Chairman of Scarborough said:

"This has been a year of progress and transformation for Scarborough Minerals.
We have progressed our projects and added new investments to our portfolio, but
most importantly we have negotiated the merger with Mineral Securities, which
your board has recommended on the basis that it will deliver the platform for
the long term growth and returns that our investors are looking for."

Your attention is drawn to the Chairman's Statement and note 2 to this
announcement which gives the context for, and basis of, preparation of the
information in this announcement.

For further information, please contact:

London

Robert J Champion de Crespigny AC, Chairman
Tel: +44 20 7152 6228