RNS Number : 2406J
  Mincorp Plc
  28 November 2008
   

    Mincorp Plc

    MINCORP PLC ANNOUNCES YEAR END RESULTS

    Mincorp plc (the "Company") (AIM: MOP), an independent mining company announces its results for the year ended 31st May 2008.


    Chairman's Statement

    Introduction

    Mincorp is an independent mining company with a gold exploration licence in Australia and a strategic minority stake in a listed
Indonesian natural resources company, ATPK Resources Tbk.

    Board Structure

    The Company's Board ("Board") is presently chaired by me as the Non-Executive Chairman, whilst the administration and operational
management is undertaken by the Executive Director, Mr. M Thanggaya. Following the departures of Matthew Steptoe and Jocelyn Arezza earlier
this year, it is the Board's intention to appoint replacement directors. We have appointed a full-time geologist to assist the Board in its
operation.

    New Waverly Gold Mine, Western Australia

    The New Waverly mine is within located some 20km northeast of Norseman, which is itself approximately 200 kilometres south of Kalgoorlie
in Western Australia's goldfields. Mincorp controls New Waverly through its wholly owned subsidiary, Procnima Exploration Pty Ltd.

    New Waverly is located on a similar structure to that which has produced over 1,800,000 ounces of gold. However, the under-wall of the
structure, which is in a similar location to other proven quartz reefs, is yet to be tested.

    During 2008, Mincorp appointed a team of independent specialist consultants to complete a co-ordinated review and analysis of the
drilling program in order to ascertain the commerciality of, and options for, the New Waverly project. The previous exploration work at New
Waverly had never been adequately assessed using modern computerized techniques, therefore it is considered that this review, and the
capture and compilation of data in digital form, will place the project on a solid platform from which to undertake future exploration.  At
the current time the available tonnage looks to be limited, but the Board believe that additional drilling is required.

    Presently, we are in preliminary discussions with third parties to explore the possibility of restarting the operation of the mine under
a joint venture, although this is subject to the Company raising further finance in due course.

    ATPK Resources Tbk

    The Company made a strategic acquisition (5.5%) of ATPK Resources Tbk ("ATPK"), and still holds the view that ATPK is an undervalued
company by reference to its coal resource. Many regional utilities are looking to secure supplies of coal to protect their energy earnings
which in many cases are entirely reliant on coal. The Company sees the attraction to ATPK as being twofold, firstly from the earnings of its
five coal mining subsidiaries, and secondly that a listed asset of this size is a particularly attractive acquisition target for either a
larger coal producer or a coal reliant utility. 

    Mt Cadig Nickel Deposit, Philippines.

    On 23rd September 2008, Mincorp announced that the Supreme Court of the Philippines had decided against Bonaventure Mining Corporation,
a subsidiary of Mincorp Asia Inc. in which Mincorp holds a 40% interest, for the right to file a nickel mining application with the Mines
and Geoscience Bureau. 

    Conclusion

    The Company recognizes the enormous opportunity in the mining industry. Mincorp continues to be interested in positioning itself
accordingly, and is principally focused on developing the New Waverly gold mine. The Company is also considering other resource-based
opportunities in various parts of the world.

    On behalf of the Board, I would like to thank our shareholders for their continued support.


    Mohd. Noordin bin Abdullah
    Non - Executive Chairman
    27 November 2008

    Directors' Report

    The Directors are pleased to present this year's annual report together with the consolidated financial statements for the year ended 31
May 2008.

    Principal Activities
    The principal activities of the Group are the identification, acquisition and evaluation of resource projects in Asia, Australia, Latin
America and Africa.

    Business Review and future developments
    A review of the current and future development of the Group's business is given in the attached Chairman's Statement.

    Results and Dividends
    Loss on ordinary activities of the Group after taxation amounted to �255,067. The Directors do not recommend payment of a dividend.

    Key Performance Indicators
    Given that the Group is at an exploration and development phase of operations, the Directors are of the opinion applying an analysis
using KPI's is not appropriate in order to obtain an understanding of the development, performance or position of our businesses at this
time.

    Post Balance Sheet events
    At the date these financial statements were approved, being 27 November 2008, the Directors were not aware of any significant post
balance sheet events other than those set out in the notes to the financial statements.

    Substantial Shareholdings
    As at 12 November 2008 the following had notified the Company of disclosable interests in 3% or more of the nominal value of the
Company's shares:

  Shareholder                              Number of Shares  % of Issued Capital
 HSBC Global Custody Nominee (UK) Ltd           156,450,000                42.75
 R. Bruce Rowan                                  50,000,000                13.66
 HSBC Client Holdings Nominee (UK) Ltd           37,400,000                10.22
 Pershing Keen Nominees Ltd                      22,600,000                 6.17
 HSBC Global Custody Nominee (UK) Limited        14,451,000                 3.95
 (as nominee for Spread Trustee Company
 Limited)
 Mr NG Tiow Swee                                 11,470,000                 3.13

    Directors' Remuneration
    The Company remunerates the Directors at a level commensurate with the size of the Company and the experience of its Directors. The
Remuneration Committee has reviewed the Directors' remuneration and believes it upholds the objectives of the Company with regard to this
issue. Details of the Director emoluments and payments made for professional services rendered are set out in Note 7 to the financial
statements.

    Corporate Governance
    A statement on Corporate Governance is set out below.  

    Directors
    The Directors who served during the year, together with all their beneficial interests in the shares of the Company at 31 May 2008 are
as follows:  
                                                31 May 2008                                31 May 2007
                                   Ordinary shares of     %  Share options    Ordinary shares of     %  Share options
                                          �0.001 each             (Note 1)           �0.001 each             (Note 1)
 Reginald Hare (resigned 30                10,000,000  2.73     15,000,000            10,000,000  7.70     15,000,000
 October 2007)
 Jocelyn Arreza (resigned 16                        -     -              -                     -     -              -
 May 2008)
  Mohd. Noordin bin Abdullah                        -     -              -                     -     -              -
 Jaafar Bin Ahmad (resigned 10                      -     -              -                     -     -              -
 December 2007)
 Thanggaya Munusamy (appointed                      -     -              -                     -     -              -
 27 June 2007)
 Michael Coleman(resigned 27                        -     -              -                     -     -              -
 June 2007)
 Matthew Steptoe (appointed 30                      -     -              -                     -     -              -
 October 2007 and resigned 8
 May 2008)
    Note 1: The options over Ordinary shares may be exercised at any time to 13 December 2009 at a price of �0.01 per share.
    Apart from the interests disclosed above, no Director held any other interest in the share capital of the Company during the year. No
changes in the interests disclosed above have taken place since the year end. 
    Environmental Responsibility
    The Company is aware of the potential impact that its subsidiary company may have on the environment. The Company ensures that it and
its subsidiary at a minimum comply with the local regulatory requirements and the revised Equator Principles with regard to the
environment.

    Employment Policies
    The Group will be committed to promoting policies which ensure that high calibre employees are attracted, retained and motivated, to
ensure the ongoing success for the business. Employees and those who seek to work within the Group are treated equally regardless of sex,
marital status, creed, colour, race or ethnic origin. 

    Health and Safety
    The Group's aim will be to achieve and maintain a high standard of workplace safety. In order to achieve this objective the Group will
provide training and support to employees and set demanding standards for workplace safety.

    Payment to Suppliers
    The Group's policy is to agree terms and conditions with suppliers in advance; payment is then made in accordance with the agreement
provided the supplier has met the terms and conditions. There are no material trade payables as at 31 May 2008.

    Political Contributions and Charitable Donations
    During the period the Group did not make any political contributions or charitable donations.

    Annual General Meeting ("AGM")
    This report and financial statements will be presented to shareholders for their approval at the AGM. The Notice of the AGM will be
distributed to shareholders together with the Annual Report.

    International Financial Reporting Standards
    The Company's financial statements for the year ended 31 May 2008 are the first statements that comply with International Financial
Reporting Standards ("IFRS") as adopted by the European Union. The Company's financial statements prior to and including 31 May 2007 had
been prepared in accordance with Generally Accepted Accounting Principles in the United Kingdom (UK GAAP).

    The transition to reporting under IFRS required the restatement of the Company's balance sheet at 31 May 2007. Reconciliations of the
restated balance sheet along with information relating to the reporting changes under IFRS are detailed in note 27 to the Financial
Statements.

    Statement of disclosure of information to auditors
    As at the date of this report the serving directors confirm that:
    *     so far as each Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
    *     they have taken all the steps that they ought to have taken as directors' in order to make themselves aware of any relevant audit
information and to establish that the Company's auditor are aware of that information

    Auditors
    In accordance with section 384 of the Companies Act 1985, a resolution to reappoint Chapman Davis LLP and to authorise the Directors to
fix their remuneration will be proposed at the next Annual General Meeting.

    Going Concern
    Notwithstanding the loss incurred during the period under review, the Directors are of the opinion that ongoing evaluations of the
Company's interests indicate that preparation of the Group's accounts on a going concern basis is appropriate.

    Statement of Directors' Responsibilities 
    Company law in the United Kingdom requires the directors to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing those
financial statements, the directors are required to:
    *     select suitable accounting policies and then apply them consistently;
    *     make judgements and estimates that are reasonable and prudent;
    *     state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in
the financial statements;
    *     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in
business.
    The Directors are responsible for keeping proper accounting records, for safeguarding the assets of the Group and for taking reasonable
steps for the prevention and detection of fraud and other irregularities. They are also responsible for ensuring that the annual report
includes information required by AIM.

    Electronic communication
    The maintenance and integrity of the Company's website is the responsibility of the Directors: the work carried out by the auditors does
not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to
the financial statements since they were initially presented on the website.
    The Company's website is maintained in accordance with AIM Rule 26.
    Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in
other jurisdictions

    By order of Board:


    Mohd. Noordin bin Abdullah
    Non - Executive Chairman
    27 November 2008


    Corporate Governance Statement

    The Board is committed to maintaining high standards of corporate governance. The Listing Rules of the Financial Services Authority
incorporate the Combined Code, which sets out the principles of Good Governance, and the Code of Best Practice for listed companies. Whilst
the Company is not required to comply with the Combined Code, the Company's corporate governance procedures recognize the principles of good
governance.

    Board of Directors
    The Board of Directors currently comprises one Executive Director and one Non-Executive Director who is the Chairman. The Directors are
of the opinion that the Board requires two further directors to achieve a suitable balance and to comply with the recommendations of the
Combined Code to an appropriate level, taking into account size and the stage of development of the Company. The Board, through the Chairman
and the Executive Director in particular, maintains regular contact with its advisers and public relations consultants in order to ensure
that the Board develops an understanding of the views of major shareholders about the Company.

    Board Meetings
    The Board meets regularly throughout the year. For the year ended 31 May 2008 the Board met six times in relation to normal operational
matters. The Board is responsible for formulating, reviewing and approving the Company's strategy, financial activities and operating
performance. Day to day management is devolved to the Executive Directors who are charged with consulting the Board on all significant
financial and operational matters.  

    All Directors have access to the advice of the Company's solicitors and the Company Secretary necessary information is supplied to the
Directors on a timely basis to enable them to discharge their duties effectively, and all Directors have access to independent professional
advice, at the Company's expense, as and when required.
    Board Committees
    The Board has established the following committees, each which has its own terms of reference:

    Audit Committee
    The Audit Committee considers the Group's financial reporting (including accounting policies) and internal financial controls. The Audit
Committee currently comprises both Directors, and is responsible for ensuring that the financial performance of the Group is properly
monitored and reported on.

    Remuneration Committee
    The Remuneration Committee is responsible for making recommendations to the Board on Directors' and senior executives' remuneration. It
currently comprises both Directors. Non-Executive Directors' remuneration and conditions are considered and agreed by the Board. Financial
packages for Executive Directors are established by reference to those prevailing in the employment market for executives of equivalent
status both in terms of level of responsibility of the position and their achievement of recognized job qualifications and skills. The
Committee will also have regard to the terms which may be required to attract an equivalent experienced executive to join the Board from
another Company.

    Internal controls 
    The Directors acknowledge their responsibility for the Group's systems of internal controls and for reviewing their effectiveness. These
internal controls are designed to safeguard the assets of the Company and to ensure the reliability of financial information for both
internal use and external publication. Whilst they are aware that no system can provide absolute assurance against material misstatement or
loss, in light of increased activity and further development of the Company, continuing reviews of internal controls will be undertaken to
ensure that they are adequate and effective. 

    Risk Management
    The Board considers risk assessment to be important in achieving its strategic objectives. There is a process of evaluation of
performance targets through regular reviews by senior management to forecasts. Project milestones and timelines are regularly reviewed.

    Risks and uncertainties
    The principal risks facing the Company are set out below. Risk assessment and evaluation is an essential part of the Group's planning
and an important aspect of the Group's internal control system.

    General and economic risks
    * contractions in the world's major economies or increases in the rate of inflation resulting from international conditions;
    * movements in the equity and share markets in the United Kingdom and throughout the world;
    * weakness in global equity and share markets in particular, in the United Kingdom, and adverse changes in market sentiment towards the
resource industry;
    * currency exchange rate fluctuations and, in particular, the relative prices of US Dollar, Australian Dollar, and the UK Pound;
    * exposure to interest rate fluctuations; and
    * adverse changes in factors affecting the success of exploration and development operations, such as increases in expenses, changes in
government policy and further regulation of the industry; unforeseen major failure, breakdowns or repairs required to key items of plant and
equipment resulting in significant delays, notwithstanding regular programmes of repair, maintenance and upkeep; variations in grades and
unforeseen adverse geological factors or prolonged weather conditions.

    Funding risk
    * The Group or the companies in which it has invested may not be able to raise, either by debt or further equity, sufficient funds to
enable completion of planned exploration, investment and/or development projects.

    Commodity risk
    * Commodities are subject to high levels of volatility in price and demand. The price of commodities depends on a wide range of factors,
most of which are outside the control of the Company. Mining, processing and transportation costs also depend on many factors, including
commodity prices, capital and operating costs in relation to any operational site.

    Exploration and development risks
    * Exploration and development activity is subject to numerous risks, including failure to achieve estimated mineral resource, recovery
and production rates and capital and operating costs.
    * Success in identifying economically recoverable reserves can never be guaranteed. The Company also cannot guarantee that the companies
in which it has invested will be able to obtain the necessary permits and approvals required for development of their projects.
    * Some of the countries in which the Company operates have native title laws which could affect exploration and development activities.
The companies in which the Company has an interest may be required to undertake clean-up programmes on any contamination from their
operations or to participate in site rehabilitation programmes which may vary from country to country. The Group's policy is to follow all
applicable laws and regulations and the Company is not currently aware of any material issues in this regard.
    * Timely approval of mining permits and operating plans through the respective regulatory agencies cannot be guaranteed.
    * Availability of skilled workers is an ongoing challenge.
    * Geology is always a potential risk in mining activities.

    Market risk
    * The ability of the Group (and the companies it invests in) to secure sufficient and profitable sales contracts in the future to
support its operations could become a key business risk.

    Treasury Policy
    The Group finances its operations through equity and debt and holds its cash as a liquid resource to fund the obligations of the Group.
Decisions regarding the management of these assets are approved by the Board. Refer Note 22.

    Securities Trading
    The Board has adopted a Share Dealing Code that applies to Director, senior management and any employee who is in possession of 'inside
information'. All such persons are prohibited from trading in the Company's securities if they are in possession of 'inside information'.
Subject to this condition and trading prohibitions applying to certain periods, trading can occur provided the relevant individual has
received the appropriate prescribed clearance.

    Relations with Shareholders
    The Board is committed to providing effective communication with the shareholders of the Company. Significant developments are
disseminated through stock exchange announcements and regular updates of the Company website. The Board views the AGM as a forum for
communication between the Company and its shareholders and encourages their participation in its agenda.


    Independent Auditors Report to the Shareholders of Mincorp Plc

    We have audited the Group and parent company financial statements of Mincorp Plc for the year ended 31 May 2008, which comprise the
Group Income Statement, the Group Statement of Recognised Income and Expense, the Group and Company Balance Sheets, Group and Company Cash
Flow Statement, Group and Company Statement of Changes in Equity, and the related notes 1 to 27. These financial statements have been
prepared under the accounting policies set out therein.
    This report is made solely to the Company's members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work
has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

    Respective Responsibilities of Directors and Auditors
    The Directors' responsibilities for preparing the Annual Report, and the financial statements in accordance with applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of Directors'
Responsibilities.  
    Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland).
    We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have
been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the
Directors' Report is consistent with the financial statements.
    In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding Directors' remuneration and other
transactions is not disclosed.
    We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements.
The other information comprises only the Directors' Report, Chairman's Statement and the Corporate Governance Statement. We consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our
responsibilities do not extend to any other information.

    Basis of Audit Opinion
    We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the financial statements, and
of whether the accounting policies are appropriate to the Group's and Company's circumstances, consistently applied and adequately
disclosed.
    We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether
caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements.

    Opinion
    In our opinion:
    *    the group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state
of the Group's affairs as at 31 May 2008 and of its loss for the year then ended;
    *    the parent company financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union as
applied in accordance with the provisions of the Companies Act 1985, of the state of the parent company's affairs as at 31 May 2008;
    *    the Group and parent financial statements have been properly prepared in accordance with the Companies Act 1985; and
    *    the information given in the Directors' Report is consistent with the financial statements.

    Emphasis of matter - Going concern
        In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made
in note 1 to the financial statements concerning the Company's ability to continue as a going concern. The group incurred a net cash
decrease of �535,094 during the year ended 31 May 2008. These conditions, along with the other matters explained in note 1 to the financial
statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a
going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going
concern.



    Chapman Davis LLP
    Registered Auditors
    London, United Kingdom
    27 November 2008




    Group Income Statement 
for the year ended 31 May 2008
                                                        Year ended 31 May     Year ended 31 May
                                                                     2008                  2007
                                       Notes                            �                     �

 Turnover                                                               -                     -

 Exploration costs                                                      -              (46,397)
 Administrative expenses                                        (196,427)             (164,722)

 Group operating loss                    3                      (196,427)             (211,119)

 Investment revenue                      9                             17                   370
 Finance costs                           10                       (9,606)                     -
 Share of associate's loss               13                      (49,051)              (37,430)
 Loss before taxation                    2                      (255,067)             (248,179)

 Income tax expense                      5                              -                     -
 Loss after taxation                                            (255,067)             (248,179)

 Retained loss for the year                                     (255,067)             (248,179)
 attributable to members of the
 parent company

 Loss per share  (Pence)
 Basic                                   8                         (0.07)                (0.15)
 Diluted                                 8                         (0.07)                (0.15)

 All of the operations are considered to be
 continuing.


    Group Statement of Recognised Income and Expense
for the year ended 31 May 2008


                                          Year ended 31 May 2008  Year ended 31 
                                                                        May 2007
                                                               �               �

 Loss for the financial year                           (255,067)       (248,179)

 (Loss)/gain on revaluation of available             (1,057,085)       1,664,915
 for sale investments taken to equity
 Tax on items taken directly to equity                   319,152       (499,475)
 Currency translation difference                          31,846           2,027
 Net (expense)/income recognised                       (706,087)       1,167,467
 directly in equity

 Total recognised income and (expense)                 (961,154)         919,288
 for the year



    Group Balance Sheet
as at 31 May 2008
                                                            31 May 2008                             31 May 2007
                                 Note                              �                 �                          �          �
 ASSETS
 Non-current assets
 Intangible assets                   11                      216,135                                      127,234
 Tangible assets                     12                            -                                        1,947
 Available for sale investment       14                    2,208,013                                    2,711,086
 Total non-current assets                                                    2,424,148                             2,840,267

 Current assets
 Cash and cash equivalents                                    17,243                                      552,337
 Trade and other receivables         15                      419,361                                      432,138
 Total current assets                                                          436,604                               984,475
 TOTAL ASSETS                                                                2,860,752                             3,824,742

 LIABILITIES
 Current liabilities
 Trade and other payables            16                     (78,408)                                     (28,542)
 Loans and borrowings                17                    (217,399)                                            -
 Total current liabilities                                                   (295,807)                              (28,542)

 NON-CURRENT LIABILTIES
 Deferred tax liabilities            18                    (180,323)                                    (499,475)
 Provisions                          19                    (128,080)                                     (79,029)
 Total non-current liabilities                                               (308,403)                             (578,504)
 TOTAL LIABILITIES                                                           (604,210)                             (607,046)

 NET ASSETS                                                                  2,256,542                             3,217,696

 EQUITY
 Called-up share capital             20                      366,001                                      366,001
 Share premium                                             2,063,664                                    2,063,664
 Retained earnings                                         (627,263)                                    (372,196)
 Available for sale investment                               427,507                                    1,165,440
 reserve
 Foreign exchange reserve                                     26,633                                      (5,213)

 TOTAL EQUITY                                                                2,256,542                             3,217,696

 These financial statements were approved by the Board of Directors on 27 November 2008 and signed on its behalf by:

 Mohd. Noordin bin Abdullah                              Thanggaya Munusamy
 Director                                                Director


    Company Balance Sheet
as at 31 May 2008
                                                            31 May 2008                             31 May 2007
                                 Note                              �                 �                          �          �
 ASSETS
 Non-current assets
 Tangible assets                     12                            -                                        1,947
 Investment in subsidiaries          13                            1                                            1
 Available for sale investment       14                    2,208,013                                    2,711,086
 Total non-current assets                                                    2,208,014                             2,713,034

 Current assets
 Cash and cash equivalents                                     6,553                                      530,327
 Trade and other receivables         15                      623,288                                      588,915
 Total current assets                                                          629,841                             1,119,242
 TOTAL ASSETS                                                                2,837,855                             3,832,276

 LIABILITIES
 Current liabilities
 Trade and other payables            16                     (77,078)                                     (27,403)
 Loans and borrowings                17                    (217,399)                                            -
 Total current liabilities                                                   (294,477)                              (27,403)

 NON-CURRENT LIABILTIES
 Deferred tax liabilities            18                    (180,323)                                    (499,475)
 Provisions                          19                    (128,080)                                     (79,029)
 Total non-current liabilities                                               (308,403)                             (578,504)
 TOTAL LIABILITIES                                                           (602,880)                             (605,907)

 NET ASSETS                                                                  2,234,975                             3,226,369

 EQUITY
 Called-up share capital             20                      366,001                                      366,001
 Share premium                                             2,063,664                                    2,063,664
 Retained earnings                                         (622,197)                                    (368,736)
 Available for sale investment                               427,507                                    1,165,440
 reserve

 TOTAL EQUITY                                                                2,234,975                             3,226,369
 These financial statements were approved by the Board of Directors on 27 November 2008 and signed on its behalf by:



 Mohd. Noordin bin Abdullah                              Thanggaya Munusamy
 Director                                                Director


    Group Cash Flow Statement
for the year ended 31 May 2008

                                          For the year ended 31 May  For the year ended 
                                                               2008          31 May 2007
                                 Notes                            �                    �
 Cash flows from operating
 activities
 Operating Loss                                           (196,427)            (211,119)
 Decrease/(increase) in trade                                12,777            (176,685)
 and other receivables
 Increase/(decrease) in trade                                49,866             (22,834)
 and other payables
 Exchange gain on non-operating                                   -                (321)
 activities
 Loss on disposal of tangible                                 1,947                    -
 assets
 Exploration costs written-off                                    -               46,397
 Depreciation                                                     -                  973
 Net cash outflow from                                    (131,837)            (363,589)
 operating activities

 Cash flows from investing
 activities
 Interest Received                                               17                  370
 Payments to acquire intangible                            (88,901)              (8,166)
 assets
 Payments to acquire tangible                                     -              (2,920)
 assets
 Purchase of available for sale                           (554,012)          (1,046,171)
 investment
 Net cash outflow from in                                 (642,896)          (1,056,887)
 investing activities

 Cash flows from financing
 activities
 Proceeds from borrowings                                   207,793                    -
 Issue of ordinary share                                          -            1,846,400
 capital
 Share issue costs                                                -              (7,015)
 Net cash inflow from financing                             207,793            1,839,385
 activities

 Net (decrease)/increase in                               (566,940)              418,909
 cash and cash equivalents
 Cash and cash equivalents at                               552,337              133,428
 beginning of period
 Effect of foreign exchange                                  31,846                    -
 rate changes
 Cash and cash equivalents at     21                         17,243              552,337
 end of period


    Company Cash Flow Statement
for the year ended 31 May 2008

                                          For the year ended 31 May  For the year ended 
                                                               2008          31 May 2007
                                 Notes                            �                    �
 Cash flows from operating
 activities
 Operating Loss                                           (194,821)            (208,760)
 Decrease/(increase) in trade                                15,627             (11,636)
 and other receivables
 Increase/(decrease) in trade                                49,675             (23,363)
 and other payables
 Loss on disposal of tangible                                 1,947                    -
 assets
 Exploration costs written-off                                    -               46,397
 Depreciation                                                     -                  973
 Net cash outflow from                                    (127,572)            (196,389)
 operating activities

 Cash flows from investing
 activities
 Interest Received                                               17                  370
 Loans to subsidiary &                                     (50,000)            (192,079)
 associate
 Payments to acquire tangible                                     -              (2,920)
 assets
 Purchase of available for sale                           (554,012)          (1,046,171)
 investment
 Net cash outflow from in                                 (603,995)          (1,240,800)
 investing activities

 Cash flows from financing
 activities
 Proceeds from borrowings                                   207,793                    -
 Issue of ordinary share                                          -            1,846,400
 capital
 Share issue costs                                                -              (7,015)
 Net cash inflow from financing                             207,793            1,839,385
 activities

 Net (decrease)/increase in                               (523,774)              402,196
 cash and cash equivalents
 Cash and cash equivalents at                               530,327              128,131
 beginning of year
 Cash and cash equivalents at                                 6,553              530,327
 end of year



    Group Statement of Changes in Equity 
For the year ended 31 May 2008


                                   Called up share        Share premium       Available for sale     Foreign currency    Retained earnings 
Total equity
                                       capital               reserve          investment reserve   translation reserve
 GROUP                                    �                     �                     �                     �                    �          
    �

 As at 1 June 2006                            120,001               470,279                     -               (7,240)          (124,017)  
    459,023
 Share capital issued                         246,000             1,600,400                     -                     -                  -  
  1,846,400
 Cost of share issue                                -               (7,015)                     -                     -                  -  
    (7,015)
 Revaluation of available for                       -                     -             1,664,915                     -                  -  
  1,664,915
 sale investments
 Deferred tax on available for                      -                     -             (499,475)                     -                  -  
  (499,475)
 sale movements
 Loss for the year                                  -                     -                     -                     -          (248,179)  
  (248,179)
 Currency translation                               -                     -                     -                 2,027                  -  
      2,027
 differences

 As at 31 May 2007                            366,001             2,063,664             1,165,440               (5,213)          (372,196)  
  3,217,696

 Loss for the year                                  -                     -                     -                     -          (255,067)  
  (255,067)
 Revaluation of available for                       -                     -           (1,057,085)                     -                  -  
(1,057,085)
 sale investments
 Deferred tax on available for                      -                     -               319,152                     -                  -  
    319,152
 sale movements
 Currency translation                               -                     -                     -                31,846                  -  
     31,846
 differences

 As at 31 May 2008                            366,001             2,063,664               427,507                26,633          (627,263)  
  2,256,542

    Company Statement of Changes in Equity 
For the year ended 31 May 2008

                                   Called up share        Share premium       Available for sale    Retained earnings  Total equity
                                       capital               reserve          investment reserve
 COMPANY                                  �                     �                      �                    �               �

 As at 1 June 2006                            120,001               470,279                      -          (122,917)       467,363
 Share capital issued                         246,000             1,600,400                      -                  -     1,846,400
 Cost of share issue                                -               (7,015)                      -                  -       (7,015)
 Revaluation of available for                       -                     -              1,664,915                  -     1,664,915
 sale investments
 Deferred tax on available for                      -                     -              (499,475)                  -     (499,475)
 sale movements
 Loss for the year                                  -                     -                      -          (245,819)     (245,819)

 As at 31 May 2007                            366,001             2,063,664              1,165,440          (368,736)     3,226,369

 Loss for the year                                  -                     -                      -          (253,461)     (253,461)
 Revaluation of available for                       -                     -            (1,057,085)                  -   (1,057,085)
 sale investments
 Deferred tax on available for                      -                     -                319,152                  -       319,152
 sale movements

 As at 31 May 2008                            366,001             2,063,664                427,507          (622,197)     2,234,975


    Notes to the Financial Statements
for the year ended 31 May 2008

 1    Summary of Significant Accounting Policies
 (a)  Authorisation of financial statements

      The Group financial statements of Mincorp Plc for the year ended 31 May 2008 were authorised for issue by
      the Board on 27 November 2008 and the balance sheets signed on the Board's behalf by Mr. Mohd. Noordin bin
      Abdullah and Mr. Thanggaya Munusamy. The Company is a public limited Company incorporated in England & Wales
      under the Companies Act 1985. The Company's ordinary shares are traded on the AIM Market operated by the
      London Stock Exchange.

 (b)  Statement of compliance with IFRS
      The Group's financial statements have been prepared in accordance with International Financial Reporting
      Standards (IFRS). The Company's financial statements have been prepared in accordance with IFRS as adopted
      by the European Union and as applied in accordance with the provisions of the Companies Act 1985. The
      principal accounting policies adopted by the Group and Company are set out below.


      Adoption of standards and interpretations


      As at the date of authorisation of these financial statements, there were Standards and Interpretations that
      were in issue but are not yet effective and have not been applied in these financial statements. The
      Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no
      material impact on the financial statements of the Group or Company, except for additional disclosures when
      the relevant Standards come into effect.

 (c)  First - time adoption
      The Company has adopted IFRS from 1 June 2006, being the date of the transition.


      This is the first year in which the Company has prepared its financial statements under IFRS and the
      comparatives have been restated from UK Generally Accepted Accounting Practice (GAAP) to comply with IFRS. 


      The details of exemptions and changes to accounting policies have been fully described in Note 27 to the
      Financial Statements.

 (d)  Basis of preparation
      The consolidated financial statements have been prepared on the historical cost basis, except for the
      measurement to fair value of assets and financial instruments as described in the accounting policies below,
      and on a going concern basis.


      The financial report is presented in Pounds Sterling and all values are rounded to the nearest pound (�)
      unless otherwise stated.

 (e)  Basis of consolidation
      The consolidated financial information incorporates the results of the Company and its subsidiary (the
      "Group") using the purchase method. In the consolidated balance sheet, the acquiree's identifiable assets,
      liabilities are initially recognised at their fair values at the acquisition date. The results of acquired
      operations are included in the consolidated income statement from the date on which control is obtained.
      Inter-company transactions and balances between Group companies are eliminated in full. 

      Minority interests represent the portion of profit or loss and net assets in subsidiaries that are not held
      by the Group and are presented separately in the income statement and within equity in the consolidated
      balance sheet.


 (f)                        Going concern
                               The financial statements have been prepared on the going concern basis, with no adjustments in respect of
                                               the following concerns of the Group's ability to continue to trade under that assumption.


                              The Group's cash flow forecast for the 12 months ending 30 November 2009, highlights the fact that Company
                                 is expected to generate negative cash flow by that date. The Board of Directors, are evaluating all the
                            options available, including through the realization of the investment in the publicly traded shares of ATPK
                            Resources Tbk. as well as the injection of funds into the Group during the next 12 months, and are confident
                             that the necessary funds will be raised in order for the Group to remain cash positive for the whole period
                                                                                            and to continue its exploration activities. 

 (g)                        Revenue
                            The Group had no revenue during the year ended 31 May 2008.

 (h)                        Foreign currencies
                            The Company's functional currency is Pounds Sterling (�). Each entity in the Group determines its own
                            functional currency and items included in the financial statements of each entity are measured using that
                            functional currency. As at the reporting date the assets and liabilities of its subsidiary are translated
                            into the presentation currency of Mincorp Plc at the rate of exchange ruling at the balance sheet date and
                            their income statements are translated at the average exchange rate for the year. The exchange differences
                            arising on the translation are taken directly to a separate component of equity. 


                            All other differences are taken to the income statement with the exception of differences on foreign
                            currency borrowings, which, to the extent that they are used to finance or provide a hedge against foreign
                            equity investments, are taken directly to reserves to the extent of the exchange difference arising on the
                            net investment in these enterprises. Tax charges or credits that are directly and solely attributable to
                            such exchange differences are also taken to reserves.

 (i)                        Goodwill and intangible assets
                            Intangible assets are recorded at cost less eventual amortisation and provision for impairment in value.
                            Goodwill on consolidation is capitalised and shown within fixed assets. Positive goodwill is subject to an
                            annual impairment review, and negative goodwill is immediately written-off to the income statement when it
                            arises.
 (j)  Exploration and development costs
      Exploration and development costs are carried forward in respect of areas of interest where the consolidated entity's rights to      
      tenure are current and where these costs are expected to be recouped through successful development and exploration, or by sale.
      Alternatively, these costs are carried forward while active and significant operations are continuing in relation to the areas of
      interest and it is too early to make reasonable assessment of the existence or otherwise of economically recoverable reserves.
      When the area of interest is abandoned, exploration and evaluation costs previously capitalised are written off to the Income
      Statement.
       
      In accordance with the full cost method, all costs associated with mining development and investment are capitalised on a
      project-by-project basis pending determination of the feasibility of the project. Costs incurred include appropriate technical and
      administrative expenses but not general overheads. If a mining development project is successful, the related expenditures will be
      written-off over the estimated life of the commercial ore reserves on a unit of production basis. Impairment reviews will be
      carried out regularly by the Directors of the Company. Where a project is abandoned, or is considered to be of no further
      commercial value to the Company, the related costs will be written off.
      The recoverability of deferred mining costs and mining interests is dependent upon the discovery of economically recoverable
      reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable
      production or proceeds from the disposition of recoverable reserves.

 (k)                         Interests in associates
                             An associate is an entity over which the Group is in a position to exercise significant influence, but not
                             control or joint control, through participation in the financial and operating policy decisions of the
                             investee. Significant influence is the power to participate in the financial and operating policy decisions
                             of the investee but is not control or joint control over those policies. 


                             The results and assets and liabilities of associates are incorporated in these financial statements using
                             the equity method of accounting except when classified as held for sale. Investments in associates are
                             carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group's share of the net
                             assets of the associates, less any impairment in the value of individual investments. Losses of the
                             associates in excess of the Group's interest in those associates are not recognised unless the Group has an
                             obligation to fund such losses.


                             Where a Group Company transacts with an associate of the Group, profits and losses are eliminated to the
                             extent of the Group's interest in the relevant associate. Losses may provide evidence of an impairment of
                             the asset transferred in which case appropriate provision is made for impairment.

 (l)   Significant accounting judgments, estimates and assumptions

       (i) Significant accounting estimates and assumptions
       The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The
key estimates and
       assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities
within the next
       annual reporting period are: 
       (ii) Impairment of goodwill and intangibles with indefinite useful lives
       The Group determines whether goodwill and intangibles with indefinite useful lives are impaired at least on an annual basis. This
requires an estimation
       of the recoverable amount of the cash-generating units to which the goodwill and intangibles with indefinite useful lives are
allocated. 
       (iii) Share-based payment transactions
       The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments
       at the date at which they are granted. The fair value is determined using a Black-Scholes model.

 (m)   Finance costs/revenue
       Borrowing costs are recognised as an expense when incurred.

       Finance revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
       amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,
       which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the
       net carrying amount of the financial asset.

  (n)  Cash and cash equivalents
       Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original
       maturity of three months or less.
       For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net
       of outstanding bank overdrafts.
 (o)   Trade and other receivables
       Trade receivables, which generally have 30 day terms, are recognised and carried at original invoice amount less an allowance for any
uncollectible
       amounts. 

       An allowance for doubtful debts is made when there is objective evidence that the Group will not be able to collect the debts. Bad
debts are written off
       when identified.

 (p)  Investments
      Investments in subsidiary undertakings are stated at cost less any provision for impairment in value, prior to their elimination on
consolidation.


      Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract where the
terms require delivery of the investment
      within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs.


      Investments are classified as either held for trading or available for sale, and are measured at subsequent reporting dates at fair
value. Where securities are held for
      trading, gains and losses arising from changes in fair value are included in the income statement for the period. For available for
sale investments, gains and losses arising
      from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at
which time the cumulative gain or loss
      previously recognised in equity is included in the income statement for the period. Impairment losses recognised in the income
statement for equity investments classified as
      available for sale are not subsequently reversed through the income statement.


      Impairment losses recognised in the income statement for debt instruments classified as available for sale are subsequently reversed
if an increase in the fair value of the
      instrument can be objectively related to an event occurring after the recognition of the impairment loss.



 (q)  Financial instruments
      The Group's financial instruments, other than its investments, comprise cash and items arising directly from its operation such as
trade debtors and trade creditors. The
      Group has an overseas subsidiary in Australia whose expenses are denominated in Australian Dollars. Market price risk is inherent in
the Group's activities and is accepted as
      such.
       
      There is no material difference between the book value and fair value of the Group's cash.

 (r)  Deferred taxation
      Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in
the financial statements and the
      corresponding tax bases used in the tax computations, and is accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all
      taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible
      temporary differences can be utilised.
      Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or
      credited in the income statement, except when it relates to items charged or credited directly to equity, in which case it is also
dealt with in equity.
 (s)  Available for sale investment reserve
      This reserve is used to record the post-tax fair value movements in available for sale investments.
 (t)  Foreign Currency Translation Reserve
      The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries.

 (u)  Property, plant and equipment
      Plant and equipment is stated at cost less accumulated depreciation and
      any accumulated impairment losses. 


      Depreciation is provided on all tangible assets to write off the cost less
      estimated residual value of each asset over its expected useful economic
      life on a straight-line basis at the following annual rates:

      Plant and Equipment - between 5% and 25%
      All assets are subject to annual impairment reviews.

 (v)  Impairment of assets
      The Group assesses at each reporting date whether there is an indication
      that an asset may be impaired. If any such indication exists, or when
      annual impairment testing for an asset is required, the Group makes an
      estimate of the asset's recoverable amount. An asset's recoverable amount
      is the higher of its fair value less costs to sell and its value in use
      and is determined for an individual asset, unless the asset does not
      generate cash inflows that are largely independent of those from other
      assets or Groups of assets and the asset's value in use cannot be
      estimated to be close to its fair value. In such cases the asset is tested
      for impairment as part of the cash-generating unit to which it belongs.
      When the carrying amount of an asset or cash-generating unit exceeds its
      recoverable amount, the asset or cash-generating unit is considered
      impaired and is written down to its recoverable amount. 
       
      In assessing value in use, the estimated future cash flows are discounted
      to their present value using a pre-tax discount rate that reflects current
      market assessments of the time value of money and the risks specific to
      the asset. Impairment losses relating to continuing operations are
      recognised in those expense categories consistent with the function of the
      impaired asset unless the asset is carried at revalued amount (in which
      case the impairment loss is treated as a revaluation decrease).

      An assessment is also made at each reporting date as to whether there is
      any indication that previously recognised impairment losses may no longer
      exist or may have decreased. If such indication exists, the recoverable
      amount is estimated. A previously recognised impairment loss is reversed
      only if there has been a change in the estimates used to determine the
      asset's recoverable amount since the last impairment loss was recognised.
      If that is the case the carrying amount of the asset is increased to its
      recoverable amount. That increased amount cannot exceed the carrying
      amount that would have been determined, net of depreciation, had no
      impairment loss been recognised for the asset in prior years. Such
      reversal is recognised in the Income Statement unless the asset is carried
      at revalued amount, in which case the reversal is treated as a revaluation
      increase. After such a reversal the depreciation charge is adjusted in
      future periods to allocate the asset's revised carrying amount, less any
      residual value, on a systematic basis over its remaining useful life.


 (w)   Trade and other payables
       Trade payables and other payables are carried at amortised cost and represent liabilities for goods and
       services provided to the Group prior to the end of the financial year that are unpaid and arise when the
       Group becomes obliged to make future payments in respect of the purchase of these goods and services. 

 (x)   Provisions
       Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a
       past event, it is probable that an outflow of resources embodying economic benefits will be required to
       settle the obligation and a reliable estimate can be made of the amount of the obligation.
       When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract,
       the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.
       The expense relating to any provision is presented in the income statement net of any reimbursement. 

  (y)  Earnings per share
       Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to
       exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the
       weighted average number of ordinary shares, adjusted for any bonus element.
       Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for:
       * costs of servicing equity (other than dividends) and preference share dividends;
       * the after tax effect of dividends and interest associated with dilutive potential ordinary shares that
       have been recognised as expenses; and
       * other non-discretionary changes in revenues or expenses during the period that would result from the
       dilution of potential ordinary shares; divided by the weighted average number of ordinary shares and
       dilutive potential ordinary shares, adjusted for any bonus element.

 2  Turnover and segmental analysis
    The Group has not commenced production and therefore recorded no turnover.

    The analysis of the operating loss before taxation and the net assets employed by geographical segment of operations is shown
    below:

    By geographical area
    2008                                                                  UK               Australia        Philippines           Total
                                                                           �                       �                  �               �
    Result
    Operating loss                                                 (194,821)                 (1,606)                  -       (196,427)
    Investment revenue                                                    17                       -                  -              17
    Finance costs                                                    (9,606)                       -                  -         (9,606)
    Share of associates                                                    -                       -           (49,051)        (49,051)
    loss
    Loss before & after                                                                                                       (255,067)
    tax

    Other information
    Depreciation and                                                   1,947                       -                  -           1,947
    impairment
    Capital additions                                                      -                  88,901                  -          88,901

    Assets
    Segment assets                                                 2,208,013                 216,135                  -       2,424,148
    Financial assets                                                 416,402                   2,959                  -         419,361
    Cash                                                                                                                         17,243
    Consolidated total                                                                                                        2,860,752
    assets
    Liabilities
    Segment liabilities                                            (308,403)                       -                  -       (308,403)
    Financial                                                      (294,477)                 (1,330)                  -       (295,807)
    liabilities
    Consolidated total                                                                                                        (604,210)
    liabilities



               2007                                                                                                UK                       
  Australia                          Philippines      Total
                                                                                                                    �                       
          �                                    �          �
               Result
               Operating loss                                                                               (162,362)                       
   (48,757)                                    -  (211,119)
               Investment revenue                                                                                 370                       
          -                                    -        370
               Share of associates                                                                                  -                       
          -                             (37,430)   (37,430)
               loss
               Loss before & after                                                                                                          
                                                  (248,179)
               tax

               Other information
               Depreciation and                                                                                   973                       
     46,397                                    -     47,370
               impairment
               Capital additions                                                                                2,920                       
      8,166                                    -     11,086

               Assets
               Segment assets                                                                               2,713,033                       
    127,234                                    -  2,840,267
               Financial assets                                                                               432,029                       
        109                                    -    432,138
               Cash                                                                                                                         
                                                    552,337
               Consolidated total                                                                                                           
                                                  3,824,742
               assets
               Liabilities
               Segment liabilities                                                                          (578,504)                       
          -                                    -  (578,504)
               Financial                                                                                     (27,403)                       
    (1,139)                                    -   (28,542)
               liabilities
               Consolidated total                                                                                                           
                                                  (607,046)
               liabilities

 3             Operating loss
                                                                                                                                            
                         2008                          2007
               Operating loss is arrived at after charging:                                                                                 
                            �                             �

               Auditors' remuneration - audit                                                                                               
                       13,710                        11,958
               Auditors' remuneration - non audit services (accounting advice)                                                              
                       11,600                         6,200
               Directors' emoluments - fees and salaries                                                                                    
                       55,755                        42,500
               Loss on disposal of tangible assets                                                                                          
                        1,947                             -
               Depreciation                                                                                                                 
                            -                           973

 Auditors remuneration for audit services above includes �1,210 (2007: �1,958) charges by Conway Guy & Associates Chartered Accountants
(Australia), relating to the audit of the subsidiary Company.



 4  Employee information      2008    2007
    Staff Costs comprised:       �       �
    Wages and salaries           -       -

                            Number  Number
    Administration               1       -



 5  Taxation                              2008                  2007
    Analysis of charge                       �                     �
    in period
    Tax on ordinary                          -                     -
    activities

    No taxation has been
    provided due to
    losses in the year.

    Factors affecting the tax charge for the
    period
                                             �                     �
    Loss on ordinary                 (255,067)             (248,179)
    activities before
    tax
                                                                    
    Standard rate of                    28/30%                   30%
    corporation tax in
    the UK

                                             �                     �
    Loss on ordinary                  (75,670)              (74,454)
    activities
    multiplied by the
    standard rate of
    corporation tax

    Effects of:
    Non deductible                      14,552                11,229
    expenses
    Future tax benefit                  61,118                63,225
    not brought to
    account
    Current tax charge                       -                     -
    for period

    No deferred tax asset has been recognised because there is
    insufficient evidence of the timing of suitable future profits
    against which they can be recovered.

 6  Dividends
    No dividends were paid or proposed by the Directors. (2007: �nil)


 7  Directors'                                                           
    emoluments
                                                                              2008    2007
                                                                                 �       �
    Directors'                                                              55,755  42,500
    remuneration

    2008                        Directors Fees           Consultancy Fees  Shares/   Total
                                                                           Options
                                             �                          �        �       �
    Executive Directors
    Reginald Hare (�)                    3,667                                   -   3,667
    Jocelyn Arreza (�)                  11,000                                   -  11,000
    Thanggaya Munusamy                   2,000                                   -   2,000
    Matthew Steptoe (�)                 33,088                                   -  33,088
    Non-Executive
    Directors
    Mohd. Noordin bin                    3,000                                   -   3,000
    Abdullah 
    Michael Coleman(�)                       -                                   -       -
    Jaafar Bin Ahmad (�)                 3,000                                   -   3,000
                                        55,755                                   -  55,755
    2007

    Executive Directors
    Reginald Hare                       20,000                          -        -  20,000
    Jocelyn Arreza                      14,500                          -        -  14,500
    Mohd. Noordin bin                    3,000                          -        -   3,000
    Abdullah (�)

    Non-Executive
    Directors
    Michael Coleman (�)                  1,000                          -        -   1,000
    Jaafar Bin Ahmad (�)                 4,000                          -        -   4,000
                                        42,500                          -        -  42,500

    (�): These Directors were not employed during the full financial
    year.
    No pension benefits are provided for any Director.

 8   Loss per share
     The Loss for the period attributed to shareholders is �255,067.
     This is divided by the weighted average number of Ordinary shares outstanding calculated to be 366 million
     (2007: 167.87 million) to give a basic loss per share of 0.07 pence (2007: 0.15 pence).
     As inclusion of the potential Ordinary shares would result in a decrease in the loss per share they are
     considered to be anti-dilutive, as such, a diluted earnings per share is not included.

 9   Investment revenue                                                                2008                  2007

                                                                                          �                     �
     Bank interest receivable                                                            17                   370

 10  Finance costs                                                                     2008                  2007

                                                                                          �                     �

     Interest on bank loans                                                           9,606                     -

 11  Intangible assets                                                                       Deferred exploration
                                                                                                      expenditure
     Group                                                                                                      �

     Cost
     At 1 June 2007                                                                                       127,234
     Additions                                                                                             88,901

     As at 31 May 2008                                                                                    216,135

     Impairment
     At 1 June 2007                                                                                             -
     Impairment charge                                                                                          -

     At 31 May 2008                                                                                             -

     Net book value
     At 31 May 2008                                                                                       216,135

     At 31 May 2007                                                                                       127,234

     Impairment Review
     At 31 May 2008, the Directors have carried out an impairment review and have confirmed that no impairment
     adjustments are required.


 12  Tangible assets
     Group & Company

                                                             Property, plant & equipment              Total
                                                                                        �                 �
     Cost
     As at 1June 2007                                                               2,920             2,920
     Disposals                                                                    (2,920)           (2,920)
     As at 31 May 2008                                                                  -                 -

     Depreciation and
     Impairment
     As at 1 June 2007                                                                973               973
     Depreciation                                                                   (973)             (973)
     eliminated on
     disposal
     As at 31 May 2008                                                                  -                 -

     Net Book Value
     As at 31 May 2007                                                              1,947             1,947

     As at 31 May 2008                                                                  -                 -

     Impairment Review
     At 31 May 2008, the Directors have carried out an impairment review and no further charges are
     necessary.


 13  Investment in subsidiaries

     Shares in Group undertakings      �
     Company
     Cost
     At 1 June 2007                    1
     Additions                         -
     As at 31 May 2008                 1

 
   The parent company of the Group holds more than 20% of the share capital of the following companies:
 
   Company                        Country of Registration     Proportion held
 
                                                                                    Nature of business
   Direct
   Procnima Exploration Pty Ltd          Australia                  100%           Exploration Company
   Mincorp Asia Inc.                    Philippines                 40%            Exploration Company
 

    Notes
    *     The Company has the option to acquire the remaining 60% of Mincorp Asia, Inc, exercisable at any time up to February 2010, at its
original par value (�15,000).
    *     The Company has provided against the investment in Mincorp Asia Inc, as a result of Mincorp Asia Inc's loss for the year to 31 May
2008 of �122,628, of which Mincorp Plc's share being �49,051.

 14  Investments - Non-current assets         2008       2007
     Available for sale investments              �          �
                                                            -
     At 1 June                           2,711,086          -
     Acquired during the year              554,012  1,046,171
     Movement in market value          (1,057,085)  1,664,915
     At 31 May                           2,208,013  2,711,086

    Available for sale investments comprise investments in listed securities, which are held by the Group as strategic investments. No
unlisted available for sale investments are held.  The market value of the listed investments as at 11 November 2008 was �474,333.


 15  Trade and other                       2008                                    2007
     receivables
                                       Group             Company               Group             Company
                                           �                   �                   �                   �
     Current trade and
     other receivables
     Loan due from                         -             216,886                   -             156,886
     subsidiary
     Loan due from                   416,402             416,402             416,402             416,402
     associate
     Other debtors                         -                   -              13,961              13,961
     Prepayments                       2,959                   -               1,775               1,666
     Total                           419,361             623,288             432,138             588,915

     The loans due from its subsidiary and associate are interest free and have no fixed repayment date.

 16  Trade and other payables                2008             2007
                                         Group  Company   Group  Company
                                             �        �       �        �
     Current trade and other payables:
     Other creditors                    41,978   41,978       -        -
     Accruals                           36,430   35,100  28,542   27,403
                                        78,408   77,078  28,542   27,403

 17  Bank loans                            2008                  2007
     Group & Company                          �                     �
     Bank loans                         217,399                     -

     The borrowings are
     repayable as
     follows;
     On demand or within                217,399                     -
     one year

     Analysis of US$                                                �
     borrowings:
     31 May 2008
     Bank loans                                               217,399

     The weighted average                                           %
     interest rates paid
     were as follows:
     Bank loans                                                  5.79

     At 31 May 2008, the Company had fully drawn down the facilities
     of US$425,000 at floating interest rates. The loans attract
     interest rate of SIBOR+2% per annum.

     The bank loans are secured via a fixed and floating charge over
     the Company's investment in shares in ATPK Resources Tbk.

 18  Deferred Tax -                        2008                  2007
     Non-current
     liabilities
     Group & Company                          �                     �

     At 1 June                          499,475                     -
     Tax on movement in               (319,152)               499,475
     market values of
     Available for sale
     investments
     transferred to
     equity

     At 31 May                          180,323               499,475

     No deferred tax asset has been recognized in respect of the
     group's unused tax losses and temporary differences due to the
     unpredictability of future profits.

 19  Provision - Accrued share of Associate's Losses     2008    2007
     Group & Company                                        �       �

     At 1 June                                         79,029  41,599
     Share of associate's loss for the year            49,051  37,430

     At 31 May                                        128,080  79,029




 20  Share capital

     Authorised                                                                        �
     1,000,000,000 Ordinary shares of 0.1p each                                1,000,000

     Called up, allotted, issued and fully paid         Number of shares  Nominal value 
                                                                                  �000's
     As at 1 June 2006                                       120,001,000         120,001
     Issued 21 August 2006 at a price of 1p per share         10,000,000          10,000
     Issued 31 March 2007 at a price of 0.74p per            236,000,000         236,000
     share

     As at 31 May 2007 and as at 31 May 2008                 366,001,000         366,001

    During the year ended 31 May 2008, no shares were issued.

    Total share options in issue

    During the year, no options were issued.

    As at 31 May 2008 the options in issue were:

 Exercise Price       Expiry Date  Options in Issue  Options in Issue
                                        31 May 2008       31 May 2007
             1p  13 December 2009        60,000,000        60,000,000
             1p   28 January 2010        66,200,010        66,200,010

                                        126,200,010       126,200,010

    No options lapsed or were exercised or cancelled during the year.

 21  Analysis of changes in net funds       2008     2007
     GROUP                                     �        �

     Balance at beginning of period      552,337  133,428
     Change during the period          (535,094)  418,909
     Balance at the end of the period     17,243  552,337


 22  Financial instruments 
     The Group uses financial instruments comprising cash, bank loans, liquid resources and debtors/creditors
     that arise from its operations. The Group holds cash as a liquid resource to fund the obligations of the
     Group. The Group's cash balances are held in Pounds Sterling, US Dollars, and Australian Dollars. The
     Group's strategy for managing cash is to maximize interest income whilst ensuring its availability to match
     the profile of the Group's expenditure. This is achieved by regular monitoring of interest rates and monthly
     review of expenditure forecasts. 
     The Company has a policy of not hedging and therefore takes market rates in respect of foreign exchange
     risk, however it does review its currency exposures on an ad hoc basis. Currency exposures relating to
     monetary assets held by foreign operations are included within the foreign exchange reserve in the Group
     Balance Sheet.
     The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to
     credit risk.
     To date the Group has relied upon equity and debt funding to finance operations. The Directors are confident
     that future cash resources will exist to finance operations to commercial exploitation and controls over
     current and future expenditure are and will be carefully managed.
     Cash flow interest rate risk
     The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's cash
     assets and the external loan facility.


     The following tables detail the Group's remaining contractual maturity for its financial assets and
     liabilities that are exposed to interest rate risk. The tables have been drawn up based on the undiscounted
     cash flows of financial assets and liabilities based on the earliest date on which the Group can be required
     to pay or have a right to receive. The table includes both interest and principal cash flows.


     The net fair value of financial assets and liabilities approximates the carrying values disclosed in the
     financial statements. The currency and interest rate profile of the financial assets is as follows:
     Cash, short term                                          Within 1 Year
     deposits & bank
     loans
                                                                 2008                                        2007
     Floating rates                                                 �                                           �

     Pounds Sterling                                            3,369                                     530,327
     Australian Dollars                                        10,689                                      22,010
     US Dollars                                                 3,185                                           -
     Bank loan - US                                         (217,399)                                           -
     Dollars
     At 31 May 2008                                         (200,156)                                     552,337

     The financial assets comprise cash balances in interest earning bank accounts at call. The cash deposit
     financial assets currently earn interest at the rate set by the individual banking institution.

 23  Commitments
     As at 31 May 2008, the Company had entered into the following
     material commitments:

     Exploration commitments
     Ongoing exploration expenditure is required to maintain title to
     the Group's mineral exploration permits. No provision has been
     made in the financial statements for these amounts as the
     expenditure is expected to be fulfilled in the normal course of
     the operations of the Group.



 24  Related party transactions
     Transactions between the Company and its subsidiary, which is a related party, have been eliminated on
     consolidation and are not disclosed in this note. Transactions between other related parties are discussed
     below.


     During the year the Company advanced �Nil to its 40% owned associated undertaking, Mincorp Asia, Inc. (2007:
     �168,000).



     Remuneration of Key Management Personnel


     The remuneration of the directors, and other key management personnel of the Group, is set out below in
     aggregate for each of the categories specified in IAS24 Related party Disclosures.

                                                                 2008                                        2007
                                                                    �                                           �

     Short-term employee                                       55,755                                      42,500
     benefits
     Share-based payments                                           -                                           -
                                                               55,755                                      42,500


 25  Post balance sheet
     events
     On 23 July 2008, the Company entered into an overdraft facility
     with BPI Bank Limited, a company controlled by one of Mincorp's
     directors, Mr. Noordin bin Abdullah. This is to provide a
     working capital facility whilst the Company considers its
     strategic options. Under the terms of the overdraft facility,
     the Company can draw down up to �200,000, which attracts an
     interest rate of 8.95%.  Part of the Company's investment in
     ATPK Resources Tbk, has been provided as security for this
     arrangement. 

     On 23 September 2008, the Company announced that Bonaventure
     Mining Corporation, a wholly owned subsidiary of Mincorp Asia
     Inc, in which the Company holds a 40% holding, lost the case in
     Supreme Court of Philippines for the right to file their
     application for mining rights with the Mining and Geoscience
     Bureau, in relation to the Mt Cadig nickel deposit.

 26  Profit and loss
     account of the
     parent company
     As permitted by section 230 of the Companies Act 1985, the
     profit and loss account of the parent company has not been
     separately presented in these accounts. The parent company loss
     for the year was �253,461 (2007: loss �245,819).

 27  Explanation of transition to IFRSs    

    For all periods up to and including the year ended 31 May 2007, the Company prepared its financial statements in accordance with UK
GAAP. These financial statements for the year ended 31 May 2008, are the first the Company has opted to prepare in accordance with IFRSs as
adopted by the European Union (EU). 

    Accordingly, the Company has prepared financial statements which comply with IFRSs applicable for all periods since 31 May 2006 and the
significant accounting policies meeting those requirements are described in note 1. In preparing these financial statements, the Company has
started from 1 June 2006, the Company's date of transition to IFRSs, and made those changes in accounting policies and other restatements
required by IFRS 1 for the first time adoption of IFRSs. This note explains the principal adjustments made by the Company in restating its
previously published UK GAAP financial statements for the year ended 31 May 2007. 

    Exemptions applied

    IFRS 1 allows first time adopters certain exemptions from the general requirement to apply IFRSs as effective for May 2007 years there
ending retrospectively. The Group and Company have taken the following exemptions:

    * IFRS 3 'Business Combinations' has not been applied to acquisitions of subsidiaries or interests in associates or joint ventures that
occurred before 1 June 2006.
    * IFRS 2 'Share-Based Payment' has not been applied to any equity interests that were granted on or before 7 November 2002, nor has it
been applied to equity instruments granted after 7 November 2002 that vested before 1 June 2006.


 27  Explanation of transition to IFRSs (continued)    

    Investments

    Under UK GAAP the Group recognised investments at the lower of cost and net realisable value, with adjustments to reflect any impairment
arising from an investment held being stated at higher than recoverable amount. Such impairment charges were reflected in the income
statement. The Group applied the equity method to associate undertakings, and disclosed the market value of those investments held at each
period end.

    Specifically, from this date, all investments held, and new investments acquired are classified into one of five categories which
determine the accounting treatment adopted for each type of investment.

    The new standards have had limited impact on investments in consolidated interests in subsidiaries or equity accounted associates, other
than to conform the accounting policies of those entities to the Group's new accounting policies under IFRS.

    Long-term equity holdings have been classified as Available for Sale. These investments are measured at fair value, with movements
recognised in equity to the extent that there is not an impairment.

    At 1 June 2006, Mincorp's investments were classified under the requirements of the new standards, and where a fair value measurement
was required to be performed, this was generally carried out with reference to the quoted price of listed securities at the date of
transition. At 31 May 2007, equity increased by �1,664,915. 

    Deferred taxes

    Under UK GAAP deferred tax was recognised in respect of timing differences, and a net deferred tax asset was assessed as recoverable
when it was more likely than not that suitable taxable profits against which carried forward tax losses applied or timing differences can be
deducted.

    In accordance with the requirements of IAS 12 'Income Taxes' deferred tax arises from temporary differences between accounting carrying
values and tax bases of assets and liabilities. Deferred tax assets continue to be recognised when considered probable of recovery.

    At 31 May 2007 there was a �499,475 decrease to equity as a result of the application of the new standard. 

    There have been no changes to the losses of the Group in the transition to IFRS.



    Detailed reconciliations between UK GAAP and IFRS are shown below:

 Reconciliation of equity at 31    Under UK GAAP  Re-allocation of provision  Under IFRS
 May 2006                        
                                         �                    �                   �
 NON CURRENT ASSETS              
 Deferred Exploration                    163,117                                 163,117
 expenditure                     
 Property, plant and equipment                 -                                       -
 Available for sale investments                -                                       -
 TOTAL FIXED ASSETS                      163,117                                 163,117
                                 
 CURRENT ASSETS                  
 Trade and other receivables             255,453                                 255,453
 Cash at bank and in hand                133,428                                 133,428
 TOTAL CURRENT ASSETS                    388,881                                 388,881
                                 
 TOTAL ASSETS                            551,998                                 551,998
                                 
 CURRENT LIABLILITES             
 Trade and other payables               (92,975)                      41,599    (51,376)
 TOTAL CURRENT LIABLITIES               (92,975)                      41,599    (51,376)
                                 
 NET CURRENT ASSETS                      295,906                      41,599     337,505
                                 
 NON-CURRENT LIABILITIES         
 Deferred tax liabilities                      -                                       -
 Provisions                                    -                    (41,599)    (41,599)
                                               -                    (41,599)    (41,599)
                                 
 TOTAL LIABILITIES                      (92,975)                                (92,975)
                                 
 NET ASSETS                              459,023                           -     459,023
                                 
                                 
 EQUITY                          
 Called up share capital                 120,001                                 120,001
 Share premium                           470,279                                 470,279
 Available for sale investment                 -                                       -
 reserve                         
 Foreign exchange reserve                (7,240)                                 (7,240)
 Retained earnings                     (124,017)                               (124,017)
 TOTAL EQUITY                            459,023                           -     459,023
                                 




 Reconciliation of equity at 31    Under UK GAAP  Provision & Fair Value adjustments  Under IFRS
 May 2007                        
                                         �                        �                       �
 NON CURRENT ASSETS              
 Deferred Exploration                    127,234                                         127,234
 expenditure                     
 Property, plant and equipment             1,947                                           1,947
 Available for sale investments        1,046,171                           1,664,915   2,711,086
 TOTAL FIXED ASSETS                    1,175,352                           1,664,915   2,840,267
                                 
 CURRENT ASSETS                  
 Trade and other receivables             432,138                                         432,138
 Cash at bank and in hand                552,337                                         552,337
 TOTAL CURRENT ASSETS                    984,475                                         984,475
                                 
 TOTAL ASSETS                          2,159,827                           1,664,915   3,824,742
                                 
 CURRENT LIABLILITES             
 Trade and other payables              (107,571)                              79,029    (28,542)
 TOTAL CURRENT LIABLITIES              (107,571)                              79,029    (28,542)
                                 
 NET CURRENT ASSETS                      876,904                              79,029     955,933
                                 
 NON-CURRENT LIABILITIES         
 Deferred tax liabilities                      -                           (499,475)   (499,475)
 Provisions                                    -                            (79,029)    (79,029)
                                               -                           (578,504)   (578,504)
                                 
 TOTAL LIABILITIES                     (107,571)                           (499,475)   (607,046)
                                 
 NET ASSETS                            2,052,256                           1,165,440   3,217,696
                                 
                                 
 EQUITY                          
 Called up share capital                 366,001                                         366,001
 Share premium                         2,063,664                                       2,063,664
 Available for sale investment                 -                           1,165,440   1,165,440
 reserve                         
 Foreign exchange reserve                (5,213)                                         (5,213)
 Retained earnings                     (372,196)                                       (372,196)
 TOTAL EQUITY                          2,052,256                           1,165,440   3,217,696
                                 

    Cashflow statment

    As a result of the transition to IFRS, there were no material differences between the cashflow statement presented under IFRS and that
presented under UK GAAP.


    Corporate Information

 Registered number          05140143

 Directors                  Thanggaya Munusamy
                            Mohd. Noordin bin Abdullah


 Joint Company Secretaries  Rajakumaran Rajadurai
                            Company Secretarial Services Limited


 Registered Office          2nd Floor,
                            1 Westferry Circus
                            Canary Wharf
                            London, E14 4HD

                            Website:    http://mincorpplc.investis.com

 Auditors                   Chapman Davis LLP        
                            2 Chapel Court            
                            London SE1 1HH            
                            United Kingdom            


 Nominated Advisor          Nabarro Wells & Co Ltd
                            Old Change House
                            128 Queen Victoria Street
                            London, EC4V 4BJ

 Broker                     Keith, Bayley, Rogers & Co. Ltd
                            Sophia House
                            76-80 City Road
                            London EC1Y 2EQ


 Registrars                 Share Registrars Limited
                            Craven House
                            West Street, Farnham
                            Surrey GU9 7EN
                            United Kingdom






    Availability of Accounts
    Copies of these accounts are being posted to shareholders today, and further copies will be available at the Company's registered
office, 2nd Floor, 1 Westferry Circus, Canary Wharf, London, E14 4HD.  They will also be available on the Company's website.

    Enquiries:

    Mincorp plc                              Thanggaya Munusamy                      + 6012 212 4596 
    Nabarro Wells & Co. Limited     Hugh Oram                                      +44 (0) 207 634 4700



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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