27 September 2017

Landore Resources Limited

("Landore Resources" or the "Company")

 Interim Results for the six months ended 30 June 2017

Landore Resources is pleased to announce its interim results for the six months ended 30 June 2017.

  For more information, please contact:

Copies of the Interim statement are available on the website, www.landore.com 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.

LANDORE RESOURCES LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

General

The following discussion of performance, financial condition and future prospects should be read in conjunction with the interim consolidated financial statements of the Group and notes thereto for the period from 1 January 2017 to 30 June 2017.  All amounts are stated in sterling.

Overview

Landore Resources Limited is listed on the AIM market operated by the London Stock Exchange plc, with the trading symbol LND.L. The Company is based in Guernsey in the Channel Islands and its 100% owned operating subsidiary, Landore Resources Canada Inc., is engaged in the exploration and development of a portfolio of precious and base metal properties in North America.

Results of Operations

The financial results for the six months to 30 June 2017 show a loss of £1,750,807 (2016: loss £732,975). These results were in line with expectations.   Exploration costs were £1,321,976 (2016: £250,108).

During the period under review £2,025,619 (2016: £1,228,830) was raised from the issue of shares, net of issue costs.

The Group has no debt but will need to raise further equity in order to carry out its exploration and development activities, and also for working capital.

Operations

Landore Resources Limited, through its 100 per cent owned subsidiary Landore Resources Canada Inc. ("Landore"), is actively engaged in mineral exploration in Eastern Canada. Landore owns or has the mineral rights to four properties in Eastern Canada. Landore also owns a 30 per cent interest in the West Graham property.

Landore, through its 100 per cent owned subsidiary Brancote US, owns or has the mineral rights to a further eight properties for 99 claims in the State of Nevada.

Landore's primary operations focus during the first half of 2017 was on the growth of the newly discovered BAM East Gold deposit located on the 100% owned highly prospective Junior Lake Property, Northwestern Ontario.

Full details of the Group's projects, including maps, Canadian National Instrument 43-101 (NI 43-101) resource reports, geophysical surveys etc. can be viewed on the Group's website, www.landore.com.

The Junior Lake Property:

The Junior Lake property is located approximately 235 kilometres north-northeast of Thunder Bay and is host to the newly discovered BAM East Gold deposit, the B4-7 Nickel-Copper-Copper-Cobalt-PGEs deposit and the adjacent Alpha PGEs zone. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences.

The Junior Lake property extends for 30 kilometres and covers an area of 22,497 hectares.

BAM East Gold Resource:

Discovered in December 2015, the BAM East Gold resource contains 301,000 ounces of gold (February 2017

National Instrument (NI) 43-101 Mineral Resource Estimate and Technical Report). This resource is located approximately midway along a 2.7 kilometre long, east-southeast to west-northwest trending MaxMin geophysical anomaly (MM-7), at the western end of which is located the original BAM gold zone discovered by Landore resources in 2003.

Summer Drilling Campaign:

Drilling on the BAM East Gold Project re-commenced on 1 April 2017, focusing on the further delineation and extension of the defined resource together with targeting potential deposits on the highly prospective geophysical trend MM-7, host to the BAM East Gold Deposit.

The campaign was completed in July 2017 with 65 HQ and NQ diamond drill-holes (0417-561 to 0417-625), for a total of 11060 metres (m), drilled. Drilling proceeded as planned, on time and within budget. 

Within this campaign, drilling at the original BAM gold zone successfully identified a potential resource with similar lithology and grades to the BAM East Gold Deposit located 1,000 metres along strike to the east.  The original BAM gold zone mineralisation remains open along strike to the east, west and down dip.

In addition, step out drilling along strike from the BAM East Gold Deposit has extended the mineralisation with similar lithology and grades 100 metres West and 500 metres to the East giving a potential resource continuity of 1.2 kilometres from 2000E to 3200E.  The BAM East Gold mineralisation remains open along strike to the east, west and down dip.

All data from the campaign is being collated for the preparation of a resource update, by our technical consultant RPA, scheduled for completion in Q4 2017.

Exploration Programme:

Following the successful discovery of the BAM East Gold deposit, Landore Resources initiated a review of the geology and mineralisation on several of the Company's earlier gold findings, including the re-interpretation of the Lamaune Gold Deposit. The reviews concluded that several of these gold prospects, including the Lamaune Gold Deposit, were similar in geology and mineralisation to the BAM East Gold Deposit.

The review has encouraged the Company's belief that the favorable geological lithology containing the BAM East Gold Deposit has the potential to continue along the full 30 kilometre east-west extent of the greenstone belt traversing the Landore-Lamaune properties.

On 12 September 2017, Landore announced that through a debt settlement agreement, it would take 90% ownership and control of the Lamaune assets subject to Lamaune Iron Shareholders approval on 11^th October.

Landore has initiated an extensive field exploration programme aimed at identifying potential drill targets. Three Geological teams supported by a Geophysics contractor are currently working on this programme.

Outlook

The rapid delineation of the initial BAM East Gold Deposit in just 12 months since discovery together with the recently completed, highly successful, summer drilling campaign, bodes well for the possibility of finding and delineating similar open pit gold deposits along this highly prospective Junior Lake trend.

Following the receipt of the Resource Update in Q4 2017 Landore intends to initiate further extension drilling both east and west along trend and down dip on the existing deposit.

Indications are that the BAM East Gold deposit and adjacent areas have potential for substantial growth.

Social and environmental responsibility:

Landore believes that a successful project is best achieved through maintaining close working relationships with First Nations and other local communities. This social ideology is at the forefront of all of Landore's exploration initiatives by establishing and maintaining co-operative relationships with First Nations communities, hiring local personnel and using local contractors and suppliers.

Careful attention is given to ensure that all exploration activity is performed in an environmentally responsible manner and abides by all relevant mining and environmental acts. Landore takes a conscientious role in all of its operations, and is aware of its social responsibility and its environmental duty.

27 September 2017

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

The Group's operating loss relates to continuing operations.

The notes and accounting policies below form part of these interim financial statements.

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2017

The accounting policies and notes below form part of these financial statements.

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2017

                                                                                                                   Group                               Group                               Group

                                                                                                                      As at                                  As at                                  As at

                                                                                                      30 June 2017                  30 June 2016       31 December 2016

                                                                          Notes                                       £                                          £                                          £

The notes and accounting policies below form part of these interim financial statements.

LANDORE RESOURCES LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

The notes and accounting policies below form part of these interim financial statements.

LANDORE RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

1          Basis of accounting and accounting policies

The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union at the time of preparing these financial statements (September 2017).  The Directors have elected not to apply IAS34 Interim Financial Reporting.

The financial statements have not been audited and have been prepared on the historical cost basis. The principal accounting policies adopted are consistent with those adopted in the annual accounts to 31 December 2016.

2          Exploration expenditure and mineral properties

                Mineral properties at 30 June 2017 represent accumulated costs to date incurred by Landore Resources Canada Inc., a subsidiary of Landore Resources Limited. On acquisition of Landore Resources Canada Inc. on 5 April 2006 the fair value of those costs incurred to date was considered to be £nil. All subsequent expenditure in the period has been charged to the income statement in accordance with the group accounting policy.

3          Loss per share

The loss per share is based on the loss for the period and the weighted number of ordinary shares in issue during the period, being 759,215,748 (June 2016: 634,924,131).

Diluted loss per share

The potential ordinary shares which arise as a result of the options in issue are not dilutive under the terms of IAS 33 because they would not increase the loss per share. Accordingly there is no difference between the basic and dilutive loss per share.

4          Share capital

On 3 March 2017, 74,075,000 ordinary shares were issued at a price £0.027 each as part of a share subscription raising £2,000,025.

A further 3,700,000 ordinary shares were issued on 3 March 2017 at £0.027 per share as part of a share subscription raising £99,900.

A further 277,778 ordinary shares were issued on 16 March 2017 at £0.027 per share in settlement of a payable of £7,500.

5          Retained earnings