HERENCIA RESOURCES FINAL RESULTS 2011

by Michael on May 8, 2012

Herencia Resources plc, (“Herencia” or the “Company”)

Final results for the 12 months ended 31 December 2011

and

Notice of AGM

The Directors present the audited results of the Group (Herencia Resources plc and its subsidiary undertakings) and the Company for the 12 months ended 31 December 2011.

CHAIRMAN’S STATEMENT

It is with pleasure that I update shareholders on the activities undertaken by the Company during 2011, the most active period in the Company’s history.

The Company achieved a number of milestones in calendar year 2011, including:

·    completion of approximately 18,000 metres of diamond drilling at Paguanta;

·    identification of further mineralised veins with high zinc, silver and lead grades at Patricia;

·    commencement of the Patricia Feasibility Study;

·    entering into an agreement in relation to the Guamanga copper-gold project in Chile and subsequent confirmation of shallow copper-gold mineralisation by diamond drilling;

·    successful capital raisings of £2.8 million in June 2011 and £2.36 million capital raising in November 2011; and

·    establishment of an office and an experienced Project Team in Santiago.

At this time the directors believe that the Company is well positioned as:

·    JORC-compliant Mineral Resource Estimate for Patricia is scheduled for updating in late-May or June 2012;

·    mineralisation at Patricia remains open along strike and down dip;

·    new high grade veins have been confirmed, providing potential to add to the resource base;

·    potential exists for further mineralised veins to be discovered;

·    an experienced Project Management team has been established;

·    the Patricia Feasibility Study is underway;

·    Baseline Environmental Studies are advancing; and

·    The Company is supported by significant shareholders who understand both the base metals industry and the Chilean operating environment.

Herencia’s primary goals for 2012 are to:

·    upgrade the Patricia Mineral Resource Estimate;

·    complete the Patricia Feasibility Study;

·    lodge permitting applications;

As demonstrated above, 2011 was a busy period for the Company and we look forward to continuing to advance the work in 2012.

In closing, I would like to pass on the Boards thanks to our outgoing Managing Director, Michael Bohm. As previously announced, after leading the Company for the last six years Mike will be transitioning to a Non-Executive Director’s role and we look forward to his continued input at Board level.

 

Hon. John Moore AO

Chairman

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