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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Elkedra | LSE:EDN | London | Ordinary Share | AU000000EDN2 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Level 1, 130 Hay St, Subiaco, Western Australia 6008 Telephone: +61-8-6380 2855 Facsimile: +61-8-6380 1644 P O Box 8035, Subiaco East, Western Australia 6008 E-mail: elkedra@elkedra.com.au Web Site: www.elkedra.com.au Chapada processing plant Listed on ASX and AIM (Code EDN) QUARTERLY ACTIVITY REPORT FOR THE PERIOD ENDING 30 September 2007 HIGHLIGHTS CORPORATE - Shareholders to vote on merger with Canadian diamond company Vaaldiam Resources Ltd (TSX: VAA) on 29 October 2007. - Pro rata in specie distribution to Elkedra shareholders of 25 million Uramet Minerals Ltd shares completed. BRAZIL Chapada Diamond Project - 4,341 carats of diamonds produced for the quarter - Revenue of US$1,810,695 generated from sales in the quarter. OVERVIEW 1.0 CORPORATE MERGER WITH VAALDIAM RESOURCES LTD On 4 July 2007 the Company announced that it had received an offer from Canadian listed diamond group Vaaldiam Resources Ltd (TSX:VAA) (Vaaldiam) to acquire all of the outstanding shares of Elkedra in exchange for Vaaldiam common shares by way of a Scheme of Arrangement. Under the proposed terms of the Scheme, Vaaldiam will issue 0.52 of a Vaaldiam share for each Elkedra share held by Elkedra shareholders. At the time of the announcement these terms valued Elkedra shares at A$0.53, a 60% premium to the then ASX and AIM trading share price. The Directors of Elkedra believe there is considerable merit in the proposed merger of the companies and their respective spread of complementary diamond assets in South America and Canada and has unanimously agreed to recommend the Vaaldiam offer to Elkedra shareholders, subject to no competing and more favourable bid being received. The Scheme of Arrangement is subject to a number of conditions, including absence of adverse material changes and receipt of all necessary regulatory, shareholder and court approvals. A notice of meeting together with a scheme booklet was despatched to all Elkedra shareholders on 28 September 2007 providing full details of the Scheme of Arrangement as required under the Corporation Act. The implementation of the Scheme, if approved by shareholders at a meeting convened for Monday 29 October 2007, and subject to final court approval, would involve the transfer of all Elkedra securities to Vaaldiam and the cancellation of Elkedra's listing on the ASX and AIM Markets. Important dates to note are: Proxies to be received not later than 11:30am (Perth, 27 October 2007 Western Australia time) Meeting of Elkedra shareholders to approve the Scheme 29 October 2007 of Arrangement If Elkedra shareholders and the Court approve the Scheme, the EXPECTED timetable is Last day of AIM trading in Elkedra Shares 7 November 2007 The Scheme becomes binding (Effective Date) 8 November 2007 Last day of ASX trading in Elkedra Shares 8 November 2007 Record date for determining entitlements (Record 15 November 2007 Date) Despatch of certificates for new Vaaldiam Shares and 23 November 2007 trading in new Vaaldiam Shares on the TSX commences The merger of Elkedra and Vaaldiam will create a leading diamond production, exploration and development company. The `new' Vaaldiam will have the ability to substantially fund the consolidated group's advanced-stage kimberlite exploration and development costs from cash flow, thereby reducing dilution to its shareholders. The combined group will also have strong management expertise and the financial capacity to realise the potential value of the extensive exploration portfolio and to capitalise on future acquisition opportunities. Ken Johnson will continue as President and Chief Executive Officer of Vaaldiam while Peter Marrone will continue as Chairman of Vaaldiam. Elkedra directors Don Best and Sam Randazzo will join Vaaldiam's executive management team as Vice President, Operations and Vice President, Business Development, respectively. Sam Randazzo will also be appointed to the board of Vaaldiam. URAMET MINERALS LIMITED As was proposed in the June 2007 quarterly report Elkedra completed the in specie distribution of 25 million Uramet shares to Elkedra shareholders on 19 September 2007. 2.0 BRAZIL CHAPADA DIAMOND PROJECT - Elkedra 100% PRODUCTION Diamond production and key operating statistics for the 3 months ended 30 September 2007 are shown in the following table. Production Statistics Production Month Average Diamonds Recovered Average Stone Size Plant Grade (cts/stone) Throughput (cts/bcm) (bcm)1 Stones Carats September 07 Qtr 127,261 0.034 7,780 4,341 0.56 1. "bcm" means "bank cubic metre" of insitu gravel in mining benches and plant throughput is based on total run of mine production including all under and oversize material. The average quarterly plant throughput and carat production achieved during the year ended 30 June 2007 were 156,131 bcm and 5,423 carats respectively. SALES During the quarter three monthly sales were completed as follows: Diamond Sales Date Carats Average Total No. of Value Value (2007) Stones US$ US$ 25 July 3,394 1,763 353 623,097 22 Aug 2,534 1,531 443 677,641 19 Sept 2,244 1,281 398 509,957 Total 8,172 4,575 396 1,810,695 Since start up in July 2006 to the end of September 2007, the Chapada project has sold a total of 25,699 carats (48,898 stones) for a total value of US$10,049,826. Diamonds falling into the specials category during the September 2007 quarter are as follows: Stones in 10+ Carat Specials Category Valuation Average Total Stone Sizes Date No. of Value Value (2007) Stones US$ US$ 25 July 3 1,058 46,508 19.16 cts, 12.32 cts, 12.48 cts 22 Aug 4 2,091 181,913 33.44 cts, 22.77 cts, 16.41 cts, 14.39 cts 19 Sept 2 2,454 66,249 16.23 cts, 10.76 cts The 33.44 carat diamond sold in August valuation is the largest diamond recovered at Chapada to date. This diamond was valued at US$3,000/carat giving a total value of US$100,320. Fig. 1 33.44 carat diamond There were no project development activities undertaken during the quarter. PEBA LAGOINHA TENEMENT On 19 June 2007, Sema, the environmental authority for the state of Mato Grosso in Brazil, issued an installation licence which allows the Company to undertake development activities on the Peba Lagoinha deposit located immediately adjacent to the Quilombo mine currently in operation. The DNPM (Mines Department) are still to issue the mining license for this tenement but this is expected within the next month. Current planning is that the Peba Lagoinha deposit should be ready for mining within the first quarter of 2008. EXPLORATION TENEMENTS In addition to the existing Quilombo mine and Peba Lagoinha tenement, Elkedra holds a further seven granted exploration tenements covering some 270 km2 within the surrounding Chapada basin region. Historical exploration activities have shown these areas to also contain diamondiferous gravel deposits. If ongoing exploration work indicates economic resources in these tenements, then low capital cost satellite mining operations can be established at the tenements providing a gravel concentrate back to the Chapada process plant for final diamond recovery. No tenements were applied for or relinquished in Brazil during the quarter. Fig. 2 Exploration - Brazil During the quarter test pitting has continued on the Casca tenement in areas were access agreements with land owners are already in place. This test pitting work has been focused on determining volume of gravels, the depth of overburden and bedrock profile within the Casca tenement. During September, drilling and test pitting has also commenced at the Quilombo tenement to test for new extensions of the known existing gravel terraces that are currently being mined. The proposed merger with Vaaldiam Resources Limited should allow the exploration campaign at Chapada to be accelerated. Vaaldiam has several drill rigs and exploration personnel in Brazil and following completion of the merger, 2 drill rigs and support staff are expected to be relocated to the Chapada project to advance the exploration programme. 3.0 AUSTRALIA AUSTRALIAN EXPLORATION Fig. 3 Current Tenement Plan - Australia. Tenements in blue transferred to Uramet Minerals Ltd. Tenements in red retained by Elkedra Diamonds NL. As reported in the June 2007 quarterly report, Elkedra's granted tenement holdings in the southern Georgina Basin region of the Northern Territory (Mt Skinner and Altjawarra Project Areas) were transferred to Uramet Minerals Ltd (Uramet) (see Fig. 3). Elkedra retains the rights to diamond exploration on these NT tenements. Three tenements in the Mt Skinner Project area (EL25573, EL25574 and EL25610) were granted during the quarter and are in the process of being transferred to Uramet. Elkedra has retained its Queensland tenements but Uramet holds the rights to explore for commodities other than diamonds. Elkedra has retained a 100% interest in all minerals on tenement applications on the Tiwi Islands (Fig. 3). Remaining tenements held by Elkedra in the NT and Queensland total 6,411 km2, including both granted tenements and pending applications. Tenements in the NT now held by Uramet Minerals Ltd in which Elkedra retains the diamond rights total 6,378 km2. No Australian exploration activities were carried out during the quarter. 4.0 CORPORATE SECURITIES During the quarter 2,370,699 new shares were issued for 2,370,699 warrants exercised at 12 pence. A total of 363,745 warrants expired on 31 August 2007 and were cancelled. There are no warrants on issue as at 30 September 2007 The total number of issued shares of the Company as at 30 September 2007 was 106,966,910. As at 30 September 2007 a total of 12,133,334 unlisted options exercisable at between A$0.35 and A$1.20 are on issue. The Company regularly updates its Web Site at www.elkedra.com.au For and on behalf of the Board M.D.J. Cozijn Director/Company Secretary 24 October 2007 The geological information on the Australian projects is based on information compiled by and reported upon by Dr Wayne Taylor, Elkedra's Chief Mineralogist, who is a member of the Australian Institute of Geoscientists and qualifies as a Competent Person as defined in the JORC Code. Dr Taylor consents to the inclusion in this report of the matters in the form and context in which it appears. END
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