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GPN Gladstone Pac

14.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gladstone Pac LSE:GPN London Ordinary Share AU0000XINAC5 ORD SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 14.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Gladstone Pac Share Discussion Threads

Showing 126 to 148 of 400 messages
Chat Pages: 16  15  14  13  12  11  10  9  8  7  6  5  Older
DateSubjectAuthorDiscuss
21/7/2006
21:34
Queensland Nickel Project earmarked as nationally significant project

Gladstone Pacific Nickel operations

The Gladstone Pacific Nickel Project, which could boost Australia's nickel exports by $750 million per year, was yesterday awarded Major Project Facilitation status by the Australian Government.

Australian Industry Minister, Ian Macfarlane, announced the new status in recognition of the project's national significance. The first stage is estimated to deliver $1.5 billion worth of investment to the country and create 400 long-term jobs.

"This project will make a significant contribution to national economic growth and regional job opportunities, but it will also offer Australia the chance to lead the way on a technological and mineral processing front," said Mr Macfarlane.

"Part of the project is to build a processing plant in Gladstone which will comprise a modern, 'fourth generation' high pressure acid leaching process plant and refinery. The introduction of this technology places Australia well in the global nickel market."

"The construction of a nickel ore mine and a beneficiation plant at Marlborough will also generate a significant number of regional jobs: 1300 positions are expected to be created at the peak of project construction with 400 permanent jobs to follow."

"Overall the project will meet some of the anticipated global short fall in future nickel supply and present the Australian industry with an opportunity to push Australia to the forefront of this type of processing technology," said Mr Macfarlane.

Gladstone Pacific Nickel will also implement world best practice to minimise pollution and environmental impacts of the project, including consideration of a 175km pipeline for transport of slurry to the process plant at Gladstone.

"Having achieved Major Project Facilitation status, the Gladstone Pacific project will be assisted by the Australian Government's national inward investment agency, Invest Australia, with necessary government approvals at all levels."

"Invest Australia will work with the proponents to gain all necessary government, environmental and community approvals, as well as to identify relevant government programs that may assist the project," said Mr Macfarlane.

- 14 Jul 2006

mister x
21/7/2006
21:33
New project presentation in thread header.
mister x
18/7/2006
21:19
GLADSTONE: Gladstone continues to make pleasing progress with its plans to construct a technologically modern high pressure acid leach (HPAL) plant and refinery for processing nickel and cobalt ore at Gladstone, Queensland.
The second DFS on an increased potential production of over 40,000 tpa nickel is expected to commence this month and be completed by November 2006. With the mining licence and environmental approvals at Marlborough in place, the completion of a further drill programme at the Marlborough nickel property has improved the resource base which is progressively being proved up to JORC proven and probable categories. A signed Letter of Intent to acquire ore from a new mine in New Caledonia is expected to be firmed up soon. There is also the
possibility of additional offshore ore from Indonesia and Gladstone is in
discussions on this front. Ultimately, Gladstone seeks a joint venture or a buyout of its HPAL project by a major who could develop it through to commercial
production. This project has the potential to be amongst the largest in the world producing over 150,000 tpa nickel – equivalent to around 10% of world
demand. Watch this space.......

mister x
12/7/2006
07:30
12 July 2006: Gladstone Nickel Project Stage 1a Receives Major Project Facilitation Status From Federal Government

Gladstone Pacific Nickel Limited (ACN 076 270 006) ("GPNL" or the "Company") is pleased to announce that the first Stage of the Gladstone Nickel Project (GNP) has been granted Major Project Facilitation (MPF) status by the Federal Government of Australia.

In a formal letter to the Company, the Australian Minister for Industry, Tourism and Resources, the Honourable Ian Macfarlane, has advised that the GNP has been granted this priority status in recognition of the Project's national significance and potential long-term benefits to Australia.

In his announcement dated 12 July 2006, Minister Macfarlane said: "The Gladstone Nickel Project will make a significant contribution to economic growth, employment, infrastructure and development in regional Queensland."

"As a result of the Project being awarded MPF status, the Australian government's inward investment agency, Invest Australia, will assist Gladstone Pacific Nickel to gain all necessary government, environmental and community approvals. Invest Australia will also identify relevant government programs that may assist the Project."

In thanking the Minister and the Government for the decision, Gladstone Pacific's Executive Chairman Robert Pearce said: "The MPF status provides a strong indication of the nature and scope of support that Australia's Federal Government is extending to GPNL to expedite the development of its GNP. The Federal Government has captured the vision and magnitude of the Project, recognising that it will be of significant standing for the economy of Australia in the future."

The GNP will include the construction of a nickel ore mine and a beneficiation plant to concentrate ores at Marlborough, and a large nickel/cobalt refinery at Gladstone. The refinery will be a modern, 'fourth generation' high pressure acid leaching (HPAL) facility. Provision for importation and refining of additional high grade laterite ores from the South West Pacific through the existing and planned future facilities, available at the deepwater port of Gladstone, are included in the Company's plans. The commencement date of ore importation is yet to be finalised.

Mr Pearce said: "Federal Government support via MPF status, together with the Significant Project Status granted by the Queensland State Government in 2005, demonstrates that this important Project has achieved appropriate positive support at the highest levels of Government."

ENDS


To view the Minister's release click here

About Gladstone Pacific Nickel:
Gladstone Pacific Nickel Limited (GPNL) is an Australian mining development company presently undertaking a Definitive Feasibility Study (DFS) for the Gladstone Nickel Project (GNP). The company's vision is to build a major long-life nickel cobalt refinery at the deepwater port at Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from around the south west Pacific region, underpinned by beneficiated ores from its own Marlborough deposits. The refinery will have the capacity to ultimately produce some 8 -10% of global nickel demand.


Marlborough Nickel Pty Ltd (MNPL), a wholly owned subsidiary of GPNL, owns 12 mining leases and a number of exploration permits over lateritic nickel/cobalt deposits about 175km north of Gladstone. The GNP will be developed through various stages, initially comprising a modern nickel/cobalt mine at Marlborough with beneficiated slurried ore being pumped through a pipeline to a fourth generation, two autoclave, high-pressure acid leach (HPAL) plant sited at Gladstone.

Concurrently with the first stage DFS, GPNL is considering undertaking the completion of a DFS for an early expansion on the next stage of the Project, that will double the size of the Gladstone plant to four autoclaves with the commencement of significant ore importation from the south west Pacific region, and then a further doubling to eight autoclaves in the next stage, increasing substantially the ore importation programme.

GPNL was listed on the Alternative Investment Market (AIM) (Trading Code: GPN) of the London Stock Exchange on 17 March 2005 after raising £11million. These funds are being used primarily to carry out the DFS for the Project.

Website: www.gladstonepacific.com.au

About Invest Australia and Major Project Facilitation:
Invest Australia facilitates new investment by providing prospective investors with a single contact point within the Commonwealth Government. Through the Major Project Facilitation service, Invest Australia provides the proponent with information, advice and support to assist with necessary government approvals. Invest Australia also identifies the sequence and timings for key approvals and the relevant government programs that may assist the project.

The objectives of the MPF service are to: assist proponents of large projects to obtain decisions on necessary Commonwealth Government approvals wherever possible within that project's commercial timeframe; add value to those projects, particularly where the required approvals are complex and extensive, i.e. where MPF can assist with the prompt implementation of the investment; demonstrate the Government's commitment to support major new investments; and identify any impediments to the investment proceeding and where appropriate advise government of the need for policy or procedural change.

Each application for MPF status is individually assessed against the selection criteria. Investors can apply to the Minister for Industry, Tourism and Resources for MPF status if their project: is of strategic significance to Australia; needs Commonwealth Government approval(s); and is commercially ready to proceed through government approvals processes.

mister x
04/7/2006
21:54
80p looks next stop to form that nice head and shoulder chart.
mister x
23/6/2006
14:19
Back to 80p we go and an excellent top up opportunity.
mister x
07/6/2006
20:36
I'm hoping £1.20 holds otherwise, its back to £1 ish we go in the short term. I might be tempted to accumulate more should we get there.
mister x
01/6/2006
21:37
Taken from the recent Hardman & Co broker commentary May/June 06. Looks as though its all on the back burner until November of this yr...

GLADSTONE

Gladstone continues to make pleasing progress with its plans to construct a technologically modern high pressure acid leach (HPAL) plant and refinery for processing nickel and cobalt ore at Gladstone, Queensland.

The second DFS on an increased potential production of over 40,000 tpa nickel is expected to commence this month and be completed by November 2006. With the mining licence and environmental approvals at Marlborough in place, the completion of a further drill programme at the Marlborough nickel property has improved the resource base which is progressively being proved up to JORC proven and probable categories. A signed Letter of Intent to acquire ore from a new mine in New Caledonia is expected to be firmed up soon.

There is also the possibility of additional offshore ore from Indonesia and Gladstone is in discussions on this front. Ultimately, Gladstone seeks a joint venture or a buyout of its HPAL project by a major who could develop it through to commercial production. This project has the potential to be amongst the largest in the world producing over 150,000 tpa nickel – equivalent to around 10% of world demand. Watch this space.......

mister x
14/5/2006
21:21
Rab Special sits fund number 5 holding following the IPO. GPN is held in some regard to have more potential further down the line than AEN did back pre feasibility study. Certainly a micro cap miner to add to the watchlist. Very "unknown" on advfn, great sign - for now.
mister x
14/5/2006
21:19
March 24, 2006
Gladstone Pacific Has Placed A Big Bet On Success With High Pressure Acid Leaching.

By Jack Hammer

Does high pressure acid leaching (HPAL) of nickel laterite ore actually work? Gladstone Pacific Nickel says it does and so does billions of dollars from Falconbridge, CVRD, Inco, BHP and Sumitomo. Sumitomo's Rio Tuba project in the Philippines is now in production, as are the Australian Murrin Murrin and Cawse projects. And Inco, BHP, and CVRD all have operations looking to come into production within the next two years. In time they might be joined by a new one, a refinery in the Queensland town of Gladstone backed, at least initially, by London money. Gladstone Pacific Nickel says it's on course to start construction by January 2007.

HPAL is still a hard sell in some circles because of the problems encountered with early HPAL technology in the 1990s. At Murrin Murrin law suits and underinvestment exacerbated processing problems, and even now the plant is only at 90 per cent capacity. In the past HPAL has been a cash guzzler with no discernible benefits. But Gladstone Pacific Nickel isn't fighting shy, and aims to have its own 50,000 tonnes per year operation up and running by 2010 or 2011. "It works," says executive chairman Robert Pearce bluntly. "HPAL can get 96 per cent recovery of nickel in the ore".

That might raise a few eyebrows but Louis Castro, head of corporate finance at Gladstone's UK broker Insinger de Beaufort reinforces the general sentiment: "Either you buy into HPAL or you don't. Four out of six analysts might throw their hands up. But the process has come a long way". Mr Pearce adds: "BHP and CVRD are both spending big money and they wouldn't if they didn't think the process would work". They are in a better position to cover losses too, of course. But so far Sumitomo's 3rd generation plant at Rio Tuba has been problem free, so perhaps HPAL finally is coming of age.

For believers in Gladstone, at least, the pieces are gradually falling into place. The company is within weeks of signing a contract with the Queensland government to purchase the land on which it plans to build a 4th generation HPAL plant. The initial 50,000 tonnes per year of planned output will soon be increased by the implementation of what the company calls "stage 1b" to 100,000 tonnes per year. "Stage 2" will then make it the third largest producer of nickel in the world.

It's heady stuff, but also a long way down the tracks. The chances that Gladstone in its current form will still be around when all that is happening look slight. That's because - not including capital costs - the margin between what it will cost to produce nickel at Gladstone and what the market is prepared to pay for it should be at least US $3 or $4 per lb. A major stainless steel producer might be willing to pay top dollar to secure nickel on those sorts of terms. And supply of ore itself is also assured both from Gladstone's own 72.4million tonne deposit at Marlborough, and through deals going through at the moment with the government of New Caledonia, an island off the northwest coast of Australia where laterite ore was first discovered in the 1870s.

There's also the possibility of securing supply from Indonesia. Regarding New Caledonia, which Gladstone currently envisages as its principal source of ore, Mr Pearce says it has "unlimited supply". It had better, because Inco's new $1.9 billion Goro project is also on New Caledonia and, with plans to produce around 60,000 tonnes per year, will suck in a lot of supply. But the world isn't short of laterites. What it is short of is working HPAL plants. Gladstone's plans to reduce that deficit by one from a standing start look ambitious, but it might just pull it off. Certainly with the nickel forward curve flattening out as the Chinese continue to buy up supplies, the opportunity looks too good to ignore.

mister x
14/5/2006
19:13
NEW THREAD...
2kpromoe
21/4/2006
18:13
A 10k buy today and the price jumps 3.5%! this stock is so tightly held.
mister x
06/4/2006
20:58
Its been rather strange to see this move from 80p to 140 with ease and then nothing to back such a dramatic rise up, as would normally be the case - a news release for example. Rather odd. For the time being anyway....
mister x
22/3/2006
12:34
Gladstone Pacific Nickel is up over 5.7% today and over 40% year to date,this stock has been described as "more potential than Asia Energy",AEN went from 75p to 60p before hitting over 10.00 in it's hey day.Currently No 4 in RAB's top 5 holdings.


For immediate release: 22 March 2006


GLADSTONE PACIFIC NICKEL LIMITED
("GLADSTONE PACIFIC" or THE "COMPANY")


HEADS OF AGREEMENT REACHED ON ADJACENT MINING LEASES


Gladstone Pacific Nickel Limited announces that the Company has reached a
binding Heads of Agreement to purchase 4 mining leases adjacent to and south
west of Gladstone Pacific's Marlborough resource in Central Queensland. Under
the Heads of Agreement Gladstone Pacific has acquired the right to mine the
leases for nickel and cobalt. Gladstone Pacific's directors believe that, based
on a drilling programme over the area by Inco in the 1960s, these leases contain
in excess of 5 million tonnes of ore at broadly similar grades to the ore bodies
at the existing Marlborough Mining Lease area.


Once contract terms have been finalised, Gladstone Pacific will undertake a
further drilling programme over these leases, together with the new lease area
on which Heads of Agreement were announced on 14 March 2006.


Robert Pearce, Executive Chairman of Gladstone Pacific commented:


"Together the two heads of agreement increase the tonnage available at
Marlborough and the coherence of our mine plan: combined with the other
developments announced with our recent interim results, these improvements
represent substantial benefits for the Project overall."


Enquiries to:


Robert Pearce Tel: 00 (44) 7854 141 366
Executive Chairman


Louis Castro Tel: 00 (44) 20 7190 7000
Insinger de Beaufort


Simon Rothschild
Bankside Consultants Ltd. Tel: 00 (44) 20 7367 8871






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

END

dunnie
18/3/2006
13:06
Mister X,if you can't see what he's pointing out then you really should try "specsavers".Regards.
dunnie
18/3/2006
00:28
that chart is realy useful bitterlemon. was there a point to your post?
mister x
14/3/2006
08:09
Gladstone Pac.Nickel Interim Results
RNS Number:7329Z
Gladstone Pacific Nickel Limited
14 March 2006


news release

For immediate release: 14 March 2006

GLADSTONE PACIFIC NICKEL LIMITED
(THE "COMPANY")
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2005

HIGHLIGHTS

*Initial drill program completed: resource base at Marlborough increased
by 22% to 125 Million dry tonnes of a similar grade


*Beneficiation testwork on HPAL feed material indicates an average
upgrade of 28% at a 64% mass recovery (ie. 81% of the Ni is recovered into
64% of the mass), thus enhancing autoclave feed grades significantly

*Marlborough beneficiation and HPAL testwork increases potential
production to over 40,000 tonnes per annum ("tpa") from 2 autoclaves:
directors considering upgrading the Pre-feasibility Study to expand the
refinery to 4 autoclaves with increased production coming from off-shore
ore to a Definitive Feasibility Study.

*Preferred pipeline route refined: progress on environmental impact
statement

*Letter of Intent signed to acquire substantial ore supply from a new
mine in New Caledonia, moving to a formal Heads of Agreement in the near
future. Company is also in discussions with a major Indonesian mining
company to access ore in Indonesia

*Definitive Feasibility Study for the >40,000 tpa case is on course for
completion in the 3rd quarter 2006

*Heads of Agreement reached on right to mine adjacent mining area for
nickel and cobalt and new areas at Marlborough identified


Robert Pearce, Executive Chairman of Gladstone, commented:

"Very significant progress has been made over the past six months on all fronts:
the results from our drilling program have substantially increased the resource
base, with further exploration drilling likely to confirm yet more resources in
due course. The ore importation program has been initiated and has already met
with positive results, whilst the HPAL pilot plant and beneficiation testwork,
environmental and engineering studies are very much on course. I believe that
this progress has taken much of the risk out of the project."

Enquiries to:

Robert Pearce
Executive Chairman Tel: 00 (44) 7854 141 366

Louis Castro Tel: 00 (44) 20 7190 7000
Insinger de Beaufort

Simon Rothschild
Bankside Consultants Ltd. Tel: 00 (44) 20 7367 8871


DIRECTORS' REPORT

Marlborough Drill Results
In 2005, an initial drilling program of 26,726 metres was completed and
preliminary geological modelling and re-evaluation of the resource has been
conducted. Based on the work carried out by our resource and mining consultants
(IMC Consultants) the Project resource base has increased from 96 million dry
tonnes (Mdt) grading 0.79% Nickel (Ni) and 0.05% Cobalt (Co), as indicated in
the Prospectus, to 125 Mdt grading 0.80% Ni and 0.05% Co on a similar cut-off
basis. This represents a 22% increase in the total resource from that indicated
at the time of listing in March 2005. This increase has been achieved on only
the four principal deposits identified in the Prospectus.

In addition, other new areas containing lateritic ores have been identified and
the directors are confident that these will add to the resource base.
Furthermore, a Heads of Agreement has been reached on the right to mine an
adjacent area for nickel and cobalt which the directors believe contains an
exploration target of approximately 10Mdt of ore at similar grades. Negotiations
are progressing on a number of other adjacent mining leases.

Metallurgical Testwork Results
Beneficiation and High Pressure Acid Leach ("HPAL") piloting testwork has been
conducted at the HPAL pilot facility of SGS Lakefield Oretest in Perth,
Australia. The beneficiation results are very positive and indicate a mass
recovery for HPAL feed of 63.7% with an upgrade of 128% for nickel and 130% for
cobalt. In conjunction with the increase in the Marlborough resource base, these
results indicate substantial increased metal supply potential from the
Marlborough deposits for processing at the Gladstone refinery.

The HPAL test work provides the basis for engineering designs. Results are
encouraging as follows:

* The use of saline process water (rather than fresh water) demonstrates
significantly increased reaction kinetics and ultimate metal extractions of
97% nickel and 95% cobalt.
* 50 minutes residence time in the HPAL circuit as opposed to 75 minutes
which was assumed in the Prospectus. The impact of this reduction allows an
increase in design autoclave throughput from 2 to 3 Mdt/y, resulting in a
significant positive impact on metal production and Project cash flows.
* A significant proportion of Marlborough feed is ideal for the
neutralisation of acid and reduces the Project's reliance on limestone for
neutralisation purposes, with 55% recovery of nickel and cobalt being
achieved in this process. Further investigations are currently underway to
improve the economics of the Project by increasing the recoveries in this
part of the circuit.

Environment and Community
Environmental approvals are progressing well with the Initial Advice Statement
issued by the Queensland State Government seeking licensing for a four autoclave
plant, importation of ore and the use of saline water. The Draft Terms of
Reference were issued by the State Government and subsequent public agency and
community meetings to review the Draft Terms of Reference have been held. Final
Terms of Reference are due to be released before the end of March 2006.
Environmental base-line studies have commenced and active engagement of the
community is progressing with release of a community newsletter. Public release
of the Draft Environmental Impact Statement is expected in late July.

The Company continues to enjoy a good working relationship with the Traditional
Owners.

Engineering, Infrastructure and Land
The Aka Kvaerner engineering team has commenced evaluation of metallurgical test
results and plant design. Key equipment packages have been identified for early
market pricing to avoid delays due to vendor capacity issues. Preliminary plant
layout at the Yarwun site is complete for all stages of the Project. Flowsheet
changes have been identified, on the basis of metallurgical test work, to
improve plant output and operability.

The preferred pipeline route has been refined after discussions with relevant
landowners and a walk-over has been conducted by flora/fauna/soil specialists.
Technical assessment of the beneficiated slurry rheology has been completed and
engineering design of the pipeline is progressing.

Negotiations are close to completion with the Queensland State Government on
corridor access, land acquisition at Yarwun for the refinery site and Aldoga for
the residue storage facility.

The Central Queensland Port Authority has conducted public meetings on the
Environmental Terms of Reference for the Wiggins Island Coal Terminal as part of
their overall plan for this facility. As with our Project, the
Coordinator-General of Queensland has conferred Significant Project Status on
the Terminal as well.

Nickel Market
Nickel price outlook remains strong off the back of solid growth in stainless
steel demand (particularly in China) and continuing low stock availability.
Monthly LME forward nickel prices demonstrate this medium term strength, with
"27 month forward prices per tonne" increasing from approximately US$11,500 and
US$12,500 in January 2004 and January 2005 respectively to approximately
US$13,500 in January 2006.

Off-shore Ore Supply
The Company has recently signed a Letter of Intent to acquire substantial ore
supply from a new mine in New Caledonia and is moving to a formal Heads of
Agreement in the near future. GPNL is also in discussions with a major
Indonesian mining company to access ore in Indonesia. An international tender
for sourcing ore on the Solomon Islands is expected in the next three months.

Capital and Operating Cost Outlook
As you will see from the significant progress outlined above, we are now
expecting nickel production, from the Marlborough deposits alone, to exceed
40,000 tonnes per annum.

As has happened with all other major projects worldwide labour shortages and
material cost increases are impacting our Project's capital cost estimates. In
addition, the increase in production capacity of the HPAL circuit is
necessitating larger equipment sizing to handle the additional metal scheduled
for production. Although final cost estimates are still being developed, we
believe that our capital cost per annual pound of nickel production will still
be more competitive than other new nickel projects. The increased production of
the Project, coupled with the improved outlook on medium and longer-term nickel
prices, should more than compensate for the additional capital expenditure.

For similar reasons, our projected cash operating costs per pound of nickel will
also rise. We believe only a marginal increase will occur due to the benefit of
significant additional output.

Project Schedule
The Definitive Feasibility Study (DFS) is still scheduled for completion in the
3rd quarter of 2006. Due to continued strong medium to long-term demand for
nickel, our increased production capability, acceleration of the Wiggins Island
Coal Terminal and early success of sourcing off-shore ore, we are seriously
considering starting the DFS for the next stage of Project development (4
autoclaves) in the next few months.

As outlined in the Prospectus, the Company intends to invite one or more of
major resource or industry related companies to acquire the Company outright or
to joint venture into it as a major participant and operator. Discussions with
interested parties will begin when the DFS is nearing completion, if not before.

Financial Position
The Consolidated Group incurred an after tax loss of A$47,162 for the half year
ending 31st December 2005, after receiving interest of A$663,718. Capitalised
and deferred exploration and evaluation costs for the period amounted to
A$6,101,239 and as at 31st December 2005 the Group held total cash reserves of
A$20,571,424 (#8,716,705 at the exchange rate of #1: A$2.36 on 31.12.05).

Project Team
The Project has progressed significantly in the last nine months as a
consequence of the recruitment of an experienced and competent owner's team. The
team has significant experience in the minerals industry with particularly
strong credentials in the nickel sector, and is complemented by major consulting
companies with extensive nickel and resource industry backgrounds. This
combination provides a solid platform for the growth of the Company.

Share Option Plan
The Board has today approved the grant of 180,000 share options to certain
employees and consultants in accordance with the Senior Manager Share Option
Plan. These options are exercisable between 1st January 2007 and 31st December
2007 (or otherwise as required by the Plan rules) at 110% of the past thirty
days' average weighted share price.

Post Balance Date Event
Since the end of the financial period the group has divested a strategic
interest in Weda Bay Minerals Inc., a company listed on the Toronto Stock
Exchange, with proceeds of A$5,694,017.

International Accounting Standards
This is the first general purpose half year report to be prepared in accordance
with Australian Equivalents to International Financial Reporting Standards
(AIFRS). AASB 1 "First Time Adoption of Australian Equivalents to International
Financial Reporting Standards" has been applied in preparing these financial
statements.

The Company's financial statements until 30th June 2005 have been prepared in
accordance with Australian Generally Accepted Accounting Principals (AGAAP)
which differs in certain respects from International Financial Reporting
Standards (IFRS). A reconciliation and description of the effect of transition
from AGAAP to AIFRS has been provided in the notes.

Audit Opinion
The general purpose half year report has not been audited for the period ending
31st December 2005.


Statement of Financial Performance
---------------------- -------- -------------- --------------
For the six months ending the 31ST Notes Consolidated Consolidated
DECEMBER 2005
Dec 2005 Dec 2004
$A $A
-------- -------------- --------------
REVENUES FROM ORDINARY ACTIVITIES 663,718 41,795
-------------- --------------

Borrowing costs expense - (320,247)
Foreign Exchange Loss (4,772) -
Directors' fees (146,965) -
Professional fees (39,752) (9,082)
Travel & accommodation (100,789) (51,240)
Wages & on costs (91,864) (25,475)
Communication costs (26,983) (5,766)
Public relations & ongoing listing fees (119,228) (23,957)
Tenement administration costs - (9,579)
Other (157,907) (5,166)
Depreciation (22,620) -
-------------- --------------
EXPENSES FROM ORDINARY ACTIVITIES (710,880) (450,512)
-------------- --------------

LOSS FROM ORDINARY ACTIVITIES BEFORE
INCOME TAX EXPENSE (47,162) (408,717)
-------------- --------------
INCOME TAX (EXPENSE) / BENEFIT RELATING - -
TO ORDINARY ACTIVITIES -------------- --------------
LOSS FROM ORDINARY ACTIVITIES AFTER
INCOME TAX EXPENSE (47,162) (408,717)
============== ==============

Basic earnings/ (loss) per share ($ per
share) 8 (0.001570) (0.04489)
Diluted earnings/ (loss) per share ($
per share) 8 (0.001570) (0.04489)


Statement of Financial Position

AS AT 31ST DECEMBER 2005 NOTES Consolidated Consolidated Consolidated
Dec 2005 June 2005 Dec 2004
$A $A $A
------- ------------ ------------ ------------
CURRENT ASSETS
Cash assets 20,571,424 27,193,193 1,199,911
Receivables 371,618 182,010 37,923
Other current assets 250,426 54,851 302,118
Other financial assets 3,203,282 1,075,268 -
------------ ------------ ------------
TOTAL CURRENT ASSETS 24,396,750 28,505,322 1,539,952
------------ ------------ ------------
NON-CURRENT ASSETS
Equipment 84,529 89,471 20,664
Deferred evaluation &
exploration costs 16,081,156 9,979,917 8,748,154
Receivables - 100,063 -
------------ ------------ ------------
TOTAL NON-CURRENT ASSETS 16,165,685 10,169,451 8,768,818
------------ ------------ ------------
TOTAL ASSETS 40,562,435 38,674,773 10,308,770
------------ ------------ ------------
CURRENT LIABILITIES
Payables 1,522,394 1,362,312 622,126
Interest bearing
liabilities - - 2,484,473
Provisions 19,876 7,937 4,770
------------ ------------ ------------
TOTAL CURRENT LIABILITIES 1,542,270 1,370,249 3,111,369
------------ ------------ ------------
NON-CURRENT LIABILITIES
Payables 897,489 912,343 979,267
Provisions 6,261 5,000 3,129
------------ ------------ ------------
TOTAL NON-CURRENT
LIABILITIES 903,750 917,343 982,396
------------ ------------ ------------
TOTAL LIABILITIES 2,446,020 2,287,592 4,093,765
------------ ------------ ------------
NET ASSETS /
(LIABILITIES) 38,116,415 36,387,181 6,215,005
============ ============ ============
EQUITY
Contributed equity 2 39,350,738 37,574,342 7,188,268
Contributed equity
Accumulated losses 3 (1,234,323) (1,187,161) (973,263)
------------ ------------ ------------
TOTAL EQUITY /
(DEFICIENCY) 38,116,415 36,387,181 6,215,005

============ ============ ============

Statement of Cash Flows
------------------------- ------- ------------- -------------
For the six months ending the 31ST Notes Consolidated Consolidated
DECEMBER 2005 Dec 2005 Dec 2004
$A $A
------- ------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers - -
Payments to suppliers and employees (865,867) (983,024)
Payments for exploration and evaluation (5,941,159) (327,282)
Interest received 549,569 2,068
------------- -------------
NET CASH FLOWS USED IN OPERATING
ACTIVITIES 4 (6,257,457) (1,308,238)
------------- -------------

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (17,677) (20,664)
Purchase of investments (370,310) -
Sale of investments 23,675 -
------------- -------------
NET CASH FLOWS USED FROM INVESTING
ACTIVITIES (364,312) (20,664)
------------- -------------

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary shares - 7,213,957
Cost of raising funds - (26,789)
(Repayment) / proceeds of borrowings - (4,717,921)
------------- -------------
NET CASH FLOWS FROM FINANCING ACTIVITIES - 2,469,247
------------- -------------

NET (DECREASE)/INCREASE IN CASH HELD (6,621,769) 1,140,345
Opening cash brought forward 27,193,193 59,566
------------- -------------
CLOSING CASH CARRIED FORWARD 20,571,424 1,199,911
============= =============


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation of the half year financial report
It is recommended that this financial report be read in conjunction with the
annual report for the year ended 30th June 2005. The half year report does not
include full disclosures of the type normally included in an annual financial
report.

(b) Basis of accounting
The financial statements are general purpose financial statements, which have
been prepared in accordance with Accounting Standards, AASB 134 "Interim
Financial Reporting". In preparing the half year financial report, management
has amended previous AGAAP financial statements to comply with AIFRS.

The half year financial report has been prepared on an historical cost basis,
except for "available for sale" financial assets that have been measured at fair
value.

For the purpose of preparing the half year financial report, the half year has
been treated as a discrete reporting period.

(c) Changes in accounting policies
The company has moved from Australian Accounting Standards (AGAAP) to Australian
Equivalents of International Reporting Standards (AIFRS) in the half year ended
31st December 2005.

------------- -------------
Consolidated Consolidated
Dec 2005 Dec 2004
$A $A
------------- -------------
2. CONTRIBUTED EQUITY
(a) (i) Issued and paid up capital 37,287,644 7,188,268
30,042,293 ordinary shares fully paid as at 31st
December 2005
Total issued and paid up Capital 37,287,644 7,188,268
(a) (ii) Other Reserves
Income recognised direct to equity 2,063,094
Total Other Reserves 2,063,094
------------- -------------
TOTAL CONTRIBUTED EQUITY 39,350,738 7,188,268
============= =============

(b) Options Number of
Options
Issued & Exercised during the year -
Issued & still outstanding at period end @ #1.20 300,423
Issued & still outstanding at period end @ A$2.32 150,000
Issued & still outstanding at period end @ A$2.45 100,000
Issued & still outstanding at period end @ A$2.86 700,000
-------------
Total issued and still outstanding at 31st
December 2005 1,250,423
=============

(c) Movements in GPNL shares on issue $A Number of
Shares
Issued as at 30th June 2005 37,287,644 30,042,293
------------- -------------
Issued as at 31st December 2005 37,287,644 30,042,293
============= =============




------------- -------------
Consolidated Consolidated
Dec 2005 Dec 2004
$A $A
------------- -------------
3. ACCUMULATED LOSSES
Balance at the beginning of the year (1,187,161) (564,546)
Net loss (47,162) (408,717)
------------- -------------
Balance at end of the period (1,234,323) (973,263)
============= =============

------------- -------------
Consolidated Consolidated
Dec 2005 Dec 2004
$A $A
------------- -------------
4. CASH FLOW INFORMATION
Reconciliation of the operating profit / (loss)
after tax to the net cash flows from operations
Operating loss after tax (47,162) (408,717)
Non-cash items
Provision for employee entitlements 13,198 (1,283)
Depreciation 22,620 -
Gain on Sale of Investment (4,980) -
Foreign Exchange Gain - (39,727)
Changes in assets and liabilities
(Increase)/decrease in receivables (89,545) 107,428
(Increase)/decrease in prepayments (195,575) (301,083)
(Increase)/decrease in deferred evaluation costs (6,101,240) (554,676)
Increase/(decrease) in payables 145,227 (110,180)
------------- -------------
Net cash flow from (used in) operating activities (6,257,457) (1,308,238)
============= =============

Reconciliation of cash
Cash balance comprises:
- cash at bank & on short term deposit 20,571,424 1,199,911
------------- -------------
Closing cash balance 20,571,424 1,199,911
============= =============

5. RELATED PARTY DISCLOSURES

Director related entity transactions
During the period ended, there were various transactions between GPNL and
director related entities. Apart from their non-executive directors fee of
$16,500 each, P.J. Watson's legal firm, Watson Law, has been paid the sum of
$68,075 for legal advice, and Investor Resources Ltd (a related company of
A.E. Daley) has been paid the amount of $16,920 for general advice. All
amounts were based on normal commercial terms.


6. PROVISIONS
Restoration and rehabilitation
All of the GPNL Group's exploration and mining areas are subject to restoration
and rehabilitation requirements in accordance with the conditions of the
licences issued by the relevant authorities. No amount has been provided for in
the accounts to meet future restoration and rehabilitation obligations as the
amount is not material. The appropriate Queensland Government Departments hold
bank guarantees to cover GPNL's current obligations.


7. IMPACT OF ADOPTING AASB EQUIVALENTS TO AIFRS STANDARDS
The company has moved form Australian Accounting Standards (AGAAP) to Australian
Equivalents of International Financial reporting (AIFRS) in the half year ended
31st December 2005.

Set out below are the key areas where accounting policies have changed on
adoption of AIFRS and the quantitative impact of the changes on total equity and
net profit / (loss):

a) Reconciliation of Equity as presented under AGAAP to that under AIFRS

Consolidated Consolidated Consolidated
June 05 Dec 04 1st July 04
$A $A $A

Total Equity under AGAAP 37,287,644 7,188,268 1,100
Changes in Valuation of Asset * 286,698

Total Equity under AIFRS 37,574,342 7,188,268 1,100

* Financial Assets that are classified as "available for sale" under AASB 139
"Financial Instruments: Recognition and Measurement" are carried at fair value.
They were carried at cost under AGAAP.

b)Reconciliation of Profit after tax as presented under AGAAP to that under
AIFRS.

Consolidated Consolidated
June 05 Dec 04
$A $A

Total profit / (loss) after tax under AGAAP (622,614) (408,717)
Total profit / (loss) after tax under AIFRS (622,614) (408,717)




-------------- -------------
Consolidated Consolidated
Dec 2005 Dec 2004
($A) $A
-------------- -------------
8. EARNINGS PER SHARE

The following reflects the income and share data
used in the calculation of basic and diluted
earnings per share
Net gain / (loss) (47,162) (408,717)
-------------- -------------
Earnings used in calculation of diluted earnings
per share (47,162) (408,717)
============== =============
Weighted average number of ordinary shares on
issue used in the calculation of basic and
diluted EPS 30,042,293 9,104,110
-------------- -------------
Basic and diluted earnings / (loss) $ per share (0.00157) (0.04489)
============== =============


9. EVENTS AFTER BALANCE DATE

During January 2006 and February 2006, the company sold 2,500,000 shares in Weda
Bay Minerals Inc., a company listed on the Toronto Stock Exchange.

The profit on the sale of this investment will be $4,553,049. The financial
effect of this event has not been recognised as at 31st December 2005.





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

END
IR VXLFFQXBBBBZ









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38 site:2 gb 11059e7630032a advfnpgsiwiga stocks :: 14/03/2006 08:07:55 :: 22.8886 (22.8225 ~99.7) :: 0.0599 ~0.3 - 1 - 0 - 1 - 0 :: 0.0000 ~0.0 - 0 - 0
Stock Message Boards : 2001 | 2002 | 2003 | 2004

dunnie
07/3/2006
09:33
Gladstone edging up a touch on the bid,GPN really has the look of a stock that could break out from here.
dunnie
06/3/2006
09:41
Cerrito,i was buying last week and there was no stock about in any decent size, given the lack of news i would have thought there would be plenty on offer,so i feel they may be ready to run this stock up to new highs.RAB are still behind this stock and it remains no4 in their top five holdings,i know from being a RAB watcher that if they had lost faith they would have long been out the exit door.
Regards

dunnie
06/3/2006
06:37
Having gone to a presentation by the company when they were last here in November and seeing that they are about to come again which no doubt will increase the price/explain why there is no stock and having flunked this when the price was sub 80, I went to to the RNS to see what had changed.
I noted that the Dec 16 RNS said that the full run of results in the new area of Coorumburra had not been received but gave some intersections.
I assumed that these would be given in the Jan 26 but there were not there and the commentary was on wells that had not featured in the Dec 16 RNS, giving us some intersections on these.
More to the point the Jan 26 RNS says that assay results were due early Feb, but of course we have had nothing.
One part of me smells a rat ie they give us warm words but nothing hard to back it up; the other part of me says that the people in charge seem like regular tell it like it is guys.
Am I being too pedantic??

cerrito
03/3/2006
09:24
2k,no i was waiting for some news which i believe will be forthcoming soon,i have just bought another 9000 @ 1.30p which is outside the price but as i said there is no stock about.
Regards

dunnie
03/3/2006
09:08
dunnIE, why werent you a buyer at sub 90p? you sound very confident now.
2kpromoe
03/3/2006
08:58
Bought 10000 @ 1.2744 and intend on buying more through the day,little stock available at the moment though.
dunnie
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