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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Medusa Mining | LSE:MML | London | Ordinary Share | AU000000MML0 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Half-yearly report
MEDUSA MINING LIMITED
(AIM: MML)
HALF-YEAR FINANCIAL REPORT
31 DECEMBER 2007
Medusa Mining Limited ("Medusa" or "The Company"), the Australian
based company operating and developing gold mines in the Philippines,
announces its Interim Results for the six months to 31st December
2007, a period of significant progress for the Company.
Highlights:
* Produced 8,736 ounces of gold in period at average grade of 9.85
g/t;
* Average production cost of US$ 254 per ounce;
* Resource at the Co-O Mine increased to 2,034,000 tonnes @10.9 g/t
gold for 713,000 ounces;
* Expansion works has been primary focus in Q4 and are on schedule;
* New power line installation commenced;
* Drilling shows New Catto Veins continue to West; and
* New targets identified in Tambis-Barobo area
Geoffrey Davis, Managing Director of Medusa, commented:
"The Company has continued to progress well in this period: drilling
has shown that the New Catto Veins continue west; work to expand the
existing Co-O Mine is well advanced; and work on the new power line
to the Co-O Mine has also commenced. We look forward to seeing the
benefits of the expansion, which are expected to flow through in the
latter half of 2008.
"A new interim resource estimation for the Co-O Mine is due in April
and the outlook is indeed very promising for Medusa."
14 March 2008
For further information, please contact:
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
Fairfax I.S. PLC +44 (0)20 7598 5368
Nominated Adviser / Joint Broker
Adam Hart / Ewan Leggat
Mirabaud Securities Limited +44 (0)20 7321 2508
Joint Broker
Peter Krens
Bankside Consultants +44 (0)20 7367 8888
Michael Padley / Louise Davis
OPERATIONS OVERVIEW
The locations of the Company's projects are shown on Figures 1 and 2
(please see the link at the end of this announcement).
GOLD PRODUCTION
The production statistics for the current financial year are
summarised in Table I.
Table I: Gold Production
Period Gold Head Cash Comments
produced grade costs
(ozs) (g/t (US$ per
gold) oz)
Jul to Sep 5,050 9.45 248 Stoping of accessible lower grades
2007 due to lack of development miners
and re-assignment of some of
workforce to the expansion
projects
Oct to Dec 3,686 10.46 263 Expansion activities and shortage
2007 of miners results in reduced
production as advised.
TOTAL 8,736 9.85 254
The Company produced 8,736 ounces of gold at an average grade of 9.85
g/t gold and average cash production costs of US$254 per ounce for
the six months to 31 December 2007.
Commencing in September, approximately 70% of the Company's
activities focused on expansion (see the following separate section
on Mine Expansion). As previously advised, during the expansion phase
reduced ore volumes are being sourced primarily from the more
developed and readily accessible Central Vein. However, the benefits
of the expansion are currently on track to start to flow through in
the third quarter 2008.
Co-O MINE
Resources and Reserves
The current resource and reserve estimations are shown in Tables II
and III.
Table II. Resource estimation summary
Category > 3 g/t gold
tonnes g/t gold ounces
Indicated 928,000 12.6 377,000
Inferred 1,106,000 9.5 336,000
Grand total 2,034,000 10.9 713,000
Notes:
- -A lower cut-off of 3 g/t gold is the designated lower cut-off based
on economic parameters;
- -An uppercut of 300 g/t gold has been applied; and
- -Resources are inclusive of reserves.
Table III. Reserve estimation summary
Category > 3 g/t gold
tonnes g/t gold ounces
Probable 717,000 11.1 256,000
Drill hole results that were used in the resource and reserve
estimations are shown in Table IV.
Table IV. Drill results greater than 3 g/t gold used in the Resource
estimation
Hole East North Dip Azimuth Vein From Width Grade
(°) (°) name (metres) (metres) (uncut)
(g/t
gold)
MD 20 614094 913059 -51 214 Edphil 230.10 0.50 45.29
North 289.70 1.60 3.00
Central 333.10 7.50 4.92
Jereme 359.60 4.30 6.52
NCV 2 381.95 0.35 15.56
MD 22 614019 913155 -45 210 North 324.15 0.65 8.78
Central 360.80 5.80 6.96
MD 23 614115 913102 -56 214 Edphil 349.10 0.40 7.98
MD 24 614021 913158 -55 210 Edphil 357.75 2.20 7.42
MD 25 614154 913087 -49 210 Edphil 308.60 2.00 4.06
MD 26 613997 913221 -48 211 Edphil 359.75 1.60 4.00
MD 28 614194 913042 -48 212 Breccia 199.70 0.65 4.15
Edphil 246.70 1.00 5.34
North 294.20 1.60 4.15
Central 320.50 6.30 7.81
NCV 2 412.55 2.70 12.27
MD 31 613836 913190 -49 200 Central 325.30 5.20 4.98
MD 32 614248 912984 -51 217 Jereme 313.80 2.30 19.80
NCV 3 356.50 0.60 6.02
MD 34 614279 912890 -50 227 Central 242.40 0.60 43.73
NCV 3 304.20 3.10 4.38
NCV 1 354.30 3.70 67.40
MD 35 614237 912819 -58 297 Jereme 198.30 0.30 37.84
NCV 3 209.30 0.60 69.72
NCV 2 253.50 1.30 7.51
MD 38 614234 912783 -47 237 NCV 3 187.90 1.30 48.76
MD 39 614235 912818 -58 205 Central 178.20 0.80 6.02
Jereme 209.70 0.50 22.46
NCV 3 231.20 2.80 5.29
MD 40 614167 912919 -52 245 Central 174.20 0.60 10.37
Jereme 199.40 1.20 3.61
MD 41 614234 912816 -65 205 Jereme 240.60 1.80 110.98
NCV 3 261.55 1.35 68.23
MD 43 614267 912876 -60 221 Edphil 185.15 1.15 8.95
Central 243.60 0.50 8.02
Jereme 276.90 1.40 5.68 (*)
NCV 2 360.07 1.00 4.32
NCV 1 383.50 2.15 52.44
MD 44 614207 912951 -54 209 Central 249.10 1.00 6.41
Jereme 262.80 2.95 9.71
NVC 3 270.60 0.30 71.78
NCV 2 359.60 0.50 18.55
NCV 1 376.90 0.20 58.84
MD 45 614289 912938 -54 204 Edphil 252.50 2.40 25.61
Jereme 347.20 0.50 3.17
NCV 3 375.60 5.20 107.51
Notes:
- -(*) denotes Philsaga assays;
- -Independent laboratory McPhar assays are quoted in preference to
Philsaga assays; and
- -Intersection cut-off grade lowered to 3 g/t gold in line with
resource estimation parameters.
Resource Expansion Drilling Programme and Results
Figure 1 (please see the link at the end of this announcement) shows
the location of the Co-O Mine and Figure 3 shows all the diamond
drill holes drilled and in progress around the Co-O Mine since
December 2006 up to 21 January 2008.
Figure 4 (please see the link at the end of this announcement) shows
the current three dimensional model of the vein system which will be
updated in April 2008.
All drill holes completed by the end of February 2008 will be
included in a new interim resource estimate that is expected to be
completed in April 2008. However, drilling will continue after the
resource estimate is completed.
Since August 2007, a total of 13 new surface holes have been
completed with assays awaited for hole MD 55. Hole MD 50 was
abandoned due to bad ground conditions in a fault zone.Table V lists
the diamond drilling results from the Co-O Mine for drill holes MD 46
to MD 58 (excluding MD 50 and 55) and for underground drill hole DBH
03. Previous announcements on the Co-O drilling on 9 July, 15 May and
28 February 2007 contain information regarding drilling and surveying
techniques, comments on vein interpretation and methodologies and
assaying protocols.
Table V. Drill hole results greater than 3g/t gold for holes MD 46 to
58 and DBH 03
Hole East North Dip Azimuth From Width Grade
(°) (°) (metres) (metres) (uncut)
(g/t gold)
EAST
MD 46 614,047 912,472 -48 41 489.30 0.85 8.96
501.40 0.40 4.50
542.90 1.40 20.62
MD 48
(Agsao
Shaft 614,257 912,704 -60 253 212.45 1.95 22.02
pilot
hole)
MD 49 614,129 912,487 -50 40 449.85 0.85 14.69
463.90 1.00 4.24
WEST
MD 47 613,805 912,788 -55 30 153.30 1.10 7.01
MD 51 613,749 912,798 -53 17 130.50 0.85 9.31
(*)
155.75 0.25 41.06
286.65 1.00 3.00
(*)
MD 52 613,754 912,816 -50 14 75.25 0.55 3.53
157.60 0.30 5.31
170.40 0.30 14.93
MD 54 613,830 912,745 -47 29 174.00 1.80 14.59
MD 56 613,809 912,706 -54 29 390.85 1.00 3.11
MD 57 613,739 912,767 -54 16 191.90 3.30 26.09
MD 58 613,739 912,767 -58 16 176.10 0.40 43.13
(*)
207.00 0.70 7.15
(*)
280.40 0.90 6.20
(*)
DBH 03 613,918 912,909 -0.2 236 29.05 1.05 6.58
57.30 1.90 9.60
72.20 0.40 17.21
Notes:
(i) (*) denotes Philsaga assays;
(ii)Independent laboratory McPhar assays are quoted in preference to
Philsaga assays;
(iii)Grid coordinates based on the Philippine Reference System 92;
(iv)Intersection lower cut-off grade is 3 g/t gold in line with
resource estimation parameters; and.
(v)MD 55 not yet assayed and MD 50 abandoned.
West of the Oriental Fault
The drilling since August 2007 has now successfully demonstrated that
the three New Catto Veins continue to the west of the Oriental Fault
for approximately 200 metres and may extend through to surface
similar to the Central Vein. Consequently, development is underway to
intersect them on the 3150 metre or adit level, on the 3100 metre
level, and on the 3050 metre level as intersected in underground
drill hole DBH 3. It is anticipated that stoping should commence from
the west New Catto Veins on these three levels in the third quarter
of this year. These veins are still open along strike to the west and
at depth.
East of the Oriental Fault
Since August 2007, hole MD 48 (Agsao Shaft pilot hole) intersected
one of the east New Catto Veins and returned confirmatory high
grades. Hole MD 46 intersected 1.40 metres at 20.62 g/t gold at
approximately 400 metres below surface which is one of the deepest
intersections achieved to date.
Mine Expansion
Expansion works commenced during September 2007 and have proceeded
well with approximately 70% of the activities focussed on the
expansion. A total of 821 metres of development was completed in the
last quarter to 31 December 2007.
In the third quarter of 2008 it is anticipated that stope production
should be underway from five levels in the mine, being the 3150,
3100, 3050, 3000 and 2950 metre levels.
(a) Development of the New Catto Veins
A new drive following underground drill hole DBH 3 on the 3050 metre
level is underway to initially intersect the New Catto Veins to the
west of the Oriental Fault before driving to locate the Catto Veins
on the east side of the Oriental Fault. It is anticipated that this
drive will intersect the veins on the west side in February and that
stopes should be set up for production in the third quarter of 2008.
(b) Beta Shaft
The set-up for the new internal inclined Beta Shaft (footings,
headframe and winder), to an inclined depth of 120 metres (100 metres
vertical) is in progress following the drilling of the large diameter
siter hole.
Provided ground conditions are reasonable, ore production through the
Beta Shaft should commence in the last quarter of 2008.
(c) Agsao Shaft
The new external Agsao Shaft, to an inclined depth of 240 metres (200
metres vertical) has commenced sinking following setting up of the
head frame and associated infrastructure. The bottom of this shaft
will be at the 2950 metre level and will be connected to the Beta
internal inclined shaft at the same 2950 metre level. Plate 1 shows
the Agsao Shaft headframe.
Provided ground conditions are reasonable, ore production through the
Agsao Shaft should commence early in 2009.
(d) 3150 metre level
Following the on-going success of the drilling for the Catto Veins to
the west of the Oriental Fault, development is now underway to
intersect these veins in March to the south of the Central Vein and
to set up stopes. Stope production should commence in the third
quarter of 2008.
Co-O Mine Grid Power
The Company has commenced installation of a new power line along the
ore haul road to carry grid power from the Co-O millsite to the Co-O
Mine. The current estimated cost of the power line is approximately
A$1million which will reduce the cost of power by approximately 75%.
At current diesel powered electricity generation costs, the line is
anticipated to have a pay back period of less then one year.
The timing of the completion of the power line will depend on the
arrival of the long lead time items which are expected before
mid-year and will follow the completion of a new sub-station in the
town of San Francisco located approximately 25 kilometres to the
north of the Co-O Plant. This will result in increased reliability of
the power supply and upgrading of the line capacity to the project
TAMBIS-BAROBO AREA
Background
At the Bananghilig Mine the Company undertook underground exploration
and trial mining of several "high grade" veins based on the previous
explorers' drill hole data bases consisting of a total of 29,477
metres of RC and diamond drilling in 344 holes The underground
exploration and follow-up underground drilling has shown that
interpreted high grade vein widths from RC holes have generally been
exaggerated by the RC drilling by several orders of magnitude through
down hole smearing of narrow high grade veinlets and are too narrow
and too discontinuous to mine economically.
Subsequently a programme of underground drilling has been completed,
and geological mapping and assessment is in progress in combination
with surface drilling which is continuing.
Geology
The Bananghilig Mine area is located on the northern edge of a large
aero-magnetically defined alteration zone measuring approximately 9.5
by 7.3 kilometres as shown on Figures 5 and 6 (please see the link at
the end of this announcement). The Tambis District is generally
underlain by fine to coarse-grained andesitic and dacitic flows of
probable pre-Tertiary age that constitute the basement rocks.
Locally, the basement rocks show agglomeratic features and in places
are cut by andesite to dacite porphyry dykes and bodies of
hydrothermal breccias of various shapes and sizes.
The southeastern part of the Tambis District is covered by a younger
bedded sedimentary formation comprising basal mudstone, sandy
clastics and agglomerates with massive white limestone as the
uppermost member.
The Tambis Caldera and Diatreme
The Tambis caldera is manifested by geomorphologic signatures as
deduced from subtle concentric drainage patterns and complemented by
landsat imagery. These signatures suggest a northeast trending,
truncated caldera system measuring approximately 10 kilometres along
the northeast to southwest axis and 6 kilometres along the northwest
to southeast axis. The caldera and diatreme breccia are located
around the intersection of the regionally significant Barobo Fault
(parallel to the Philippine Rift Fault) and the Lianga Bay Fault
system, as shown on Figure 5. Figure 6 (please see the link at the
end of this announcement), shows the detailed geology and drill hole
locations.
A sizeable elliptical-shaped diatreme breccia body, measuring
approximately 1,000 metres along the northeast axis and about 750
metres wide, has been outlined based on diamond drilling and mapping
in the Bananghilig area. The geological features, various breccia
materials and associated overprinted hydrothermal alteration and
mineral assemblages, suggest that the diatreme developed and evolved
in the roof portion of a still buried stock or a similar intrusive
body or bodies.
The gold mineralisation styles correlated to the diatreme are in
fractures and/or breccia in-fill in milled/ fluidised muddy matrix
breccia bodies and coarsely brecciated/fractured andesitic-dacitic
wallrock, and intra and post diatreme veins probably propagated from
older fault systems and/or generated within and around the pipe-like
breccia column during the diatreme's evolution.
Alteration
In the Bananghilig area, widespread silica-clay-sericite-pyrite
hydrothermal alteration affects the volcanic wallrocks, the various
breccia bodies and the hypabyssal intrusives associated with them.
The alteration assemblage typifies that found in advanced argillic
alteration zones. The outcropping alteration exhibits a strong
potassium airborne radiometric anomaly.
Mineralisation and Drill Results
A programme of underground drilling has been completed from the
underground development 50 metres below the collar of the L-170 shaft
to confirm and explore the veins interpreted by previous explorers. A
number of surface diamond drill holes were also completed at the time
of the shaft sinking as well as recent additional drill holes. The
early drilling concentrated on identifying high grade veins, but
recent re-logging and re-assaying has demonstrated large zones of
disseminated mineralisation associated with various diatreme and
fault breccias and some of the subsequent intrusive rocks.
Table VI summarises the drill results to date from surface drill
holes (TDH holes) and underground drilling (TUG holes) as shown on
Figure 8 (please see the link at the end of this announcement). A
large number of wide intersections of 0.5 to 1.0 g/t gold and some
highlighted copper values are not included in this table but are
listed in the announcement in September 2007.
Table VI. Bananghilig drilling results for drill hole intersections
>2 metres at >1.0 g/t gold
Hole East North Dip Azimuth From Width Grade
(°) (°) (metres) (metres) (uncut)
(g/t
gold)
TUG001 612708 945251 -1 338 56.00 3.00 1.60
62.00 4.60 1.25
134.00 5.90 1.04
TUG002 612704 945158 -1 185 44.90 9.10 1.20
92.00 20.00 1.07
116.00 6.00 1.47
134.40 7.00 1.06
TUG003 612820 945164 -1 153 8.00 2.20 1.28
106.10 3.00 2.87
173.70 8.30 3.40
TUG004 612820 945164 -13 153 50.00 2.00 1.40
71.60 22.70 1.19
165.00 23.70 1.70
TUG005 612748 945180 -1 153 3.00 4.00 1.70
42.10 3.15 1.27
107.00 98.90 4.23
incl.
107.00 22.00 1.43
incl.
131.85 36.15 1.12
incl.
172.00 33.90 10.13
incl.
179.50 9.00 26.52
TUG006 612290 945187 -1 73 45.00 4.00 1.27
55.00 5.00 1.08
130.00 2.00 11.20
TUG007 612748 945180 -1 170 4.00 5.00 1.07
12.00 12.00 1.47
TDH001 612778 945140 -55 340 106.90 4.90 1.19
198.00 2.30 1.90
TDH 002 612850 945189 -50 130 20.70 4.70 2.37
64.36 3.92 1.00
70.28 2.62 1.28
240.40 13.90 4.85
TDH005 612679 945119 -55 340 11.00 14.00 2.25
incl.
16.00 9.00 3.01
42.00 8.00 2.94
incl.
43.00 3.00 6.87
TDH008 612783 945027 -55 40 174.00 30.00 1.15
TDH009 612763 945097 -45 140 75.80 18.60 1.87
421.50 2.00 9.01
The TUG 005 horizontal intersection of 98.90 metres at 4.23 g/t gold,
which is supported by TDH 009 with an inclined intersection of 18.6
metres at 1.87 g/t gold, shows that the younger overlying limestone
sequence may be acting as a cap on mineralisation with a blanket zone
forming immediately under the sediments as depicted in the
cross-section on Figure 8 (please see the link at the end of this
announcement). TUG 002 (52.4 metres at 0.9 g/t gold horizontal) is
also interpreted to have intersected mineralisation immediately under
the limestone. In addition sporadic mineralisation in a similar
position in TUG 003 to 1.8 g/t gold also suggests that the
mineralisation continues along strike. TDH 008 intersected 21 metres
of anomalous gold from 0.13 to 0.70 g/t gold also supporting the
presence of gold immediately underlying the limestone sequence. If
further drilling confirms this concept, then there is the potential
to develop considerable tonnages of moderate grade mineralisation in
this position.
Drilling is continuing in the Bananghilig area targeting the vein
systems specifically where they are hosted by intrusive,
coarse-grained andesitic rocks. It has now been demonstrated that
these competent rocks are superior host rocks for the formation of
constrained high grade veins compared to the more permeable diatreme
breccias where mineralisation is generally more diffused or
disseminated.
The Company has recently completed a comprehensive ridge and spur
soil sampling programme along the Barobo Corridor and around the
Sopon area totalling approximately 4,500 samples from several soil
horizons. These samples are currently being selectively processed
with results anticipated in the second quarter of the year.
KAMARANGAN IRON ORE TARGET (TAMBIS AREA)
During the recent ridge and spur soil sampling programme described
above, an extensive area of weathered magnetite with secondary
hematite skarn mineralisation was located (Figs 2 and 5 - please see
the link at the end of this announcement). The magnetite skarn area
is also marked by extensive alluvial gold workings from previous
local sluicing operations. Magnetite is a magnetic iron oxide mineral
that contains 72.36% iron. Its magnetic property permits recovery of
a magnetite concentrate by relatively simple magnetic separation
techniques.
Skarn rocks are formed when hot fluids containing silica, iron and
other metals emanate from intrusive rocks (such as granites or
porphyry copper bodies) and come into contact with and react with
limestones and other calcareous rocks. At Kamarangan the skarns are
hosted by a banded limestone sequence which is older than the
"younger" massive white limestone which outcrops prominently to east.
The younger limestone is the unit which caps the blanket style
disseminated gold mineralisation hosted by diatreme breccias at
Bananghilig is described above.
Table VII lists the iron, gold, silver and copper assay results from
various outcrops.
Table VII. Assay results from 21 surface samples in the Kamarangan
iron skarn area.
Sample number Sample type Au (ppm) Cu (ppm) Ag (ppm) Fe (%)
425253 1m channel 1.23 602 2 g/t gold
Hole East North Dip Azimuth From Width Grade (uncut) (g/t
(°) (°) (metres) (metres) gold)
ANL 05 614662 922889 -56 3 190.25 0.95 4.39 (*)
ANL 06 614552 922989 -65 0 66.80 0.50 4.07 (*)
ANL 08 614601 922987 -60 0 59.00 0.95 2.95 (*)
ANL 09 614508 922984 -60 0 55.90 2.70 13.96 (*)
ANL 11 614480 922980 -50 0 65.45 0.45 7.77
ANL 14 614395 923137 -55 0 84.50 1.90 2.86
87.40 0.65 2.33
ANL 15 614445 923123 -55 0 99.40 0.60 13.10
ANL 16 614498 923140 -68 0 88.95 1.00 2.09
ANL 17 614545 923143 -70 0 57.30 1.40 4.20
62.70 1.60 10.08
ANL 18 614595 923143 -60 0 59.70 0.90 9.30
ANL 19 614644 923139 -60 0 91.50 4.00 17.17
147.70 0.55 7.26
ANL 614692 923139 -60 0 92.50 1.50 7.39
20
104.60 0.30 24.30
ANL 22 614696 923158 -40 0 32.40 0.70 10.75
ANL 26 614578 922972 -50 0 74.85 0.60 9.84
ANL 27 614743 923118 -60 0 72.05 0.55 3.77
ANL 28 614789 923117 -60 0 102.15 3.35 13.14 (*)
ANL 30 614794 922947 -50 0 101.90 3.00 2.35
ANL 31 614744 922947 -50 0 91.20 1.60 10.10
ANL 32 614508 922971 -68 0 28.65 0.50 5.35
92.50 0.50 2.21 (*)
Note: (*) denotes assays conducted by the Philsaga on-site
laboratory.
All other assays undertaken by McPhar Geoservices Inc.
ANL 21 and 25 intersections on re-assay by McPhar are less than 2g/t
gold.
Work in Progress
Underground exploration will continue to verify the drill results
achieved to date and to assess mining conditions. Positive results
from this work may justify production from these veins in the third
quarter of 2008.
Drilling will continue along strike to outline additional zones of
mineralisation that could justify underground exploration and
assessment.
OTHER PROJECTS
* Lingig (Das-Agan) Project
The MOA covering MPSA application number APSA 024-XIII comprises two
parcels situated to the north and to the east (the Lingig porphyry
copper prospect) of the Co-O Mine and millsite as shown on Figure 2
(please see the link at the end of this announcement).
As previously advised, drilling will commence as soon as possible,
upon finalisation of permits. Road and bridge repairs for access are
in progress.
A detailed compilation of previous work was recently completed and is
summarised below:
The Lingig area was located as a result of an aid programme between
Filipino and Japanese geologists and technicians in 1972 to 1974 over
eastern Mindanao (Dept of Natural Resources, 1974). An initial 3,000
km² prospective area was located by geological and geochemical
surveys and was subjected to additional geological mapping and
geochemistry. A smaller 170 km² area was selected and subjected to
detailed geological mapping and geochemistry followed by Induced
Polarisation ("IP") geophysical surveys.
A programme of five holes with pre-set depths of 250 metres was
completed on five different targets.
Geology and drilling results
Figure 11 (please see the link at the end of this announcement) shows
the current geology of the area as well as copper soil geochemistry
and contoured resisitivity and frequency effect results of the
Induced Polarisation survey. The surface mapping and drilling
suggests that this is an intrusive complex with dacite, dolerite,
diorite and quartz diorite rocks intruding a basaltic sequence.
Epithermal veins up to 1 metre wide are generally gold poor and
relatively base metal enriched. They have been worked sporadically by
local prospectors.
In 1997 Barrick Gold Philippines assessed the project for its gold
potential through mapping and the collection of 110 rock samples.
This work identified a circular feature (Fig. 2 - please see the link
at the end of this announcement) that contains most of the mapped
argillic alteration and a large elongate quartz veined breccia
measuring 750 metres x 1,200 metres and located approximately 1,500
metres south of drill hole DDH1.
Sampling returned gold values between 0.1 and 1.3 g/t gold. Fresh
rocks with disseminated grains of sphalerite (zinc) and galena (lead)
were found to have higher gold values ranging from 0.3 to 1.3 g/t
gold than intensely weathered rocks. The lead-zinc association is
consistent with generally accepted metal zoning that occurs around
the periphery of porphyry copper deposits.
In addition, within the circular feature, a second zone of silicified
rocks with quartz stockworking was identified over an area of
approximately 500 metres x 600 metres which assayed from 0.03 to 1.5
g/t gold.
Recent reconnaissance has located bleached and silica-clay altered
rocks with quartz veinlets approximately 300 metres to the north of
DDH1.
Drill hole DDH1
After passing through 100 metres of propylitically and argillically
altered doleritic and basaltic rocks with erratic copper
mineralisation, drill hole DDH1 intersected disseminated and stringer
style pyrite and chalcopyrite mineralisation for 98 metres in
increasingly argillically altered basaltic and doleritic rocks before
entering higher grade mineralisation in phylitically altered quartz
diorite porphyry. The graphic log of the drill hole is shown in
Figure 12 (please see the link at the end of this announcement).
Table IX. Summary of intersections in drill hole DDH 1
Depth (metres) Intersection Host rocks, alteration &
mineralisation
0 to 100 Erratic values to Propylitically (chlorite and
0.89% Cu epidote) and argillically altered
dolerite and basalt with
disseminated and stringer pyrite,
rare chalcopyrite.
100 to 198 98 metres @ 0.27% Propylitically and argillically
Cu (clay) altered dolerite and basalt
with a moderate increase of
disseminated and stringer pyrite
and chalcopyrite.
198 to 250 52 metres @ 0.65% Phylitically altered
Cu (silica-sericite) quartz diorite
porphyry with disseminated and
stringer pyrite and chalcopyrite
increasing with depth.
Incl. 248 to 2 metres @ 4.93%
250 Cu,
[End of Hole] 0.4g/t Au,10g/t Ag
TOTAL: 100 to 150 metres @ 0.40%
250 Cu
The DDH1 drill hole results bode well for a fully preserved porphyry
copper deposit which is exhibiting increasing grades with depth, and
suggests that DDH1's pre-set depth stopped short of the high grade
core that is commonly present in these styles of deposit. Further
drilling at this site was recommended but not carried out. The other
four holes to the south intersected minor copper mineralisation.
Drill holes DDH2 to DDH5
DDH2 intersected quartz diorite intruded by diorite dykes from 11
metres to the bottom of the hole at 250 metres. Both rock types
exhibit weak propyllitic alteration. Minor copper mineralisation of
0.16% was encountered from 16 to 20 metres and 0.24% from 48 to 50
metres.
DDH3 intersected basaltic rocks from nine metres to the end of the
hole at 250 metres and which have been intruded by doleritic and
quartz diorite dykes. The rocks have been affected by weak
chloritisation and rare epidotisation. Minor pyrite occurs along
fractures and pyrite-chalcopyrite stringers are rare with the highest
copper value of 0.99% at 12 to 14 metres and all other values are
less than 0.1% copper.
DDH4 intersected basaltic and doleritic rocks from 7.5 metres to 96
metres and quartz diorite to the bottom of the hole at 250 metres.
The quartz diorite exhibits an upper chilled margin and is cut by
quartz diorite dykes at 138 and 216 metres. Except for one assay of
0.69% copper at 128 metres, all other copper values are less than
0.1% copper.
DDH5 intersected dolerite from 15.20 metres to 69 metres, quartz
diorite to 210 metres and dolerite to the end of the hole at 250
metres. The dolerite's alteration is propylitic and of a similar
intensity as in holes DDH3 and DDH4. Hydrothermal alteration of the
quartz diorite is weak. Copper mineralisation was encountered from
15.20 metres to 34 metres with 18.80 metres at 0.34%, from 52 to 54
metres with 2 metres at 0.69%, 68 to 70 metres with two metres at
0.69% and four metres from 230 to 234 metres with 0.34%. All other
intervals were less than 0.1% copper.
Discussion
Drill hole DDH1 has intersected the top of a mineralised
copper-gold-silver quartz diorite porphyry. The other drill holes
indicate varying degrees of low intensity alteration and minor copper
mineralisation probably associated with lithothogy boundaries and
faults.
Of particular note is the 98 metre disseminated copper halo above the
quartz diorite, suggestive of an intense mineralising system, as well
as the erratic copper values in the propylitic alteration envelope
above this disseminated zone. This has similarities to the Lutopan
orebody of the Atlas Toledo Mine where ore grade replacement
mineralisation is hosted in volcanics for a width of 120 metres along
a strike length of 900 metres (Mines & Geosciences Bureau, 1986). The
Atlas Toledo orebodies are also similarly bounded by two parallel
northeast-trending faults as seen at Lingig.
Diorite and quartz diorite intrusive rocks are commonly closely
associated with many porphyry copper deposits in the Philippines.
Some examples are the Tampakan Deposit (resources of 2 billion tonnes
at 0.59% copper and 0.23 g/t gold, www.indophil.com and Middleton et
al., 2004), the Boyongan Deposit (resources of 300 million tonnes at
0.6% copper and 1.0 g/t gold, www.mgb.gov.ph,
www.philexmining.com.ph), the Atlas Toledo deposits (resources of
1.53 billion tonnes at 0.41% copper and 0.24 g/t gold,
www.atlasphilippines.com), the Hinoba-an Deposit (resources of 293
million tonnes at 0.36% copper, www.copperresources.com), and others.
It is also noteworthy that copper mineralisation is more common in
DDH5 than DDH2 to DDH4 and that DDH5 is located on the edge of the
circular feature and its contained extensive argillic alteration zone
and large breccia and stockwork bodies.
* Abacus Project
The Mines Operating Agreement ("MOA") with Abacus Consolidated
Resources and Holdings Inc. covers Exploration Permit ("EP")
application number 000028-XIII situated to the north of the Co-O mine
and millsite as shown on Figure 2 (please see the link at the end of
this announcement). The granting process for the Abacus EP is now
being pursued.
The ridge and spur soil sampling described in the Tambis-Barobo
section above has covered the eastern parts of the tenement.
* Saugon Project
The Saugon Exploration Permit has been renewed and a regional soil
sampling programme is planned.
* Philsaga-Magnum Project (Magnum Gold NL earning 50%)
No field work was conducted during the quarter.
* Bunawan Mining Corporation JV (Medusa earning 50%)
The Company has signed a joint venture agreement ("JVA") with Bunawan
Mining Corporation ("Bunawan"), the Philippine operating company of
ASX listed Sierra Mining Limited ("Sierra"), whereby Medusa, after
completing satisfactory due diligence, will earn a 70% joint venture
interest in Exploration Permit application ("EPA") 000037-XIII and
Mineral Production Sharing Agreement application ("APSA") 000003-XIII
(together the "Bunawan JV").
Medusa has completed tenement due diligence and upon satisfactory
access being gained to the area, which is expected in the near
future, Medusa has agreed to take a 9.9% placement in Sierra of 4.85
million shares (at an issue price of A$0.25, totalling A$1.21
million) with 2.425 million unlisted attaching options exercisable at
A$0.30 each with an expiry date of 4 years from the date of issue.
SAMPLING AND ASSAYING PROTOCOLS
Samples are taken from mainly HQ sized and some NQ sized drill core.
The selected sample intervals are halved by diamond saw and half the
core is bagged, numbered and sent to the Company laboratory. In a
small number of cases to confirm the geological logging, the selected
interval is re-split and ¼ core re-submitted for assay.
Initial sample preparation and assaying is undertaken at the
Company's on-site laboratory. Samples are dried at 105ºC for 6 to 8
hours, crushed to less than 1.25 cm by jaw crusher, re-crushed to
less than 3 mm using a secondary crusher followed by ring grinding of
700 to 800 grams of sample to nominal particle size of less than 200
mesh. Barren rock wash is used between samples in the preparation
equipment. The samples are assayed by fire assay with Atomic
Absorption Spectrometer (AAS) finish on a 30 gram sample. All assays
over 5 g/t gold are re-assayed using gravimetric fire assay
techniques on a 30 gram sample.
The majority of samples which contain more than 0.5 metres at more
than 2 g/t gold are re-assayed by McPhar Geoservices Phils Inc
("McPhar"), a NATA and ISO 9001/2000 accredited laboratory in Manila.
The pulps are airfreighted to McPhar who fire assay 30 grams of
sample using AAS finish and a selected number of samples are checked
using gravimetric fire assay techniques. Duplicate samples and
standards are included in each batch of check samples.
When reporting results, where available, as McPhar is an independent
laboratory, McPhar assays are given priority over the Company
laboratory's results.
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS
Medusa Mining Limited
Information in this report relating to Exploration Results, is based
on information compiled by Mr Geoff Davis, who is a member of The
Australian Institute of Geoscientists. Mr Davis is the Managing
Director of Medusa Mining Limited and has sufficient experience which
is relevant to the style of mineralization and type of deposits under
consideration and to the activity which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the
"Australian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Davis consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has
been estimated and complied by Mark Zammit of Cube Consulting Pty
Ltd. Mr Zammit is a member of The Australasian Institute of Mining &
Metallurgy and has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the "Australian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr Zammit consents to the inclusion in the report of the
matters based on his information in the form and context in which it
appears.
Cube Consulting is an independent Perth based resource industry
consulting firm specialising in geological modelling, resource
estimation and information technology.
Golder Associates Pty Ltd
The information in this report that relates to Ore Reserves is based
on information compiled by Charles Hastie BAppSc (Mining
Engineering), B AppSc (Multidisciplinary Science), MAusIMM and Peter
Onley MBA, MSc, BSc (Hons), FAusIMM, CP. Mr Hastie and Mr Onley are
full-time employees of Golder Associates Pty Ltd.
Messrs Hastie and Onley have sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to
qualify as Competent Persons as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Charles Hastie and Peter Onley consent
to the inclusion in the report of the matters based on their
information in the form and context in which it appears.
Golder Associates is a global consulting group employing more than
5500 staff offering services in earth engineering and environmental
sciences.
LEAD AUDITOR'S INDEPENDENCE DECLARATION
The lead auditor's independence declaration under section 307C of the
Corporations Act 2001 is set out on page 26 for the half-year ended
31 December 2007.
This report is signed in accordance with a resolution of the Board of
Directors.
CONDENSED INCOME STATEMENT
for the half-year ended 31 December 2007
Consolidated Entity
31 Dec 2007 31 Dec 2006
Note A$ A$
Revenue 3 6,164,793 5,692,089
Net gain on acquisition of controlled - 8,161,554
entities
Net gain on liquidation of controlled - 76,469
entities
Total Revenue 6,164,793 13,930,112
Production costs and change in (2,804,995) (2,560,914)
inventories
Depreciation & amortisation expense (1,318,319) (334,285)
Employee benefits expense (535,946) (207,281)
Exploration expenditure written off (293,574) (1,073,058)
Foreign exchange loss (197,531) -
Administration expense (847,984) (239,384)
Other expenses (1,628,264) (1,814,694)
Recognition of share based payments (133,600) (477,600)
expense
Profit/(loss) before income tax expense (1,595,420) 7,222,896
Income tax expense - -
Profit/l(loss) for the period (1,595,420) 7,222,896
Overall operations:
Basic earnings per share ($0.011) $0.107
Diluted earnings per share ($0.010) $0.076
The accompanying condensed notes form part of these financial
statements.
CONDENSED BALANCE SHEET
as at 31 December 2007
Consolidated Entity
31 Dec 2007 30 Jun 2007
Note A$ A$
CURRENT ASSETS
Cash & cash equivalents 8,788,716 20,168,063
Trade & other receivables 2,281,764 1,217,883
Inventories 1,433,664 1,631,108
Prepayments 532,930 277,831
Investments 350,000 730,000
TOTAL CURRENT ASSETS 13,387,074 24,024,885
NON-CURRENT ASSETS
Investments 31,911 31,911
Property, plant & equipment 42,513,355 42,206,643
Exploration, evaluation & development 22,043,127 15,557,243
expenditure
Intangible Assets 2,073,003 2,111,090
TOTAL NON-CURRENT ASSETS 66,661,396 59,906,887
TOTAL ASSETS 80,048,470 83,931,772
CURRENT LIABILITIES
Trade & other payables 7,075,334 13,396,319
Short term provisions 139,518 65,164
TOTAL CURRENT LIABILITIES 7,214,852 13,461,483
TOTAL LIABILITIES 7,214,852 13,461,483
NET ASSETS 72,833,618 70,470,289
EQUITY
Issued capital 6 65,866,550 63,805,000
Reserves 4,235,447 2,338,248
Retained profits 2,731,621 4,327,041
TOTAL SHAREHOLDERS' EQUITY 72,833,618 70,470,289
The accompanying condensed notes form part of these financial
statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 31 DECEMBER 2007
Option
Retained Premium Foreign
Share Profits / Reserve Currency
capital (Accumulated (refer Translation
Ordinary Losses) note 7) Reserve Total
A$ A$ A$ A$ A$
Balance at 16,075,833 (5,050,911) 1,412,416 472,864 12,910,202
01.07.2006
Shares 25,351,964 - - - 25,351,964
issued
during the
period
Share - - 477,600 - 477,600
options
issued
during the
period in
accordance
with AASB 2
- - Share
Based
Payments
Profit - 7,222,896 - - 7,222,896
attributable
to members
of parent
entity
Exchange - - - 358,930 358,930
differences
arising on
translation
Sub-total 41,427,797 2,171,985 1,890,016 831,794 46,321,592
Dividends - - - - -
paid or
provided for
Balance at 41,427,797 2,171,985 1,890,016 831,794 46,321,592
31.12.2006
Balance at 63,805,000 4,327,041 1,544,961 793,287 70,470,289
01.07.2007
Shares 1,067,450 - - - 1,067,450
issued
during the
period
Share - - 1,009,600 - 1,009,600
options
issued
during the
period in
accordance
with AASB 2
- - Share
based
payments
Loss - (1,595,420) - - (1,595,420)
attributable
to members
of parent
entity
Transfer 994,100 - (994,100) - -
from Option
Premium
Reserve
Exchange - - - 1,881,699 1,881,699
differences
arising on
translation
Sub-total 65,866,550 2,731,621 1,560,461 2,674,986 72,833,618
Dividends - - - - -
paid or
provided for
Balance at 65,866,550 2,731,621 1,560,461 2,674,986 72,833,618
31.12.2007
+-------------------------------------------------------------------+
| The accompanying condensed notes form part of these financial |
| statements. |
+-------------------------------------------------------------------+
CONDENSED CASH FLOW STATEMENT
for the half-year ended 31 DECEMBER 2007
Consolidated Entity
31 Dec 2007 31 Dec 2006
Note A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 5,734,867 5,409,278
Payments to suppliers and employees (5,946,771) (4,914,744)
Interest received 248,659 57,289
Net cash provided by operating 36,755 551,823
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of non-current assets (1,242,938) (1,086,127)
Payments for exploration expenditure (4,666,166) (5,572,660)
and tenements
Payments for development activities (2,776,237) -
Payments relating to loan (2,800,000) (5,584,000)
Net cash (used in) investing (11,485,341) (12,242,787)
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 1,742,200 11,518,164
Transaction costs from issue of shares (1,811,250) (721,957)
Net cash provided by / (used in) (69,050) 10,796,207
financing activities
Net (decrease) in cash held (11,517,636) (894,757)
Cash at beginning of period 20,168,063 3,494,291
Exchange rate adjustments 138,289 80,424
Cash at end of period 8,788,716 2,679,958
The accompanying condensed notes form part of these financial
statements
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
for the half-year ended 31 DECEMBER 2007
Note 1: Basis of preparation
Medusa Mining Limited (the "Company") is a company domiciled in
Australia.
The consolidated interim financial report of the Company as at and
for the six months ended 31 December 2007 comprises the Company and
its subsidiaries (together referred to as (the "Consolidated Entity")
and the consolidated entity's interests in associates and jointly
controlled entities.
The consolidated annual financial report of the consolidated entity
as at and for the year ended 30 June 2007 is available on the
company's website.
(a) Statement of compliance
The consolidated interim financial report is a general purpose
financial report which has been prepared in accordance with AASB 134:
Interim Financial Reporting and the Corporations Act 2001.
The consolidated interim financial report does not include all of the
information required for a full annual financial report, and should
be read in conjunction with the consolidated annual financial report
of the consolidated entity as at and for the year ended 30 June 2007.
This consolidated interim financial report was approved by the Board
of Directors on 11 March 2008.
(b) Significant accounting policies
The accounting policies applied by the consolidated entity in this
consolidated interim financial report are the same as those applied
by the consolidated entity in its consolidated financial report as at
and for the year ended 30 June 2007.
(c) Estimates
The preparation of the interim financial report requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from
these estimates.
In preparing this consolidated interim financial report, the
significant judgements made by management in applying the
consolidated entity's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial report as at and for the year ended 30 June
2007
(d) Financial Risk Management
The consolidated entity's financial risk management objectives and
policies are consistent with that disclosed in the consolidated
financial report as at and for the year ended 30 June 2007.
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
for the half-year ended 31 DECEMBER 2007
Consolidated Entity
31 Dec 2007 31 Dec 2006
A$ A$
Note 2: Changes in accounting
policy
There has been no change in accounting policy since the last annual
reporting date
except as referred to in note 13.
Note 3: Profit/(Loss) for the period
The following revenue and expense items are
relevant in explaining the financial
performance for the interim period:
- - Interest revenue 270,305 67,775
- - Gold sales 5,895,663 5,621,313
Note 4: Dividends
No dividend was declared or paid by the Company since the last annual
reporting date.
Note 5: Segment Information
Primary reporting - geographical segment
Segment revenue:
- - Australia 265,587 3,911,506
- - Philippines 5,899,206 10,018,606
Total Revenue 6,164,793 13,930,112
Segment results - Profit/(loss):
- - Australia (1,962,255) 875,668
- - Philippines 366,834 6,347,228
Profit/(loss) from ordinary activities (1,595,421) 7,222,896
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
for the half-year ended 31 DECEMBER 2007
Consolidated Entity
31 Dec 2007 30 Jun 2007 31 Dec 2007 30 Jun 2007
(shares) (shares) (A$) (A$)
Note 6: Issued
Capital
Ordinary shares on 145,057,548 142,037,548 65,866,550 63,805,000
issue
Opening balance 142,037,548 59,656,676 63,805,000 16,075,833
add -
Shares issued during 3,020,000 82,380,872 2,061,550 47,729,167
the period
145,057,548 142,037,548 65,866,550 63,805,000
Movement in ordinary
shares during the
half-year:
- - Balance at 142,037,548 59,656,676 63,805,000 16,075,833
beginning of the
period
- - Ordinary shares - 17,144,599 - 11,143,990
issued at $0.65 per
share as per
Placement in Oct/Nov
2006
- - Ordinary (vendor) - 25,000,000 - 14,400,000
shares issued at
$0.58 per share in
Dec 2006 (Issue price
of $0.72 adjusted by
20% discount for
shares in escrow)
relating to
acquisition of
subsidiary.
- - Options converted - 225,000 - 136,620
to ordinary shares at
$0.6072 per share
- - Options converted - 22,511,273 - 4,502,255
to ordinary shares at
$0.20 per share
- - Ordinary shares - 17,500,000 - 20,125,000
issued at $1.15 per
share as per
Placement in Jun 2007
- - Options converted 3,000,000 - 1,729,200 -
to ordinary shares
at $0.5764 per share
- - Options converted 20,000 - 13,000 -
to ordinary shares
at $0.65 per share
- - Transfer of the - - 994,100 -
fair value of options
converted to ordinary
shares from the
Option Premium
Reserve
- - Issue costs - - (674,750) (2,578,698)
145,057,548 142,037,548 65,866,550 63,805,000
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
for the half-year ended 31 DECEMBER 2007
Consolidated Entity
31 Dec 2007 30 Jun 2007 31 Dec 2007 30 Jun 2007
(options) (options) (A$) (A$)
Note 7: Option
Premium Reserve
Option Premium 12,401,446 6,021,446 1,560,461 1,544,961
Reserve
Opening balance 6,021,446 26,465,398 1,544,961 1,412,416
less -
Options converted/ (3,020,000) (22,865,398) (994,100) (398,846)
cancelled
add -
Share based payments 2,400,000 2,421,446 1,009,600 531,391
5,401,446 6,021,446 1,560,461 1,544,961
Movement in options
during the
half-year:
- - Balance at 6,021,446 26,465,398 1,544,961 1,412,416
beginning of the
period
- - Listed options - (22,511,273) - (361,721)
converted to shares
at $0.20 per share
- - Listed $0.20 - (129,125) - -
options expired and
subsequently
cancelled
- - Unlisted options - (225,000) - (37,125)
converted to shares
at $0.6072 per share
- - Unlisted options (3,000,000) - (988,000) -
converted to shares
at $0.5764 per share
- - Unlisted options (20,000) - (6,100) -
converted to shares
at $0.65 per share
- - Share based 2,400,000 2,421,446 1,009,600 531,391
payments
5,401,446 6,021,446 1,560,461 1,544,961
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
for the half-year ended 31 DECEMBER 2007
Note 8: Contingent Liabilities
There has been no change in contingent liabilities since the last
annual reporting date.
Note 9: Share Based Payments
* On 21 December 2007, the Company issued 2,000,000 unlisted options
over ordinary shares in the Company to M&A Advisors and Will Power
Trading Limited as part consideration of placement fees.
The options which hold no voting or dividend rights, have an expiry
date of 1 June 2009 and are exercisable at $1.25 per option. There
are no restrictions to prevent these options from being exercised
over their life.
The fair value of the options granted was $0.438.
The price was calculated using a Black and Scholes option pricing
method (using historical share price volatility measures) and
applying the following inputs:
Item Options
Underlying Security spot price $1.42
Exercise price $1.25
Standard deviation of returns (annualised) 45.0%
Risk free rate 6.71%
Expiration period (years) 1.447
Note 10: Commitments
There has been no change to the commitments as disclosed in the
entity's 30 June 2007 annual financial report.
Note 11: Related Parties
Arrangements with related parties continue to be in place. For
details on these arrangements, refer to 30 June 2007 annual financial
report.
Note 12: Events subsequent to
balance date
There has not arisen in the interval between the half-year ended 31
December 2007 and the date of this report any other item, transaction
or event of a material or unusual nature likely, in the opinion of
the Directors of the Company, to affect significantly the operations
of the Consolidated Entity, the results of those operations, or the
state of affairs of the Consolidated Entity, in subsequent financial
periods.
Note 13: Changes in Accounting Policies
Since 1 July 2007 the group has adopted the following Standards and
Interpretations, mandatory for annual periods beginning on or after 1
July 2007. Adoption of these Standards and Interpretations did not
have any effect on the financial position or performance of the
group.
AASB 7 - Financial Instruments: Disclosures
AASB 2005-10- Amendments to Australian Accounting Standards (AASB
132,101,114,117,133,139,1,4, 1023 and 1038)
AASB 2007 - 4 - Amendments to Australian Accounting Standards Arising
from ED 151 and Other Amendments
AASB 2007 - 5 - Amends AASB 102 Inventories
Interpretation 8 - Scope of AASB 2
Interpretation 9 - Reassessment of Embedded Derivatives
Interpretation 10 - Interim Financial Reporting and Impairment
Interpretation 11 - Share based payments
- ---END OF MESSAGE---
http://hugin.info/138050/R/1200956/245433.pdf
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