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RNS Number:7485V
Albidon Limited
30 April 2007
Level 1
62 Colin St
West Perth 6005
Western Australia
ARBN 107 288 755
ALBIDON LTD
Tel:x+61x8x9221 4600
Fax:x +61x8x9211 4699 Email:
xinfo@albidon.com
ASX Code: ALB
AIM Code: ALD
www.albidon.com
Market release via electronic lodgement
http://www.rns-pdf.londonstockexchange.com/rns/7485v_-2007-4-30.pdf
FIRST QUARTER ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 MARCH 2007
HIGHLIGHTS
Munali Nickel Project
* The formal ground-breaking ceremony to launch the Munali Nickel Project
was held on 3 April 2007, at which His Excellency the President of Zambia,
Levy Patrick Mwanawasa SC, was Guest of Honour.
* Bank finance of up to US$60 million has been approved by the European
Investment Bank and Barclays Capital and final loan documentation has been
signed.
* Financing agreements have been signed by Albidon and Jinchuan Group
Limited to provide US$25 million in funding as part of the offtake
arrangements for Munali.
* The Munali project is now fully funded.
* A Power Supply Agreement has been signed between Albidon and ZESCO Limited
to cover the total power requirements of the Munali Nickel Project for a
ten-year period.
* An order has been placed with CITIC Heavy Machinery Company Ltd ("CITIC")
for the manufacture and supply of two ball mills for the Munali
concentrator.
* The boxcut has been completed and the development of portal for the
underground decline access has commenced.
Munali District Exploration
* Reconnaissance mapping at Chikani West, one of the two new regional-scale
geochemical targets 25km south of Munali, has identified copper-bearing
gossan float fragments with up to 26% Cu.
Exploration in Southern Africa
* At southern Selebi-Phikwe in Botswana, two new nickel prospects have been
identified for substantial exploration programs in 2007, - the Sunnyside
Shear Zone and the Lipadi Hill Prospect.
* Three new Prospecting Licences were granted at Otse in Botswana,
representing a new project for nickel sulphides, covering possible Bushveld
rocks similar to those at the Nkomati Nickel Mine in South Africa.
Joint Venture Activity
* Joint venture partner African Energy has identified several new high
priority uranium targets on Albidon's tenements in southern Zambia.
* African Energy completed A$5 million IPO and listing on ASX which will
result in an aggressive exploration campaign on the Zambian joint venture
areas.
* Lonmin have elected to continue to sole fund the Luwumbu JV in Tanzania
and a US$4.2 million budget has been approved for the Operating Year
commencing 1 April 2007.
* Extensive new zinc geochemical targets have been identified by JV partner
Zinifex at Nefza in Tunisia.
Corporate
* 4,190,992 new ordinary shares at A$1.55 cents each were issued to Jinchuan
Group Limited to raise US$5 million (A$6.5 million) as part of the
previously announced offtake agreement.
* The cash position at 31 March 2007 was US$38 million.
* 850,000 Unlisted Options were exercised at an exercise price of AUD 60
cents to raise US$408,000.
* On 17 April 2007 the Company appointed Paul Chapman and Valentine Chitalu
as directors.
Outlook
* Continuation of the underground decline development at Munali.
* Construction of the Munali concentrator to commence during the next
quarter.
* Resumption of near-mine exploration at Munali scheduled for May.
* Recommencement of exploration at the Chikani prospect to evaluate the base
metal potential.
* Start up of the 2007 geochemical stream sediment survey on the Munali
regional tenements.
* Commencement of major exploration programs in Botswana to evaluate the
Lipadi Hill and Sunnyside Shear Zone nickel target areas at Selebi-Phikwe
south.
* Prioritisation of uranium targets for drill testing from recently
completed airborne radiometric survey, and commencement of reconnaissance
aircore drilling by African Energy Resources.
1. Munali Nickel Project, Zambia
Albidon Limited 100%
* The formal ground-breaking ceremony to launch the Munali Nickel Project
was held on 3 April 2007, at which His Excellency the President of Zambia,
Levy Patrick Mwanawasa SC, was Guest of Honour.
* Loan documentation has been signed with the European Investment Bank and
Barclays Capital for up to US$60 million in senior debt financing for
Munali.
* Financing agreements have been signed by Albidon and Jinchuan Group that
provide US$25 million in funding as part of the offtake arrangements for
Munali. The financing to be provided by Jinchuan comprises a US$20 million
subordinated debt facility and a US$5 million equity investment. Signing of
these documents completes the offtake contract and offtake financing
arrangements initially reported in December 2006.
* A Power Supply Agreement has been signed between Albidon and ZESCO Limited
("ZESCO") to cover the total power requirements of the Munali project for a
ten-year period. ZESCO Limited is the largest electricity supply company in
Zambia and has extensive experience of developing infrastructure and
supplying power to mining projects across the country. The installation of
the temporary power line is well advanced. Connection is expected to be
completed in the next quarter.
* An order has been placed with CITIC Heavy Machinery Company Ltd ("CITIC")
for the manufacture and supply of two 3.6m x 6.0m, 1,250kW ball mills. The
mills will be built to a CITIC standard design and will comply with
specifications developed on Albidon's behalf by Roche Mining. CITIC is
based in Louyang, China and is one of the largest manufacturers of grinding
mills in the world, with a strong track record of design and delivery of
high quality milling and ancillary equipment.
Project Implementation Activities On Site at Munali
During the quarter activities on site increased with upgrades to the existing
infrastructure required for the construction period. These included:
* Completion of the boxcut.
* Commencement of the portal.
* Construction of the mine offices.
* Construction of site access roads.
* Clearing of the concentrator site.
* Building of the Run of Mine (ROM) pad.
(see Picture 1: Completed Enterprise Box Cut at Munali in the hyperlink above)
Additional water bores and water monitoring bores have been completed and have
significantly boosted the water supply on site.
These bores have been pump tested, with data analysis yet to be completed,
however early indications suggest that these bores along with mine dewatering
will supply sufficient water for the operational phase of the project.
Resettlement Activities
During the quarter, relocation of the first seven households was completed,
representing the initial phase of an ongoing relocation program. The program is
designed to provide improved accommodation and services for households that are
directly affected by the operations at Munali.
(see Picture 2: One of the first of the relocated families in front of their
new home in the hyperlink above)
Construction of additional housing as part of the second phase of the relocation
program has started, with this work expected to continue through the course of
2007.
A key part of the program is to provide affected members of the community with
larger plots of better farmland at a safe distance from the area of operations.
(see Picture 3: The new farmland being planted late last year in the hyperlink
above)
Voyager Prospect and Munali Intrusion Drill Programme
No exploration drilling has been undertaken during the quarter, as a result of
the extended seasonal rains in the Munali area. Additional drilling has been
planned and will commence in the next quarter.
Munali District Exploration
Assay results from geochemical stream sediment sampling completed in previous
quarters identified two regional targets approximately 25km south-east of the
Munali deposit. Follow up reconnaissance geological mapping was undertaken over
these targets during the previous quarter. At the Chikani West prospect, 25km
south-east of the Munali deposit, fragments of gossan containing secondary
copper minerals were identified during the reconnaissance mapping. The fragments
are of float samples and contain up to 26% Cu.
The significance of these gossanous fragments will be evaluated with more
detailed geological mapping, geochemical soil sampling and a program of
ground-based geophysical surveying, which will commence in the next quarter.
Extended seasonal rains in the Munali district prevented the recommencement of
the major geochemical stream sediment sampling programme in the Munali region,
and the geochemical soil sampling and ground geophysical programs at Chikani
South. These will now commence in the next quarter.
2. Uranium Exploration Agreement, Zambia
Albidon Limited 100%, funded and operated by African Energy Resources under an
Exploration Agreement
Albidon's joint venture partner African Energy Resources completed an airborne
radiometric survey over uranium targets in the Chirundu JV project, Kariba
Valley JV project and Luano Valley in southern Zambia during the last quarter of
2006.
Results from this survey were assessed during the first quarter of 2007, with
several zones of uranium anomalism identified in each project area. The airborne
radiometric survey at the Chirundu JV Project covered an area of approximately
540 sq km's, initially flown at 500m line-spacing. Infill surveying was
completed over the Njame Prospect for orientation purposes, and first pass
uranium anomalies were also infilled for higher resolution delineation. Two
major clusters of uranium anomalism were identified in addition to that at
Njame, both occurring in areas not known to have undergone prior exploration for
uranium.
The Gwabe uranium anomaly is almost 6km long and contains a number of prominent
peaks, the largest of which is over 2,500m long and over 500m wide. The Chirundu
North cluster of anomalies occurs over an area of 7km by 5km and contains a
number of anomalies that are over 1,000m long.
Both clusters of anomalies are interpreted to occur over Karoo-aged sediments
and may be analogous to the Njame prospect. Confirmation of the geological
setting was established by African Energy in February 2007, and a major program
of reconnaissance aircore drill testing is planned for commencement in the next
quarter.
Three new areas of uranium anomalism were also identified on the Sinazongwe
tenement blocks within the Kariba Valley JV Project. These, along with a number
of previously identified uranium anomalies from historical ground radiometric
surveys will be field checked in the next quarter and prioritised for
reconnaissance aircore drill testing.
Two new uranium anomalies were also identified at the Myvuwe River prospect in
the Luano Valley from the airborne radiometric survey completed in late 2006.
These will be evaluated through geological mapping later in 2007 to determine if
drilling is warranted.
African Energy can earn a 30% interest in the Chirundu JV Project and the Kariba
Valley JV project by expending A$1 million on each area, and can increase this
to 70% through the completion of a pre-feasibility study on a JORC indicated
resource. The remainder of the tenements under the Exploration Agreement will
undergo additional exploration prior to a decision on whether to nominate
further project areas.
African Energy Resources completed a A$5 million IPO and listing on the
Australian Stock Exchange on 18 April 2007 and this will result in an
acceleration of the uranium exploration programs on Albidon's licences in
southern Zambia.
3. Luwumbu Platinum Joint Venture
Goldstream Mining NL 90%, Albidon Limited 10% with Lonmin currently earning 70%
During the quarter Lonmin elected to continue to sole fund exploration
activities on the Luwumbu Joint Venture for the Operating Year commencing 1
April 2007. A budget of US$4.2 million has been approved for 2007-2008 by the
Luwumbu Joint Venture Committee, with Lonmin to be the operators of the JV from
1 April 2007.
The Joint Venture has developed plans to conduct up to 15,000m of diamond core
drilling in the upcoming field season. These drilling programmes will evaluate
targets identified by shallow auger drilling completed in late 2006, and further
test targets that were first drilled last year.
Songea Nickel-Platinum Project, Tanzania
Albidon Limited 100%, currently funded and operated by BHP Billiton under the
Exploration Co-operation Agreement
Under the Exploration Cooperation Agreement, BHP Billiton has elected to form a
joint venture over five Prospecting Licences in the Songea nickel project in
southwest Tanzania. This decision reflects favourable rock, soil and stream
sediment geochemical results, in addition to a geological interpretation by the
Company's geologist's that the Songea area has geological similarities to the
setting of the Voisey's Bay nickel deposit in Canada.
BHP Billiton will fund and operate the ongoing exploration programme at Songea,
commencing with an extensive helicopter-borne electromagnetic survey over the
three main nickel-copper targets. This programme is expected to commence in the
second quarter of 2007 once the seasonal rains have abated. Logistical planning
and field support for this programme have commenced.
5. Nickel Projects in Botswana
Selebi-Phikwe Nickel-Copper Project
Albidon Limited 100%
The Company completed an evaluation of the results obtained by WMC and BHP
Billiton through 2005 and 2006 at Selebi-Phikwe and conducted an assessment of
the extensive tenement areas south of Selebi-Phikwe that have not yet received
any exploration coverage under the Cooperation Agreement, including the Lipadi
Hill and Sunnyside Ni-Cu prospect areas. The review also included an evaluation
of all Open File data relevant to base metal exploration completed in the 1970's
through to the 1990's.
The Lipadi Hill prospect in the eastern part of the tenement package was last
explored in the 1970's and yielded significant nickel intercepts in drilling and
trenching. These results include 2m @ 1.7% Ni, 0.35% Cu and 6.77m @ 0.48% Ni,
0.1% Cu in diamond drill core from the DG-19 prospect, and a zone of >250m
length and >3m width exceeding 0.27% Ni and 0.13% Cu in a trench at the DG-21
prospect. The Lipadi Hill area represents a high priority target for follow-up
evaluation, geophysical prospecting and, if warranted, further drill testing.
Field programmes will commence in the second quarter of 2007.
The Sunnyside Shear Zone is a major geological structure located in the southern
part of the Selebi-Phikwe tenement package. This zone extends for many tens of
kilometres and contains a number of known nickel sulphide occurrences such as
Sunnyside and Kgwedi. Evaluation of historical exploration reports indicates
that extensive lengths of the Sunnyside Shear Zone have not been previously
explored with techniques likely to have identified nickel sulphide occurrences.
At Sunnyside, a 1700m x 200m gabbro complex was identified through airborne
electromagnetic surveying and follow-up geochemical soil sampling undertaken in
the 1970's. Limited follow-up drilling intersected massive to disseminated
nickel sulphide mineralisation, with best results including 0.7m @ 1.3% Ni,
0.87% Cu, 0.2m @ 2.0% Ni, 0.15% Cu, and 1m @ 0.6% Ni, 0.2% Cu. However, the
drilling was limited and has not adequately tested the depth and strike
continuity of the mineralisation.
At Kgwedi, limited drilling undertaken in the 1970's intersected disseminated
and stringer sulphides in an ultramafic body associated with weak soil
geochemical anomalies and ground geophysical anomalism. Three diamond drill
holes were completed by BCL, with the best result being 1m @ 0.8% Ni.
Albidon intends to further evaluate the extensive Sunnyside Shear Zone prospects
in 2007 with a combination of airborne electromagnetic surveying, soil sampling
and ground geophysical surveying aimed at identifying drill targets. These
programmes will commence in the next quarter.
Tati Nickel Project
Joint Venture with Iamgold (formerly Gallery Gold Limited)
During the quarter, the Company reviewed its exploration strategy for all six
Tati Projects and determined that results to date on all prospects within the
Tati project do not warrant any further work on these projects. Albidon has
therefore elected to withdraw from all six Tati JV projects.
Otse Nickel Project
Albidon Limited 100%
Three new Prospecting Licences were granted in south-eastern Botswana to cover
geological units which are believed to represent the basal intrusive components
of the Bushveld Intrusion, and which may be analogous to the rocks which host
the Nkomati nickel deposit in South Africa. A review of all previous exploration
undertaken on this area has been completed, and several areas for preliminary
field evaluation have been identified. This work will commence in the next
quarter.
6. Malawi Nickel-Platinum Projects
Mpemba Project
Albidon Limited 100%
The Mpemba Project is located in southern Malawi near the major city of
Blantyre. During the quarter the Company assessed the final data from an induced
polarisation geophysical survey conducted over the main nickel sulphide target
at Mpemba Hill. Interpretation of the geophysical data has identified targets
broadly coincident with Ni and Cu soil geochemical anomalies associated with the
outcropping disseminated sulphide mineralisation at Mpemba.
The Company is currently evaluating the strategic fit of this project within its
portfolio of high quality base metals projects to determine its future.
7. Tunisian Projects
Exploration in Tunisia continued during the quarter under the option and earn-in
agreement with Zinifex which was signed in the last quarter of 2006. Work was
focused on the Fernana-Nefza permit.
Fernana-Nefza Zinc-Lead and Copper-Gold Project
Albidon Limited 100%, funded and operated by Zinifex Limited under an option and
earn-in agreement
The Fernana-Nefza exploration permit covers an area of 4,160 sq km in northwest
Tunisia that contains numerous zinc-lead and copper-gold prospects. The
principal zinc-lead target is for stratabound-replacement deposits similar to
the giant Jinding deposit in Yunnan, China. A number of old mines and prospects
in the permit show potential for this type of deposit, and none of the
mineralised trends have previously been subjected to modern exploration
techniques.
During the quarter, soil geochemical data from 2006 surveys over major
structures have been assessed, leading to the definition of significant zinc and
lead anomalies extending away from known mineralisation in the four sampled
areas. Most notably, a 3.5 km long zinc anomaly (values from 600-2000 ppm Zn)
up to 900 m wide has been defined over prospective sediments at El Garia, 4.5 km
northeast of the Bou Aouane mine.
Follow up sampling using a hand-held Niton XRF instrument has commenced in the
most anomalous areas. After initial assessment of the effectiveness of the
Niton compared to conventional analysis, surveying will be extended to infill
all reconnaissance anomalies and to cover areas of regional stream-sediment
anomalies that have not yet been followed up.
During the quarter, geophysical surveying that commenced in the last quarter of
2006 was ongoing. Detailed gravity surveying was completed at the El Haouaria
and Bou Aouane prospects in January - February. Data was merged with the
regional Tunisian gravity dataset and provided improved resolution of the
structural trends that are interpreted to control mineralisation. Gravity
surveying will recommence early in the second quarter.
IP geophysical surveying recommenced in March at the Bou Aouane prospect with
the aim of directly detecting zinc-lead mineralisation. Known in situ
mineralisation at Bou Aouane was successfully detected in an orientation survey
suing this technique, and new anomalies have been detected along strike and on
major structures to the north and south. IP surveying is continuing and will be
completed at Bou Aouane and El Garia prior to moving to the other high priority
target zones.
Integrated evaluation of data including geology, geophysics, geochemistry, and
previous drilling and mine development will be used to define and prioritise
drill targets in the next quarter. Drilling is planned to commence in the third
quarter.
Haffouz Zinc Project
Albidon Limited 100%, subject to a royalty (funded and operated by Zinifex under
an option and earn-in agreement)
Following discussions with the Tunisian mines department (Direction General des
Mines), BHP Billiton elected to relinquish the Trozza Permit. This process was
completed during the quarter. On completion of relinquishment, Zinifex Ltd
lodged an application for the Haffouz Permit on behalf of the joint venture with
Albidon, covering an area of 428 sq km's including the Jebel Trozza and Jebel
Touila zinc prospects.
No work has been completed on the project in the first quarter. Geophysical IP
surveys are planned to commence at Jebel Touila and Jebel Trozza in the second
quarter.
Dale Rogers
Managing Director
The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations
and guidelines for Public Reporting in Australasia of Exploration Results,
Mineral Resources and Ore Reserves. The information contained in this
announcement has been presented in accordance with the JORC Code and references
to "Indicated" and "Inferred Resources" are to those terms as defined in the
JORC Code.
Information in this report relating to exploration results is based on data
compiled by Mike Dunbar (a full time employee of the Mitchell River Group) and
Dr Frazer Tabeart (a full time employee of Geogen Consulting), who are members
of The Australasian Institute of Mining and Metallurgy and the Australian
Institute of Geoscientists respectively, and act as consultants to the Company.
Mr Dunbar and Dr Tabeart have sufficient experience, which 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 under the
2004 Edition of the Australasian Code for reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Dunbar and Dr Tabeart consent to the
inclusion of the data in the form and context in which it appears.
If you have any queries, please contact the Chief Financial Officer, Nicholas
Day or Managing Director, Dale Rogers on +61 8 9211 4600 or email
nickd@albidon.com.
Additional information may also be viewed on Albidon's website at
www.albidon.com.
Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen
+61 8 9480 2500.
Appendix 5B
Mining Exploration Entity Quarterly Report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
ALBIDON LTD
ARBN Quarter ended ("current quarter")
107 288 755 31 March 2007
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date
$USD'000
$USD'000
1.1 Receipts from product sales and related debtors
1.2 Payments for:
(a) administration (1,640) (1,640)
(b) development (725) (725)
(c) production
(d) exploration and evaluation (415) (415)
1.3 Dividends received
1.4 Interest and other items of a similar nature 375 375
received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)
Net Operating Cash Flows (2,405) (2,405)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects
(b) equity investments
(c) other fixed assets (4,193) (4,193)
1.9 Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Recognition of Security Deposits as Cash
Net investing cash flows (4,193) (4,193)
1.13 Total operating and investing cash flows (carried
forward) (6,598) (6,598)
1.13 Total operating and investing cash flows
(carried forward) (6,598) (6,598)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, 5,361 5,361
etc. *
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Cost of share issue
Net financing cash flows 5,361 5,361
Net increase (decrease) in cash held (1,237) (1,237)
1.20 Cash at beginning of quarter/year to date 38,469 38,469
1.21 Exchange rate adjustments to item 1.20 718 718
1.22 Cash at end of quarter 37,950 37,950
*Included in item 1.14 is US$5.2m held on trust at 31 March 2007 prior to the issue of
5,490,992 new ordinary shares. The shares were issued on 18 April 2007.
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current quarter
$USD'000
1.23 Aggregate amount of payments to the parties included in item 1.2 210
1.24 Aggregate amount of loans to the parties included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
Salaries and directors fees paid to executive and non-executive directors of the company,
for the period aggregated US$116,614.
Administrative and technical services provided by Mitchell River Group Pty Ltd, a company
in which Mr A Cooke, Dr D Windrim and Mr C Burton are directors, for the period aggregated
US$79,742.
Executive services and reimbursements of bona fide expenses provided by Hartree Pty Ltd, a
company in which Mr A Cooke is a director, for the period aggregated US$11,346.
Reimbursements of bona fide expenses provided by Lion Manager Pty Ltd, a company in which
Mr M Brook is a director, for the period aggregated US$3,749.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
Nil
2.2 Details of outlays made by other entities to establish or increase their share in projects in
which the reporting entity has an interest
Nil
Financing facilities available
Amount available Amount used
$USD $USD
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter
$USD'000
4.1 Exploration and evaluation 2,000
4.2 Development 14,650
Total 16,650
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in Current quarter Previous quarter
the consolidated statement of cash flows) to the related items
in the accounts is as follows. $USD'000 $USD'000
5.1 Cash on hand and at bank 1,928 923
5.2 Deposits at call 36,021 37,545
5.3 Bank overdraft
5.4 Term deposits
Total: cash at end of quarter (item 1.22) 37,950 38,469
Changes in interests in mining tenements
Tenement reference Nature of interest Interest at Interest at
beginning of end of quarter
(note (2) quarter
6.1 Interests in
mining tenements
relinquished,
reduced or lapsed
6.2 Interests in PL08/2007 (Botswana) 100% Subsidiary 0% 100%
mining tenements
acquired or PL09/2007 (Botswana) 100% Subsidiary 0% 100%
increased
PL10/2007 (Botswana) 100% Subsidiary 0% 100%
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total Number Issue price per security Amount
number quoted (see note 3) paid up per security (see note 3)
7.1 Preference
+securities
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
7.3 +Ordinary 148,418,000 148,418,000
securities
7.4 Changes during
quarter
(a) Increases 250,000 250,000 AUD$0.60 AUD$0.60
through issues
(b) Decreases
through returns
of capital,
buy-backs
7.5 +Convertible
debt securities
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options 5,165,000 Number Exercise Expiry
(description 2.35m AUD 0.60 30/06/07
and conversion 0.15m AUD 0.60 30/04/08
factor) 0.465m AUD 0.60 30/06/08
0.4m AUD 0.75 30/06/08
1.2m AUD 0.75 01/12/08
0.6m AUD 1.05 30/06/09
7.8 Issued during
quarter
7.9 Exercised 250,000 Exercised at AUD 60cents each.
during quarter
7.10 Expired during
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here:
Company secretary
Print name: Nicholas Day
Date: 30/04/2007
Notes
1 The quarterly report provides a basis for informing the market how
the entity's activities have been financed for the past quarter and the effect
on its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is
not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.
== == == == ==
This information is provided by RNS
The company news service from the London Stock Exchange
END
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