1st Aug 2007 07:00
Albidon Limited01 August 2007 Level 1 62 Colin St West Perth 6005ALBIDON LTD Western Australia ARBN 107 288 755 Tel:x+61x8x9211 4600 Fax:x +61x8x9211 4699 Email: [email protected] ASX Code: ALB AIM Code: ALD Please follow the link below to view the full announcement; http://www.rns-pdf.londonstockexchange.com/rns/2862b_-2007-8-1.pdf 24 July 2007 Market release via electronic lodgement QUARTERLY ACTIVITIES REPORTFor the period ended 30 June 2007 HIGHLIGHTS • The Company forward hedged 9,020 tonnes of nickel over the period from June 2009 to December 2013. The level of hedging is in the order of 15% of the Munali Nickel Project's ("Munali") expected payable nickel from production. • The European Investment Bank and Barclays Capital formally approved a senior debt finance facility of up to US$60 million for the Munali Nickel Project. • The Jinchuan Group has advised it is conducting a feasibility study for the construction of a nickel smelter to treat concentrates from Albidon's Munali Nickel Project in Zambia. The study is scheduled for completion in the second half of 2007. Albidon is working closely with Jinchuan and the Government of Zambia to evaluate the possible smelter development which, if it proceeds, would significantly benefit all stakeholders in the Munali Nickel Project. • Exploration activities around Munali and elsewhere in Zambia, Botswana, Tanzania, Tunisia continued during the quarter. Munali Nickel Project • As announced in May, recent metallurgical drilling at Enterprise intersected grades and widths better than or consistent with the existing resource model including: MAD396, 13.56 m @ 0.91 % Ni, 0.14 % Cu, 0.06 % Co and 1.3 g/t Pt + Pd, Inc. 3.21 m @ 2.3 % Ni, 0.38 % Cu, 0.14 % Co and 3.36 g/t Pt + Pd. MAD405, 13.35 m @ 1.01 % Ni, 0.15 % Cu, 0.06 % Co and 0.75 g/t Pt + Pd, inc. 4.83 m @ 1.45 % Ni, 0.22 % Cu, 0.08 % Co and 1.01 g/t Pt + Pd. • Further exploration drilling at the Voyager prospect intersected significant grades and widths of mineralisation including: MAD410, 12 m (6.4 m true width) @ 2.16 % Ni, 0.24 % Cu, 0.12 % Co and 2.82 g/t Pt + Pd MAD402, 14.13 m @ 0.78 % Ni, 0.05 % Cu, 0.04 % Co and 0.77 g/t Pt + Pd Inc. 3.08 m @ 1.95 % Ni, 0.16 % Cu, 0.06 % Co and 1.75 g/t Pt + Pd MAD388, 4.09 m (2.3m true width) @ 2.6 % Ni, 0.22 % Cu, 0.08 % Co and 2.73 g/t Pt + Pd. • Infill drilling at Enterprise intersected mineralisation as expected or better than the present model. This drill programme was targeted at infilling the resource for the early production levels. • Additional water bores have been completed and pump tested. The analysis of these bores indicated that long term water supply for the project has been more than secured, with excess water bore capacity for the construction and long term processing requirements of the project. Munali District Exploration • Geochemical soil sampling programmes and geological mapping have been completed over several copper targets in the Chikani Prospect area, 25km south of Munali. Exploration in Southern Africa • A geochemical soil sampling programme has been completed over the Sunnyside nickel target in the Selebi-Phikwe Project, Botswana. Assay results are expected in the September Quarter. Joint Venture Activity • Albidon's joint venture partner African Energy commenced drilling at the Gwabe uranium prospect in the Chirundu Joint Venture. • Lonmin have recommenced diamond drill testing of platinum targets in the Luwumbu Joint Venture in Tanzania. Shallow auger drill geochemical sampling defined new PGE targets in the lower Nkenja Valley in the Luwumbu Joint Venture. A best result of 1.99 g/t Pt+Pd+Au was intersected in clays in the lower Nkenja Valley and will be tested by future diamond drilling. • BHP Billiton has completed all preparations for the commencement of an airborne EM survey over three targets in the Songea Nickel Joint Venture in Tanzania. Airborne EM operation will commence in the third quarter. Corporate • The cash position at 30 June 2007 was US$25.3 million. • The Company announced the appointment of Mr Valentine Chitalu (non executive director) and Mr Paul Chapman (executive director) to the board of Albidon Limited on 17 April 2007. • As part of the previously announced offtake agreement 4,190,992 new ordinary shares were issued to Jinchuan Group Limited to raise US$5 million (A$6.5 million). • 2,548,000 options were exercised raising US$1.023 million. • 2,900,000 unlisted incentive options were issued to directors and employees as follows: Number of Options Exercise Price Exercisable on or before150,000 A$1.70 1/12/2009800,000 A$2.60 20/05/20101,200,000 A$2.10 27/02/2010250,000 A$3.17 12/07/2010200,000 A$2.80 12/07/2010300,000 $A2.97 12/07/2010 Outlook • Continued development of the underground decline access. • Mobilisation and establishment on site of the construction manager (GRD Minproc) for the Munali concentrator. • Commencement of bulk earthworks for the concentrator and tendering of site civil work and structural steel contracts. • Recruitment of additional key personnel to implement the project. • Completion of the geochemical soil sampling programmes and commencement of ground geophysical programmes at Chikani to evaluate base metal potential. • Recommencement of the regional geochemical stream sediment survey on the Munali regional tenements. • Continuation of major exploration programmes at Selebi-Phikwe to evaluate the Lipadi Hill and Sunnyside Shear Zone target areas. • Continued drill testing of the Gwabe uranium anomaly in the Chirundu Joint Venture. • Further drilling to extend the Inferred Resource at the Njame North uranium deposit in the Chirundu Joint Venture. • Completion and first pass assessment of the airborne EM survey at Songea Ni Joint Venture, Tanzania. 1. Munali Nickel Project, Zambia Albidon Limited 100% • Project Implementation Activities On Site at Munali • Following successful completion of the Boxcut, the development of the underground decline access continued on-schedule. Development advance for the decline at the end of the quarter was identical to plan. • The commencement of bulk earthworks for the concentrator has occurred and tendering of site civil work and structural steel contracts has been effected • The ordering of all long lead items of equipment required for the concentrator is was completed during the quarter. Voyager Prospect and Munali Intrusion Drill Programme As announced in May, additional metallurgical drilling has interested grades andwidths consistent with or better than the modeled within the southern portionsof Enterprise. Intersections include: MAD396, 13.56 m @ 0.91 % Ni, 0.14 % Cu, 0.06 % Co and 1.3 g/t Pt + Pd, inc. 3.21 m @ 2.3 % Ni, 0.38 % Cu, 0.14 % Co and 3.36 g/t Pt + Pd. MAD405, 13.35 m @ 1.01 % Ni, 0.15 % Cu, 0.06 % Co and 0.75 g/t Pt + Pd, inc. 4.83 m @ 1.45 % Ni, 0.22 % Cu, 0.08 % Co and 1.01 g/t Pt + Pd. Exploration drilling at the Voyager prospect intersected significant grades andwidths of mineralisation including: MAD410, 12 m (6.4 m true width) @ 2.16 % Ni, 0.24 % Cu, 0.12 % Co and 2.82 g/t Pt + Pd MAD402, 14.13 m @ 0.78 % Ni, 0.05 % Cu, 0.04 % Co and 0.77 g/t Pt + Pd inc. 3.08 m @ 1.95 % Ni, 0.16 % Cu, 0.06 % Co and 1.75 g/t Pt + Pd MAD388, 4.09 m (2.3m true width) @ 2.6 % Ni, 0.22 % Cu, 0.08 % Co and 2.73 g/t Pt + Pd. An infill drilling programme, within the early production levels of theEnterprise deposit, has been completed during the quarter. Although results arestill pending, the drilling has intersected widths greater than or consistentwith the current resource model. Results for this infill drilling programme areexpected during the next quarter. This additional data will be included withinthe next resource model. In addition to the resource, exploration and metallurgical drilling programmes,a significant water exploration programme has been competed during the quarter.This programme included drilling additional water bores, pump testing the boresand analysis of the long term extraction rates from the bores. The analysis has indicated that the 10 water bores drilled and tested to datewill provide adequate water supply for the project. This programme has demonstrated that the long term water supply for the projecthas been secured. Munali District Exploration Assessment of the regional stream sediment targets in the Chikani area, 25kmsouth of Munali commenced during the quarter. At the Chikani West prospect,where previous work identified gossanous float fragments containing up to 26%Copper, a programme of geological mapping and detailed geochemical soil samplingwas completed. A total of 1,100 soil samples were collected at 200m x 25m samplespacing. At the nearby Chikani South prospect, a small programme of geochemicalsoil sampling on a 200m x 25m grid was also completed, with a total of 220samples submitted for assay. Assay results from both of these programmes areexpected in the September Quarter. The programme of regional geochemical stream sediment sampling covering theMunali regional exploration tenements will recommence in the September Quarter. 2. Uranium Exploration Zambia Albidon Limited 100% diluting to 30%, currently funded and operated by AfricanEnergy Resources Limited under an Exploration Agreement Albidon's Joint venture partner African Energy Resources Limited announced assayresults from the first 25 holes of its initial phase of aircore/RC drill testingof the Gwabe uranium anomaly in Zambia. As previously announced on, 20 June2007, an initial programme of 400m by 100m spaced aircore/RC holes was drilledto test the extent of the 5km long airborne-radiometric uranium anomaly. Resultsfrom hand-held gamma-ray scintillometer assessment of the drill cuttingsindicated that many of the holes drilled at the northern end of the anomalycontained significant zones where the radiation levels are more than twicebackground levels. A decision to immediately proceed to an infill drillingprogramme on a 200m by 50m grid was taken. Assay results have been received for the first 25 holes drilled into thenorthern anomaly, with 11 of these 25 holes containing uranium mineralisationgreater than 100ppm U3O8 over drilled widths of one metre or more, with severalholes indicating mineralised thicknesses of 8 to 18m. All of these mineralisedholes are characterised by zones where the scintillometer identified radiationat more than twice background levels (see Diagram 3). Uranium mineralisation ishosted in oxidised, coarse grained sandstones, grits and pebble conglomerateswhich overly a non-mineralised, reduced silty-shale horizon. The mineralisationdips very gently to the south-east and occurs at very shallow depths between 3mand 29m below surface. The programme of infill drilling is now almost complete, with a further 85 to 90holes either completed or planned for completion in the near future.Scintillometer assessments of radiation levels in these infill holes indicatethat a broadly continuous zone of mineralisation may be present over a strikeextent of 800 to 1,000m, and that this zone may still be open to the north-east(See Diagram 3). Assay results from the infill drilling phase, comprisingapproximately 65% of the entire drilling programme are expected in the thirdquarter. Forward Exploration Programme African Energy has scheduled the following work programme over the next threemonths: • On completion of the infill drilling programme at Gwabe, the drill rig will move 15km south-west to the Njame uranium deposit where it will undertake an extensional drilling programme around the known Inferred Resource (5.5Mt @ 400 ppm U3O8 for a contained total of 4.8 Mlb of U3O8). • Assay results for a 45 sample rock-chip programme completed along six traverses across the ground radiometric uranium anomalies at Chisebuka are expected in August. • Reconnaissance RC drill testing of Chisebuka will commence on completion of the Njame extensional drilling programme, sometime on the September quarter of 2007. Drill site preparation for this programme is nearing completion. • Reconnaissance evaluation of six ground radiometric uranium anomalies previously identified at Namakande has commenced. Over the next few months this work will comprise follow-up scintillometer surveys to confirm the precise location of these anomalies, soil sampling to establish surface levels of uranium, and rock-chip sampling where warranted. Results form this programme will be used to prioritise targets for drill testing scheduled to commence in the December quarter of 2007. 3. Luwumbu Platinum Joint Venture Goldstream Mining NL 90%, Albidon Limited 10% with operator Lonmin currentlyearning 70% Geochemical auger drilling at the Nkenja PGE project continued throughout anextended wet season, identifying new targets in the lower Nkenja Valley and theupper Lindengere Valley. A best result of 1m @ 1.99 g/t Pt+Pd+Au was intersectedin near-surface clays in an auger hole in the lower Nkenja Valley. This targetwill be drill tested in a future programme. Lonmin have also recently completeddrill pad preparation for 15 diamond drill holes which will be completed bythree recently arrived diamond drill rigs. These holes will test geochemicalauger targets generated in the 2006 field season. 4. Songea Nickel-Platinum Project, Tanzania Albidon Limited 100% diluting to 30%, currently funded and operated by BHPBilliton under the Exploration Co-operation Agreement. Under the Exploration Cooperation Agreement, BHP Billiton has elected to form ajoint venture over five Prospecting Licences in the Songea Project of southwestTanzania. This decision reflects favourable rock, soil and stream sedimentgeochemical results, in addition to a geological interpretation by the Company'sgeologist's that the Songea area has geological similarities to the setting ofthe 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 (VTEM) overthe three main nickel-copper targets. All preparations for this programme havenow been completed, and flying will commence early in the third quarter. Theprogramme is expected to take three to four weeks to complete, with preliminaryresults available during the September Quarter. 5. Nickel Projects in Botswana Selebi-Phikwe Nickel-Copper Project Albidon Limited 100% The Sunnyside Shear Zone is a major geological structure located in the southernpart of the Selebi-Phikwe tenement package. This zone extends for many tens ofkilometres and contains a number of known nickel sulphide occurrences such asSunnyside and Kgwedi. At Sunnyside a 1,700m x 200m gabbro complex was identifiedthrough airborne electromagnetic surveying and follow-up geochemical soilsampling undertaken in the 1970's. Limited follow-up drilling intersectedmassive to disseminated nickel sulphide mineralisation, but this drilling was oflimited nature and did not adequately test the depth and strike continuity ofthe mineralisation. During the quarter, Albidon completed a geological mappingand geochemical soil sampling survey over the Sunnyside gabbro complex andsurrounding areas, with a total of 1,400 samples collected on a 400m x 50m grid.Assay results from this survey are expected in August and will used toprioritise areas for ground geophysical surveys and possible drill testing laterin the year. The Lipadi Hill prospect, in the eastern part of the Selebi-Phikwe tenementpackage, was last explored in the 1970's and yielded significant nickelintercepts in drilling and trenching, including 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 thenearby DG-21 prospect. A programme of ground geophysical surveying has beenplanned for these prospects, and will include moving loop electromagneticsurveys (MLEM) designed to detect massive sulphides, and Induced Polarisationsurveys (IP) designed to detect disseminated sulphides. Final planning of thesesurveys is complete, and site preparation has commenced. Otse Nickel Project Albidon Limited 100% Reconnaissance geological evaluation of the Otse project commenced during thequarter and follow-up exploration programmes are being devised 6. Malawi Nickel-Platinum Projects Mpemba Project Albidon Limited 100% The Mpemba Hill Nickel Project is located in southern Malawi near the major cityof Blantyre. During the quarter the Company commenced the assessment of severaloptions for the future direction of this project, including the potential for afarm-out joint venture. These assessments are ongoing. 7. Tunisian Projects Exploration continued during the quarter with work focused on the Fernana-NefzaPermit. With the completion and continuation of geophysical surveys and soilsampling, compilation of these results has culminated in the commencement of an8,000m to 10,000m drill programme. The Haffouz Permit was approved during May and geophysics has been planned forthe third quarter. Fernana-Nefza Zinc-Lead and Copper-Gold Project Albidon Limited 100% diluting to 30%, funded and operated by Zinifex Limitedunder an option and earn-in agreement The Fernana-Nefza exploration permit covers an area of 4,160 sq km in northwestTunisia that contains numerous zinc-lead and copper-gold prospects. Theprincipal zinc-lead target is for stratabound-replacement deposits similar tothe giant Jinding deposit in Yunnan, China. A number of old mines and prospectsin the permit show potential for this type of deposit. None of these mineralisedtrends have been subjected to modern exploration techniques. During the quarter gravity and Induced Polarisation (IP) surveys continued overknown mineralised trends. IP has been completed over three of the main prospectareas, Bou Aouane, El Garia, Sidi Driss and Gantra, covering a total area ofapproximately 60 square kilometres. The IP method used generates 3D models ofsub-surface geology. IP will continue in the third quarter over the El Haouariaand Sidi Driss prospects. The gravity survey (200m station spacing) was completed during the quarter andencompassed the five main prospects for a total area of approximately 100 sq km. Analysis of infill soil samples using the Niton XRF analyser confirmed strongzinc anomalism over 2.5 km's of strike at the El Garia Prospect (c. 5 km'snorthwest of the Bou Aouane mine) with consistent results from 500-2,000ppm Zn.These encouraging results were followed up by IP and gravity surveys to assistin drill target definition in an area with no outcrop. Soil sampling continued during the quarter with 2,793 samples collected asinfill to reconnaissance sampling, and over new target areas defined bysignificant stream sediment geochemistry and favourable geology. Analysis atthis stage is incomplete with less than one third of the results being returned,while awaiting delivery of a new hand-held XRF analyser. (see Figure 1 Drill targeting with geophysical techniques in hyperlink above) Interpretation of the geophysical data has defined a better geological andstructural targeting model for these prospects. IP has also provided directdrill targets over potential sulphide mineralisation. The figure below showsexamples of IP and gravity images from Bou Aouane. The compilation and interpretation of geological, geochemical and geophysicaldata has resulted in the planning of an 8,000m to 10,000m drilling programmeover the five main prospects. Initial drilling will begin at the Bou Aouaneprospect, with two diamond drill rigs currently on site on site. Haffouz Zinc Project Albidon Limited 100% diluting to 30%, subject to a royalty (funded and operatedby Zinifex under an option and earn-in agreement) The Haffouz permit (428 sq. km) was approved in the name of Zinifex AustraliaLimited by the Tunisian Mining Consultative Committee on the 19th of May 2007,with a minimum commitment of US$1.5m over three years. The Haffouz permit is the same area as the Trozza permit, previously held byAlbidon Tunisia Ltd under the terms of a JV with BHP Billiton, and contains theTrozza and Touila zinc prospects. IP surveys are planned for both prospects inAugust. This may be followed up by a drill programme before the end of thecalendar year. Dale Rogers Managing Director Full details for all projects including location maps, tenement schedules andtechnical descriptions may be found on the Albidon website at www.albidon.com The Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves (the 'JORC Code') sets out minimum standards, recommendationsand guidelines for Public Reporting in Australasia of Exploration Results,Mineral Resources and Ore Reserves. The information contained in thisannouncement has been presented in accordance with the JORC Code and referencesto "Indicated" and "Inferred Resources" are to those terms as defined in theJORC Code. Information in this report relating to exploration results is based on datacompiled by Mike Dunbar (a full time employee of the Mitchell River Group) andDr Frazer Tabeart (a full time employee of Geogen Consulting), who are membersof The Australasian Institute of Mining and Metallurgy and the AustralianInstitute of Geoscientists respectively, and act as consultants to the Company.Mr Dunbar and Dr Tabeart have sufficient experience, which is relevant to thestyle of mineralisation and type of deposit under consideration and to theactivity which he is undertaking, to qualify as a Competent Person under the2004 Edition of the Australasian Code for reporting of Exploration Results,Mineral Resources and Ore Reserves. Mr Dunbar and Dr Tabeart consent to theinclusion of the data in the form and context in which it appears. If you have any queries please contact the Chief Financial Officer, Nicholas Dayon +61 8 9211 4600 or email [email protected] Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen+61 8 94802500. 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 30 June 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 debtors1.2 Payments for: administration (1,208) (2,848) development (3,671) (4,396) production exploration and evaluation (1,755) (2,170) 1.3 Dividends received 1.4 Interest and other items of a similar nature 583 958 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 (6,051) (8,456) Cash flows related to investing activities1.8 Payment for purchases of: prospects equity investments other fixed assets (8,711) (12,904) 1.9 Proceeds from sale of: (a) prospects 250 250 (b) equity investments (c) other fixed assets1.10 Loans to other entities1.11 Loans repaid by other entities1.12 Recognition of Security Deposits as Cash Net investing cash flows (8,461) (12,654) 1.13 Total operating and investing cash flows (carried forward) (14,512) (21,110) 1.13 Total operating and investing cash flows (carried forward) (14,512) (21,110) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1,275 6,6361.15 Proceeds from sale of forfeited shares1.16 Proceeds from borrowings1.17 Repayment of borrowings1.18 Dividends paid1.19 Cost of share issue Net financing cash flows 1,275 6,636 Net increase (decrease) in cash held (13,237) (14,474) 1.20 Cash at beginning of quarter/year to date 37,950 38,4691.21 Exchange rate adjustments to item 1.20 604 1,3221.22 Cash at end of quarter 25,317 25,317 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the relatedentities Current quarter $USD'0001.23 Aggregate amount of payments to the parties included in item 1.2 6611.24 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$429,657. 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$182,617. 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$46,096. 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$2,571. 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 The European Investment Bank and Barclays Capital formally approved a senior debt finance facility of up to US$60 million for the Munali Nickel Project. Jinchuan Group Ltd has formally approved a subordinated debt facility of US$20 million for the Munali Nickel Project.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 $USD3.1 Loan facilities3.2 Credit standby arrangements Estimated cash outflows for next quarter $USD'0004.1 Exploration and evaluation 2,2804.2 Development 14,410 Total 16,690 Reconciliation of cashReconciliation of cash at the end of the quarter (as Current quarter Previous quartershown in the consolidated statement of cash flows) tothe related items in the accounts is as follows. $USD'000 $USD'0005.1 Cash on hand and at bank 287 1,9285.2 Deposits at call 11,413 36,0215.3 Bank overdraft5.4 Term deposits 13,617 Total: cash at end of quarter (item 1.22) 25,317 37,950 Changes in interests in mining tenements Tenement reference Nature of interest Interest at Interest at beginning of end of (note (2) quarter quarter6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rightstogether with prices and dates. Total number Number quoted Issue price per Amount paid up per security (see note security (see note 3) 3)7.1 Preference +securities (description)7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions7.3 +Ordinary securities 155,556,992 155,556,992 7.4 Changes during quarter (a) Increases through issues 4,190,992 4,190,992 AUD$1.55 AUD$1.55 2,548,000 2,548,000 AUD$0.60 AUD$0.60 400,000 400,000 AUD$0.75 AUD$0.75 (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, converted7.7 Options (description and 4,667,000 Number Exercise Expiry conversion factor) 0.15m AUD 0.60 30/04/08 0.267m AUD 0.60 30/06/08 0.4m AUD 0.75 30/06/08 1.2m AUD 0.75 01/12/08 0.55m AUD 1.05 30/06/09 0.15m AUD 1.70 01/12/09 1.2m AUD 2.10 27/02/10 0.75m AUD 2.60 20/05/107.8 Issued during quarter 750,000 Exercisable at $A2.60 expire 20/05/10 1,200,000 Exercisable at $2.10 expire 27/2/10 150,000 Exercisable at $1.70 expire 01/12/09 7.9 Exercised during quarter 2,548,000 Exercised at AUD 60cents each. 7.10 Expired during quarter 50,000 Expired (AUD1.05 cents each)7.11 Debentures (totals only)7.12 Unsecured notes (totals only) Compliance statement 1 This statement has been prepared under accounting policies whichcomply with accounting standards as defined in the Corporations Act or otherstandards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the mattersdisclosed. Sign here: Company secretary Print name: Nicholas Day Date: 31/07/2007 Notes 1 The quarterly report provides a basis for informing the market howthe entity's activities have been financed for the past quarter and the effecton its cash position. An entity wanting to disclose additional information isencouraged 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 inrespect of interests in mining tenements acquired, exercised or lapsed duringthe reporting period. If the entity is involved in a joint venture agreementand there are conditions precedent which will change its percentage interest ina mining tenement, it should disclose the change of percentage interest andconditions precedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid up isnot required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting forExtractive Industries and AASB 1026: Statement of Cash Flows apply to thisreport. 5 Accounting Standards ASX will accept, for example, the use ofInternational Accounting Standards for foreign entities. If the standards useddo not address a topic, the Australian standard on that topic (if any) must becomplied with. == == == == == This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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