30th Apr 2007 11:14
Albidon Limited30 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: [email protected] 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 REPORTFOR 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 existinginfrastructure 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 havesignificantly 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 dewateringwill 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 isdesigned to provide improved accommodation and services for households that aredirectly 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 relocationprogram has started, with this work expected to continue through the course of2007. A key part of the program is to provide affected members of the community withlarger 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 ofthe extended seasonal rains in the Munali area. Additional drilling has beenplanned and will commence in the next quarter. Munali District Exploration Assay results from geochemical stream sediment sampling completed in previousquarters identified two regional targets approximately 25km south-east of theMunali deposit. Follow up reconnaissance geological mapping was undertaken overthese targets during the previous quarter. At the Chikani West prospect, 25kmsouth-east of the Munali deposit, fragments of gossan containing secondarycopper minerals were identified during the reconnaissance mapping. The fragmentsare of float samples and contain up to 26% Cu. The significance of these gossanous fragments will be evaluated with moredetailed geological mapping, geochemical soil sampling and a program ofground-based geophysical surveying, which will commence in the next quarter. Extended seasonal rains in the Munali district prevented the recommencement ofthe major geochemical stream sediment sampling programme in the Munali region,and the geochemical soil sampling and ground geophysical programs at ChikaniSouth. These will now commence in the next quarter. 2. Uranium Exploration Agreement, Zambia Albidon Limited 100%, funded and operated by African Energy Resources under anExploration Agreement Albidon's joint venture partner African Energy Resources completed an airborneradiometric survey over uranium targets in the Chirundu JV project, KaribaValley JV project and Luano Valley in southern Zambia during the last quarter of2006. Results from this survey were assessed during the first quarter of 2007, withseveral zones of uranium anomalism identified in each project area. The airborneradiometric survey at the Chirundu JV Project covered an area of approximately540 sq km's, initially flown at 500m line-spacing. Infill surveying wascompleted over the Njame Prospect for orientation purposes, and first passuranium anomalies were also infilled for higher resolution delineation. Twomajor clusters of uranium anomalism were identified in addition to that atNjame, both occurring in areas not known to have undergone prior exploration foruranium. The Gwabe uranium anomaly is almost 6km long and contains a number of prominentpeaks, the largest of which is over 2,500m long and over 500m wide. The ChirunduNorth cluster of anomalies occurs over an area of 7km by 5km and contains anumber of anomalies that are over 1,000m long. Both clusters of anomalies are interpreted to occur over Karoo-aged sedimentsand may be analogous to the Njame prospect. Confirmation of the geologicalsetting was established by African Energy in February 2007, and a major programof reconnaissance aircore drill testing is planned for commencement in the nextquarter. Three new areas of uranium anomalism were also identified on the Sinazongwetenement blocks within the Kariba Valley JV Project. These, along with a numberof previously identified uranium anomalies from historical ground radiometricsurveys will be field checked in the next quarter and prioritised forreconnaissance aircore drill testing. Two new uranium anomalies were also identified at the Myvuwe River prospect inthe Luano Valley from the airborne radiometric survey completed in late 2006.These will be evaluated through geological mapping later in 2007 to determine ifdrilling is warranted. African Energy can earn a 30% interest in the Chirundu JV Project and the KaribaValley JV project by expending A$1 million on each area, and can increase thisto 70% through the completion of a pre-feasibility study on a JORC indicatedresource. The remainder of the tenements under the Exploration Agreement willundergo additional exploration prior to a decision on whether to nominatefurther project areas. African Energy Resources completed a A$5 million IPO and listing on theAustralian Stock Exchange on 18 April 2007 and this will result in anacceleration of the uranium exploration programs on Albidon's licences insouthern 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 explorationactivities on the Luwumbu Joint Venture for the Operating Year commencing 1April 2007. A budget of US$4.2 million has been approved for 2007-2008 by theLuwumbu Joint Venture Committee, with Lonmin to be the operators of the JV from1 April 2007. The Joint Venture has developed plans to conduct up to 15,000m of diamond coredrilling in the upcoming field season. These drilling programmes will evaluatetargets identified by shallow auger drilling completed in late 2006, and furthertest targets that were first drilled last year. Songea Nickel-Platinum Project, Tanzania Albidon Limited 100%, currently funded and operated by BHP Billiton under theExploration Co-operation Agreement Under the Exploration Cooperation Agreement, BHP Billiton has elected to form ajoint venture over five Prospecting Licences in the Songea nickel project insouthwest Tanzania. This decision reflects favourable rock, soil and streamsediment geochemical results, in addition to a geological interpretation by theCompany's geologist's that the Songea area has geological similarities to thesetting 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 thethree main nickel-copper targets. This programme is expected to commence in thesecond quarter of 2007 once the seasonal rains have abated. Logistical planningand 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 BHPBilliton through 2005 and 2006 at Selebi-Phikwe and conducted an assessment ofthe extensive tenement areas south of Selebi-Phikwe that have not yet receivedany exploration coverage under the Cooperation Agreement, including the LipadiHill and Sunnyside Ni-Cu prospect areas. The review also included an evaluationof all Open File data relevant to base metal exploration completed in the 1970'sthrough to the 1990's. The Lipadi Hill prospect in the eastern part of the tenement package was lastexplored in the 1970's and yielded significant nickel intercepts in drilling andtrenching. 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 >250mlength and >3m width exceeding 0.27% Ni and 0.13% Cu in a trench at the DG-21prospect. The Lipadi Hill area represents a high priority target for follow-upevaluation, 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 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. Evaluation of historical exploration reports indicatesthat extensive lengths of the Sunnyside Shear Zone have not been previouslyexplored with techniques likely to have identified nickel sulphide occurrences. At Sunnyside, a 1700m x 200m gabbro complex was identified through airborneelectromagnetic surveying and follow-up geochemical soil sampling undertaken inthe 1970's. Limited follow-up drilling intersected massive to disseminatednickel 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, thedrilling was limited and has not adequately tested the depth and strikecontinuity of the mineralisation. At Kgwedi, limited drilling undertaken in the 1970's intersected disseminatedand stringer sulphides in an ultramafic body associated with weak soilgeochemical anomalies and ground geophysical anomalism. Three diamond drillholes were completed by BCL, with the best result being 1m @ 0.8% Ni. Albidon intends to further evaluate the extensive Sunnyside Shear Zone prospectsin 2007 with a combination of airborne electromagnetic surveying, soil samplingand ground geophysical surveying aimed at identifying drill targets. Theseprogrammes 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 sixTati Projects and determined that results to date on all prospects within theTati project do not warrant any further work on these projects. Albidon hastherefore 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 covergeological units which are believed to represent the basal intrusive componentsof the Bushveld Intrusion, and which may be analogous to the rocks which hostthe Nkomati nickel deposit in South Africa. A review of all previous explorationundertaken on this area has been completed, and several areas for preliminaryfield evaluation have been identified. This work will commence in the nextquarter. 6. Malawi Nickel-Platinum Projects Mpemba Project Albidon Limited 100% The Mpemba Project is located in southern Malawi near the major city ofBlantyre. During the quarter the Company assessed the final data from an inducedpolarisation geophysical survey conducted over the main nickel sulphide targetat Mpemba Hill. Interpretation of the geophysical data has identified targetsbroadly coincident with Ni and Cu soil geochemical anomalies associated with theoutcropping disseminated sulphide mineralisation at Mpemba. The Company is currently evaluating the strategic fit of this project within itsportfolio 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-inagreement with Zinifex which was signed in the last quarter of 2006. Work wasfocused 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 andearn-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, and none of themineralised trends have previously been subjected to modern explorationtechniques. During the quarter, soil geochemical data from 2006 surveys over majorstructures have been assessed, leading to the definition of significant zinc andlead anomalies extending away from known mineralisation in the four sampledareas. 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 kmnortheast of the Bou Aouane mine. Follow up sampling using a hand-held Niton XRF instrument has commenced in themost anomalous areas. After initial assessment of the effectiveness of theNiton compared to conventional analysis, surveying will be extended to infillall reconnaissance anomalies and to cover areas of regional stream-sedimentanomalies that have not yet been followed up. During the quarter, geophysical surveying that commenced in the last quarter of2006 was ongoing. Detailed gravity surveying was completed at the El Haouariaand Bou Aouane prospects in January - February. Data was merged with theregional Tunisian gravity dataset and provided improved resolution of thestructural trends that are interpreted to control mineralisation. Gravitysurveying will recommence early in the second quarter. IP geophysical surveying recommenced in March at the Bou Aouane prospect withthe aim of directly detecting zinc-lead mineralisation. Known in situmineralisation at Bou Aouane was successfully detected in an orientation surveysuing this technique, and new anomalies have been detected along strike and onmajor structures to the north and south. IP surveying is continuing and will becompleted at Bou Aouane and El Garia prior to moving to the other high prioritytarget zones. Integrated evaluation of data including geology, geophysics, geochemistry, andprevious drilling and mine development will be used to define and prioritisedrill targets in the next quarter. Drilling is planned to commence in the thirdquarter. Haffouz Zinc Project Albidon Limited 100%, subject to a royalty (funded and operated by Zinifex underan option and earn-in agreement) Following discussions with the Tunisian mines department (Direction General desMines), BHP Billiton elected to relinquish the Trozza Permit. This process wascompleted during the quarter. On completion of relinquishment, Zinifex Ltdlodged an application for the Haffouz Permit on behalf of the joint venture withAlbidon, covering an area of 428 sq km's including the Jebel Trozza and JebelTouila zinc prospects. No work has been completed on the project in the first quarter. Geophysical IPsurveys are planned to commence at Jebel Touila and Jebel Trozza in the secondquarter. Dale Rogers Managing Director 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, NicholasDay or Managing Director, Dale Rogers on +61 8 9211 4600 or [email protected]. Additional information may also be viewed on Albidon's website atwww.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 relatedentities 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 quarterthe consolidated statement of cash flows) to the related itemsin 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 rightstogether 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 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: 30/04/2007 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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