Full year Results

Immediate Release

01 October 2010

Revenue

Other revenue

51,297

106,667

47,469

106,667

Profit on disposal of shares

362

-

362

-

Gain on consolidation of subsidiary

600,062

-

-

-

Fair value loss on convertible notes

(2,185,129)

-

(2,185,129)

-

Impairment of receivables

(96,625)

-

(96,625)

-

Finance costs

(360,810)

-

(360,810)

-

Foreign exchange gain/(loss)

170,942

-

(13,436)

-

Administration expenses

(139,043)

(55,137)

(66,804)

(55,137)

Corporate expenses

(2,104,058)

(549,796)

(1,868,536)

(549,796)

Occupancy expense

(85,067)

-

(52,403)

-

Employee and directors' benefits expense

(1,180,443)

(193,906)

(902,910)

(193,906)

Depreciation and amortisation expense

(5,221)

(7,074)

(4,112)

(7,074)

Exploration expenditure impaired

(1,588,013)

(545,888)

(1,144,664)

(545,888)

Share of net loss of associates and joint ventures

(793,156)

-

-

-

Other expenses

(61,690)

-

(50,250)

-

Loss before income tax

(7,776,592)

(1,245,134)

(6,697,848)

(1,245,134)

Income tax expense

-

-

-

-

Loss for the year

(7,776,592)

(1,245,134)

(6,697,848)

(1,245,134)

Other comprehensive income

Exchange differences on translating foreign controlled entities

1,599,074

-

-

-

Total Comprehensive Loss for the year

(6,177,518)

(1,245,134)

(6,697,848)

(1,245,134)

Loss attributable to:

Members of the parent entity

(7,508,615)

(1,245,134)

(6,697,848)

(1,245,134)

Non controlling interests

(267,977)

-

-

-

(7,776,592)

(1,245,134)

(6,697,848)

(1,245,134)

Total comprehensive loss attributable to:

Members of the parent entity

(6,398,667)

(1,245,134)

(6,697,848)

(1,245,134)

Non controlling interests

221,149

-

-

-

(6,177,518)

(1,245,134)

(6,697,848)

(1,245,134)

Loss per share:

From continuing operations:

Basic loss per share (cents)

(1.70)

(2.35)

Diluted loss per share

(1.70)

(2.35)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

2,159,428

991,713

1,189,206

991,713

Trade and other receivables

2,317,751

-

1,999,915

-

Other assets

215,694

21,280

158,537

21,280

TOTAL CURRENT ASSETS

4,692,873

1,012,993

3,347,658

1,012,993

NON-CURRENT ASSETS

Trade and other receivables

4,036,253

-

1,767,453

-

Financial assets

-

-

100,561,933

-

Investments accounted for using equity method

5,053,371

-

-

-

Property, plant and equipment

820,461

19,333

2,883

19,333

Exploration and evaluation expenditure

101,608,247

1,035,963

-

1,035,963

TOTAL NON-CURRENT ASSETS

111,518,332

1,055,296

102,332,269

1,055,296

TOTAL ASSETS

116,211,205

2,068,289

105,679,927

2,068,289

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

3,350,183

107,827

2,756,220

107,827

Short term provisions

68,519

4,024

23,036

4,024

TOTAL CURRENT LIABILITIES

3,418,702

111,851

2,779,256

111,851

NON-CURRENT LIABILITIES

Borrowings

6,854,208

-

6,854,208

-

TOTAL NON-CURRENT LIABILITIES

6,854,208

-

6,854,208

-

TOTAL LIABILITIES

10,272,910

111,851

9,633,464

111,851

NET ASSETS

105,938,295

1,956,438

96,046,463

1,956,438

EQUITY

Issued capital

106,133,934

5,399,061

106,133,934

5,399,061

Reserves

1,412,576

249,628

302,628

249,628

Accumulated losses

(11,200,866)

(3,692,251)

(10,390,099)

(3,692,251)

Parent interest

96,345,644

1,956,438

96,046,463

1,956,438

Non-controlling interest

9,592,651

-

-

-

TOTAL EQUITY

105,938,295

1,956,438

96,046,463

1,956,438

statement of CHANGES IN EQUITY FOR THE YEAR ENDED 30 june 2010

Issued Capital

Accumulated

Losses

Option

Reserve

Foreign Currency Translation Reserve

Non-controlling Interests

Total

CONSOLIDATED GROUP

$

$

$

$

$

$

Total equity as at 1 July 2008

5,349,061

(2,447,117)

249,628

-

-

3,151,572

Loss attributable to members of the parent entity

-

(1,245,134)

-

-

-

(1,245,134)

Total comprehensive loss

-

(1,245,134)

-

-

-

(1,245,134)

Shares issued during the period

50,000

-

-

-

-

50,000

Transaction costs

-

-

-

-

-

-

Balance as at 30 June 2009

5,399,061

(3,692,251)

249,628

-

-

1,956,438

Total equity as at 1 July 2009

5,399,061

(3,692,251)

249,628

-

-

1,956,438

Loss attributable to members of the parent entity

-

(7,508,615)

-

-

-

(7,508,615)

Loss attributable to non-controlling interests

-

-

-

-

(267,977)

(267,977)

Options issued to director

-

-

53,000

-

-

53,000

Other comprehensive income

-

-

-

1,109,948

489,126

1,599,074

Total comprehensive loss

-

(7,508,615)

53,000

1,109,948

221,149

(6,125,518)

Recognition of non-controlling interest of Hampton

-

-

-

-

9,371,502

9,371,502

Shares issued during the period

101,901,908

-

-

-

-

101,901,908

Transaction costs

(1,167,035)

-

-

-

-

(1,167,035)

Balance as at 30 June 2010

106,133,934

(11,200,866)

302,628

1,109,948

9,592,651

105,938,295

COMPANY

Total equity as at 1 July 2008

5,349,061

(2,447,117)

249,628

-

-

3,151,572

Loss attributable to members of the parent entity

-

(1,245,134)

-

-

-

(1,245,134)

Total comprehensive loss

-

(1,245,134)

-

-

-

(1,245,134)

Shares issued during the period

50,000

-

-

-

-

50,000

Transaction costs

-

-

-

-

-

-

Balance as at 30 June 2009

5,399,061

(3,692,251)

249,628

-

-

1,956,438

Total equity as at 1 July 2009

5,399,061

(3,692,251)

249,628

-

-

1,956,438

Loss attributable to members of the parent entity

-

(6,697,848)

-

-

-

(6,697,848)

Options issued to director

-

-

53,000

-

-

53,000

Total comprehensive loss

-

(6,697,848)

53,000

-

-

(6,644,848)

Shares issued during the period

101,901,908

-

-

-

-

101,901,908

Transaction costs

(1,167,035)

-

-

-

-

(1,167,035)

Balance as at 30 June 2010

106,133,934

(10,390,099)

302,628

-

-

96,046,463

CASH FLOWS FROM OPERATING ACTIVITIES

Payments to suppliers and employees

(3,146,544)

(1,222,566)

(2,180,445)

(1,222,566)

Interest received

50,554

106,667

46,727

106,667

Finance costs paid

(173,304)

-

(173,304)

-

Net cash used in operating activities

(3,269,294)

(1,115,899)

(2,307,022)

(1,115,899)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

(1,298)

(1,782)

(1,298)

(1,782)

Payments for exploration expenditure

(1,450,772)

(407,383)

(108,701)

(407,383)

Proceeds from sale of assets

13,998

-

13,998

-

Payment for subsidiary net of cash acquired

(13,945,118)

-

(17,003,250)

-

Net cash used in investing activities

(15,383,190)

(409,165)

(17,099,251)

(409,165)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of shares

16,067,225

-

16,067,225

-

Proceeds from borrowing

4,407,334

-

4,407,334

-

Payments in respect to capital raisings

(1,167,035)

-

(1,167,035)

-

Proceeds from equity swap

156,251

156,251

Proceeds from issue of shares to non-controlling interest by subsidiary

31,584

-

-

-

Net cash provided by financing activities

19,495,359

-

19,463,775

-

Net increase / (decrease) in cash and cash equivalents held

842,875

(1,525,064)

57,502

(1,525,064)

Cash and cash equivalents at 1 July 2009

991,713

2,516,777

991,713

2,516,777

Effect of exchange rates on cash holdings in foreign currencies

324,840

-

139,991

-

Cash and cash equivalents

at 30 June 2010

2,159,428

991,713

1,189,206

991,713