TIDMFND
Quarterly Report for the Period Ended March 31(st) 2010
Highlights
Finders Resources has had an exceptional Quarter with the Wetar Copper Project
benefitting from strong operating results and key environmental approvals. The
planned staged expansion to 23,000 tpa copper cathode is on schedule, with key
equipment from the SX-EW plant at Whim Creek purchased and containerised for
shipping and detailed engineering for the Exanded Demonstration Plant nearing
completion. Discussions are in progress with a range of potential financiers to
secure the necessary funds for development.
Wetar Copper Project
· Strong Operating results
ü Demo plant exceeds nameplate capacity
ü 453t of Grade A cathode, with 361t sold
· Environmental Impact Study (AMDAL) approved
ü Environmental Impact Analysis (ANDAL)
ü Environmental Management Plan (RKL)
ü Environmental Monitoring Plan (RPL)
· Whim Creek SX-EW plant dismantling complete
ü On time and within budget
· Detailed engineering for Stage 1 expansion nearing completion
Ojolali Gold-Silver Project
· Diamond drill testing of Way Neki and Jambi northern extensions complete
ü Sporadic high grades at Way Neki
ü Wide low grade intercepts at Jambi
· RC rig mobilised for Tambang oxide Ag-Au target
Corporate
· The Company changed its financial year-end from 30 June to 31 December to
align the balance dates of companies in the group.
· A$826,000 cash was realised from the sale of the Company's entire share
holding in Geopacific Resources.
Wetar Copper Project
(FND 94% and earning through expenditure)
Background Information on the Wetar Copper Project
The Wetar Copper Project comprises two high grade deposits, Kali Kuning and
Lerokis, which are located within 3km from the coast and suitable for open pit
mining.
Since February 2009 Finders has operated a 5 tonne per day SX-EW demonstration
plant to optimise process design and provide data required for the recently
completed Definitive Feasibility Study (DFS). The test heaps are at heights
similar to commercial operations worldwide and the SX-EW technology being used
is industry standard. SX-EW technology is currently responsible for
approximately 22% of the world's copper production.
The Ore Reserves have been independently assessed by Australian Mine Design &
Development Pty Ltd and are in accordance with the JORC Code (Table 1). The
following statement uses a cut-off of 0.5% copper for two pits at Kali Kuning
and Lerokis with an overall waste to ore ratio of 0.98.
=-----------------------------------------------------------------------------
Table 1: Wetar Ore Reserves
=-----------------------------------------------------------------------------
Category Tonnes (m) Grade % Cu Contained Contained Copper
Copper (kt) Attributable to
Finders (94%) (kt)
Kali Kuning Pit Proved 4.91 2.5 123 116
Probable 0.85 2.2 19 18
Sub-Total 5.76 2.5 142 133
=-----------------------------------------------------------------------------
Lerokis Pit Proved 2.05 2.4 49 46
Probable 0.37 2.3 9 8
Sub-Total 2.42 2.4 58 55
=-----------------------------------------------------------------------------
Combined Proved 6.96 2.5 172 162
Probable 1.22 2.2 28 26
Total 8.18 2.5 205 193
=-----------------------------------------------------------------------------
The tonnes and grades are stated to a number of significant digits reflecting
the confidence of the estimate. Since each number and total is rounded
individually the columns and rows in the above table may not show exact sums or
weighted averages of the reported tonnes and grades.
In addition there is a third deposit, Meron, located 2 km from Kali Kuning.
This prospect has a potential size of 0.5-1.5mt @ 1-3% Cu based on historical
drilling results from the previous gold mining operation. This potential is an
exploration target which is conceptual in nature and may or may not be converted
into a Mineral Resource depending on future exploration and resource modelling
work. Meron is not included in the definitive feasibility study due to its lack
of technical definition, however, engineering plans do recognize the potential
for later additional leach ore from Meron and additional leaching space is
available.
Copper mineral species at Kali Kuning and Lerokis are dominated by chalcocite
and covellite, which are readily amenable to bacterial assisted leaching, and
chalcopyrite which leaches faster at higher temperatures.
The project is at the same location as an old gold mine which operated between
1989-1997 and benefits from having existing infrastructure in place,
particularly a wharf, camp and roads.
Demonstration Plant Update
The demonstration plant had its most successful Quarter with nameplate capacity
exceeded and production of 453 tonnes of copper cathode.
This is a major milestone for the company and is a compliment to the dedication
of the site work force and a reward for the successful optimisation of
operations at site.
As a result of more efficient operations, the most recent copper cathode quality
is now of the highest standard with impurity levels for all elements totalling
about 6 parts per million (ppm) against an LME Grade A copper cathode benchmark
of 65ppm.
=------------------------------------------------------------------------
Table 2: Operating Parameters
=------------------------------------------------------------------------
Leach Performance* Heap 2 Heap 3 Heap 4
Grade (Cu %) 3.6 4.9 5.0
Recovered Copper (total) - Tonnes 453 612 482
Approx. % Copper Recovery to date 55% 65% 29%
Approx. Number of weeks under Irrigation 59 53 34
Electrowinning Q1 Q4 2009
2010
Copper Produced - Tonnes 453 254
Copper Sold - Tonnes 361 240
=----------------------------------------
*As of 17 Apr 2010. All subject to final mass balances and weight
reconciliations
This production result builds on the operational experience gained over the past
year and provides an excellent platform from which to develop the project to
full commercial scale. The Company is advantaged during the demonstration phase
by the ability to test all aspects of the commercial scale operation; including
logistics, health and safety, operations and sales.
A key component is the capability to train employees; Finders has adopted a
preferential policy towards the local villages and currently 65% of our
employees come from Wetar Island.
The skills development of our local crew has been very satisfying particularly
considering that SX-EW technology is new to Indonesia. A number of employees
have gained junior staff and leading hand positions and have gained formal
certification for their new expertise.
Fig 1: SX-EW operator training Fig 2: Surveyor training
Project Development - Expanded Demonstration Plant (EDP)
The first stage of the Wetar Project development involves the brown-field
expansion of the existing demonstration plant. The scope for Stage 1 in the
definitive feasibility study has been revised to now comprise a planned
expansion to 7,000 tpa copper cathode (up from 5,000 tpa).
Development activities have progressed on schedule during this period. Detailed
design for the Stage 1 expansion of the project is planned to be completed in
June 2010. The design managers are Brisbane based groups Electrowin and Neubau
Engineering who have extensive combined experience in the engineering, design
and delivery of copper SX-EW operations.
Fig 3 : SX-EW expansion (Stage 1); new facilities in red
Various tender inquiries are in progress with Indonesian suppliers and
contractors. Finders have appointed Geoff Hiller as Project Manager Wetar and
he will report to Rob Thomson (Executive Director Development). Geoff has a
mining and civil engineering background and for the past 3 months has been
responsible for the successful dismantling of the Whim Creek SX-EW plant in
Western Australia.
The Company has been engaging with potential financiers for the past 6 months
and a considerable number of site visits have been undertaken. From a
shortlisted group, detailed discussions of draft terms sheets are underway with
the intention to achieve project financing in line with expected grant of mining
lease.
Whim Creek SX-EW Plant
Finders' purchase of the Whim Creek plant in December 2009 ensured that the bulk
of equipment required for project expansion is now owned by the Company and a
clear point of differentiation with other junior exploration companies at
similar stages of development. The Whim Creek plant disassembly has been
completed on time and within budget and its components are currently
containerized and ready for transportation to Wetar.
Environmental Permitting & Community
The Company is pleased to report that the Environmental Impact Assessment (known
as AMDAL in Indonesia) relating to the Wetar Copper Project has been approved by
the Governor of Maluku; as recommended by the Regional Environmental Impact
Management Agency (BAPEDALDA).
The AMDAL covers an independent and comprehensive assessment of major and
significant impacts likely to result from the proposed project activity.
The report was written in collaboration between IPB (Institut Pertanian Bogor)
and AECOM (based in Brisbane, Australia) and independently assessed by UNPATI
(Universitas Pattimura, Ambon). Approval has been received for several key
documents which cover the entire mine life of the Wetar Copper Project and
include the:
* Environmental Impact Analysis (ANDAL), containing definition of the
environmental baseline;
* Environmental Management Plan (RKL), together with mine closure objectives;
and
* Environmental Monitoring Plan (RPL).
The AMDAL submission was based on best practice environmental standards along
with extensive consultation with all stakeholder groups and incorporates the
Company's agreements with the local community.
The Company provides assistance to the local community by means of both direct
support and the instigation of a Yayasan (charitable foundation) for each
community. There is a ten year strategy to encourage new activities and new
attitudes in the community.
An important part of the strategy is that the Company works in partnership with
the community and sees its role as a motivator and provider of opportunity.
Fig 4: Immunisation Program Fig 5: Food security: Wetar Island's first rice
paddy
The AMDAL approval is a pre-requisite for documents supporting the mining and
processing licenses for the Stage 1 and 2 project development.
Ojolali Project
Finders Resources Limited 72% with option to increase to 100%
Background Information
The Company believes that the Ojolali project has strong potential to be a
follow-on project for Finders based on the development of the gold resource at
the Jambi Oxide gold deposit (Table 3.)
=-------------------------------------------------------------------------------
Table 3. Jambi Mineral Resource Estimates
=-----+------------------+----------------+-----------------+---------+---------
Cut |Indicated |Inferred |Total |Contained|Attrib.
off | | | | |FND
| | | | |
Au g/t|Mt Au g/t Ag g/t|Mt Au g/t Ag |Mt Au g/t Ag |Au koz |(72%) Au
| | g/t | g/t | |koz
| | | | |
0.5 |2.98 1.1 8.3 |1.1 0.9 5.7 |4.08 1.05 7.6 |138 |99
| | | | |
1 |1.13 1.74 8.5 |0.3 1.6 6.7 |1.43 1.71 8.1 |79 |57
=-----+------------------+----------------+-----------------+---------+---------
Finders has previously announced Inferred Resources at the Tambang Prospect (7.9
Mt @ 167g/t Ag and 0.7 g/t Au at a 1 g/t Au equivalent cut-off using drilling
data from a previous explorer).
Previous regional exploration by Finders, using both soil geochemistry and
ground geophysics has located numerous targets with outstanding potential for
the discovery of additional resources.
Finders' current exploration strategy at Ojolali is to increase the oxide
gold-silver resource base to +300,000 Oz Au eq, to provide the basis for a low
cost 30-50,000 Oz gold equivalent per year open pit mine based on the Jambi and
Tambang oxide deposits, and to use the cash flow from this plant to fund
exploration for additional resources and progressive expansion of the project.
Way Neki Drilling
During the quarter, the 6 diamond drill hole program at Way Neki was completed.
Drill coordinates have been previously reported. All holes intersected gold
mineralization, but intercepts were narrow and generally low grade, with gold
associated with both clay altered structural zones and or quartz calcite
veining.
The host rocks show intense pervasive chlorite carbonate alteration suggesting
that the Way Neki area represents an outer zone of a large zoned alteration
system. High values obtained from trench samples were not reproduced in primay
cores, suggesting strong surficial enrichment of gold in this area.
Final assays have now been received for the scout drill programmed (Table 4),
with a best intercept of 1m @ 8.13 g/t Au at a depth of 60.72m in WNK04.
=-------------------------------------------------------------------------------
Table 4. New and Significant Assay results -Way Neki
=-------------------------------------------------------------------------------
Hole Number From Width Au ppm Ag ppm
WNK04(+) 60.72 0.98 8.13 2.9
WNK04(+) 98.50 0.50 1.84 4.7
WNK05 126.55 0.75 1.50 0.9
WNK06 15.55 1.82 1.23 3.6
=-------------------------------------------------------------------------------
Vein orientations are uncertain; quoted widths are down-hole intercepts which
may exceed true widths ()
(+ )Previously reported
Jambi Extension Diamond Drilling
Five (5) diamond drill holes (total 726m) were completed to test northern and
western extensions to the Jambi resource indicated by trench mapping and
sampling.
----------------------------------------------------------------------
Table 5. Drilling Locations
----------------------------------------------------------------------
Hole ID East (m) North (m) RL (m) Azimuth Dip Depth (m)
BKJ131 446303 9483025 183 120 -50 150.2
BKJ132 446276 9483195 158 90 -50 130.3
BKJ133 446318 9483300 176 90 -50 161.9
BKJ134 446410 9483345 147 120 -50 122.4
BKJ135 446257 9483052 157 120 -50 161.7
=------------------------------------------------------------------------
Fig 6 : Jambi drill hole location and extensions to be tested next Quarter
While grades for this drilling were generally low, with a best intercept of
4.5m at 1.6 g/t Au and 2.9 g/t Ag from 12m in hole BKJ131, all holes intersected
wide zones of low grade primary mineralization, including
· 26.55m at 0.31 g/t Au from 38m in BKJ131,
· 28m at 0.31 g/t Au from 73m in BKJ 132,
· 22.3m at 0.21 g/t Au, 8.9 g/t Ag in BKJ 134, the northernmost hole drilled.
Table 6. Significant Assay results - Jambi North
Hole Number From Width Au ppm Ag ppm
BKJ131 9.20 24.80 0.44 1.0
Including 12.00 4.50 1.60 2.9
38.00 26.55 0.31 3.1
BKJ132 2.00 24.55 0.47 1.0
47.50 1.00 2.44 2.6
73.00 28.00 0.31 2.3
BKJ133 15.30 1.00 0.76 0.5
48.20 0.50 0.56 1.3
BKJ134 0.40 10.00 0.30 4.7
17.40 22.30 0.21 8.9
BKJ135 0.10 2.00 0.92 0.5
12.10 5.00 0.72 0.2
25.50 17.00 0.30 0.8
The thickness of oxide mineralization declines rapidly at lower RLs around Jambi
Hill, but the primary gold mineralization remains open to the north, north east,
south-west and at depth. There is an apparent increase in associated pyrite to
the north, and variations in primary gold-silver ratios indicate that large
scale zoning may occur, which will assist in targetting deeper ore zones.
Tambang Supergene Silver-Gold Target
Previous diamond drilling by Finders at Tambang has targetted primary
mineralization, below the zone of oxidation, and has generally shown very poor
core recoveries within the vein zone, resulting from the highly fractured nature
and very uneven hardness of the rock in the vein zone. Limited drilling in the
near surface zone has shown very promising assays, despite poor core recoveries,
as tabulated below.
=-------------------------------------------------------------------------
Table 7. Significant Assay results
=-------------------------------------------------------------------------
Hole Number From Width Au ppm Ag ppm Au eq* Core recovery
TBG03 31.9 13.5 1.09 319 6.4 68%
Including 31.9 10.1 0.84 425 7.8 44%
75.0 7.8 0.11 51 1.0 77%
RTH02 6.0 8.0 0.42 300 5.4 No data
RTH03 31.0 9.0 0.94 300 6.9 No Data
=-------------------------------------------------------------------------
*Au equivalent is equal to the Au grade plus the Ag grade divided by 60
Fig 7 : Tambang Silver-Gold oxide target
With the target zone ranging from 10m to +25m in width the Tambang vein system
has potential for +300,000t per 100m strike length, to 100m depth, straddling
the zone of potential enrichment and a known strike length of +2km.
A reverse circulation drill rig has been mobilised to test the central 700m of
this zone with close spaced holes, targetting open pittable leachable
silver-gold deposits above the known sulphides.
Corporate
Investments
Finders Resources disposed of its holding (5,900,000 fully paid ordinary shares)
in Geopacific Resources Ltd. (GPR), for a price of 14c per share.
Proceeds of A$826,000 will be used for working capital purposes.
Capital Structure
The capital structure at 31 March 2010 is set out in Table 8.
Table 8. Capital Structure
=-------------------------------------------------------------------------------
Table 8. Capital Structure
Type of Security Number on Issue
=-------------------------------------------------------------------------------
Fully Paid Ordinary Shares
("Shares")
Shares on issue at 31 Dec 193,728,009
2009
=-------------------------------------------------------------------------------
Issued in payment of convertible note 133,669
interest
Shares on Issue at 31 Mar 193,861,678
2010
=-------------------------------------------------------------------------------
Unlisted Options Exercise Price Expiry Date
A$0.6875 June 13, 2010 500,000
A$0.30 April 16, 2012 500,000
A$0.30 April 16, 2014 500,000
A$0.30 May 8, 2014 2,000,000
A$0.37 June 23, 2014 250,000
A$0.37 June 28, 2014 625,000
A$0.37 June 29, 2014 500,000
A$0.37 Aug 29, 2014 250,000
A$0.37 Sep 14, 2014 1,000,000
Unlisted Options on issue 6,125,000
at 31 Mar 2010
=-------------------------------------------------------------------------------
12% Convertible Note Face Value Conversion Maturity Date
Price
US$1,500,000
(A$2,323,972) A$0.36 19 January 2012
=-------------------------------------------------------------------------------
=-------------------------------------------------------------------------------
Table 9. Top 20 Shareholders 14(th) April 2010
=-------------------------------------------------------------------------------
Holding %
1 Acorn Capital Limited 20,354,686 10.5%
2 Straits Mineral Investments Pty Ltd 19,482,039 10.0%
3 Resource Capital Fund IV LP 19,200,872 9.9%
4 Bond Street Custodians Limited <Taurus Res Ltd Partner A/C> 18,181,800 9.4%
5 Lujeta Pty Ltd <The Margaret Account> 15,000,000 7.7%
6 Exsolutions Pty Ltd 7,505,277 3.9%
7 ANZ Nominees Limited <Cash Income A/C> 6,344,189 3.3%
8 Dr Christopher Ben Farmer 5,965,695 3.1%
9 Tennant Metals Pty Limited 5,437,561 2.8%
10 Mr Ian David Neuss 5,035,303 2.6%
11 Mr Stephen de Belle + Ms Jennifer Sheehan <S J 4,570,315 2.4%
Superannuation Fund A/C>
12 Fortis Clearing Nominees P/L <Settlement A/C> 3,372,080 1.7%
13 Merrill Lynch (Australia) Nominees Pty Limited 3,175,842 1.6%
14 Treecity Pty Ltd <Stanley S/F A/C> 2,530,303 1.3%
15 Darley Pty Limited 2,300,000 1.2%
16 National Nominees Limited 2,150,000 1.1%
17 Merrill Lynch (Australia) Nominees Pty Limited <Berndale 1,865,516 1.0%
A/C>
18 Mr David Jeffrey Taylor + Mrs Rosemary Helen Taylor <Taylor 1,859,050 1.0%
S/F A/C>
19 UBS Nominees Pty Ltd 1,828,105 0.9%
20 Mr Michael Stirzaker + Mrs Sally Stirzaker <Stirzaker 1,679,470 0.9%
Family S/F A/C>
147,838,103 76.3%
As at 31 March 2010, Finders had A$5.3 million in cash. The mining exploration
entity quarterly report (Appendix 5B) is appended.
Chris Farmer
Managing Director
Further details for all projects may be found on the Finders website at
www.findersresources.com <http://www.findersresources.com/>
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
<mailto:info@findersresources.com>
Financial PR:
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
FinnCap - Finders' Broker for the AIM market:
Matthew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Finders Resources Ltd through its subsidiary PT Batutua Tembaga Raya and partner
PT Batutua Kharisma Permai are proud sponsors of Sail Banda 2010
http://www.sailbanda.com/
Competent Person Statements
The information in this report that relates to exploration potential, mineral
resource and ore reserve estimation is the responsibility of Dr Russell
Fountain. Dr Fountain is a Director of Finders and a Fellow of the Australian
Institute of Geoscientists. Dr Fountain has sufficient experience that is
relevant to the styles of mineralisation and types of deposits under
consideration and to the activity that he is undertaking to qualify as Competent
Person in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) and as a
Qualified Person as defined in the AIM Rules. He consents to the inclusion in
this report of the matters based on his information in the form and context in
which they appear.
All assaying of drill core samples was undertaken by the ITS laboratory in
Jakarta. ITS is one of the world's largest product and commodity testing,
inspection and certification organizations. The Jakarta laboratory is ISO 17025
accredited and employs a Laboratory Information Management System (LIMS) for
sample tracking, quality control and reporting.
Disclaimer
This announcement may or may not contain certain "forward?looking statements".
All statements, other than statements of historical fact, which address
activities, events or developments that Finders believes, expects or anticipates
will or may occur in the future, are forward?looking statements. Forward?looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "targeting", "expect", and
"intend" and statements that an event or result "may", "will", "can", "should",
"could", or "might" occur or be achieved and other similar expressions. These
forward?looking statements reflect the current internal projections,
expectations or beliefs of Finders based on information currently available to
Finders. Statements in this document that are forward-looking and involve
numerous risks and uncertainties that could cause actual results to differ
materially from expected results are based on the Company's current beliefs and
assumptions regarding a large number of factors affecting its business. Actual
results may differ materially from expected results. There can be no assurance
that (i) the Company has correctly measured or identified all of the factors
affecting its business or the extent of their likely impact, (ii) the publicly
available information with respect to these factors on which the Company's
analysis is based is complete or accurate, (iii) the Company's analysis is
correct or (iv) the Company's strategy, which is based in part on this analysis,
will be successful. Finders expressly disclaims any obligation to update or
revise any such forward?looking statements.
Appendix 5B
Mining exploration entity quarterly report
Name of entity
+---------------------------+
| FINDERS RESOURCES LIMITED |
+---------------------------+
ABN Quarter ended ("current quarter")
+----------------+ +-----------------------------------+
| 82 108 547 413 | | 31 MARCH 2010 |
+----------------+ +-----------------------------------+
Consolidated statement of cash flows
+----------+----------+
| Current | Year to |
Cash flows related to operating activities | quarter | date |
| $A'000 |(3 months)|
| | $A'000 |
+----------+----------+
| | |
| | |
1.1 Receipts from product sales and related debtors | 2,803 | 2,803 |
| | |
Payments for (a) exploration and evaluation | (168) | (168) |
1.2 (b) development | (558) | (558) |
(c) production | (2,508) | (2,508) |
(d) administration | (757) | (757) |
| | |
1.3 Dividends received | | |
| | |
1.4 Interest and other items of a similar nature| 54 | 54 |
received | | |
| | |
1.5 Interest and other costs of finance paid | - | - |
| | |
1.6 Taxes and value added tax refund (paid) | 109 | 109 |
| | |
1.7 Other (provide details if material) | | |
+----------+----------+
Net Operating Cash Flows | (1,025) | (1,025) |
=--------------------------------------------------------+----------+----------+
| | |
Cash flows related to investing activities | | |
| | |
Payment for purchases of: (a) prospects | | |
| | |
1.8 (b) equity investments | (2,127) | (2,127) |
| | |
(c) other fixed assets | | |
| | |
Proceeds from sale of: (a) prospects | | |
| 822 | 822 |
1.9 (b) equity investments | - | - |
| | |
(c) other fixed assets | | |
| | |
1.10 Loans to other entities | | |
| | |
1.11 Loans repaid by other entities | | |
| | |
1.12 Other (provide details if material) | 64 | 64 |
+----------+----------+
Net investing cash flows | (1,241) | (1,241) |
+----------+----------+
1.13 Total operating and investing cash flows (carried | (2,266) | (2,266) |
forward) | | |
=--------------------------------------------------------+----------+----------+
=--------------------------------------------------------------+-------+-------+
1.13 Total operating and investing cash flows (brought |(2,266)|(2,266)|
forward) | | |
=--------------------------------------------------------------+-------+-------+
| | |
| | |
Cash flows related to financing activities | | |
| | |
| | |
1.14 Proceeds from issues of shares, options, 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 Other (provide details if material) | | |
+-------+-------+
Net financing cash flows | - | - |
=--------------------------------------------------------------+-------+-------+
| | |
Net increase (decrease) in cash held |(2,266)|(2,266)|
| | |
| | |
1.20 Cash at beginning of quarter/year to date | 7,605 | 7,605 |
| | |
1.21 Exchange rate adjustments to item 1.20 | 1 | 1 |
+-------+-------+
1.22 Cash at end of quarter | 5,340 | 5,340 |
-----------------------------------------------------------+-------+-------+
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|
| $A'000 |
+---------------+
1.23 Aggregate amount of payments to the parties included in | 256 |
item 1.2 | |
+---------------+
1.24 Aggregate amount of loans to the parties included in item | - |
1.10 | |
=--------------------------------------------------------------+---------------+
1.25 Explanation necessary for an understanding of the transactions
+--------------------------------------------------------------------------+
|Payments for salaries, directors fees and consulting fees. |
| |
+--------------------------------------------------------------------------+
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
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
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
+---------------------------------------------------------------------------+
|NONE |
| |
+---------------------------------------------------------------------------+
Financing facilities available
Add notes as necessary for an understanding of the position.
+----------------+-----------+
|Amount available|Amount used|
| $A'000 | $A'000 |
+----------------+-----------+
| | |
3.1 Convertible note facility (USD 1,500,000)| 2,324 | 2,324 |
+----------------+-----------+
3.2 Credit standby arrangements | NIL | NIL |
=--------------------------------------------+----------------+-----------+
Estimated cash outflows for next quarter
+--------+
| $A'000 |
+--------+
| 400 |
4.1 Exploration and evaluation | |
+--------+
| |
4.2 Development | 700 |
| |
=---------------------------------+--------+
| |
Total | 1,100 |
| |
=---------------------------------+--------+
Reconciliation of cash
+---------------+----------------+
Reconciliation of cash at the end of the|Current quarter|Previous quarter|
quarter (as shown in the consolidated| $A'000 | $A'000 |
statement of cash flows) to the related items| | |
in the accounts is as follows. | | |
=---------------------------------------------+---------------+----------------+
5.1 Cash on hand and at bank | 1,745 | 1,573 |
+---------------+----------------+
5.2 Deposits at call | 3,595 | 6,032 |
+---------------+----------------+
5.3 Bank overdraft | - | - |
+---------------+----------------+
5.4 Other (provide details) | - | - |
=---------------------------------------------+---------------+----------------+
Total: cash at end of quarter (item 1.22) | 5,340 | 7,605 |
=---------------------------------------------+---------------+----------------+
Changes in interests in mining tenements
+------------------------+----------+-----------+----------+
| Tenement reference |Nature of |Interest at| Interest |
| | interest | beginning |at end of |
| |(note (2))|of quarter | quarter |
+------------------------+----------+-----------+----------+
6.1 Interests in | | | | |
mining tenements| | | | |
relinquished, | | | | |
reduced or | N/A | | | |
lapsed | | | | |
| | | | |
| | | | |
+------------------------+----------+-----------+----------+
6.2 Interests in | |These are tenements issued under |
mining tenements|Wetar Copper Project - |Indonesia's new Mining Law and |
acquired or | IUP 543.4 - 190 Tahun |replaced - |
increased |2009 |KP 543 - 08a Tahun 2009 |
|IUP 543.4 - 191 Tahun |KP 543 - 09b Tahun 2009 |
|2009 |KP 545 - 04a Tahun 2009 |
|IUP 543 - 192 Tahun 2009| |
| | |
|Ojolali Gold-Silver | |
|Project - |KP B.187/04-WK/HK/2007 |
| |KP B.189/04-WK/HK/2007 |
|IUP |KP B.113/DPE-WK/HK/2009 |
|B.11.b/DPE-WK/HK/2010 |KP B.113a/DPE-WK/HK/2009 |
| | |
+------------------------+---------------------------------+
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|Number quoted| Issue price | Amount paid |
| | | per security | up per |
| | | (see note 3) | security |
| | | |(see note 3) |
=----------------------+------------+-------------+--------------+-------------+
7.1 Preference | | | | |
+securities | N/A | | | |
(description) | | | | |
+------------+-------------+--------------+-------------+
7.2 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | N/A | | | |
(b) Decreases | | | | |
through returns of | | | | |
capital, buy-backs,| | | | |
redemptions | | | | |
=----------------------+------------+-------------+--------------+-------------+
7.3 +Ordinary |193,861,678 | 193,861,678 | | |
securities | | | | |
+------------+-------------+--------------+-------------+
7.4 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
| | | | |
- Conversion| 133,669 | 133,669 | 38cents | 38cents |
of interest payable| | | | |
under convertible | | | | |
note | NIL | NIL | | |
| | | | |
| | | | |
(b) Decreases | | | | |
through returns of | | | | |
capital, buy-backs | | | | |
=-------------------------------------+---------+---+--------------+-----------+
7.5 +Convertible debt securities |6,455,477|NIL| 36cents | 36cents |
(description) | | | | |
+---------+---+--------------+-----------+
7.6 Changes during quarter | | | | |
(a) Increases through issues | NIL | | | |
(b) Decreases through securities| | | | |
matured, converted | | | | |
=-------------------------------------+---------+---+--------------+-----------+
7.7 Options (description and | | |Exercise price|Expiry date|
conversion factor) | | | | |
| 500,000 |NIL| 68.75cents |13.06.2010 |
| | | | |
| 500,000 |NIL| 30cents |16.04.2012 |
| | | | |
| 500,000 |NIL| 30cents |16.04.2014 |
| | | | |
|2,000,000|NIL| 30cents |08.05.2014 |
| | | | |
| 250,000 |NIL| 37cents |23.06.2014 |
| | | | |
| 625,000 |NIL| 37cents |28.06.2014 |
| | | | |
| 500,000 |NIL| 37cents |29.06.2014 |
| | | | |
| 250,000 |NIL| 37cents |31.08.2014 |
| | | | |
|1,000,000|NIL| 37cents |14.09.2014 |
| | | | |
| | | | |
+---------+---+--------------+-----------+
7.8 Issued during quarter | NIL |NIL| | |
| | | | |
| | | | |
+---------+---+--------------+-----------+
7.9 Exercised during quarter | NIL |NIL| | |
+---------+---+--------------+-----------+
7.10 Expired during quarter | NIL |NIL| | |
=-------------------------------------+---------+---+--------------+-----------+
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 /does not* (delete one) give a true and fair
view of the matters disclosed.
Sign here:
............................................................
Date: . 29 April 2010
(Director)
Print name: ....Christopher Ben Farmer...........................
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.
[HUG#1409877]
Fig 3 : SX-EW expansion (Stage 1); new facilities in red: http://hugin.info/138746/R/1409877/362457.doc
Fig 1: SX-EW operator training: http://hugin.info/138746/R/1409877/362452.doc
Fig 5: Food security - Wetar Island?s first rice paddy: http://hugin.info/138746/R/1409877/362459.doc
Fig 7 : Tambang Silver-Gold oxide target: http://hugin.info/138746/R/1409877/362461.doc
Fig 6 : Jambi drill hole location and extensions to be tested next Quarter: http://hugin.info/138746/R/1409877/362460.doc
Fig 4: Immunisation Program: http://hugin.info/138746/R/1409877/362458.doc
Fig 2: Surveyor training: http://hugin.info/138746/R/1409877/362454.doc
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