TIDMGGG
31 January 2012
GGG Resources plc
(the "Company" or "GGG")
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2011
HIGHLIGHTS
Corporate
The merger with Auzex Resources Limited is progressing according to plan, with
Auzex now awaiting approval for the merger from its shareholders and the Court.
In October 2011, Auzex completed a capital raising and entitlements issue, with
GGG taking up its full entitlement.
On December 16 2011 the Scheme Document for the acquisition of GGG's entire
share capital by Bullabulling Gold Limited was posted to GGG shareholders. The
General Meeting of shareholders and Court Meeting were held on 9 January 2012,
with approval for the merger from both meetings. On the same day, Auzex's
shareholders approved the demerger of Auzex Exploration Limited (acquiring all
the non Bullabulling gold assets of Auzex) from Auzex Resources.
On 30 November 2011, the Directors of GGG exercised their warrants in GGG at an
exercise price of 12.6p per share. The total number of Ordinary Shares on issue
in GGG following this exercise is 166,280,298.
Exploration
Phase II infill drilling was completed during the quarter. A total of 425 holes
were drilled for 74,452 metres. Upon receipt of all the results an updated
resource estimate will be calculated and this will be used for the purposes of
the pre-feasibility study.
During the quarter the following drilling results were announced:
1m @ 48.80 g/t Au from 182m and
16m @ 1.75 g/t Au from 63m in hole BJ1297,
9m @ 13.32 g/t Au from 195m and
15m @ 1.39 g/t Au from 161m in hole BJ0371,
1m @ 12.50 g/t Au from 61m in hole BJ2012,
2m @ 5.01 g/t Au from 55m in hole BJ2085,
2m @ 3.99 g/t Au from 76m in hole BJ2338,
9m @ 3.52 g/t Au from 113m in hole BJ1945,
2m @ 3.48 g/t Au from 82m in hole BJ2160,
13m @ 3.45 g/t Au from 92m in hole BJ1257,
20m @ 3.45 g/t Au from 21m with
12m @ 1.97 g/t Au from 58m and
12m @ 1.77 g/t Au from 133m in hole BJ0405,
10m @ 2.61 g/t Au from 125mand
14m @ 1.94 g/t Au from 44m in hole BJ0261,
14m @ 2.51 g/t Au from 130m in hole BJ2083,
10m @ 2.48 g/t Au from 45m in hole BJ0466,
19m @ 2.48 g/t Au from 19m in hole BJM024,
14m @ 2.41 g/t Au from 21m and
26m @ 0.83 g/t Au from 62m in hole BJ0381,
14m @ 2.40 g/t Au from 65m in hole BJ2066.
Approximately 99% of drill holes have so far intersected mineralisation.
During the quarter 2D seismic and aeromagnetic data acquisition were completed
and the data are now processed. This, together gravity data, which will be
acquired in January, will help target deeper, possibly higher grade
mineralisation.
A new exploration programme has been planned to test regional structures and
anomalies identified by recent regolith mapping.
In November the Joint Venture announced the results of initial metallurgical
study of the primary mineralisation, from samples taken between Bacchus and
Phoenix pits. The results show 92.5% recovery over 24 hours for the master
composite sample grading 0.96 g/t Au. The samples have soft to medium hardness
and moderate abrasiveness. The results indicate that the project is amenable to
SAG milling and possibly high pressure grinding rolls.
Following the metallurgical results, in December the Joint Venture announced
the initial scoping study results. Highlights of the results are:
- 230,000 ounces of annual recovered gold production targeted
- 7.5 million tonnes per annum base case plant size
- Capital costs of A$366 million
- Significant OPEX cost reduction potential
- IRR of 29% at A$1,500/oz (IRR of 42% at A$1,700/oz)
- Reduced CAPEX costs being studied with external consultants
- Ten year plus mine life targeted
- Full pre-feasibility study underway, reporting in Q3 2012
Maps and graphics ("Figures") referred to in the scoping study announcement are
available on the version of the release available on the Company's website
www.gggresources.com.
EXPLORATION
The Company has a 50% interest in the Bullabulling gold project located 65
kilometres south-west of Kalgoorlie in Western Australia. The remaining 50%
interest is held by Auzex Resources Ltd. The Company is in the process of
merging with Auzex Resources Ltd.
Bullabulling is a large tonnage, low-grade deposit associated with the regional
Bullabulling shear zone, which extends over tens of kilometres. The
mineralised structure is up to 800m wide, consisting of multiple west dipping,
low-grade stacked zones with narrow high grade mineralisation.
PHASE TWO DRILLING PROGRAMME
During the December quarter Phase Two drilling to define the resources within
the Bullabulling Trend was completed. Better intersections from the Phase Two
drilling results received during the reporting period include:
16m @ 1.75 g/t Au from 63m and1m @ 48.80 g/t Au from 182m in hole BJ1297,
15m @ 1.39 g/t Au from 161m and9m @ 13.32 g/t Au from 195m in hole BJ0371,
1m @ 12.50 g/t Au from 61m in hole BJ2012,
2m @ 5.01 g/t Au from 55m in hole BJ2085,
2m @ 3.99 g/t Au from 76m in hole BJ2338,
9m @ 3.52 g/t Au from 113m in hole BJ1945,
2m @ 3.48 g/t Au from 82m in hole BJ2160,
13m @ 3.45 g/t Au from 92m in hole BJ1257,
20m @ 3.45 g/t Au from 21m, 12m @ 1.97 g/t Au from 58mand 12m @ 1.77 g/t Au
from 133m in hole BJ0405,
10m @ 2.61 g/t Au from 125m and 14m @ 1.94 g/t Au from 44m in hole BJ0261,
14m @ 2.51 g/t Au from 130m in hole BJ2083,
10m @ 2.48 g/t Au from 45m in hole BJ0466,
19m @ 2.48 g/t Au from 19m in hole BJM024,
14m @ 2.41 g/t Au from 21m and 26m @ 0.83 g/t Au from 62m in hole BJ0381,
14m @ 2.40 g/t Au from 65m in hole BJ2066,
18m @ 1.60 g/t Au from 146m and 11m @ 1.19 g/t Au from 237m in hole BJ2070,
12m @ 1.55 g/t Au from 94m in hole BJ1921,
14m @ 1.45 g/t Au from 35m and 12m @ 1.17 g/t Au from 126m in hole BJ1996,
19m @ 1.31 g/t Au from 123m in hole BJ0384,
12m @ 1.30 g/t Au from 90m in hole BJ0370,
17m @ 1.15 g/t Au from 42m in hole BJ2106 and
25m @ 0.98 g/t Au from 28m in hole BJ0718.
So far only seven drill holes that have not intersected mineralisation out of
the 565 holes drilled since the programme started (approximately 99% of the
holes are hitting mineralisation).
As in the previously announced holes, there are generally at least 4
intersections per drill hole relating to the multiple stacked lodes defined by
the structural mapping. Approximately 60% of the intersections to date are
better than estimated by the model, 34% are similar to the model and 6% are
worse or missing as predicted by the new model developed by Snowden. High grade
mineralisation continues to be intersected within the broad low grade halo with
intersections such as 9m @ 13.32 g/t Au from 195m in hole BJ03711, 9m @ 3.52 g/
t Au from 113m in hole BJ1945, 13m @ 3.45 g/t Au from 92m in hole BJ1257, 20m @
3.45 g/t Au from 21m in hole BJ0405 and10m @ 2.61 g/t Au from 125m in hole
BJ0261 providing encouragement for targeting high grade ore shoots within the
Bullabulling Trend beneath the currently mineralised stratigraphy.
Near Surface Exploration Follow up Drill Planning
The review of the soil geochemistry database completed using historical soil
data in combination with photo-mapping of regolith identified six regional
scale targets that require follow up exploration drilling. Drill planning for
this work has been completed. The exploration drilling will follow on from the
current Phase Two infill drilling programme and exploration along the Gibraltar
Trend and to the south of the Bullabulling Trend have been incorporated into
the exploration work plan. The aim of the exploration drilling is to test for
regional extensions to known mineralisation and to better define the geology,
especially in the south. The programme will consist of 340m at Kraken, 1,520m
at Gryphon, 700m at Edwards, 2,500m on the southern Exploration Licence (Rhea)
and 2,000m along strike from Gibraltar. Two separate "Programme of Works" have
been lodged with the Department of Mines covering these prospects and these are
anticipated to be approved early in the New Year, with drilling expected to
take between 46 and 60 days, extending into late February.
Deeps Exploration Programme
Planning the Deeps exploration programme continued with aeromagnetic and
radiometric data acquisition completed over the Bullabulling shear zone (Figure
2). The survey was flown along 50m spaced East-West lines with a nominal flying
height of 30m. Final data are provided as 10m cell size grids for TMI
magnetics, a DTM and K, U, Th and Total Count radiometric channels. The TMI
magnetic data were reduced to the pole and a suite of enhancement filters
applied. These images will be used to develop a 2D geological and structural
interpretation of the area covered by the magnetic survey. The new data are
significantly more detailed than previously available and will lead to a better
understanding of the geology and structure of the Bullabulling region. The data
will now be analysed to produce a number of filtered geophysical images,
unconstrained inversions over the Bullabulling Trend and a geological and
structural interpretive map of the study area.
Acquisition of high resolution 2D seismic data to map the geology of
Bullabulling at depth has been completed and the data has been processed. The
objective of high resolution 2D seismic data acquisition over the Bullabulling
Trend is to investigate the application of seismic imaging to delineate complex
geological structure at depth and improve the effectiveness of targeting and
interpreting future drilling and exploration. The lines have been planned
perpendicular to major geological structures and strike of the stratigraphy to
maximise the resolution of the data collected (Figure 3). Data collection
covered both the hanging and footwalls of the main stratigraphic units that
host gold mineralisation along the Bullabulling Trend. The data acquisition
program was completed in the quarter and the seismic data processing was also
completed and images received for the three lines of data collected (Figure 4).
The line data images now require interpretation using the magnetic data and
known geological information from drilling to develop geological cross sections
that will be used to constrain a 3D geological model of the Bullabulling Trend,
which will also use the yet to be acquired gravity data.
A final plan and proposal for gravity data acquisition has been completed and
approved. The program will cover the Bullabulling area and is planned to start
in late January. There are 4543 stations in total, which will take 10-15 days
to collect the data.
A combination of the detailed magnetic data will be used in combination with 2D
seismic and gravity to develop a detailed 3D model of the structure and geology
of the Bullabulling Trend. This model will then be used to target
mineralisation at depth.
Tenement Acquisition
A new exploration licence covering 40km2 was acquired to extend the tenement
coverage to the south along strike from the Bullabulling sequence and along a
known water bearing palaeochannel for water exploration. The Joint Venture now
has a total of 176km2 in tenements held in various Mining Permits,
Miscellaneous Licences, Prospecting Licences and applications. The Joint
Venture also holds the underlying Pastoral Lease.
Metallurgy
During the quarter the Bullabulling Joint Venture announced the results of the
first stage comprehensive metallurgical test work on fresh mineralisation at
the Bullabulling Gold Project. The test work was based on five samples from PQ
size diamond core holes, which were composited to a master composite sample and
the remaining samples were the subject of variability test work. The samples
were selected from fresh (primary) mineralisation taken at intervals along the
Bullabulling Trend between Bacchus pit in the south and Phoenix pit in the
north.
The results from both the test work on the composite sample and the variability
test work are highly encouraging with the results confirming that the
Bullabulling gold deposit has excellent recoveries at head grades of less than
1.0 g/t Au, with approximately 40% of the contained gold recoverable by
gravity. The gold recoveries are sensitive to grind size and additional test
work is planned to optimise the required grind.
Process water, obtained from the existing borefield at Bullabulling, was used
for all parts of the test programme where wet grinding and slurry preparation
were required.
Sample Au g/t Gravity % % Au Extraction (Hours ) Consumption (kg/t)
2 8 24 48 Lime NaCN
Master 0.96 45.00 87.01 91.15 92.51 93.17 6.89 0.39
HS25168 0.56 27.59 86.51 86.51 87.76 88.97 4.72 0.82
HS25169 5.44 47.73 93.86 94.42 96.93 97.61 4.92 0.89
HS25170 2.18 42.79 91.29 94.26 95.40 97.05 5.49 0.88
HS25171 1.60 52.50 90.33 92.57 94.00 94.70 5.33 0.78
HS25172 1.53 47.53 92.10 93.49 93.49 93.49 5.23 0.88
Table 1: Variability recovery test work results from individual samples
The composite sample was also tested at four different grind sizes and the
results suggest that the ore from Bullabulling is sensitive to grind size with
the 75 micron sample giving the best recovery of 94.8%, with recoveries
reducing to 88.58% at a 150 micron grind (Table 2).
Sample Grind Gravity % Au Extraction Consumption
(microns) (Hours) (kg/t)
2 8 24 48
HS24786 150 33.97 77.62 85.72 87.65 88.58 6.90 0.68
HS24787 125 34.71 79.30 87.60 89.57 90.52 6.80 0.67
HS24788 106 36.28 80.68 89.33 90.36 90.85 6.87 0.77
HS24789 75 35.22 85.33 91.61 93.11 94.08 6.84 0.97
Table 2: Grind size recovery test results from the composite sample
Initial Cyanide (%) % Au Recovery
(24 hrs)
0.200 94.84
0.100 94.40
0.075 92.08
0.050 91.85
0.025 86.81
Table 3: Summary of Cyanidation Testwork
A comprehensive comminution testwork programme was performed on samples from
the five sample drill holes, with most of the testwork being performed on
composite samples from the mineralised intervals in each drillhole
('comminution composites'). The UCS values ranged from 5.4 to 161.3 MPa with an
average of 101 MPa; the range spans Very Soft to Competent material, and
indicates SAG milling would be an appropriate process option. The Bond Crushing
Work Indices recorded ranged from 4.6 to 18.1 kW/t, averaging 8.8 kW/t. Apart
from the high outlier readings the samples are considered soft to medium with
respect to impact resistance and are generally lower than average for typical
Eastern goldfields type gold deposits. The Bond Rod Mill Work Indices were
consistently higher than the Ball Mill Work Indices averaging 15.7 and 12.5 kWh
/t respectively. The Crushing Work Indices reported were significantly lower
than the Rod and Ball Milling figures, which also supports the inclusion of a
SAG mill in the process flowsheet. The Bond Abrasion Indices varied from 0.14
to 0.27 averaging 0.19 which is moderately abrasive. The Drop Weight and SMC
testing indicate the samples exhibit significant resistance to both impact and
abrasion breakage and indicate High Pressure Grinding Rolls (HPGR's) should be
considered to realise power efficiencies.
Compared to other deposits in the Goldfields, the ore at Bullabulling is
neither hard nor abrasive due to the lack of quartz associated with the gold
mineralisation. This should have a positive impact on operating costs.
Planning and sampling of additional ore from the entire length of the
Bullabulling Trend to increase the number of variability test work samples has
commenced and these data will be used in the next phase of work to more
accurately estimate processing and capital costs and assess recoveries at lower
head grades.
SCOPING STUDY
During the December quarter the Joint Venture issued a Scoping Study results
which assessed the potential economic and technical viability of a large
tonnage - low grade open cut mining operation at Bullabulling. The study is an
initial attempt to estimate the capital and operating costs based on the
current inferred and indicated resources and the estimated costs have an
accuracy of ±30% which will then be further refined in the pre-feasibility
study (PFS) and bankable feasibility study (BFS) The results gave the Joint
Venture the confidence to progress to a PFS and if successful then onto a BFS.
The Scoping Study identified a substantial gold project capable of producing
approximately 230,000 ounces of gold per annum over a 10 year period. The study
also highlighted that there is a significant level of cost improvements that
can be made at both operating and capital cost levels that will enhance the
economics of the project.
The main results from the study are:
Financial Model Summary
Bullabulling Gold Project, November 2011
Gold price A$1500oz
Mining Physicals
Total material movement Mbcm 148.4
Waste tonnes mined Mt 260.1
Ore mined Mt 69.4
Ore grade mined g/t 1.04
Waste: ore strip ratio t:t 3.7
Mine life years 9.2
Maximum marginal ore in stockpile kt 1,750
Waste backfilled to pit void Mlcm 114.91
Processing Physicals
Total CIL ore processed Mt 69.4
Annual process rate Mt 7.5
CIL grade g/t 1.04
CIL Au recovery % 92.5
Total recovered gold koz 2,149
Ave. recovered gold per annum koz 233.6
Operating Costs
Average mining unit cost $/t material 3.41
Average CIL process & admin unit cost $/t ore 13.65
Total operating unit cost $/t ore 29.98
Capital Costs
Preproduction & working capital $M 22.5
Start-up capital $M 366.5
Cash operating cost per ounce produced A$oz 968
NPV (6% discount rate) $M 389
IRR% % 29
MERGER
The merger with Auzex Resources Limited is progressing according to plan and
Auzex is awaiting approval for the merger from its shareholders and the Court.
Bullabulling Gold Limited has been incorporated, and will be the listed vehicle
that merges with Auzex following the successful merger between Bullabulling
Gold and GGG Resources plc. This will result in the consolidation of a 100%
interest in the Bullabulling Project into a single entity.
On 16 December 2011 the Scheme Document for the acquisition of GGG's entire
share capital by Bullabulling Gold Limited was posted to GGG shareholders. The
General Meeting and Court Meeting were held on 9 January 2012, both meetings
approving the acquisition. On the same day, Auzex's shareholders approved the
demerger of Auzex Exploration Limited (acquiring the non Bullbulling gold
assets of Auzex) from Auzex Resources.
Prior to the publication of the Scheme Document, in order to simplify the
capital structure, the Directors of GGG exercised their warrants in GGG at an
exercise price of 12.6p per share. The total number of Ordinary Shares on issue
following this exercise is 166,280,298.
An executive search is underway for a new independent Chairman and Managing
Director for Bullabulling Gold Limited which we hope to update the market on in
due course.
FUTURE WORK PLAN
The following work is expected to be completed in the coming months:
Update resource estimation based on Phase Two infill drilling
Complete Phase Two exploration drilling at Gibraltar and other prospects
Work to reduce estimated capital costs
Work to reduce estimated operating costs
Finalise variability metallurgical testwork
Finalise engineering design.
Finalise mining studies
Develop a life of mine schedule
Optimisation and ore reserve estimation
Completion of Pre-Feasibility Study
Completion of geophysical modelling to target high grade deep exploration
Drilling of potential high grade targets
COMPETENT PERSON STATEMENT
The information in this letter/report that relates to the Exploration results
is based upon information compiled by Dr. Jeffrey Malaihollo who is a full-time
employee of the Company and Fellow of The Australasian Institute of Mining and
Metallurgy and a Fellow of the Geological Society of London. He is qualified as
a Competent Person under the Code for the Reporting Mineral Exploration
Results, Mineral Resources and Mineral Reserves, 2004 ("The Reporting Code")
prepared by the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Jeff Malaihollo consents to the
inclusion in the report of the matters based on his information in the form and
context in which it appears.
Contacts:
David McArthur David Brook
GGG Resources plc (Australia) Professional Public Relations (Australia
Media)
41 Stirling Highway
Nedlands, WA, 6009
Australia
Email: david.brook@ppr.com.au
Tel: +61 8 9423 3200
Tel: +61 8 9388 0944 / +61 433 112 936
Dr. Jeffrey Malaihollo Westhouse Securities Limited
Managing Director, GGG Resources plc (UK Nominated Adviser)
(UK)
Tom Price / Martin Davison
Email:
jeff.malaihollo@gggresources.com Tel: +44 20 7601 6100
Tel: +44 1992 531820
Neil Boom Collins Stewart Europe Limited (Broker)
MD, Gresham PR Ltd (UK media) John Prior / Adam Miller
Tel: +44 7866 805 108 Tel: +44 20 7523 8350
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 01/
06/10, 17/12/10
Name of entity
GGG RESOURCES PLC
ARBN Quarter ended ("current quarter")
143 978 376 31 DECEMBER 2011
Consolidated statement of cash flows
Current Year to
quarter date
Cash flows related to operating activities $A'000 (9
months)
$A'000
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and (2,620) (10,927)
evaluation
(b) development (859) (2,028)
(c) production
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature 326 705
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 (3,153) (12,250)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects
(b)
equity investments
(c)
other fixed assets
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 Other (provide details if material)
Net investing cash flows
1.13 Total operating and investing cash flows
(carried forward) (3,153) (12,250)
1.13 Total operating and investing cash flows
(brought forward) (3,153) (12,250)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. - 8,129
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 - capital raising costs - (715)
Net financing cash flows - 7,414
Net increase (decrease) in cash held (3,153) (4,836)
1.20 Cash at beginning of quarter/year to date 14,724 16,285
1.21 Exchange rate adjustments to item 1.20 (144) (22)
1.22 Cash at end of quarter 11,427 11,427
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 94
item 1.2
1.24 Aggregate amount of loans to the parties included in item Nil
1.10
1.25 Explanation necessary for an understanding of the transactions
All intercompany loans have been eliminated at consolidation for purposes
of this
report
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
None
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 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 3,600
4.2 Development
4.3 Production
4.4 Administration 700
Total 4,300
Reconciliation of cash
Reconciliation of cash at the end of the quarter Current Previous
(as shown in quarter quarter
the consolidated statement of cash flows) to the $A'000 $A'000
related
items in the accounts is as follows.
5.1 Cash on hand and at bank 10,182 15,601
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 10,182 15,601
Changes in interests in mining tenements
Tenement Nature of Interest at Interest at
reference interest beginning end of
(note (2)) of quarter
quarter
6.1 Interests in mining
tenements
relinquished, N/A
reduced or lapsed
6.2 Interests in mining
tenements acquired or N/A
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total Number Issue Amount paid
number quoted price per up per
security security
(see note (see note
3) 3)
(cents) (cents)
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 20,322,500 20,322,500 N/A N/A
securities **
7.4 Changes during
quarter
(a) Increases 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
(description and
conversion factor)
7.8 Issued during
quarter
7.9 Exercised during
quarter
7.10 Expired during
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here: Date:
Director/Company Secretary
Print name:
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 6: Exploration for and
Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report.
5 Accounting Standards ASX will accept, for example, the use of
International Financial Reporting 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.
== == == == ==
END
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