Quarterly Financial Report
October 25 2006 - 3:02AM
UK Regulatory
RNS Number:9862K
Gippsland Limited
25 October 2006
Mining exploration entity quarterly report
Name of entity
________________________________________________________________________________
Gippsland Limited
________________________________________________________________________________
ABN Quarter ended ("current quarter")
_____________________________ _________________________________
31 004 766 376 30 September 2006
_____________________________ _________________________________
Consolidated statement of cash flows
______________________________
Cash flows related to operating activities Current Year to date
quarter (3.months)
$A'000 $A'000
______________________________
1.1 Receipts from product sales and related
debtors
1.2 Payments for (a) exploration and (444) (444)
evaluation
(b) development (36) (36)
(c) production (386) (386)
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar
nature received 53 53
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 (813) (813)
________________________________________________________________________________
Cash flows related to investing
activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c)other fixed assets (34) (34)
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 (34) (34)
______________________________
1.13 Total operating and investing cash flows
(carried forward) (847) (847)
________________________________________________________________________________
1.13 Total operating and investing cash flows
(brought forward) (847) (847)
________________________________________________________________________________
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 (847) (847)
1.20 Cash at beginning of quarter/year to date 3,934 3,934
1.21 Exchange rate adjustments to item 1.20 37 37
______________________________
1.22 Cash at end of quarter 3,124 3,124
________________________________________________________________________________
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
item 1.2 120
______________
1.24 Aggregate amount of loans to the parties included in item
1.10 Nil
________________________________________________________________________________
1.25 Explanation necessary for an understanding of the transactions
________________________________________________________________________
Payments of consulting fees and directors fees to directors and director
related entities
________________________________________________________________________
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 A$510,000
___________________
4.2 Development _
________________________________________________________________________________
Total
________________________________________________________________________________
Reconciliation of cash
______________________________
Reconciliation of cash at the end of the quarter Current Previous
(as shown in the consolidated statement of cash quarter quarter
flows) to the related items in the accounts is as
follows.
$A'000 $A'000
________________________________________________________________________________
5.1 Cash on hand and at bank 3,124 3,934
______________________________
5.2 Deposits at call
______________________________
5.3 Bank overdraft
______________________________
5.4 Other (provide details)
________________________________________________________________________________
Total: cash at end of quarter (item 1.22) 3,124 3,934
________________________________________________________________________________
Changes in interests in mining tenements
__________________________________________________
Tenement Nature of Interest at Interest
reference interest beginning of at end of
(note (2)) quarter quarter
__________________________________________________
6.1 Interests in mining
tenements
relinquished, reduced
or lapsed
__________________________________________________
6.2 Interests in mining
tenements acquired or
increased
__________________________________________________
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per Amount paid
security (see up per
note 3) (cents) security (see
note 3)
(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
securities 232,851,926 232,851,926
_________________________________________________________
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 Exercise price Expiry date
GIPO 43,738,393 43,738,393 9 cents 31/12/07
10,000,000 - 4 UK pence 31/12/07
4,500,000 - 15 cents 31/12/07
25,000,000 - 13.5 cents 26/05/12
_________________________________________________________
7.8 Issued during
quarter 2,250,000 - 15 cents 31/12/07
_________________________________________________________
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 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here:
Date: 2006-10-24
Print name: RJ Telford (Director)
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.
== == == == ==
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