TIDMFND
Finders Resources Ltd
Quarterly Report for the Period Ended December 31(st) 2009
Wetar Copper Project
· Definitive Feasibility Study positive.
- Life of mine operating costs estimated to be US$1.00/lb Cu
- Project, as scoped, has a total funding requirement of up to US$118 million.
- NPV(10) US$240 million pre-tax at $6,500/t Cu
· Whim Creek SX-EW Plant purchased
- Dismantling underway.
· Expanded Demonstration Plant project delivery study completed; revised
scope contemplates
- 7,000 tpa cathode capacity (up from 5,000 tpa)
- Utilisation of Whim Creek plant to reduce capital requirements
- Board approval scheduled for next quarter
· Modifications to irrigation and demonstration plant completed.
- Plant running at nameplate capacity by end of period
· Definitive Feasibility Study positive.
Ojolali Gold-Silver Project
· Diamond drill testing of new areas of epithermal gold-silver veining at
Way Neki underway
· Initial results include
- 1 m at 8.13 g/t Au from 60.7m in WNK04
- 6.25m at 1.3 g/t Au and 24 g/t Ag from 14.7m in WNK01
· Detailed remodelling of geological controls for the Jambi oxide gold
deposit complete.
Corporate
· The Company issued 13,421,439 fully paid ordinary shares to a subsidiary of
Straits Resources Limited in consideration for the acquisition of the Whim Creek
SX-EW plant
Photographs A, B & C
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.
During 2009 Finders has constructed and 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 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 1mt @ 2.3% Cu (Non-JORC compliant) based
on historical drilling results from the previous gold mining operation. This
estimate 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 current DFS 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 in the DFS.
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. A two year laboratory
test program indicated copper recoveries of up to 80%.
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
During the period, considerable effort was spent optimising lime and soda ash
dosing levels to assist the reduction of high levels of free acid in the
pregnant leach solution.
High acid levels, together with consumable shortages (as a result of new
procedures for customs clearance of speciality chemicals), led to a significant
period of reduced cathode production during the quarter (60% of design).
However, by the end of the period free acid levels had dropped by 50% and with
the delivery of the speciality chemicals, the plant resumed nameplate
production.
Modifications to the irrigation delivery system (larger pumps and wobblers) were
completed resulting in a doubling of solution on-flow and a pick-up of leach
recovery rates.
=-------------------------------------------------------------------------------
Table 2: Operating Parameters
=-------------------------------------------------------------------------------
Leach Performance* Heap 2 Heap 3 Heap 4
Grade (Cu %) 3.6 4.9 5.0
Recovered Copper (total) - Tonnes 420 565 382
Approx. % Copper Recovery to date 51% 60% 23%
Approx. Number of weeks under Irrigation 47 41 22
Electrowinning (+) Actual Target Variance
Copper Produced - Tonnes 1127 1542 -27%
Copper Shipped - Tonnes 1011 1510 -33%
=-------------------------------------------------------------------------------
*As of 16 Jan 2010. All subject to final mass balances and weight
reconciliations
(+) All figures project to date (31 Dec 2009), based on 5tpd nameplate
capacity
The month of December sees the onset of the wet season at Wetar, with daily
rainfall commonly exceeding 50mm. The heaps have proven very stable during
torrential downpours and very minor ponding has been evident on the heap
surface.
Rainfall has no negative effect on the leaching process but does affect the
water balance. Pond levels are gradually rising and during the quarter an
additional storm water pond was built to provide extra storage capacity for the
wet season.
Figures 1 & 2
Definitive Feasibility Study (DFS)
On November 12(th) 2009, the Company announced positive results of the DFS which
indicate an economically robust project with a mine life of approximately nine
years.
Life of mine operating costs are estimated to be US$1.00/lb Cu and the project
has a total funding requirement of up to US$118 million.
The DFS envisaged three stages of project development, with Stage 1 being the
expansion of the current 1,800 tpa copper cathode demonstration plant to 5,000
tpa, followed by Stage 2, final expansion to 23,000 tpa copper cathode utilizing
the Whim Creek SX-EW plant. Stage 3 is the development of the Lerokis pit and
haulage of Lerokis ore to the Kali Kuning plant to maintain copper cathode
production at 23,000 tpa.
Stage 1 uses expanded heap leach areas all within the footprint of the existing
disturbed area from previous mining at the Kali Kuning deposit. It has the
distinct advantage of making Finders a profitable copper producer at the
earliest opportunity, and of equal importance, it significantly reduces the
construction risk in Stage 2. The timeline for achieving Stage 1 production is
expected to be five months after completion of the permitting process.
Stage 2 comprises expansion to 23,000 tpa copper cathode, comprising on-going
production of 5,000 tpa from the expanded demonstration plant plus an additional
18,000 tpa, utilizing a newly constructed pad area in the adjacent Kali Kuning
valley and the Whim Creek SX-EW plant. Subject to obtaining project finance,
full capacity cathode production is expected to be reached within 12 months of
Stage 1 completion.
Stage 3 development envisages additional ore feed from the Lerokis deposit to
maintain full production levels at the existing plant and is expected to
commence in Year 3 of operations.
Key results from the DFS on a 100% project basis are summarized below Table 3.
=------------------------------------------------------------------------
Table 3: Key Results
=------------------------------------------------------------------------
Ore Tonnes* 8.4 Million tonnes
Strip Ratio 1.0
Life of Mine (LOM) Production 146,000 Tonnes cathode
Mine Life 8.7 Years
Average Grade (LOM) 2.5% Cu
Average Recovery (LOM) 71%
Average operating cost (LOM) US$ 1.00 per lb Cu
Capital - Stage 1 / EDP US$ 12 million
- Stage 2 / incl. Whim Ck US$ 91 million
Working capital US$ 15 million
Pre-tax Payback (Stages 1 & 2) 1.4 years
Pre-tax NPV10 US$ 240 Million(+)
Pre-tax IRR 60%
=------------------------------------------------------------------------
* Includes 0.2Mt of Inferred Resource within the pit shell; (+ )using $6,500/t
cu price
These capital estimates include a total of almost US$40 million in indirect
costs included in vendor and contractor quotations, principally for the
earth-moving component of the initial pre-strip and pad construction and for
EPCM (overall management and delivery) for Stage 2.
Finders' management considers that significant savings to capital estimates are
possible on the basis of its review of the DFS and during the period commenced
optimization studies based on results of the DFS including; targeting a
reduction in the earthworks in the KK Valley associated with the disposal of
waste from mining operations; reduction in EPCM and indirect capital costs
through the use of more Indonesian contractors and improving the cost
effectiveness of integrating the Whim Creek process plant acquisition into the
overall 23,000tpa cathode development plan.
Nine geotechnical drill holes (768m) were completed in the area of the proposed
eastern pit wall at Kali Kuning, the vicinity of the plant site and at Lerokis.
It is expected that additional analysis will enable the volume of waste at Kali
Kuning currently in the DFS to be reduced significantly, resulting in less
earthworks for the planned Heap Leach pad area.
In addition, a new waste dump site was located and this will significantly
reduce the cost of waste material handling.
Whim Creek SX-EW Plant
On 23(rd) December 2009, the Company announced completion of the outright
purchase of the Whim Creek SX-EW plant from a subsidiary of Straits Resources
Limited ("Straits").
The Whim Creek SX-EW plant is capable of producing 18,000 tonnes of copper
cathode per annum and is well suited to Finders' needs at the Wetar Copper
Project. It represents a major advance towards development of the full scale
project, by providing certainty of both supply and timing for key components for
the development, as well as significant cost savings compared to the purchase of
new equipment.
The Whim Creek plant is currently located in Western Australia. Finders has
already commenced dismantling work and preparations for transportation to Wetar.
Finders have assumed the Statutory Managers role at Whim Creek under the WA
Mines regulations. Twelve contractors are currently working on a 7 day per week
basis with Karridale Construction Pty Ltd appointed to manage the process.
Figures 3 & 4
Project Development - Expanded Demonstration Plant (EDP)
The first stage of the Wetar Project development involves the brown-field
expansion of the existing demonstration plant. During the quarter, the Company
has detailed a project execution plan which outlines the strategy for the
development of the EDP Project.
The DFS scope has been succeeded by a planned expansion to 7,000 tpa copper
cathode (up from 5,000 tpa). It is expected that a formal proposal for the newly
increased Stage 1 capacity will be lodged for Board approval in the next
quarter.
The objective of the plan is to minimise the engineering required, use as much
existing Whim Creek equipment as possible, maximise the use of local resources
without risking the quality of work and minimise the construction period. The
modular nature of an EW cell house is ideal for this approach. Basically it is
planned to remove four bays from the Whim Creek EW Facility and integrate this
with the existing demonstration plant. There are also sufficient cathodes and
anodes in good working order at Whim Creek to equip the EDP. A second SX train
would be built in Indonesia using similar design principals as the Demonstration
Plant and additional power generating capacity also locally sourced. The scope
of work for the EDP includes the following:
§ Expansion of the demonstration heap leach pad and construction of the Gold
Pit leach pad;
§ Integration of the Gold Pit leach pad with the EDP;
§ Construction of the Gold Pit ROM pad & associated access road upgrade;
§ Relocation of the demonstration crushing plant & agglomerator to the Gold Pit
ROM pad;
§ Expansion of the demonstration SX-EW Plant from 1,825 tpa to 7,000 tpa;
§ Expansion of the demonstration neutralisation plant;
§ Construction of the raw water pipeline; and
§ Construction of an airfield.
Figure 5
Ojolali Project
Finders Resources Limited 72% with option to increase to 100%
Background Information
Finders believe that the Ojolali project has strong potential to generate
short-term cash flow by open pit CIL/CIP development of the gold resource at the
Jambi Oxide gold deposit (Table 4.)
=-------------------------------------------------------------------------------
Table 4. Jambi Mineral Resource Estimates
=------+-----------------+---------------+-----------------+---------+----------
Cut | Indicated | Inferred | Total |Contained| Attrib.
off | | | | | FND
| | | | |
Au g/t|Mt Au g/t Ag |Mt Au Ag |Mt Au g/t Ag | Au koz |(72%) Au
| g/t | g/t 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
| | | | |
1.0 |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
resource to +300,000 Oz Au, to provide the basis for a low cost 30-50,000 Oz
gold per year open pit mine based on the Jambi oxide resource, and to use the
cash flow from this plant to fund exploration for additional resources and
progressive expansion of the project.
Exploration Activities
During the quarter, a new program of diamond drilling commenced, designed for
initial testing of narrow, epithermal gold-silver vein targets defined by
surface trench sampling. Field-based work was completed leading to a detailed
re-modelling of the geological controls for the existing Jambi oxide gold
resource.
Way Neki Drilling
A six hole diamond drilling program at Way Neki has been largely completed with
702m drilled to date. The last hole, targeted for 50m depth, intersected
increasingly strong alteration over the last 10m so has been extended and is
still ongoing (Table 5, Figure 6).
--------------------------------------------------------------------
Table 5. Drilling Locations
--------------------------------------------------------------------
Hole ID East (m) North (m) RL (m) Azimuth Dip TD
WNK01 446746 9481313 170 90 -50 121.05
WNK02 446688 9481308 160 90 -50 149.55
WNK03 446696 9481118 137 90 -50 127.05
WNK04 446630 9481019 132 130 -50 134.55
WNK05 446582 9481069 137 130 -50 169.80
WNK06 446260 9481059 163 90 -50 51*
=-----------------------------------------------------------------------
*In
Progress
Assays have now been received for WNK01-04 (Table 6), with a best intercept of
1m @ 8.13 g/t Au at a depth of 60.72m in WNK04.
=----------------------------------------------------------------
Table 6. Significant Assay results
=----------------------------------------------------------------
Hole Number From Width Au ppm Ag ppm
WNK01 14.50 6.25* 1.30 24
WNK01 24.60 1.60 1.17 17
WNK01 97.00 0.50 2.51 120
WNK02 20.70 2.15 1.33 77
WNK02 92.70 1.00 1.12 1.5
WNK02 103.20 1.78 0.93 17
WNK03 107.50 1.00 0.56 2.3
WNK03 109.55 1.00 1.56 3.5
WNK04 60.72 0.98 8.13 2.9
WNK04 98.50 0.50 1.84 4.7
=----------------------------------------------------------------
*Includes 0.7m no recovery, assumed average grade for section
A number of samples show poor reproducibility for gold, indicating the presence
of (relatively) coarse gold particles and visible gold has been identified in
drill core. These samples will be re-assayed by screen fire assay. Narrow 1-2m
intercepts of strongly veined material have been encountered in both WNK05 and
WNK06. Final assessment of this program awaits remaining assays, and also a
review of interpreted structures based on this drilling and additional
trenching.
Figure 6
Jambi Resource Remodelling
Detailed re-modelling of the Jambi resource envelopes has been completed, and
has clearly defined the grade controlling structures. This work will be used as
a basis for re-appraisal of the resource estimate for the Jambi oxide gold
deposit and has been highly valuable for targeting potential extensions to the
Jambi resource. Re-estimation of the Jambi resource will be undertaken by
Hellman & Schofield Pty Ltd during February. On completion of WNK06, the rig
will move to Jambi to carry out an initial test of potential resource extensions
previously indicated by trenching, comprising approximately 500m of diamond
drilling in 4 holes (Figure 7).
Figure 7
Corporate
Investments
Finders Resources holds 5,900,000 fully paid ordinary shares in Geopacific
Resources Ltd. (GPR). On 20(th) November 2009 GPR issued 9,446,225 new fully
paid ordinary shares in a placement and subsequently on 23(rd) Dec 2009 issued
72,421,060 new fully paid ordinary shares in a rights issue. Finders now holds
approximately 4% of the undiluted capital of Geopacific Resources.
Capital Structure
Following approval by shareholders at the annual general meeting on 24(th)
November 2009, during the quarter the Company issued 13,421,439 fully paid
ordinary shares to a subsidiary of Straits Resources Limited as consideration
for the acquisition of the Whim Creek solvent extraction electro-winning plant.
These shares represent a total consideration of $5.25 million, being $5.0
million for the plant plus $0.25 million for a plant purchase option fee payable
under an option agreed during June 2009 with Straits.
As reported previously, Straits participated in the share placement in the
September 2009 quarter. Together with the above new shares, Straits is now a
substantial shareholder with a 10.06% interest in the Company.
The capital structure at 31 December 2009 is set out in Table 7.
=-------------------------------------------------------------------------------
Table 7. Capital Structure
Type of Security Number on Issue
=-------------------------------------------------------------------------------
Fully Paid Ordinary
Shares ("Shares")
Shares on issue at 30
Sep 2009 180,159,733
=-------------------------------------------------------------------------------
Issued in payment of convertible note
interest 146,837
Issued in payment of Whim Creek SX-EW
plant 13,421,439
Shares on Issue at 31
Dec 2009 193,728,009
=-------------------------------------------------------------------------------
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 at 31 Dec 2009 6,125,000
=-------------------------------------------------------------------------------
Conversion
12% Convertible Note Face Value Price Maturity Date
US$1,500,000
(A$2,323,972) A$0.36 19 January 2012
=-------------------------------------------------------------------------------
As at 31 December 2009, Finders had $7.6 million in cash. This excludes $0.5
million paid as the GST impost on the acquisition of the Whim Creek plant and
which is recoverable after the end of the quarter. The mining exploration
entity quarterly report (Appendix 5B) is appended.
Chris Farmer
Managing Director
Further details for all projects including location maps, tenement schedules and
technical descriptions may be found on the Finders website at
www.findersresources.com <http://www.findersresources.com/>
For further information please contact
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
<mailto:info@findersresources.co
m>
Financial PR:
Doug Macdonald Capital Group (in Australia) +61 424 255 959
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:
Mathew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Competent Person Statements
The information in this report that relates mineral resource estimation is based
on work completed by Dr Phillip Hellman who is a full time employee of Hellman
and Schofield Pty Ltd and a member of the Australasian Institute of Mining and
Metallurgy. Dr Hellman has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and as a Qualified Person as defined in the AIM
Rules. Dr Hellman consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears. Estimates for
Kali Kuning are based on a data set from which some diamond drill holes have
been excluded due to poor recovery of copper mineralisation as evidenced by
neighbouring RC holes.
Geological information in this announcement and comments relating to exploration
potential and the project in general is based on information compiled by Dr
Russell Fountain, who also accepts responsibility for the data on which the
resource is based. Dr Fountain is a Director of Finders and a Fellow of the
Australasian 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 as defined in the JORC Code. He consents to the inclusion in this
announcement of the matters based on his information in the form and context in
which they appear.
The information in this report that relates mineral reserve estimation is based
on work completed by Mr John Wyche who is a full time employee of Australian
Mine Design and Development Pty Ltd and a member of the Australasian Institute
of Mining and Metallurgy. Mr Wyche has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration and to
the activity which he is undertaking to qualify as a Competent Person as defined
in the 2004 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr Wyche consents to the inclusion
in the report of the matters based on his information in the form and context in
which it appears.
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
Mining exploration entity quarterly report
Name of entity
+---------------------------+
| FINDERS RESOURCES LIMITED |
+---------------------------+
ABN Quarter ended ("current quarter")
+----------------+ +-----------------------------------+
| 82 108 547 413 | | 31 DECEMBER 2009 |
+----------------+ +-----------------------------------+
Consolidated statement of cash flows
+----------+---------+
| | Year to |
| Current | date |
Cash flows related to operating activities | quarter | (6 |
| $A'000 | months) |
| | $A'000 |
+----------+---------+
| | |
| | |
1.1 Receipts from product sales and related debtors | 1,847 | 4,050 |
| | |
Payments for (a) exploration and evaluation | (1,024) | (2,246) |
1.2 (b) development | (141) | (221) |
(c) production | (1,959) | (5,144) |
(d) administration | (1,449) | (2,574) |
| | |
1.3 Dividends received | | |
| | |
1.4 Interest and other items of a similar nature | 88 | 91 |
received | | |
| | |
1.5 Interest and other costs of finance paid | (65) | (203) |
| | |
1.6 Taxes and value added tax paid | (793) | (1,018) |
| | |
1.7 Other (provide details if material) | | |
+----------+---------+
Net Operating Cash Flows | (3,496) | (7,265) |
=---------------------------------------------------------+----------+---------+
| | |
Cash flows related to investing activities | | |
| | |
Payment for purchases of: (a) prospects | | |
| | |
1.8 (b) equity investments | (58) | (226) |
| | |
(c) other fixed assets | | |
| | |
Proceeds from sale of: (a) prospects | | |
| | |
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) | 98 | 172 |
+----------+---------+
Net investing cash flows | 40 | (54) |
+----------+---------+
1.13 Total operating and investing cash flows (carried | (3,456) | (7,319) |
forward) | | |
=---------------------------------------------------------+----------+---------+
=------------------------------------------+-------------+---------------------+
1.13 Total operating and investing cash | (3,456) | (7,319) |
flows (brought forward) | | |
=------------------------------------------+-------------+---------------------+
| | |
Cash flows related to financing | | |
activities | | |
| | |
| | |
1.14 Proceeds from issues of shares, | - | 20,648 |
options, etc. | | |
| | |
1.15 Proceeds from sale of forfeited | | |
shares | | |
| | |
1.16 Proceeds from borrowings | - | 622 |
| | |
1.17 Repayment of borrowings | (189) | (8,050) |
| | |
1.18 Dividends paid | | |
| | |
1.19 Other (provide details if material) | | |
+-------------+---------------------+
Net financing cash flows | (189) | 13,220 |
=------------------------------------------+-------------+---------------------+
| | |
Net increase (decrease) in cash held | (3,645) | 5,901 |
| | |
| | |
1.20 Cash at beginning of quarter/year to | 11,246 | 1,706 |
date | | |
| | |
1.21 Exchange rate adjustments to item | 4 | (2) |
1.20 | | |
+-------------+---------------------+
1.22 Cash at end of quarter | 7,605 | 7,605 |
--------------------------------------+-------------+---------------------+
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 | 434 |
parties included in 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
+--------------------------------------------------------------------------+
|The Company issued 13,421,439 fully paid ordinary shares to a subsidiary |
|of Straits Resources Limited as consideration for the acquisition of the |
|Whim Creek solvent extraction electro-winning plant. These shares |
|represent a total consideration of $5.25 million, being $5.0 million for |
|the plant plus $0.25 million for a plant purchase option fee payable under|
|an option agreed during June 2009 with Straits. |
+--------------------------------------------------------------------------+
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 |
+--------+
| 300 |
4.1 Exploration and evaluation | |
+--------+
| |
4.2 Development | 2,100 |
| |
=----------------------------------+--------+
| |
Total | 2,400 |
| |
=----------------------------------+--------+
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 | 1,573 | 11,246 |
+---------------+----------------+
5.2 Deposits at call | 6,032 | - |
+---------------+----------------+
5.3 Bank overdraft | - | - |
+---------------+----------------+
5.4 Other (provide details) | - | - |
=---------------------------------------------+---------------+----------------+
Total: cash at end of quarter (item 1.22)| 7,605 | 11,246 |
=---------------------------------------------+---------------+----------------+
Changes in interests in mining tenements
+--------------+-------------+-------------+------------+
| Tenement | Nature of | Interest at |Interest at |
| reference | interest |beginning of | end of |
| | (note (2)) | quarter | quarter |
+--------------+-------------+-------------+------------+
6.1 Interests in | | | | |
mining tenements | | | | |
relinquished, | NIL | | | |
reduced or lapsed | | | | |
| | | | |
| | | | |
+--------------+-------------+-------------+------------+
6.2 Interests in | NIL | | | |
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 |Amount paid up|
| | |per security | per security |
| | |(see note 3) | (see note 3) |
=----------------------+------------+-------------+-------------+--------------+
7.1 Preference | | | | |
+securities | N/A | | | |
(description) | | | | |
+------------+-------------+-------------+--------------+
7.2 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
(b) Decreases | N/A | | | |
through returns | | | | |
of capital, | | | | |
buy-backs, | | | | |
redemptions | | | | |
=----------------------+------------+-------------+-------------+--------------+
7.3 +Ordinary |193,728,009 | 193,728,009 | | |
securities | | | | |
+------------+-------------+-------------+--------------+
7.4 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
| | | | |
- | 146,837 | 146,837 | 35cents | 35cents |
Conversion of | | | | |
interest payable | | | | |
under convertible| 12,696,801 | 12,696,801 | 39.38cents | 39.38cents |
note | | | | |
- Shares | | | | |
issued as | | | | |
consideration for| 724,638 | 724,638 | 34.50cents | 34.50cents |
Whim Creek plant | | | | |
- Shares | NIL | NIL | | |
issued as | | | | |
consideration for| | | | |
option over Whim | | | | |
Creek plant | | | | |
| | | | |
(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 | | | | |
(b) Decreases | NIL | | | |
through | | | | |
securities | | | | |
matured, | | | | |
converted | | | | |
=----------------------+------------+-------------+-------------+--------------+
7.7 Options | | | Exercise | Expiry date |
(description and | | | price | |
conversion | 500,000 | NIL | | 13.06.2010 |
factor) | | | 68.75cents | |
| 500,000 | NIL | | 16.04.2012 |
| | | 30cents | |
| 500,000 | NIL | | 16.04.2014 |
| | | 30cents | |
| 2,000,000 | NIL | | 08.05.2014 |
| | | 30cents | |
| 250,000 | NIL | | 23.06.2014 |
| | | 37cents | |
| 625,000 | NIL | | 28.06.2014 |
| | | 37cents | |
| 500,000 | NIL | | 29.06.2014 |
| | | 37cents | |
| 250,000 | NIL | | 31.08.2014 |
| | | 37cents | |
| 1,000,000 | NIL | | 14.09.2014 |
| | | 37cents | |
| | | | |
+------------+-------------+-------------+--------------+
7.8 Issued during | NIL | NIL | | |
quarter | | | | |
| | | | |
+------------+-------------+-------------+--------------+
7.9 Exercised during | NIL | NIL | | |
quarter | | | | |
+------------+-------------+-------------+--------------+
7.10 Expired during | NIL | NIL | | |
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 /does not* (delete one) give a true and fair
view of the matters disclosed.
Sign here:
............................................................
Date: . 29 January 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#1378510]
Figure 3 Whim Creek removal of anodes.docx: http://hugin.info/138746/R/1378510/339020.docx
Figure 7 Projected mineralised envelopes at Jambi and drilling plan.docx: http://hugin.info/138746/R/1378510/339024.docx
Figure 4 Equipment removal at Whim Creek.docx: http://hugin.info/138746/R/1378510/339021.docx
Photo C Way Neki Drilling.docx: http://hugin.info/138746/R/1378510/339017.docx
Photo A: Loading Cathode at Wetar.docx: http://hugin.info/138746/R/1378510/339015.docx
Figure 2L Process Ponds: http://hugin.info/138746/R/1378510/339019.docx
Figure 5 Stage 1 Project Development ? EDP (orange area).docx: http://hugin.info/138746/R/1378510/339022.docx
Figure 1 Demo Pads after rain with new Irrigation.docx: http://hugin.info/138746/R/1378510/339018.docx
Photo B Removing pumps at Whim Creek.docx: http://hugin.info/138746/R/1378510/339016.docx
Figure 6 Way Neki Drill locations.docx: http://hugin.info/138746/R/1378510/339023.docx
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