Quarterly Report
January 31 2007 - 4:18AM
UK Regulatory
MURCHISON UNITED NL
ACN 009 087 852
ASX CODE: MUR, AIM CODE: MUU,
Telephone: +618 9322 4071, Fax: +618 9322 4073
Quarterly Report
December 2006
Summary
Murchison continues to progress its uranium exploration projects in Guinea and Mauritania, evaluate new
energy-related asset opportunities and pursue programmes to add value to its Australian copper project
interests. Activities during the quarter included:
- Detailed radiometric surveys completed on five uranium anomalies and further ground
reconnaissance conducted in Mauritania
- Three new exploration permits applied for in Mauritania covering additional prospective ground
mainly in the Bir Moghrein and Bir En Nar areas
- Field trip completed in Guinea to finalise planning and locations for 6,500m drill programme
expected to commence in early 2007 to test key uranium targets
- Geologist engaged to prepare drilling programme for Millenium copper leases in Cloncurry region
in Queensland, Australia
- Further discussions held with Aditya Birla Minerals in relation to work programme to progress
the Maroochydore copper project in Western Australia
Mauritania
The Directors of Murchison are pleased to announce that the continuing ground reconnaissance program
conducted on uranium exploration licences in Mauritania has confirmed the prospectivity of the area. The
company's Technical Director, Bosse Gustafsson, undertook a further two week field trip in October 2006.
The purpose of the trip was twofold, first to conduct detailed radiometric surveys on five anomalies
selected for upcoming trenching programme; the other purpose being to continue the ground reconnaissance
around the new anomalies. The results of these surveys are still being processed and the Company will
advise shareholders of the results as soon as they are known.
To date, five exploration permits have been awarded in Mauritania. A further 3 permits are currently
being processed in accordance with Mauritania regulations. The majority of the permits are in two main
areas being Bir Mogrhein and Bir En Nar.
http://www.ccnmatthews.com/docs/Mauritania.jpg
http://www.ccnmatthews.com/docs/Mauritania2.jpg
Exploration Permits - Republic of Guinea
Bosse Gustafsson conducted a two week field visit to Guinea in December 2006, the purpose being to meet
with prospective drilling contractors in order to finalise plans for a RAB drilling programme of
approximately 6500m to be undertaken on the Firawa and Bohoduo prospects.
The planning of the programme has been finalised, and the company is awaiting the confirmation of a start
date for drilling. The directors remain confident that this will happen in the first quarter of this
year.
http://www.ccnmatthews.com/docs/Guinea_.jpg
Company Owned Millenium Leases, Cloncurry - Queensland Australia.
Murchison has engaged a contract geologist to prepare a drilling programme for these leases to be
undertaken as soon as possible.
Maroochydore Copper Project
The company announced on 29 September 2006 that creditors of Renison Bell had approved to allow their 50%
interest in the project to be assigned to another subsidiary of Murchison. Maroochydore has a total
estimated JORC Code compliant Indicated and Inferred Mineral Resource of 51 million tonnes at a grade of
1% copper and 0.04% cobalt for 0.51 million tonnes of contained copper and 20,000 tonnes contained cobalt
(at a 0.5% Cu cut-off). The Company's net attributable interest in this Mineral Interest is 25.5 mt at
1% copper and 0.04% cobalt for 0.25 mt contained copper and 10,000 tonnes contained cobalt.
The Company has met with Aditya Birla Minerals, its joint venture partner and the operator of the
project, during the December quarter, and are waiting for them to present a budget in respect to the next
12 months.
Other
Consistent with the focus on energy assets Murchison continues to consider other energy related
opportunities. Discussions to date are preliminary and non-binding. If and when any proposals become
binding, relevant announcements will be released.
Annual General Meeting
The Company's Annual General Meeting was held in Perth on 30 November 2006, and all resolutions were
passed.
Mark Reilly
Managing Director
31 January 2007
The information on Mineral Resources for the Maroochydore project has been reproduced from the public
reporting on the project's Mineral Resource's by the project operator, Aditya Birla Minerals Ltd. This
reported Mineral Resource was signed off for Aditya Birla Minerals Ltd by Mr Ian Glacken of Snowden
Mining Industry Consultants.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
MURCHISON UNITED NL
ABN Quarter ended ("current quarter")
59 009 087 852 31 DECEMBER 06
Current quarter Year to date
Cash flows related to operating activities A$'000 (6 months)
A$'000
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration and evaluation (195) (253)
(b) development - -
(c) production - -
(d) administration (319) (571)
1.3 Dividends received
1.4 Interest and other items of a similar nature
received 18 22
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 (496) (802)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (2) (4)
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 (2) (4)
1.13 Total operating and investing cash flows (498) (806)
(carried forward)
Consolidated statement of cash flows
1.13 Total operating and investing cash flows (498) (806)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 1,500 1,500
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 - Settlement of Guarantee
Net financing cash flows 0 0
Net increase (decrease) in cash held 1,002 694
1.20 Cash at beginning of quarter/year to date 87 395
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 1,089 1,089
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
Aggregate amount of payments to the parties included in item 101
1.2
Aggregate amount of loans to the parties included in item 1.10 0
Explanation necessary for an understanding of the transactions
Salaries
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
Issue of 3,828,494 fully paid ordinary shares to creditors of Renison Bell Limited to
part settle Deed of Company Arrangement obligations
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
Nil
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 Nil N/A
3.2 Credit standby arrangements Nil N/A
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 224
4.2 Development 0
Total 224
Reconciliation of cash
Reconciliation of cash at the end of the quarter Current quarter Previous quarter
(as shown in the consolidated statement of cash $A'000 $A'000
flows) to the related items in the accounts is as
follows.
5.1 Cash on hand and at bank 1,089 87
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 1,089 87
Changes in interests in mining tenements
Tenement Nature of Interest at Interest at end
reference interest beginning of of quarter
(note (2)) 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 Amount
per security paid up
(see note 3) per
(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 299,961,088 299,961,088
2,250,000 - 25 1
7.4 Changes during quarter
(a) Increases through
issues
Issue to Renison Creditors 3,828,494 3 cents 3 cents
Issue for cash 25,000,000 6 cents 6 cents
(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 Exercise Expiry
conversion factor) price date
- (cents)
7,500,000 - 5.5 19/5/10
2,500,000 - 5.5 30/6/10
2,000,000 - 5.5 29/11/10
350,000 46.0 1/7/07
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 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................ Date: 31 January 2007..
Managing Director
Print name: .............Mark Reilly......................
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.
Murchison United N.L
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