Quarterly Report
April 30 2007 - 6:32AM
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
March 2007
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:
* Drilling to commence in Firawa, Guinea.
* Geoelectric survey carried out on anomalies in Mauritania
* Budget meetings held with Aditya Birla Minerals in relation to finalising the work programme to
progress the Maroochydore copper project in Western Australia
* Drilling programme prepared for Millenium copper leases in Cloncurry region in Queensland,
Australia
Republic of Guinea
Fig.1 Location of Murchison United's Guinea Projects
http://www.ccnmatthews.com/docs/GuineaProjects.jpg
The Company's Technical Director, Bosse Gustafsson, completed another field trip to Guinea with an
external geological team to complete the planning for the drilling programme on the Company's Firawa
prospect. As announced to the market on 30 April 2007, a 2,050m drilling programme is about to begin. The
drilling programme will take approximately two weeks to complete following which the results will be
analysed in Canada. The drilling on Bohoduo has been deferred until after the wet season.
Mauritania
The Company still has three applications for exploration permits pending in Mauritania in addition to the
five permits that have already been issued. The company believes that the delays in the processing of
these permits have been primarily due to the holding of the recent presidential elections, and
installation of the new democratically elected government.
During the quarter, a geolectric survey was conducted on a number of the key prospect areas identified by
surface exploration work to date. The purpose being to serve as a tool for estimation of the depth to the
bedrock basement
It is anticipated that some of the prospects identified on the Company's existing licences will be ready
for a drilling programme in the second half of the year, commencing with the Bir En Nar project.
Fig.2 Location of Murchison United's Mauritania Projects
http://www.ccnmatthews.com/docs/MauritaniaProjects.jpg
Fig.3 Location of Murchison United's Bir En Nar Project in Mauritania
http://www.ccnmatthews.com/docs/BirEnNarProject.jpg
Maroochydore Copper Project
During the quarter, discussions were held with JV partners Aditya Birla Minerals (ABY) in order to
finalise exploration budgets and work programmes to progress the project.
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 Resource is 25.5 mt at 1% copper and 0.04% cobalt for 0.25 mt contained copper and 10,000 tonnes
contained cobalt.
Company Owned Millenium Leases, Cloncurry - Queensland Australia.
The Company has prepared a drilling programme for the Millenium leases, which will be implemented as soon
as practicable.
The "Millenium" mining leases (ML's 3512, 2761, 2762, 7506 and 7507) are located some 35 kilometres north-
west of Cloncurry in north-west Queensland, Australia. The five adjacent leases include the historical
"Federal" copper mine and cover an area approximately 3.5 kilometres long and 500 metres wide extending
in a northerly direction.
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.
Mark Reilly
Managing Director
30 April 2007
The information in this report that relates to exploration results is based on information compiled by
Mr. Bosse Gustafsson, who is a member of the European Federation of Geologists a Recognised Overseas
Professional Organisation ("ROPO"). Mr Bosse Gustafsson is a full time Executive Director of Murchison
United NL and is responsible for exploration activities in Mauritania and Guinea. Mr Gustafsson has
sufficient experience, which is relevant to the style of mineralisation and the 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 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserve'. Mr Gustafsson consents to the inclusion in this report of the matters based on their
information in the form and context in which it appears.
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 MARCH 07
Current quarter Year to 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 evaluation (320) (573)
(b) development - -
(c) production - -
(d) administration (322) (893)
1.3 Dividends received
1.4 Interest and other items of a similar nature
received 12 34
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 (630) (1,432)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - (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 0 (4)
1.13 Total operating and investing cash flows (630) (1,436)
(carried forward)
Consolidated statement of cash flows
1.13 Total operating and investing cash flows (630) (1,436)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. - 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 1,500
Net increase (decrease) in cash held (630) 64
1.20 Cash at beginning of quarter/year to date 1,089 395
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 459 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 100
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 12,500,000 fully paid ordinary shares to creditors of Renison Bell Limited as
part settlement of Maroochydore Copper Project acquisition
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 330
4.2 Development 0
Total 330
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 459 1,089
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 459 1,089
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning of end of
quarter quarter
6.1 Interests in mining
tenements
relinquished,
reduced or lapsed
6.2 Interests in mining 283 Uranium exploration 0% 100%
tenements acquired permit covering 1,000
or increased km2 in the Republic of
Mauritania
284 Uranium exploration 0% 100%
permit covering 1,444
km2 in the Republic of
Mauritania
285 Uranium exploration 0% 100%
permit covering 1,434
km2 in the Republic of
Mauritania
ML45/314; Maroochydore Copper 0% 50%
ML45/315; Project JV with Aditya
ML45/317 & Burla Minerals Ltd
ML45/318 (ABY) covering 4
mining leases in
Western Australia
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 312,511,086 312,511,086
2,250,000 - 25 1
7.4 Changes during quarter
(a) Increases through
issues
Issue to Renison Creditors 49,998 3 cents 3 cents
admitted under DOCA
Issue for Maroochydore 12,500,000 8 cents 8 cents
acquisition
(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: 30 April
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
Murchison United Nl (LSE:MUU)
Historical Stock Chart
From Dec 2024 to Jan 2025
Murchison United Nl (LSE:MUU)
Historical Stock Chart
From Jan 2024 to Jan 2025
