quarterly report

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QUARTERLY REPORT
For three months ending 31 March 2008
HIGHLIGHTS
PUNGKUT GOLD PROJECT, INDONESIA (75%)
�� Revised resource estimate for Sihayo 1 North nearing completion and to be released in May, 2008
�� Mining scoping study for Sihayo 1 North and Sambung planned for mid-May, 2008
�� Recent results received from reconnaissance drilling of epithermal vein systems at Hutabargot
Julu, include:
: 9m @ 1.4 g/t Au from 77m
: 2m @ 2.67 g/t Au from 120m
: 2m @ 3.68 g/t Au from 18m
: 2m @ 3.62 g/t Au from 37m
�� Massive silica–breccia-quartz veining intersected over 71m interval in deeper drilling at Sarahan
vein, Hutabargot Julu will require follow up drilling.
MALAWI – URANIUM EXPLORATION
�� Positive results have been obtained from geochemical exploration surveys conducted towards the
end of 2007 at the Mzimba Northwest and Chitunde Project areas in Malawi. Detailed results to
be announced in early May.
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1. CORPORATE
On 28 November 2007, the Company’s directors announced that a meeting of shareholders was to be
convened at a date to be fixed to consider and if thought fit, to pass a resolution for the Company to issue up
to 13,280,376 new options, each at an issue price of $0.002 per new option and expiring on 31 January 2011
(“2011 Options”) to those persons recorded as holders of unexercised options that expired on 31 December
2007. More recently on 14 April, a Notice of Shareholders Meeting was lodged with the ASX and
dispatched to shareholders advising them that this general meeting is to be convened on Monday 12 May
2008 at 11:00am to consider a number of resolutions, including the issuance of the 2011 Options.
On 14 March 2008, the Company announced that it had placed a total of 13,347,483 ordinary shares at an
issue price of 4 cents per share to sophisticated and overseas investors to raise $533,899.00 for working
capital purposes and to continue funding its 75% owned Pungkut gold project in Sumatra, Indonesia.
2. REVIEW OF OPERATIONS
2.1 INDONESIA
Pungkut Gold Project, Sumatra (75%)
Encouraging results from resource extension drilling completed during the December quarter provided the
impetus for Oropa to commission a revised resource estimate for the Sihayo 1 North deposit. This resource
estimate is well advanced and scheduled to be completed in May 2008. A mining scoping study into the
feasibility to bring the combined Sihayo 1 North and Sambung resources into development is scheduled to
commence in May after the revised resource estimate is completed. A re-commencement of more resource
extension drilling at Sihayo 1 North is planned, following the release of the revised resource estimate.
During the March quarter, exploration focused on drilling the extensive epithermal veins at the Hutabargot
Julu prospect. The Sarahan vein has been orientated and drilled to a moderate depth (240m), intercepting
massive alteration. Unfortunately, the existing drill rigs are not powerful enough to follow up with deeper
drilling at Sarahan, which will be deferred until another more powerful rig is sourced.
In addition to the Sarahan vein drilling, a preliminary three hole drilling program commenced to test the
Sunday vein located to the east of Sarahan. Currently, drilling has been directed towards investigating a
newly discovered high grade outcropping vein (Ali vein) to test the mineralisation potential beneath high
grade channel chip samples collected earlier in the quarter.
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Figure 1: Pungkut project area North Sumatra, showing principal prospects
Activities – Northern Block:
Sihayo 1 North:
�� Re-interpretation of geology and compilation of data
�� Revised resource estimate near completion
Hutabargot Julu:
�� 8 diamond drill holes completed (926.55m, Sarahan, Sunday and Ali veins)
�� Rock sampling and mapping of epithermal quartz veins on the Ali and Sarahan veins, and in the
Sunday and Sisangkil areas
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Figure 2: Sihayo – Sambung – Hutabargot Julu gold trend, North Block, Pungkut Project
Sihayo 1 North
The focus for the quarter was to prepare and compile data for the revised resource estimate for Sihayo 1 North.
Clay Gordon of Mining Assets P/L was contracted to conduct the estimation, including data and QAQC review,
wireframe of the ore shapes, grade interpolation, calculations for contained gold and a final resource estimation
report. Work commenced in early March and results are anticipated to be released in early May 2008.
Preparations for the resource estimation included validation of the historical digital database, compilation of
QAQC data, an accurate survey of all drill collars (undertaken since the previous resource estimation was
completed in February 2004), plus the establishment of a revised DTM (Digital Terrain Model). This new
resource estimation is based on an interpretation conducted by Oropa’s geologists, with a geological model
strongly based on respected international consultant Richard Sillitoe’s interpretation of four Sihayo 1 North crosssections
evaluated during his site visit in July 2007.
Looking ahead, information is presently being prepared for a mining scoping study to consider the feasibility of
bringing the combined Sihayo 1 North and Sambung deposits into development. A review of the limited
metallurgical information available, including gold recoveries, has been conducted and a program has
commenced to verify the recommendations of scoping work into gold recoveries, leading into a broader series of
sampling and tests across the resources. A more detailed geological interpretation is underway to assist in
domaining the resource according to its metallurgical properties. Topographic data for the Contract of Work
(“CoW”) is being digitized and a DTM created to assist in the planning of mine infrastructure.
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In addition to the resource estimate, a review will be conducted into determining the drill density required
for a drill-out of the two resources, which will enable a costing and timetable to be generated to advance the
project to Bankable-Feasibility Study.
The revised geological interpretation of Sihayo 1 North is based strongly on Sillitoe’s interpretation of the
Sihayo 1 North resource being controlled by favourable permeable thin weakly calcareous epiclastic
stratigraphy contained within the massive and largely impermeable limestone and marble. Hydrothermal
fluids have stripped the carbonate from the epiclastics creating an ideal host material which has
subsequently been flooded by silica containing gold to create the jasperoids. The sedimentary control
creates continuity within the deposit, and is generally dipping gently to the north-east. Four major faults cut
through the length of the deposit, and are interpreted to be steeply dipping strands of the dextral Sumatran
Fault Zone, the dominant structural fabric in the area. Post mineralisation movement and twisting of the
faults truncates and juxtaposes jasperoid blocks, although total movement along the fault is unlikely to be
large. Although the faults add complexity to the geology, the jasperoids could be plotted consistently
between sections.
The recent re-interpretation of the geology also highlights a 350 x 130m area with high exploration potential
to the north west of the deposit, where test-pits dug in the past year have encountered near surface gold
mineralisation. The revised interpretation indicates that the test pits are located in the same limestoneepiclastic
unit that hosts the mineralisation, and furthermore the bounding fault to the north west separates
the area from drilling which was previously interpreted to close off the mineralisation (figure 2). A drill
program targeting these new exploration areas will commence in early May to increase confidence in the
geological model and hopefully add to the current resource inventory.
Figure 3: Sihayo 1 North revised geological interpretation, resource outlines, test pit results, soil anomaly, and
further exploration potential
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Hutabargot Julu
Hutabargot Julu prospect contains a series of parallel mid-sulphidation epithermal quartz veins interpreted
up to 3km strike length. Vein textures indicate little erosion has taken place leading to the potential for high
grade gold mineralisation at depth below the moderately mineralised veins observed in outcrop and in
shallow drilling. The length, width, orientation and continuity of veining indicate that this is a very large
epithermal system with the potential to host substantial gold accumulations. However, taking into account
that the targets are not exposed at surface, careful and systematic exploration is required.
Best results obtained from initial drilling undertaken during the quarter include:
HUTDD009: 9m @ 1.4 g/t Au from 77m
2m @ 2.67 g/t Au from 120m
HUTDD016: 2m @ 3.68 g/t Au from 18m
2m @ 3.62 g/t Au from 37m
Based on work undertaken to date, the Sarahan vein is the most substantial vein within the prospect area,
interpreted to be over 3 km in length, with exposures in outcrop and historic Dutch exploration adits 5-10
metres wide. Significant gold grades have been returned from many rock and channel chip samples. These
factors contribute towards Sarahan being regarded as the primary target for deep high-grade gold. All
Sarahan drill holes have resulted in reportable mineralisation and the untested portion of the vein and
altered wall rock is highly anomalous compared to the background gold values in the area. During the
quarter, hole HUTDD013 was drilled intercepting massive silicification, brecciation and banded quartz vein
fill from 136-207m depth. The hole ended in deformed diorite that is likely to be Permian basement. The
extent of mineralisation indicates that silicification / veining is increasing with depth. Gold is associated
with limonitic strongly oxidised material at the top of the vein, indicating strong draw-down of meteoric
waters. Hole HUTDD010 failed to reach its target depth after the drill string was dropped down the hole
and abandoned, while HUTDD014 was a test hole after improvements were made to strengthen the drilling
rig. Petrology and fluid inclusion sampling is planned and further drilling is warranted both along strike
and along section to intercept the vein at greater depths.
Trenching to the north of the Sarahan vein drilling has established the continuity a further 130m north of
HUTDD003 returning with 2.94 g/t Au from channel chips. Outcrop and channel chip sampling to the
south of the Simalagi River, which has had little historic exploration, returned significant values and up to
5.54 g/t Au and 251 g/t Ag. These continued promising results indicate the along-strike potential of the
vein, not withstanding its potential at depth.
Follow-up surface sampling of the newly discovered Ali vein to the west and striking obliquely to the
Sarahan vein has returned very high grade channel chip samples over 330m strike length grading up to
136.0 g/t Au and 1250 g/t Ag (see over). These outcropping high grades prompted one drill rig to be relocated
from the Sunday vein to the Ali vein to undertake a five hole preliminary program to test gold
continuity beneath high grade outcropping. HUTDD015 did not intercept any significant quartz vein or
gold mineralisation, although 50m further north, HUTDD016 returned three zones of significant gold
mineralisation and all subsequent holes intercepted vein material. Future drilling programs will be
dependent on the assay results, detailed inspection of the core, and follow up geological mapping. After
completing this short program at Ali, Oropa intends to move the drill rig to Sihayo 1 North to commence
further resource delineation drilling, while the scoping study is underway.
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Mapping and sampling along the Simalagi River has revealed further mineralised veins in the vicinity of the
Sunday vein to the east of Sarahan. To the west of the main Sunday vein significant channel chips returned
gold values of up to 4.11 g/t Au. Channel chip samples from a historic Dutch exploration adit at Tambang
Panas to the east of the Sunday vein returned up to 2.58 g/t Au. High Pb and Zn is associated with these
veins, prompting further exploration to be undertaken in this eastern sector of the prospect. Early drilling
of the Sunday vein has only returned narrow intersections with moderately low gold grades, which resulted
in drilling being suspended to concentrate on the Sarahan vein and Ali vein.
Further mapping and sampling around the Sisangkil vein area and adjacent to Simalagi River have
discovered more veins and mineralised outcrops.
Recent outcrop and channel chip samples with greater than 2 g/t Au collected during the quarter include:
Sarahan vein:-
North Sarahan
• 2.94 g/t Au in channel chip from silica- quartz vein with crystalline comb – crustiform banded texture
South Sarahan
• 5.54 g/t Au & 251g/t Ag in outcrop from 3m wide strong silica-quartz vein crustiform sphaleritechalcopyrite
• 5.19 g/t Au & 171g/t Ag in outcrop from 3m wide strong silica-quartz vein crustiform sphaleritechalcopyrite
Ali vein :-
• 136.0 g/t Au & 1250 g/t Ag channel chip from strongly oxidized weak silica-clay volcanic w/ quartz
veinlets <5%
• 15.83 g/t Au channel chip from strongly oxidized clay-silica volcanic, w/ banded manganese quartz vein
<0.5m
• 14.65 g/t Au & 120 g/t Ag channel chip from strongly oxidized clay-silica volcanic, w/ white banded
quartz vein 50cm, manganese on vughs
• 11.2 g/t Au channel chip from strongly oxidized clay-silica volcanic, patchy milky quartz vein, MgO 15%
• 9.91 g/t Au channel chip from oxidised milky quartz vein 1.5m thick, trace pyrite
• 6.9 g/t Au channel chip from oxidised clay weak silica altered volcanic, massive quartz vein <0.5m
• 2.87 g/t Au channel chip from strongly oxidized silica-clay volcanic, pervasive manganese stringers,
quartz vein <0.5m
• 2.84 g/t Au channel chip from oxidised, strongly silica altered volcanic, patchy milky vuggy quartz vein,
manganese-clay in vughs
• 2.74 g/t Au channel chip from strongly oxidized clay volcanic, w/ quartz vein 10cm, fault zone
• 22.7 g/t Au in outcrop from 0.6m manganese-quartz vein
• 4.99 g/t Au in outcrop from oxidized strongly silica altered volcanic, patchy milky quartz vein,
disseminated pyrite, strong manganese vughs
• 3.16 g/t Au in outcrop from oxidized strongly silica altered volcanic, patchy milky quartz vein,
disseminated pyrite, strong manganese vughs
• 2.02 g/t Au in outcrop from oxidized strongly silica altered volcanic breccia, patchy milky quartz vein,
disseminated pyrite
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Sunday vein area and Tambang Panas:-
West of Sunday vein
• 4.11 g/t Au channel chip from strong silicification, minor pyrite, patchy milky-chalcodenic quartz
• 3.02 g/t Au channel chip from strong silicification, minor pyrite, minor vughs
Tambang Panas
• 2.57 g/t Au from milky-grey locally colloform-crustiform quartz vein, disseminated pyrite
Sisangkil and area west of Sarahan vein:-
• 7.67 g/t Au channel chip from white quartz-silica, massive vuggy, trace sulphides, dacite
• 3.30 g/t Au channel chip from milky quartz-silica vein, vuggy, weak sulphides, dacite host
• 4.17 g/t Au in outcrop from 2m wide crustiform crystalline-chalcodenic quartz vein
• 2.28 g/t Au in outcrop from 0.4m wide crystalline-chalcodenic quartz vein, 2% pyrite
• 2.58 g/t Au channel chip from milky-grey locally colloform-crustiform quartz vein, disseminated pyrite
Figure 4: Massive silicified breccia from 136-207m in Sarahan vein hole HUTDD013
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Figure 1: Hutabargot Julu Drill Location Plan
Figure 5a INSET A: Detail of Hutabargot Julu drilling and recent rock chip samples greater than 1 g/t Au
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Table 1: Hutabargot Julu Significant Drill Intersections
Notes
1. All assays determined by 50gm fire assay with AAS finish by Intertek- Caleb Brett Laboratories of Jakarta
2. Lower cut of 1.0ppm Au used
3. A maximum of 2m of consecutive internal waste (material less than 1.0ppm Au) per reported intersection
4. All interval grades were calculated as a weighted average
5. All intervals reported as down hole lengths
6. Sampling regime as quarter core for PQ diameter core and half core for HQ diameter core
7. Quality Assurance and Quality Control (QAQC):
8. Coordinates in UTM grid system
Southern Block:
No significant activities in the southern block during the March quarter.
2.2 MALAWI
Oropa has strategically positioned itself in Malawi, an East African country which is scheduled to
commemorate its initial uranium mining operations in late 2008 or early 2009, Paladin Energy Ltd’s
(“Paladin’s”) Kayelekera uranium project, in the north of the country. Additionally, Globe Uranium Ltd
(“Globe”) has recently completed a highly successful scoping study of its Kanyika multi element uraniumniobium-
tantalum-zirconium deposit in central Malawi, where Oropa holds an Exclusive Prospecting
Licence (“EPL”) adjacent to Globe’s Kanyika EPL.
Oropa’s wholly owned subsidiary, Oropa Exploration Pty Ltd (“OEPL”), holds three 100% owned EPLs for
uranium and other minerals covering the Mzimba Northwest, Chitunde, and Chizani project areas.
Additionally, OEPL is progressing its negotiations to joint venture 90% interests in the mineral rights for
uranium and other minerals (excluding coal) in two contiguous EPLs to the north of Kayelekera with local
EPL holders who are licensed to explore for coal. OEPL now has an office and transit base in Lilongwe
and has stocked necessary field supplies for exploration campaigns this field season. The Company is
presently recruiting a competent geologist to establish an operational base in Malawi and oversee
operational activities during the current field season.
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As indicated last quarter, a geochemical sampling survey was conducted in November / December 2007
over partial areas of Mzimba Northwest and Chitunde which continued through until the commencement of
the wet season. Results from the samples collected from the two project areas have recently been
interpreted, and although not available for publication in this report, will be announced early May.
Through its various transactions during 2007, Oropa has become the holder of a significant exploration
tenement portfolio (in excess of 3,800km2) in Malawi, which it plans to actively explore during this field
season. Encouraging results from limited exploration programs conducted throughout the country to date
exhibit the potential of Malawi and the Company expects that its forthcoming programs in 2008 will be
rewarding.
Mzimba Northwest Project (100%)
Mzimba Northwest comprising EPL0211/2007, covers an area of 2,169km2, and is situated in the northcentral
portion of Malawi.
Activities during the quarter comprised an assessment of geochemical results obtained from a pilot
geochemical survey conducted towards the end of 2007 and compilation of digital maps illustrating the
outcomes. No field operations were conducted during the quarter owing to the Malawi wet season.
Analytical results returned from Ultra Trace Pty Ltd’s laboratory in Perth have been reviewed for the
Emoneni Target area that covers up to 380 square kilometers of the north-eastern sector of the project area:
a search area that represents approximately 18% of the total licence area and covers two of eighteen
exploration targets recommended for ground follow-up from earlier remote sensing studies of the project
area.
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Chitunde Project (100%)
The Chitunde project (EPL0212/2007 covering an area of 196km2 is situated some 86km west-north-west of
Lilongwe and is accessible in most parts by sealed roads. The target area is a coincident airborne
radiometric anomaly over an outcropping hill of quartz-syenite. Sampling focused on rock chip sampling,
spectrometer readings and stream sediment samplings from creeks radiating from the hill. 58 rock chip
samples were collected, along with 10 stream sediment samples. Similarly as with Mzimba Northwest, the
geochemical results have been assessed and results and plots are presently being tabulated in preparation for
release early May.
Chizani Project (100%)
The Chizani project (EPL0223/2007, with an area of 1,283 km2) was the third tenement granted to OEPL.
The project area is situated in central Malawi nearby Globe’s niobium-uranium-tantalum-zircon multicommodity
Kanyika deposit hosted by alkalic granitoid and pegmatitic zones. The project area also lies
adjacent to tenements held by CC Mining SA.
The proximity of Chizani to Kanyika provides Oropa with a nearby niobium-uranium-tantalum and zircon
deposit model to apply to exploration search parameters within the Chizani area. Recently, Globe
announced an Inferred Mineral Resource of 56.4 Mt of 2,600 ppm Nb205, 70 ppm U308, 120 ppm Ta205 and
4,800 ppm ZrSiO4 at their Kanyika deposit. A scoping study is currently underway to assess potential
mining parameters. The currently defined resource is contained within a deposit measuring 2.1 kilometres
in length and 300 metres in width and extends down to an average depth below surface of 120 metres.
Oropa’s activities during the quarter comprised a preliminary technical review of available data and
preparation of regional radiometric and geological maps of the project area for planning purposes. The
company has also commissioned Mackay & Schnellmann Pty Limited to prepare a geological map and
exploration target definition study covering the Chizani Project area based on a remote sensing
interpretation of satellite and radiometric imagery. The results of this interpretation are currently pending
and will be reported in the next quarterly report. No field operations were conducted during the quarter
owing to the wet season.
Uranium can be hosted in stratabound deposits in the Karroo sediments, particularly where mobile uranium
is trapped by carbonaceous mudstone or sandstone layers.
Ngana and Ngana East Projects (90%)
Ngana and Ngana East are the subject of two separate Memorandum of Understandings (“MOU”) with two
local EPL holders who hold the mineral rights for coal exploration and development. Substantial coal
occurrences are thought to exist in the area, although no systematic coal exploration has been completed to
date. Ngana and Ngana East are located in the far north of the country, with their northern boundaries
coincident with the Tanzanian border. The two prospects are in a strategic location, containing basins of
Karroo sediments, with the nearest mapped Karroo occurrence being located some 20km to the south at
Kayelekera.
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2.3 PROJECT EVALUATION
During the quarter, the Company aggressively pursued a number of coal projects in Kalimantan, and more
recently in Sumatra, Indonesia in its quest to source a bona fide coal project in Indonesia (geographically
compatible with Pungkut). Indonesia has become a substantial global producer of coal and Oropa is
utilising its inherent knowledge to source and hopefully acquire an advanced coal project that could be
rapidly developed to production, principally to fund the development of the Pungkut gold project.
There are concerns from within certain quarters of the international community regarding the future of the
Indonesian resources industry as the Central Government laboriously continues towards initiating a new
mining policy for the country. Complications have arisen from the autonomous laws previous implemented
that transferred considerable power from the Central Government to the Provincial Governments. These
new policies are becoming more defined and are expected to be put to parliament later this year. During
this transition period, the coal industry has blossomed and coal exports are at all time highs. Moreover,
existing Central Government contracts such as CoWs will continue beyond any new legislation being
introduced, according to senior Mines Department officials. Consequently, Oropa is of the opinion that it
will not be adversely impacted by the proposed new legislation that may be introduced to parliament later in
the year.
PHILIP C CHRISTIE
Director
30 April 2008
Note 1: It is advised that in accordance with the Australian Stock Exchange Limited Listing Rule 5.6, the information in this report that relates to
Exploration Results is based on information compiled by Mr. Dean Pluckhahn, who is a Member of the Australasian Institute of Mining and
Metallurgy. Mr. Pluckhahn is a full time employee of Oropa Ltd and has sufficient experience which is relevant to the style of mineralisation
and type of deposit which is 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. Dean Pluckhahn
consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Note2: The contents of this report that relate to geology and historical exploration results are based on information compiled by consulting
geologist John Garlick of Mackay & Schnellmann Pty Ltd, who is a Chartered Professional Geologist and fellow of the Australasian
Institute of Mining and Metallurgy. Mr Garlick has sufficient experience relevant to the style of mineralisation and types of deposits
under consideration and to the activity being undertaken 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 Resources. John Garlick consents to the inclusion
in this report of the matters compiled by him in the form and context in which they appear.
Note3: All statements in this report, other than statements of historical facts that address future timings, activities, events and developments that the
Company expects, are forward looking statements. Although Oropa Ltd, its subsidiaries, officers and consultants believe the expectations
expressed in such forward looking statements are based on reasonable expectations, investors are cautioned that such statements are not
guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements.
Factors that could cause actual results to differ materially from forward looking statements include, amongst other things commodity prices,
continued availability of capital and financing, timing and receipt of environmental and other regulatory approvals, and general economic,
market or business conditions
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 1
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
OROPA LIMITED
ABN Quarter ended (“current quarter”)
77 009 241 374 31 MARCH 2008
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A
Year to date
(6 months)
$A
1.1 Receipts from product sales and related debtors
- -
1.2 Payments for (a) exploration and evaluation
(b) development
(c) production
(d) administration
(593,221)
-
-
(259,236)
(1,843,646)
-
-
(676,902)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received
8,240 28,368
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 (844,217) (2,492,180)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c) other fixed assets
-
-
-
-
-
(13,541)
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
-
-
990
-
20,000
990
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other – cash acquired on purchase of subsidiary - -
Net investing cash flows 990 7,449
1.13 Total operating and investing cash flows
(carried forward) (843,227) (2,484,731)
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 2
1.13 Total operating and investing cash flows
(brought forward) (843,227) (2,484,731)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 533,899 1,558,336
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - (294)
1.18 Dividends paid - -
1.19 Other – cost of share issue (10,330) (76,290)
Net financing cash flows 523,569 1,481,752
Net increase (decrease) in cash held
(319,658)
(1,002,979)
1.20 Cash at beginning of quarter/year to date 737,546 1,450,311
1.21 Exchange rate adjustments to item 1.20 (10,774) (40,218)
1.22 Cash at end of quarter 407,114 407,114
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
1.23
Aggregate amount of payments to the parties included in item 1.2
98,249
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
NOT APPLICABLE
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
NOT APPLICABLE
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
NOT APPLICABLE
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 3
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available
$A
Amount used
$A
3.1 Loan facilities
- -
3.2 Credit standby arrangements
- -
Estimated cash outflows for next quarter
$A
4.1 Exploration and evaluation
300,000
4.2 Development
-
Total
300,000
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.
Current quarter
$A
Previous quarter
$A
5.1 Cash on hand and at bank 357,664 688,096
5.2 Deposits at call – Bank Guarantee
- Letter of Credit
- Term Deposit
20,000
29,450
-
20,000
29,450
-
5.3 Bank overdraft - -
5.4 Other – Share Purchase Plan A/c - -
Total: cash at end of quarter (item 1.22) 407,114 737,546
Changes in interests in mining tenements
Tenement
reference
Nature of interest
(note (2))
Interest at
beginning
of quarter
Interest at
end of
quarter
6.1 Interests in mining
tenements relinquished,
reduced or lapsed
- - - -
6.2 Interests in mining
tenements acquired or
increased
- - - -
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 4
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
security (see note
3) (cents)
Amount paid up per
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, buybacks,
redemptions
7.3 +Ordinary
securities
178,997,367 178,997,367
7.4 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buybacks
13,347,483
13,347,483
$0.04
$0.04
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)
12,791,440
2,700,000
500,000
12,791,440
2,700,000
500,000
Exercise price
$0.20
$0.13
$0.12
Expiry date
31/01/2010
31/12/2009
20/10/2008
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)
Appendix 5B
Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 5
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* give a true and fair view of the matters disclosed.
Sign here: Date: 30/04/2008
(Director)
Print name: PHIL CHRISTIE
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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