quarterly report

__________________________________________________________________________________
1 www.oropa.com.au
QUARTERLY REPORT
For three months ending 30 June 2008
HIGHLIGHTS
PUNGKUT GOLD PROJECT, INDONESIA (75%)
�� 49% increase in Inferred resource base at Sihayo 1 North to 12.1mt @ 2.4g/t Au for 910,000
ounces of gold. Combined Inferred resource at Sihayo 1 North and Sambung gold deposits now
stand at 1.01 million ounces of gold.
�� Mining Scoping Study for Sihayo 1 North and Sambung commenced in July with results
expected early in the September 2008 quarter.
�� Initial drilling in Old Camp Area of Sihayo 1 North prospect indicates potential for additional
gold mineralisation.
�� Bonanza grade gold intercept returns from Ali vein at Hutabargot Julu:
5m @ 35.67 g/t Au & 198 g/t Ag from 47m.
MALAWI – URANIUM EXPLORATION
�� Operations base established in Malawi in support of future exploration programs.
�� Follow up systematic traversing using a GPS unit and infill geochemical sampling over Emoneni
Target Area in Mzimba Northwest EPL commences.
__________________________________________________________________________________
2 www.oropa.com.au
1. CORPORATE
At a general meeting of shareholders convened on 12 May 2008, all resolutions were passed, including a
resolution for the Company to issue up to 13,280,376 new listed options, each at a price of $0.002 and
expiring on 31 January 2011 (“2011 Options”) to persons holding unexercised options that expired on 31
December 2007. A Prospectus covering this issue is currently being prepared by the Company to be lodged
with the ASX before the 3 month expiry period (11 August 2008). Other resolutions passed included the
ratification of previous placements of 10,000,000 shares at 5 cents per share and 13,347,483 at 4 cents per
share respectively to raise $1.034M before costs.
During the reporting period, the Company raised $720,000 before costs via placements of 13,090,907 shares
at an issue price of 5.5 cents per share to overseas institutions and sophisticated investors. These funds are
being applied towards ongoing exploration programs at the Pungkut gold project in Indonesia and the recommencement
of sampling activities in Malawi.
On 8 July 2008 the Company announced the appointment of Mr. Misha Collins, CFA as a Non Executive
Director of Oropa. Mr Collins is a metallurgist, with extensive experience having spent the past 10 years as
a financial analyst with BT Fund Management. He currently owns an investment and trading business.
2. REVIEW OF OPERATIONS
2.1 INDONESIA
Pungkut Gold Project, Sumatra (75%)
The new JORC Code compliant resource estimation for the Sihayo 1 North brings the combined Sihayo-
Sambung Inferred Resources to 13.2mt @ 2.4g/t Au for 1.01 million ounces of gold. This is a major
upgrading of the resource base, and a mining scoping study into the feasibility to bring the combined Sihayo
1 North and Sambung resources into development has been commissioned with results expected early in the
September 2008 quarter. Exploration drilling re-commenced at Sihayo 1 North during the quarter to test
targets with potential to further expand the resource base. Recent drilling indicates there is potential for
additional mineralisation concealed beneath Tertiary sediment and regolith cover to the east of the resource
at the Old Camp Area.
The last three holes of the initial drilling program along the Ali vein at the Hutabargot Julu prospect
encountered patchy mineralisation, but also intersected a bonanza grade intercept of 5m at 35.67 g/t Au and
198 g/t Ag from 47m. This encouraging intercept in an area of no prior drilling indicates the potential of
epithermal vein systems and demonstrates how extremely high grade material can be discovered adjacent to
low grade material. A re-evaluation of the results obtained to date and further surface sampling and
mapping along the Sarahan vein has resulted in the discovery of a zone of high intensity alteration to the
south of the Simalagi River, representing a major southern extension of the Sarahan vein. A second rig has
been deployed from Jakarta to Hutabargot Julu to drill test this newly discovered southern extension of the
Sarahan vein, along with follow up drilling of the bonanza intercept on Ali vein.
__________________________________________________________________________________
3 www.oropa.com.au
Figure 1: Pungkut project area North Sumatra, showing principal prospects
Activities – Northern Block:
Sihayo 1 North:
�� Completion of resource estimate for Sihayo 1 North
�� Exploration drilling to the north of the Western Extension
�� Exploration drilling commenced in the Old Camp area to the north-east of the Inferred Resource
Hutabargot Julu:
�� Soil sampling completed over the Sarahan and Ali vein area
�� South Sarahan vein identified as a highly prospective target
�� Mapping and channel chip sampling over south Sarahan vein
�� Preparations made for next phase of Hutabargot Julu drilling
__________________________________________________________________________________
4 www.oropa.com.au
Figure 2: Sihayo – Sambung – Hutabargot Julu gold trend, North Block, Pungkut Project
Sihayo 1 North
Enormous encouragement was taken from the recent finalisation of the Inferred Resource estimate for
Sihayo 1 North prospect conducted by independent resource consultant Mining Assets Pty Ltd. The results
of the resource estimate increase combined Sihayo/Sambung resources beyond the 1 million ounces barrier,
which is a significant milestone, and increases the likelihood of ultimate development of the Pungkut gold
project. The Sihayo 1 North Inferred Resource now stands at 12.1 million tonnes grading 2.4g/t gold for
910,000 ounces of contained gold – representing a 49% increase in gold resources over the previous
estimate.
Table 1: Oropa Sihayo 1 North and Sambung Resources
Project Million tonnes Grade
g/t gold
Contained Gold
Million ounces
Sihayo 1 North 12.1 2.4 0.91
(+1.0 g/t cut-off grade)
Sambung 1.1 2.6 0.10
(+1.5 g/t cut-off grade)
Combined Inferred Resource 13.2 2.4 1.01
__________________________________________________________________________________
5 www.oropa.com.au
Independent consultants SRK Consulting (Australasia) Pty Ltd have been commissioned to conduct a
scoping study to determine the approximate costs and economics of mining and treatment based on the
existing resources, and the scaling effect that any additional resources might have on the project. The
scoping study commenced in July, with results anticipated in September 2008 quarter.
Preliminary metallurgical test work is being carried out on a suite of deposit sample composites to provide
processing recoveries and costs to be used in the pit optimization run carried out by SRK.
Integral to upgrading of resource classifications according to the JORC Code is to ensure the integrity of the
data used in the resource estimation process. Oropa has reviewed and upgraded its entire sample database
and assay quality control procedures. Steps have been taken to standardise sampling and quality control
protocols in advance of an anticipated drill-out of the Sihayo 1 North and Sambung inferred resources to
increase the confidence level of the resource classification as required for a bankable feasibility study.
Formal documentation of procedures is underway.
Drilling resumed at Sihayo 1 North during the quarter to follow up on the North Western-Extension area;
where geological re-interpretation indicated a suitable Permian limestone host behind a major
unconformity. Prior soil sampling and test pits dug in the area indicated significant gold anomalism. The
result of drilling confirms the existence of regolith and primary gold in jasper mineralisation extending to
the northwest of previous drilling. Best results include:
SHDD106: 5m @ 3.15 g/t Au from 3m
1m @ 3.45 g/t Au from 53m
SHDD107: 5m @ 1.17 g/t Au from surface
3m @ 4.16 g/t Au from 38m
Test pits on the eastern side of the resource in the Old Camp Area discovered gold in jasperoidal regolith
(Table 2). This area had been originally interpreted to be closed off by a fence of drill holes. However reinterpretation
placed a major fault beyond the fence of drill holes, which has subsequently been confirmed
by the test-pits. Tertiary sediments and regolith blanket the area and obscure the bed-rock, but also open the
potential for further concealed mineralisation. Recently drilled hole SHDD112 targeting gold in the
regolith layer has confirmed that favourable stratigraphy with in-situ jasperoid in limestone is present in the
area (assay results pending). Further wide spaced drilling is underway to determine the extent of this newly
discovered formation prospective for jasperoid. The area is open 500m to the south-east of hole SHDD023
(4.2m @ 3.36 g/t Au from 10.55m) and 800m to the north-west of low grade mineralisation previously
encountered at Sihayo 2 along the north-east down slope of the mountain. Significant mineral potential
now exists for increasing the Sihayo 1 North resource in blocks faulted down the slope of the
mountain within prospective stratigraphies concealed beneath Tertiary cover and regolith.
__________________________________________________________________________________
6 www.oropa.com.au
Table 2: Sihayo 1 North Old Camp Area exploration test pits
Figure 3: Sihayo 1 North test pit and recent drilling results
__________________________________________________________________________________
7 www.oropa.com.au
Table 3: Sihayo 1 North 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 SIHLG local grid system
Hutabargot Julu
The Hutabargot Julu prospect contains a series of sub-parallel intermediate-sulphidation epithermal quartz
veins interpreted up to 3km strike length. Vein textures indicate upper level exposure with potential for
high grade gold mineralisation at depths below the moderately mineralised veins observed in outcrop and
shallow drilling. The length, width, orientation and continuity of veining outline a very large epithermal
system with the potential to host substantial gold accumulations. Taking into account that these targets are
not exposed at surface, detailed and systematic exploration involving surface geochemical and rock chip
sampling and geological mapping is required prior to undertaking any drilling operations.
During the quarter the remaining results covering the initial drilling program at the Ali vein were received.
The results revealed that although drilling to date has shown mineralisation to be patchy, a high grade gold
intersection in the southern-most hole (HUTDD018) confirmed the existence of bonanza style
mineralisation. The HUTDD018 mineralisation is open to the south, and may indicate the edge of a high
grade shoot. This area will be targeted for further drilling during the current program.
Best drilling results returned during the quarter for the Ali vein include:
HUTDD017: 4m @ 1.21 g/t Au from 71m
HUTDD018: 5m @ 35.67 g/t Au & 198 g/t Ag from 47m
__________________________________________________________________________________
8 www.oropa.com.au
Grid based soil sampling was conducted at 50m spacings on 100m spaced lines along the length of the best
exposure of the Sarahan vein, and expanded to overlap the Ali vein. A total of 223 soil samples were submitted
for analyses in two batches. Results from the first batch of samples, primarily collected from the southern and
central areas (Figure 4) returned a maximum 12.8 g/t Au and 22 g/t Ag, from within a larger anomaly over 150
metres strike length of coincident and anomalous Au, Ag, and Pb values. These multi-element soil anomalies may
become better indicators of underlying primary mineralisation as compared to gold only geochemical sampling
anomalies that often have a strong supergene influence.
Follow-up mapping has indicated that the Sarahan vein immediately south of the Simalagi River is up to 25m
thick. In the event that the Ali vein continues to the south-east, it is extrapolated to intersect the Sarahan vein in
this general area, which makes it a high ranking conceptual target. Channel samples have recently been collected
and results are pending, while results from the first batch of soil samples as discussed above have already
identified a significant multi-element anomaly. Historical records suggest that only minor Dutch exploration was
previously undertaken south of the Simalagi River.
A drilling rig has recently been mobilized to Hutabargot Julu, to initially drill a series of shallow vertical holes
targeting the southern extension of the Sarahan vein, then test for additional bonanza grade gold veining between
hole HHUTDD018 and its extrapolated intersection with the Sarahan vein.
Figure 4: Hutabargot Julu plan, diamond drill holes, recent Sarahan vein mapping, and Sarahan soil grid.
Table 4: 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 HUTLG local grid system
__________________________________________________________________________________
9 www.oropa.com.au
Southern Block:
No significant activities in the southern block during the July quarter.
2.2 MALAWI
With project financing and advancing the Pungkut gold project being high on the agenda, Oropa did not recommence
its exploration activities until early July, although a considerable amount of analytical work was
undertaken in Australia during the quarter. An announcement was made on 12 May 2008 regarding the
encouraging results obtained from the initial geochemical sampling programs at two of the Company’s three
Exclusive Prospecting Licences (“EPLs”), specifically Mzimba Northwest and Chitunde.
Mzimba Northwest Project (100%)
Activities during the quarter comprised a detailed assessment of results obtained from a pilot geochemical
survey conducted towards the end of 2007 and compilation of digital maps illustrating the outcomes. Multielement
results from a pilot stream sediment geochemical survey covering the Emononi Target Area in the
northeast of the EPL have outlined an area measuring some 18 kilometres long by up to 6 kilometres wide
for future intensive investigation based upon uranium results above 100 ppm U308 up to a maximum of 634
ppm U308.
The Emoneni area was chosen to test the viability of stream sediment geochemistry as a preliminary
assessment of eighteen uranium exploration targets selected from an earlier remote sensing study
undertaken last year. Following the initial positive results obtained from the Emononi area, the
geochemical survey program will be extended to assess the remaining sixteen untested target areas within
the Mzimba Northwest EPL.
Geochemical results were obtained largely from stream sediment samples collected from drainages and
augmented by limited pan concentrate and rock chip sampling. Conventional sampling methods were
deployed and multi-element analysis of samples was carried out by a commercial laboratory in Perth,
Western Australia.
Result outcomes for uranium exploration are summarized as follows:
�� Stream sediment results above 100 ppm U308 up to a maximum of 634 ppm U308 were returned from some
drainages rising from a northerly trending hill range and adjacent foothills within an area measuring some
18 kilometres long by 6 kilometres wide.
�� Preliminary analysis of the multi-element results shows strong correlation between geochemically elevated
uranium values above 100 ppm U308 with thorium (up to 0.58% Th), lanthanum (up to 1.05% La) and lead
(up to 235 ppm Pb) concentrations. High Th/U and L/U ratios are characteristic of these data.
�� Additionally, samples returning values above 100 ppm U308 are often associated with geochemically
elevated concentrations of vanadium (up to 350 ppm V) and zirconium (up to 0.23 % Zr).
�� Pan concentrate sample results provided confirmatory data.
�� Rock chip sampling gave U308 values up to 42 ppm.
__________________________________________________________________________________
10 www.oropa.com.au
The results of this pilot geochemical program effectively demonstrate the application of stream sediment
geochemical sampling in initially screening target areas defined from remote sensing studies as the method has
the capacity to effectively discriminate drainage catchments of interest for further more intensive exploration for
uranium.
For the Emoneni Target Area itself, the results obtained confirm the prospectivity of the area for uranium and
warrant further more intensive exploration within the defined anomalous drainage catchments. A systematic
traversing using a GPS unit , detailed infill geochemical sampling program and geological mapping program
have recently commenced at Emoneni and samples will be dispatched to Australia for multi element analyses in
mid- August.
Chitunde Project (100%)
The Chitunde EPL was applied for to investigate the potential of the Chitunde Hill syenite complex.
Reconnaissance rock chip sampling over parts of the Chitunde Hill syenite intrusive complex gave U3O8 values up
to 107 ppm. The highest values of 97 and 107 ppm U3O8 respectively were returned from a locality described as
biotite quartz syenite with quartz pegmatite associations in an area which had given anomalous readings using a
hand held gamma-ray spectrometer. Other geochemically elevated results associated with the highest U3O8
values included anomalous niobium values up to 332 ppm and tantalum values up to 15 ppm.
Stream sediment geochemistry over northern portions of Chitunde Hill gave anomalous results in uranium up to
160 ppm U308, niobium to 745 ppm, zirconium to 0.8% and tantalum to 38 ppm. These results highlight the need
to extend and intensify future exploration coverage of the Chitunde intrusive complex.
__________________________________________________________________________________
11 www.oropa.com.au
A limited number of ten stream sediment samples were collected from the lower portions of narrow streams rising
on Chitunde Hill. Three samples returned values above 100 ppm U3O8 from streams draining the northern sector
of Chitunde Hill in an area where few other geochemical data are currently available. The accompanying multielement
results associated with these samples are characterised by relatively high thorium (up to 933 ppm Th),
lanthanum (up to 821 ppm La), niobium (up to 745 ppm Nb), zirconium (up to 0.8% Zr) and tantalum (up to 38
ppm Ta) values. These anomalous values are regarded as encouraging and highlight the need to extend
exploration over the northern sector of Chitunde Hill.
To date, exploration at Chitunde has been of a preliminary nature. Initial geochemical results and related
reconnaissance surveys have demonstrate however that quartz pegmatite phases within the syenite intrusive
complex forming Chitunde Hill are possibly associated with potassic alteration in an area of geochemically
elevated uranium, niobium and tantalum values. Over the northern sector of Chitunde Hill where survey data are
limited, anomalous stream sediment geochemistry in uranium, niobium, zirconium and tantalum suggest new
areas of future exploration interest.
Further exploration will commence during the September quarter to identify the extent and geochemical
expression of the areas of interest more precisely. This work will require systematic ground geophysical
traversing and geological mapping in conjunction with soil and rock geochemistry and ancillary petrographic
studies to determine mineralogy.
__________________________________________________________________________________
12 www.oropa.com.au
Chizani Project (100%)
The Chizani Project area, which was granted to Oropa last December, is situated in central Malawi adjacent to
Globe Uranium Limited’s (“Globe’s”) niobium-uranium-tantalum-zircon multi-commodity Kanyika deposit
hosted by alkalic granitoid and pegmatitic zones, and also lies adjacent to tenements held by CC Mining SA. The
EPL is considered to offer uranium exploration potential for hydrothermal uranium targets and is currently being
assessed as part of a remote sensing study designed to provide for the selection and ranking of target areas for
future ground exploration for uranium and other minerals, late in the September quarter.
The proximity of the Chizani Project area to the Kanyika Project provides Oropa with a nearby niobium-uraniumtantalum
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 the Kanyika deposit. A scoping study is currently in progress 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.
2.3 PROJECT EVALUATION
Opportunities for coal and further advanced gold projects in Indonesia have been evaluated. However, the recent
surge in coal prices has resulted in heightened coal exploration activities in Indonesia and sourcing new quality
projects has become difficult in the current highly competitive climate. Oropa maintains a high standards of legal
and technical due diligence to ensure that if any acquisition proceeds, it will be to the benefit of the company.
Given the right opportunity, Oropa would consider expanding its interests in Indonesia by acquiring an advanced
coal project that could be rapidly developed to production, principally to finance the ongoing development of the
Pungkut gold project from cash flows.
PHILIP C CHRISTIE
Director
31 July 2008
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 is a Member of the Australasian Institute of Mining and Metallurgy.
• Mr. Pluckhahn is a full time employee of Oropa Ltd’s 75% owned subsidiary company P.T. Sorikmas Mining (“Sorikmas”. ) Mr. Pluckhahn 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.Pluckhahn consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.
• Contents of this presentation that relates 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. 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. Mr Garlick consents to the inclusion in this report of the matters compiled
by him in the form and context in which they appear.
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
jRule 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 30 JUNE 2008
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A
Year to date
(12 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
(203,224)
-
-
(271,209)
(2,046,870)
-
-
(948,111)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received
3,172 31,540
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 (471,261) (2,963,441)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c) other fixed assets
-
-
(6,559)
-
-
(20,100)
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
-
-
-
-
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 (6,559) 890
1.13 Total operating and investing cash flows
(carried forward) (477,820) (2,962,551)
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) (477,820) (2,962,551)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 545,000 2,103,336
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 (5,333) (81,623)
Net financing cash flows 539,667 2,021,419
Net increase (decrease) in cash held
61,847
(941,132)
1.20 Cash at beginning of quarter/year to date 407,114 1,450,311
1.21 Exchange rate adjustments to item 1.20 (11,772) (51,990)
1.22 Cash at end of quarter 457,189 457,189
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
77,146
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 407,739 357,664
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) 457,189 407,114
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
184,451,912
184,451,912
7.3 +Ordinary
securities
7.4 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buybacks
5,454,545
5,454,545
$0.055
$0.055
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)
12,791,441
2,700,000
500,000
12,791,441
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
8,500,000
8,500,000 $0.15 31/05/2013
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: 31/07/2008
(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.
== == == == ==