DIRECTORS’ & FINANCIAL REPORTS

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DIRECTORS’ REPORT

Your directors present their report on the consolidated entity, consisting of View Resources Limited and the entities it controlled at the end of, or during, the year ending 30 June 2008.

DIRECTORS

The names of directors in office at any time during or since the end of the year are:

NAME OF PERSON

POSITION

DATE APPOINTED

DATE RESIGNED

Mr. Peter Landau Non-Executive 13 June 2003 3 September 2007 Mr. Gerrit de Nys Non-Executive 3 February 2006 30 October 2007 Ms. Jyn Sim Baker Non-Executive 25 July 2006 30 October 2007 (Alternate to Gerrit de Nys up to 9 September 2007) Mr. Peter Stancliffe Chairperson 3 February 2006 9 September 2009 Mr. Tim Gooch Managing Director 26 May 2006 9 September 2009 Mr. Jeff Gresham Non-Executive 20 March 2007 11 September 2009 Mr. Mike Ralston Executive Director 7 September 2007 22 February 2008 Mr. William Oliver Non-Executive Director 23 December 2010 - Mr. Ranko Matic Non-Executive Chairman 23 December 2010 - Mr. Simon Mackinnon Non-Executive Director 7 January 2011 -

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

COMPANY SECRETARY

No person held the position of company secretary at the end of the year:

PRINCIPAL ACTIVITIES

During the year the principal continuing activities of the economic entity consisted of:

a) Mineral exploration
b) Mineral extraction

The following significant change in the nature of the activities of the group occurred during the year:

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Resources subsidiaries namely View Gold Pty Ltd (“View Gold”) and View Nickel Pty Ltd (“View Nickel”) on Friday, 8 February 2008.

Immediately following the appointment, the administrators took control of the Group’s assets including View Resource’s assets and continued to carry on the Group’s business.

OPERATING RESULTS

The consolidated loss of the economic entity after providing for income tax amounted to $100,452,964 (2007 - $20,864,594).

DIVIDENDS

No dividends were paid or declared since the start of the financial year. No dividend has been recommended.

REVIEW OF OPERATIONS

Nickel production under the Carnilya Hill joint venture agreement commenced in the December 2007 quarter.
$42M was raised in equity to complete project funding and for working capital purposes.
The company incurred significant losses due to reduced gold production.

These Financial Statements cover the period from 1 July 2007 to 30 June 2008. The Company had been under voluntary administration from 8[th] February 2008 to the 9[th] February 2011 during which time it had entered into a Deed of Company Arrangement and Reconstruction Deed which provides for existing debts as at the time of appointment of the Administrators to be extinguished and facilitates the Company being recapitalised and reinstated to quotation on the Australian Securities Exchange (ASX). These Financial Statements report results and the financial position that are not representative of the position of the Company following completion of the recapitalisation and should not be used as the basis for any decision about the Company or its prospects.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Signi � cant changes in the state of affairs of the consolidated entity during the � nancial year were as follows:

An increase in contributed equity as a result of:

		Number of
		shares	Price	$
16 July 2007	Issue of shares – placement	34,651,500	$0.40	13,860,600
16 July 2007	Issue of shares – option conversion	1,200,000	$0.20	240,000
17 July 2007	Issue of shares – placement	53,500	$0.40	21,400
31 July 2007	Issue of shares – option conversion	1,000,000	$0.20	200,000
15 August 2007	Issue of shares – prospectus	10,000,000	$0.40	4,000,000
15 August 2007	Issue of shares – prospectus	30,295,000	$0.40	12,118,000
11 September	Issue of shares – consideration for	1,625,000	$0.28	456,282
2007	acquisition
3 October 2007	Issue of shares – option conversion	1,000,000	$0.20	200,000
9 November 2007	Issue of shares – placement	53,000,000	$0.20	10,600,000
9 November 2007	Issue of shares – unlisted option conversion	3,500,000	$0.18	630,000
9 November 2007	Issue of shares – listed option conversion	228	$0.20	46

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	Number of shares Price $
16 November 2007 Issue of shares – placement 14 January 2008 Issue of shares – option conversion 30 June 2008 Less: Transaction costs arising on share issues	1 $0.20 0 3,500,000 $0.18 630,000 - - (2,502,692)
	139,825,229 40,453,636

Net cash received from the increase in contributed equity amounting to $40,424,322 was used principally for working capital and to close the hedge book.

Andrew Saker and Darren Weaver from Ferrier Hodgson were appointed as Joint and Several Administrators of View Resources Ltd (“View Resources”) on Friday, 8 February 2008. Furthermore, Andrew Saker and Darren Weaver were also appointed as Joint and Several Administrators to View Resources subsidiaries namely View Gold Pty Ltd (“View Gold”) and View Nickel Pty Ltd (“View Nickel”) on Friday, 8 February 2008.

Immediately following the appointment, the administrators took control of the Group’s assets including View Resource’s assets and continued to carry on the Group’s business.

FINANCIAL POSITION

The net assets of the consolidated entity have decreased by $66,950,555 from 30 June 2007 to a net asset deficiency of $37,885,928 this is significantly attributed to the impairment of the company’s noncurrent assets as determined by their subsequently determined sales prices.

The consolidated entity’s working capital, being current assets less current liabilities, has decreased from $4,251,029 in 2007 to $(21,641,853) in 2008.

MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR

View Gold entered into a binding sale agreement with Navigator (Bronzewing) Pty Ltd (“Navigator”) on 1 April 2009 in relation to the sale and purchase of View Gold’s Bronzewing assets (including all tenements, infrastructure and associated agreements and environmental liabilities attached to the tenements) for an amount of $16.0 million (“Purchase Price”). The Purchase Price was comprised of cash of $9.5 million and the assumption, by Navigator, of the existing environmental liabilities of $4.2 million and additional environmental bond liabilities imposed by the Department of Mines and Petroleum (“DMP”) of $2.3 million in connection with View Gold's tenements. All completion conditions were satisfied on 30 August 2009 and the completion of the sale occurred on 30 September 2009. Total settlement proceeds in the amount of $9.5 million were received and $4.14 million released to View Nickel with respect to the DMP environmental bonds that View Nickel assumed on behalf of View Gold pursuant to the loan agreement.

Throughout the administration, the Administrators have been in discussions with a number of parties regarding the possible restructure and recapitalisation of the Group including View Resources’ major shareholder, IMC.

Following the second adjourned meeting of creditors held on 25 July 2008 whereby creditors accepted a DOCA proposal presented by Austral-Asia Resources and Infrastructural Investments Pty Ltd (“AARII”), View Resources entered into a DOCA on 15 August 2008. As certain conditions under the DOCA had not been satisfied, a third meeting of creditors was held on 12 January 2010 whereby creditors accepted the Varied DOCA proposal presented by AARII. The terms of the this DOCA provided that the effectuation of the View Resources DOCA is subject to the conditions of the View Nickel DOCA being effectuated and fund monies being distributed by 20 December 2010; and under the terms of the View Nickel DOCA, the Deed Administrators must realise View Nickel's 30% interest in the Carnilya Hill Joint Venture by

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20 December 2010. The Deed Administrators were not in a position to realise View Nickel’s interest in the CHJV and distribute the proceeds by 20 December 2010.

Following a marketing and sale campaign, the Administrators received a Varied DOCA proposal by Brijohn Nominees Pty Ltd (the Syndicate) which was capable of being accepted by creditors.

The major terms of the Syndicate’s Varied DOCA Proposal (the DOCA Proposal) are as follows:

The Syndicate will pay a total amount of $900,000 to the Deed Administrators as follows:
i. $675,000 to the Deed Administrators in consideration for View Resources’ shareholding in View Nickel, the View Resources loan to View Nickel and the debt owed to View Resources by View Gold, all the subject of View Nickel’s charge over View Resources. This amount will be paid to the secured creditor given its existing outstanding debt; and
ii. $225,000 to the Deed Administrators to be distributed to the View Resources’ Creditors’ Trust in full and final satisfaction of View Resources’ unsecured creditor claims;
Payment of $1,225,000 to the VNI Trustees of which $1,200,000 is to be paid to AARII in consideration of the AARII Debt.
The completion of the DOCA Proposal is subject to:
a. Prior to 31 January 2011, the ASX not revoking its stance that View Resources does not need to re-comply with chapters 1 & 2 of the ASX Listing Rules;
b. Receiving View Resources’ creditor approval to the Varied DOCA Proposal;
c. Obtaining various shareholder approvals, including but not limited to proposed capital raisings, share consolidations and director appointments;
d. Preparation of the View Resources’ financial accounts by the Deed Administrators;
e. Payment of the secured creditors cash consideration of $675,000 within five (5) business days of receiving View Resources shareholder approval;
f. View Gold to be removed from the View Resources’ group structure; and
g. The Deed Administrators obtaining varied (or new) section 477A orders.

At completion, the DOCA Proposal will terminate as a result of being wholly effectuated, and:

View Resources unsecured creditor claims will be extinguished against View Resources and each unsecured creditor will have a claim against the Creditors Trust Fund for the same amount of any claim they would have had against View Resources;
View Resources will be released from all creditor claims; and
The View Resources Creditors Trust Fund will be distributed in accordance with the terms of the Creditors Trust Deed which applies the same statutory priorities as a liquidation scenario.

On the 9th February 2011 the Varied DOCA as described above was effectuated and the recapitalisation proposal for the company completed. Control of View Resources Limited and View Nickel Pty Ltd was handed over to the new and current directors.

As a result of the above the Company has extinguished all liabilities associated with the previous administration of the Group and has undertaken the following transactions as part of the DOCA effectuation;

Consolidation of the existing fully paid ordinary shares (Shares) on a one (1) for twenty (20) basis together with the consolidation of its existing options in the same ratio as the existing Shares; and
Issued 50,000,000 new Shares post consolidation at $0.001 each to raise $50,000; and
Issued 800,000,000 new Shares post consolidation at $0.005 each to raise $4,000,000; and
Issue 170,000,000 new options exercisable at $0.01 each and expiring 31 March 2014.

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In raising this capital, the Company has then made a payment of $2,125,000 to the Creditor’s Trust to effectuate the DOCA with the Administrators.

Subject to the satisfaction of all outstanding legal and ASX requirements the company is expected to relist on the ASX in due course.

LIKELY DEVELOPMENTS

The Directors believe, on reasonable grounds, that to include in this report particular information regarding likely developments in the operations of the Company and the expected results of those operations in future financial years would be speculative and likely to result in unreasonable prejudice to the Company. Accordingly, this information has not been included in this report.

ENVIRONMENTAL REGULATIONS

The consolidated entity’s operations are subject to environmental regulations in respect of its exploration and development activities. The Directors are not aware of any breaches of any regulations in the period covered by this report.

INFORMATION ON DIRECTORS

Peter W Stancliffe	-	Chairman (Non-executive) (former)
Qualifications	-	BE (Civil), FAICD, AFAIM
Experience	-	Appointed Chairman February 2006. Board member since February 2006,
		30 years experience in general management in Extractive Industries and
		Building Materials, Petroleum, Steel, Heavy Engineering and Energy and
		Telecommunication Cables, in Australia and internationally. In 2001 he
		retired from the position of Chief Executive Officer of Pirelli Cables Australia
		Limited. Previously, he was the Managing Director of Australian National
		Industries, a $2.5 billion Australian public company. He spent 26 years with
		Pioneer International Limited including 15 years in senior general
		management in Europe.Mr. Stancliffe resigned on 3 September 2009.
Special	-	Chairman of the Board
responsibilities
Interest in Shares and	-	89,369 ordinary shares at date of resignation.
Options		2,000,000 options over ordinary shares at date of resignation.
Directorships held in	-	Unknown
other listed entities
Peter N Landau	-	Director (Non-executive) (former)
Qualifications	-	LLB B.Com
Experience	-	Board member since 2003, Mr Landau is a corporate lawyer and advisor
		with Lacka Consulting Pty Ltd, having previously worked with Grange
		Consulting Group Pty Ltd (Grange), Clayton UTZ and as General Counsel at
		Co-operative Bulk Handling (CBH). Mr Landau is responsible for providing
		general corporate, capital raising, transaction and strategic advice to
		Grange’s clients, which include numerous ASX listed and unlisted
		companies.Mr. Landau resigned on 11 September 2007.
Interest in Shares and	-	87,089 ordinary shares at date of resignation.
Options		1,023,751 options over ordinary shares at date of resignation.
Directorships held in	-	Unknown
other listed entities

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INFORMATION ON DIRECTORS (continued)

Gerrit J. de Nys	-	Director (Non-executive) (former)
Qualifications	-	B. Tech., FIE Aust., FAICD, CPEng.
Experience	-	Board member since February 2006, Mr de Nys is a Chartered
		Professional Engineer and a Fellow of both the Institution of Engineers,
		Australia and the Institute of Company Directors, by whom he has been
		awarded the Advanced Diploma. Fundamentally a civil engineer, he has had
		a broad range of experience in developing and managing businesses,
		ranging from construction companies (ex Deputy Chairman and Chief
		Executive of one of Hong Kong’s largest construction groups) to shipyards
		and consumer-oriented interests. He has served on a multitude of Boards.
		Mr. de Nys is a current director of IMC Resources (Australia) Pty Ltd an
		unlisted company.Mr de Nys resigned on 30 October 2007.
Special	-	Chairman of Audit Committee
responsibilities
Interest in Shares and	-	68,750 ordinary shares at date of resignation.
Options		1,018,750 options over ordinary shares at date of resignation.
Directorships held in	-	Unknown
other listed entities
Timothy J Gooch	-	Managing Director (Executive) (former)
Qualifications	-	BSc Hons, Mining Engineering MAusIMM
Experience	-	Board member since May 2006, Mr Gooch is a qualified mining engineer
		with over 25 years experience in the mining industry, having previously
		worked in gold, nickel, diamonds, and tin both here in Australia and
		overseas. Companies worked for include BGC Contracting, Jubilee Mines,
		Ashanti Goldfields and Australian Resources. Mr Gooch has previous
		experience in the region as General Manager at Jubilee's Cosmos Nickel
		Mine and the Mt McClure Gold Mine for Australian Resources.Mr Gooch
		resigned on 9 September 2009.
Special	-	Member of Remuneration Committee.
responsibilities		Managing Director
Interest in Shares and	-	1,419,369 ordinary shares at date of resignation.
Options		1,000,000 options over ordinary shares at date of resignation.
Directorships held in	-	Unknown
other listed entities

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INFORMATION ON DIRECTORS (continued)

Jeff Gresham	-	Director (Non-executive) (former)
Qualifications	-	Bsc-Hons, MAusIMM, MAICD
Experience	-	Jeff has over 39 years experience in exploration, mining and the corporate
		functions both in Australia and overseas. During a career spanning 19 years
		with WMC he held a number of senior corporate and technical positions,
		most notably Chief Geologist of the Kambalda Nickel Operations between
		1981 and 1985 and Executive Vice President Exploration for WMC’s
		Canadian subsidiary Westminster Canada Ltd between 1988 and 1993.
		From 1993 to 1997 he was Managing Director of Wiluna Mines Ltd and
		General Manager Exploration at Homestake Gold of Australia Ltd between
		1998 and 2001. He was Managing Director of Titan Resources Ltd from
		June 2004 until September 2006.Mr Gresham resigned on 11 September
		2009.
Special	-	Chairman of Remuneration Committee.
responsibilities
Interest in Shares and	-	70,000 Ordinary Shares at date of resignation.
Options
Directorships held in	-	Unknown.
other listed entities
Michael Ralston	-	Director (Executive) (former)
Qualifications	-	ACMA London,B.Comm U.C.T.
Experience	-	Mr Ralston is a qualified accountant with extensive commercial experience
		both locally and internationally. Most recently Mike worked for GBS Australia
		(formerly Terra Gold Mining) as part of the management team that
		successfully took the company offshore and through its NT gold
		consolidation strategy, including the acquisition of Northern Gold NL.
		Previously he worked in Africa within the IT sector as General Manager for
		Paynet Limited, one of the fastest growing private technology companies on
		the continent, and CFO for Africa Online, Africa's largest internet service
		provider.Mr Ralston resigned on 22 February 2008.
Special	-	Company Secretary.
responsibilities		Chief Financial Officer.
Interest in Shares and	-	500,000 ordinary shares at date of resignation.
Options		3,000,000 options over ordinary shares at date of resignation.
Directorships held in	-	Unknown.
other listed entities

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INFORMATION ON DIRECTORS (continued)

Jyn Tze Chui Sim	-	Director (Non-executive) (former)
Baker
Qualifications	-	LLB (Lond), CLP (Uni. of Mal), ICSA (Lond), MACID (Aust).
Experience	-	Jyn Baker is currently the CEO of IMC Australia, the resources arm of the
		IMC group of companies which has presence in 20 countries. IMC is a
		global conglomerate with interests primarily in logistics, shipping, real estate,
		and direct investments in plantations, oil & gas, and mining resources and
		related infrastructure.
		Jyn has 20 years experience in the resources and energy sectors, including
		law, project finance & banking, mergers & acquisitions. Prior to joining IMC,
		Jyn was the Managing Director of Midwest Corporation Limited, an iron ore
		producer listed on the ASX, and sat on various boards of international
		companies in the mining resources and energy sectors. Jyn advised and
		was also actively involved in the privatisation of government agencies, and
		has exposure to a wide range of industries internationally.Mr Baker
		resigned on 30 October 2007.
Special	-	Member of Remuneration Committee
responsibilities
Interest in Shares and	-	Nil at date of resignation.
Options
Directorships held in	-	Unknown.
other listed entities
William Oliver	-	Director (Non-executive)
Qualifications	-	BSc (Hons), GDipAppFin (FINSA), MAIG, MAusIMM.
Experience		Mr Oliver was appointed to the position of director on 23 December 2010.
		Mr Oliver has 12 years’ experience in the international resources industry
		working for both major and junior companies. He holds an honours degree in
		Geology from the University of Western Australia as well as a post-graduate
		diploma in finance and investment from FINSIA. Mr Oliver has led large
		scale resource definition projects for Rio Tinto and previously worked in near
		mine exploration/resource definition roles for New Hampton Goldfields and
		Harmony Gold. He managed exploration in Portugal for Iberian Resources
		Limited including target generation and grassroots exploration across a
		range of commodities. More recent roles include Exploration Manager for
		Bellamel Mining and BC Iron and he is currently Managing Director of
		Signature Metals (ASX:SBL). He has wide-ranging exploration experience
		including expertise in near-mine exploration/resource extension and
		resource definition as well as significant experience in the technical and
		economic evaluation of resources projects.
Special	-	Nil.
responsibilities
Interest in Shares and	-	4,000,000 post February 2011 consolidation shares.
Options
Directorships held in	-	Managing Director of Signature Metals Ltd.
other listed entities

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INFORMATION ON DIRECTORS (continued)

Ranko Matic	-	Chairman (Non-executive)
Qualifications	-	B.Bus, CA
Experience		Mr Matic was appointed to the position of director on 23 December 2010.
		Mr Matic is a Chartered Accountant with over 20 years experience in the
		areas of financial and executive management, accounting, audit, business
		and corporate advisory. Mr Matic has considerable experience in a range of
		industries with particular exposure to public listed companies and large
		private enterprises. Mr Matic is a Director of a Chartered Accounting firm
		and a Corporate Advisory company based in West Perth and has specialist
		expertise and exposure in the areas of audit, corporate services, due
		diligence, mergers & acquisitions, and valuations. Through these positions
		Mr Matic has been involved in an advisory capacity to over 35 initial public
		offerings on the ASX in the last 8 years. Mr Matic has also acted as CFO
		and company secretary for companies in the public listed and private sectors
		and currently holds the positions of non-executive chairman and company
		secretary for Messina Resources Ltd, non-executive director and company
		secretary for East Energy Resources Limited and company secretary for
		Accent Resources NL, Golden State Resources Limited and White Canyon
		Uranium Limited.
Special	-	Nil.
responsibilities
Interest in Shares and	-	3,000,000 post February 2011 consolidation shares.
Options
Directorships held in	-	Non executive director of East Energy Resources Ltd (appointed 13 July
other listed entities		2007)
		Non executive chairman of Messina Resources Ltd (appointed 2 February
		2011)
Simon Mackinnon	-	Director (Non-executive)
Qualifications	-	B.Com, CA
Experience		Mr Mackinnon was appointed to the position of director on 7 January 2011.
		Mr Mackinnon is a qualified Chartered Accountant who has worked in
		various banking and corporate roles across Australia and Europe.
		After graduating from University of Western Australia with a Bachelor of
		Commerce (Finance and Accounting) he worked with KPMG Corporate
		Finance before moving to London where he gained extensive M&A and
		Corporate Finance experience in the UK market. A position as Director -
		Business Development and Strategy with a FTSE listed mining company
		provided significant corporate, strategic and operational exposure. On
		returning to Australia, Mr MacKinnon has developed strong trade
		relationships with across Australia, China and India in the servicing of the
		Australian resource sector.
Special	-	Nil.
responsibilities
Interest in Shares and	-	10,000,000 post February 2011 consolidation shares.
Options
Directorships held in	-	Nil
other listed entities

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REMUNERATION REPORT

This report details the nature and amount of the remuneration for each key management person of View Resources Limited and for the executives receiving the highest remuneration for the year ended 30 June 2008. From the period 8[th] February 2008 to 9[th] February 2011 the group has been in administration. The current directors were not the directors during any part of the financial year ended 30 June 2008. Most of the information for this report has been excluded due to the required information not being available as all the information and knowledge resided with the previous directors and the accounting records as provided are not complete enough to extract the requested information. The information provided is based on prior years principles and policies in effect for the company at the time.

The remuneration report is set out under the following headings:

A Principles used to determine the nature and amount of remuneration B Details of remuneration
C Service agreements D Share-based compensation E Additional information

A Principles used to determine the nature and amount of remuneration (audited)

The objectives of the Company’s executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives and the creation of value for shareholders. The Board ensures that executive reward satis � es the following key criteria for good reward governance practices:

competitiveness and reasonableness;
performance linkage / alignment of executive compensation;
transparency.

With reference to external remuneration reports, the Company has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the organisation. Alignment to shareholders’ interests:

has economic pro � t as a core component of plan design;
focuses on sustained growth in share price and delivering constant return on assets as well as focusing the executive on key non- � nancial drivers of value;
attracts and retains high calibre executives.

Alignment to program participants’ interests:

rewards capability and experience;
re � ects competitive reward for contributing to shareholder growth;
provides a clear structure for earning rewards;
provides recognition for contribution.

The framework provides a mix of � xed and variable pay, and a blend of short and long-term incentives. As executives gain seniority with the group, the balance of this mix shifts to a higher proportion of “at risk” rewards.

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REMUNERATION REPORT (continued)

A Principles used to determine the nature and amount of remuneration (audited) (continued)

Non-executive directors

Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed annually by the Board. The Chairman’s fees are determined independently to the fees of non-executive directors based on comparative roles in the external market.

Non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is periodically recommended for approval by shareholders. The maximum currently stands at $300,000 per annum and was approved by shareholders at the Annual General Meeting on 21 November 2006.

Executive pay

The executive pay and reward framework has four components:

base pay and benefits
short-term performance incentives
� long-term incentives, and
other remuneration such as superannuation.

Base pay

Structured as a total employment cost package which may be delivered as a mix of cash and prescribed non- � nancial bene � ts at the executives’ discretion.

Executives are offered a competitive base pay that comprises the � xed component of pay and rewards. An independent remuneration report is utilised to ensure base pay is set to re � ect the market for a comparable role. Base pay for senior executives is reviewed annually to ensure the executive’s pay is competitive with the market. An executive’s pay is also reviewed on promotion.

There are no guaranteed base pay increases � xed in any senior executives’ contracts.

Bene � ts

Senior executives receive benefits including in some cases motor vehicles, parking and mobile phones.

Retirement Bene � ts

Retirement bene � ts are delivered in accordance with the current superannuation legislation (being 9%). This amount is paid to the employees’ nominated superannuation funds.

Short-term incentives

If the Group achieves a pre-determined profit target set by the remuneration committee as well as other pre-determined targets, a short-term incentive (STI) pool is available to executives during the annual review. Cash incentives (bonuses) are payable on 30 September each year. Using a profit target ensures variable reward is only available when value has been created for shareholders and when profit is consistent with the business plan. The incentive pool is leveraged for performance above the threshold to provide an incentive for executive out-performance.

Each executive has a target STI opportunity depending on the accountabilities of the role and impact on the organisation or business unit performance. The maximum target bonus opportunity is approximately 40% of base pay.

Each year, the remuneration committee considers the appropriate targets and key performance indicators (KPIs) to link the STI plan and the level of payout if targets are met. This includes setting any maximum payout under the STI plan, and minimum levels of performance to trigger payment of STI.

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REMUNERATION REPORT (continued)

A Principles used to determine the nature and amount of remuneration (audited) (continued)

For the year ended 30 June 2007, the KPIs linked to STI plans were based on group, individual business and personal objectives. The KPIs required performance in plant recommissioning, reducing operating costs and achieving specific targets in relation to return on assets and shareholder value added (SVA), as well as other key, strategic non-financial measures linked to drivers of performance in future reporting periods. These KPIs are generic across the executive team. The basis for 30 June 2008 is unknown.

The remuneration committee is responsible for assessing whether the KPIs are met. To help make this assessment the committee receives detailed reports on performance from management and external remuneration consultants.

The short-term bonus payments may be adjusted up or down in line with under or over achievement against the target performance levels. This is at the discretion of the remuneration committee.

The STI target annual payment is reviewed annually.

The following summarises the performance of the Company over the last 5 financial years:

	2004	2005	2006	2007	2008

Revenue ($)	3,590,288	18,369,474	12,449,657	1,788,299	7,109,642

Net profit/(loss) after income tax ($)	(1,030,319)	(9,143,997)	(7,090,488)	(20,864,594)	(100,452,964)

Share price at year end (cents/share)	6.2	16.0	14.0	44.0	Suspended

Dividends paid (cents/share)	-	-	-	-	-

In July 2004 the Company implemented a 1 for 10 equity restructure, if this restructure was applied to June 04 the closing share price would be 62 cents per share.

Long-term incentives

Executives are issued with incentive options on commencement. The number, strike price, expiry date and vesting periods of these options are decided by the Board and are based on the executives position and experience, as well as the need to attract suitably qualified persons to the Company.

B Details of remuneration (audited)

Amounts of remuneration

Details of the remuneration of the directors and the key management personnel (as defined in AASB 124 Related Party Disclosures ) of View Resources Limited and the View Resources Group are set out in the following tables.

The cash bonuses are dependent on the satisfaction of the performance conditions as set out in the section headed Short-term incentives above. All other elements of remuneration are not directly related to performance.

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REMUNERATION REPORT (continued)

B Details of remuneration (audited) (continued)

Key management personnel of View Resources Limited

2008	Short-termbenefits	Short-termbenefits	Short-termbenefits	Post- employment benefits	Termination Benefits	Share- based payments
Name	Cash salary and fees $	Cash bonus $	Non- monetary benefits	Super- annuation $	$	Options $	Total $
*Non-executive* *directors* P W Stancliffe P N Landau (From - 11/9/2007) G J de Nys * (From - 30/10/07) J Gresham J S Baker (From 11/9/07 – 30/10/07)	- - - - -	- - - - -	- - - - -	- - - - -	- - - - -	- - - - -	- - - - -
Sub-total non- executive directors	-	-	-	-	-	-	-
*Executive* *directors* T J Gooch - - M Ralston (From 11/9/07 – 22/2/08) - - *Other key management personnel* T V Cook - - M J Ralston (From 11/09/07 – 22/02/08) - - T R Peachey - -			- - - - -	- - - - -	- - - - -	- - - - -	- - - - -
Totals	-	-	-	-	-	-	-

As the current directors were not the directors at the financial year end for the 30 June 2008, it was determined that the required information was unavailable due to the information and knowledge residing with the previous directors as well as the accounting records may have incomplete details, therefore the disclosure for 30 June 2008 has not been included as it can not be quantified or categorised.

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REMUNERATION REPORT (continued)

B Details of remuneration (audited) (continued)

Key management personnel of the Group and View Resources Limited

2007	Short-term benefits	Short-term benefits	Short-term benefits	Post- employment benefits	Termination Benefits	Share- based payments
Name	Cash salary and fees $	Cash bonus $	Non- monetary benefits $	Super- annuation $	$	Options $	Total $
*Non-* *executive* *directors* P W Stancliffe P N Landau D P Tucker (From 1/7/2006 – 31/5/2007) G J de Nys * J Gresham	60,000 41,896 32,083 42,667 6,667	- - - - -	- - - - -	5,400 3,600 2,888 3,840 600	- - - - -	195,982 97,991 97,991 97,991 -	261,382 143,487 132,962 144,498 7,267
Sub-total non- executive directors	183,313	-	-	16,328	-	489,955	689,596
*Executive* *directors* T J Gooch 261,702 60,000 *Other key management personnel* T V Cook 235,413 53,000 M J Ralston 185,531 80,000 T R Peachey 162,680 25,000 G J Mills (From 29/1/2007 – 30/6/2007) 97,401 - W D Gaiter (From 29/1/2007 – 30/6/2007) 76,038 - R J Colson (From 03/4/2007 – 30/6/2007) 42,778 - T S V Reay (From 04/1/2007 – 30/6/2007) 88,548 -			5,080 24,091 5,080 - - - - -	28,800 20,250 23,675 20,833 8,691 6,759 3,850 7,969	- - - - - - - -	106,532 131,378 166,548 9,685 48,654 15,641 12,246 16,888	462,114 464,132 460,784 218,198 154,746 98,438 58,874 113,405
Totals	1,333,404	218,000	34,251	137,105	-	997,527	2,720,287

G J de Nys cash salary and fees includes an amount of $6,666.67 being back pay of under payments from the 2006 financial year.

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REMUNERATION REPORT (continued) B Details of remuneration (audited) (continued)

The relative proportions of remuneration that are linked to performance and those that are fixed are as follows:

follows:
Name	Fixed remuneration		At risk- STI		At risk- LTI
	2008	2007	2008	2007	2008	2007
Non-executive directors of View Resources Limited
P W Stancliffe	-	25%	-	-	-	75%
P N Landau	-	32%	-	-	-	68%
G J de Nys	-	32%	-	-	-	68%
J Gresham	-	100%	-	-	-	-
Executive directors of View Resources Limited
T G Gooch	-	64%	-	13%	-	23%
D Lenartowicz	-	-	-	-	-	-
Other key management personnel of Group
T V Cook	-	60%	-	11%	-	29%
M J Ralston	-	47%	-	17%	-	36%
T R Peachey	-	84%	-	12%	-	4%
G J Chapman	-	-	-	-	-	-
G Bauk	-	-	-	-	-	-

C Service agreements (audited)

As the current directors were not the directors at the financial year end for the 30 June 2008, it was determined that as some of the required information was unavailable due to the information and knowledge residing with the previous directors as well as the accounting records may have incomplete details, therefore the disclosure for 30 June 2008 has not been included as it can not be quantified or categorised.

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REMUNERATION REPORT (continued)

D Share-based compensation (audited)

Options

Options are issued to executives as part of their remuneration. The options are not issued based on performance criteria, but are issued to the executives to increase goal congruence between executives and shareholders. Options are granted for no consideration.

The terms and conditions of each grant of options affecting remuneration in this or future reporting periods are as follows:

Grant date	Expiry date	Share Price at Grant Date	Exercise Price	Value per option at grant date	Date exercisable
27 November 2006	30 June 2009	$0.200	$0.20	$0.10	Immediately
18May2007	31January2010	$0.415	$0.29	$0.25	3April 2008
18May2007	31January2011	$0.415	$0.35	$0.25	3April 2009
18 May 2007	31 January 2010	$0.415	$0.25	$0.26	29 January 2008
18May2007	31January2011	$0.415	$0.30	$0.27	29 January2009
18May2007	30December 2009	$0.415	$0.22	$0.27	29 January2008
18 May 2007	30 December 2010	$0.415	$0.27	$0.28	29 January 2009
18May2007	30December 2009	$0.415	$0.25	$0.26	4January2008
18May2007	30December 2010	$0.415	$0.30	$0.27	4January2009
11 September 2007	1 August 2010	$0.325	$0.39	Unknown	Immediately
11September 2007	1 August2010	$0.325	$0.39	Unknown	Immediately

Options granted carry no dividend or voting rights.

Details of options over ordinary shares in the company provided as remuneration to each director of View Resources Limited and each of the key management personnel of the Group are set out below. When exercisable, each option is convertible into one ordinary share of View Resources Limited.

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REMUNERATION REPORT (continued)

D Share-based compensation (audited) (continued)

Name	Number of options granted during the year	Number of options granted during the year	Number of options vested during the year	Number of options vested during the year
	2008	2007	2008	2007
Directors of View Resources Limited
P W Stancliffe P N Landau D P Tucker G J de Nys T J Gooch J Gresham J S Baker M Ralston	- - - - - - - -	2,000,000 1,000,000 1,000,000 1,000,000 - - - -	- - - - - - - -	2,000,000 1,000,000 1,000,000 1,000,000 - - - -
Other key management personnel of the Group
M J Ralston T V Cook G J Chapman T R Peachey G J Mills W D Gaiter R J Colson T S V Reay B Isle G Heys D Brinsden	- 750,000 - 750,000 - - - - 200,000 200,000 200,000	- - - - 1,500,000 500,000 500,000 500,000 - - -	- 750,000 - 750,000 - - - - 200,000 200,000 200,000	1,000,000 1,000,000 - - - - - - - - -
Other key management personnel of View Resources Limited
ASLund	-	500,000	-	-

The assessed fair value at grant date of options granted to the individuals is allocated equally over the period from grant date to vesting date, and the amount is included in the remuneration tables above. Fair values at grant date are independently determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.

Shares provided on exercise of remuneration options

Details of ordinary shares in the company provided as a result of the exercise of remuneration options to each director of View Resources Limited and other key management personnel of the Group are set out below.

Name	Date of exercise of options	Number of ordinary shares issued on exercise of options during year	Number of ordinary shares issued on exercise of options during year
		2008	2007
Other key management personnel of the Group
G J Chapman	1 May2007	-	250,000

The amounts paid per ordinary share by each director and other key management personnel on the exercise of options at the date of exercise were as follows:

Exercise Date

01 May 2007

Amount paid per share $0.20

No amounts are unpaid on any shares issued on the exercise of options.

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REMUNERATION REPORT (continued)

E Additional Information (audited)

Details of remuneration: cash bonuses and options

For each cash bonus and grant of options included in the tables on pages 10 – 19, the percentage of the available bonus or grant that was paid, or that vested, in the financial year, and the percentage that was forfeited because the person did not meet the service and performance criteria is set out below. No part of the bonuses is payable in future years. Options vest either immediately, after one year or after two years from the date they are committed. The maximum value of the options yet to vest has been determined as the amount of the grant date fair value of the options that is yet to be expensed.

	Cash bonus	Cash bonus				Options
Name	Paid %	Forfeited %	Year Granted	Vested %	Forfeited %	Financial years in which options may vest	Minimum total value of grant yet to vest $	Maximum total value of grant yet to vest $
P WStancliffe	-	-	2007	100	-	-	-	-
P N Landau	-	-	2007	100	-	-	-	-
G J deNys	-	-	2007	100	-	-	-	-
TJ Gooch	-	-	2006	100	-	-	-	-
M J Ralston	-	-	2006	66	-	30/6/2008	-	53,010
T VCook	-	-	2006	50	-	30/6/2008	-	50,621
T R Peachey	-	-	2006	100	-	-	-	-
ASLund	-	-	2007	-	-	30/6/2009 30/6/2008	- -	68,297 66,982
G J Mills	-	-	2007	-	-	30/6/2009 30/6/2008	- -	206,908 204,507
W DGaiter	-	-	2007	-	-	30/6/2009 30/6/2008	- -	67,122 65,496
RJ Colson	-	-	2007	-	-	30/6/2009 30/6/2008	- -	63,613 61,656
T S V Reay	-	-	2007	-	-	30/6/2009 30/6/2008	- -	66,620 64,943

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REMUNERATION REPORT (continued)

E Additional Information – unaudited (continued)

Share-based compensation: Options Further details relating to options are set out below.

Name	Performance Based Bonuses %	A Remuneration consisting of options %	B Value at grant date $	C Value at exercise date $	D Value at lapse date $	E Total of columns B-D $
P WStancliffe	-	67.6%	195,982	-	-	195,982
P N Landau	-	68.3%	97,991	-	-	97,991
G J deNys	-	66.5%	97,991	-	-	97,991
TJ Gooch	13.1%	23.3%	213,064	-	-	213,064
M J Ralston	17.6%	36.6%	405,206	-	-	405,206
T VCook	12.0%	29.9%	197,945	-	-	197,945
T R Peachey	11.5%	4.4%	38,738	-	-	38,738
A S Lund	-	17.2%	135,279	-	-	135,279
G JMills	-	31.4%	411,415	-	-	411,415
W DGaiter	-	15.9%	132,618	-	-	132,618
R J Colson	-	20.8%	125,269	-	-	125,269
TSV Reay	-	14.9%	131,563	-	-	131,563

A = The percentage of the value of remuneration consisting of options, based on the value of options expensed during the current period.
B = The value at grant date calculated in accordance with AASB 2 Share-based Payment of options granted during the year as part of remuneration.
C = The value at exercise date of options that were granted as part of remuneration and were exercised during the year.
D = The value at lapse date of options that were granted as part of remuneration and that lapsed during the year.

End of audited remuneration report.

MEETING OF DIRECTORS

The numbers of meetings of the Company’s board of directors held during the year ended 30 June 2008 were:

were:
Name	Number Eligible to Attend	Number Attended
Peter Landau	2	1
Tim Gooch	12	12
Gerrit de Nys	4	3
Jeff Gresham	12	12
Jyn Baker	3	2
Peter Stancliffe	12	12
Mike Ralston	10	10
William Oliver	-	-
Ranko Matic	-	-
Simon Mackinnon	-	-

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NON-AUDIT SERVICES

The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Company and/or the consolidated entity are important.

Nothing was paid to BDO Corporate Tax (WA) Pty Ltd for tax compliance services, including the review of company income tax returns. Further details are set out in Note 26 of the � nancial statements.

The board of directors is satis � ed that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satis � ed that the provision of non-audit services by the auditor, as set out in Note 26 of the � nancial statements, did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons:

all non-audit services have been reviewed by the audit committee to ensure they do not impact the integrity and objectivity of the auditor;
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants .

INSURANCE OF OFFICERS

For the year ended 30 June 2008, all directors and the speci � ed executives of the consolidated entity were insured by the Company. The insurance covers legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of entities in the consolidated entity, and any other payments arising from liabilities incurred by the officers in connection with such proceedings, other than where such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the company.

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001.

AUDITORS’ INDEPENDENCE DECLARATION

A copy of the auditors’ Independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 69.

AUDITOR

BDO Audit (WA) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.

This report is made in accordance with a resolution of the directors.

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_____ Ranko Matic Non-Executive Chairman

Dated this 12 day of May 2011

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Income Statements for the year ended 30 June 2008

Notes Revenue from continuing operations 3 Other income 4 Mining expense Legal and professional expense Corporate expenses Depreciation and amortisation expense 5 Employee expenses Share based payments expense Equity settled share payments Finance costs 5 Impairment expense 5 Write-(off)/back loan to View Gold Pty Ltd Milling expense Royalty expense Occupancy expenses 5 Consultancy expenses Hire expense Administrators expense Insurance expense Net other expenses Share of net losses of associates Loss before income tax Income tax expense 6 Loss from continuing operations Loss from discontinued operations 7 Loss for the year attributable to equity holders of View Resources Limited Earnings per share for loss from continuing and discontinued operations: Basic earnings per share 33 Diluted earnings per share 33 Earnings per share for loss from Continuing operations: Basic earnings per share 33 Discontinued operations: Basic earnings per share 33	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ 7,109,642 1,788,299 370,282 425,101 - 2,404,782 - 581,295 (1,355) (1,829,133) - - (340,334) - - - - (1,476,247) - (1,476,247) (73,585) (1,358,531) 82,347 (35,544) (1,411,242) (5,070,171) (1,411,242) (2,350,878) - (535,138) - (535,138) - (2,214,277) - (2,214,277) (1,420,789) (616,331) (24,486) (133,003) (12,276,551) (5,709,928) (8,694,144) - - - (73,686,793) - - (3,401,248) - - - (17,255) - - - (116,319) - (116,319) (430,234) - (430,234) - (23,305) - - - (99,214) - - - (21,250) - - - (4,676,006) (2,713,097) (3,676,117) (76,267) (942,161) - - -
	(14,606,384) (20,864,594) (87,470,387) (5,931,277) - - - -
	(14,606,384) (20,864,594) (87,470,387) (5,931,277) (85,846,580) - - - (100,452,964) (20,864,594) (87,470,387) (5,931,277)
	Cents Cents (24.51) (8.48) - - N/A N/A - - (3.56) (8.48) - - (20.95) - - -

The above income statements should be read in conjunction with the accompanying notes.

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Balance Sheets as at 30 June 2008

Notes Current assets Cash and cash equivalents 8 Trade and other receivables 9 Inventories 10 Other financial assets 11 Derivative financial instruments 13 Non- current assets held for sale 14 Total current assets Non-current assets Receivables 12 Financial assets 15 Property, plant & equipment 16 Exploration, evaluation & development expenditure 17 Investments accounted for using the equity method 36 Other financial assets 18 Total non-current assets Total assets Current liabilities Trade and other payables 19 Borrowings 20 Total current liabilities Non-current liabilities Borrowings 21 Provisions 22 Total non-current liabilities Total liabilities Net assets Equity Contributed equity 23 Reserves 24 Accumulated losses Total equity	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ 3,663,274 3,096,520 3,353,939 2,506,776 - 2,352,497 - 106,403 - 3,915,958 - - 4,170,800 91,405 - 91,405 - 14,185,106 - - 9,548,601 - - -
	17,382,675 23,641,486 3,353,939 2,704,584
	- - - 45,879,675 - - - 4,951,254 20,000 19,818,674 20,000 26,982 - 24,718,878 - 506,011 8,781,303 - - - 36,492 296,255 - 185,000
	8,837,795 44,833,807 20,000 51,548,922
	26,220,470 68,475,293 3,373,939 54,253,506
	29,475,927 9,121,211 3,651,870 418,293 - 10,269,246 - 6,000,000
	29,475,927 19,390,457 3,651,870 6,418,293
	29,264,505 15,921,795 4,672,293 5,739,376 5,365,966 4,098,414 - -
	34,630,471 20,020,209 4,672,293 5,739,376
	64,106,398 39,410,666 8,324,163 12,157,669
	(37,885,928) 29,064,627 (4,950,224) 42,095,837
	138,078,582 97,624,944 138,078,582 97,624,946 3,312,280 10,263,209 3,312,280 3,341,590 (179,276,790) (78,823,526) (146,341,086) (58,870,699)
	(37,885,928) 29,064,627 (4,950,224) 42,095,837

The above balance sheets should be read in conjunction with the accompanying notes.

STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2008

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Balance at 1 July 2006 Loss for the year Total income/expense recognised for the year Cost of Share based payments Changes in the fair value of cash flow hedges, net of tax Net income recognised directly in equity Contribution of equity, net of transaction costs Exercise of listed options Exercise of executive option Equity settled payment for services rendered Balance at 30 June 2007 Balance at 1 July 2007 Loss for the year Total income/expense recognised for the year Cost of Share based payments Changes in the fair value of cash flow hedges, net of tax Net income recognised directly in equity Contribution of equity, net of transaction costs Exercise of options Equity settled payment for services rendered Recapitalisation Balance at 30 June 2008	Consolidated Parent Contributed Equity Accumulated Losses Other Reserves Total Contributed Equity Accumulated Losses Other Reserves Total 75,944,682 (57,958,932) 450,230 18,435,980 75,944,684 (52,939,423) 450,230 23,455,491 - (20,864,594) - (20,864,594) - (5,931,276) - (5,931,276)
	- (20,864,594) - (20,864,594) - (5,931,276) - (5,931,276)
	- - 2,891,360 2,891,360 - - 2,891,360 2,891,360 6,921,619 6,921,619 - - - -
	- - 6,921,619 6,921,619 - - - -
	21,038,023 - - 21,038,023 21,038,023 - - 21,038,023 895 - - 895 895 - - 895 50,000 - - 50,000 50,000 - - 50,000 591,344 - - 591,344 591,344 - - 591,344
	97,624,944 (78,823,526) 10,263,209 29,064,627 97,624,946 (58,870,699) 3,341,590 42,095,837
	97,624,944 (78,823,526) 10,263,209 29,064,627 97,624,946 (58,870,699) 3,341,590 42,095,837 - (100,452,964) - (100,452,964) - (87,470,387) - (87,470,387)
	- (100,452,964) - (100,452,964) - (87,470,387) - (87,470,387)
	- - - - - - - - - - (6,921,619) (6,921,619) - - - -
	- - (6,921,619) (6,921,619) - - - -
	38,097,308 - - 38,097,308 38,097,306 - - 38,097,306 1,900,048 - - 1,900,048 1,900,048 - - 1,900,048 456,282 - - 456,282 456,282 - - 456,282 - - (29,310) (29,310) - - (29,310) (29,310)
	138,078,582 (179,276,790) 3,312,280 (37,885,928) 138,078,582 (146,341,086) 3,312,280 (4,950,224)

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Cash Flow Statements for the year ended 30 June 2008

Notes Cash flows from operating activities Receipts from customers Payments to suppliers and employees Payments for other financial assets Interest received Interest paid Payments for drilling, exploration and development activities Net cash inflow (outflow) from operating activities 34 Cash flows from investing activities Proceeds from sale of property, plant and equipment Proceeds for the sale of investments Payments for purchase of property, plant and equipment Loans to related parties Payments for equity investments Payments for drilling, exploration and development activities Net cash (outflow) from investing activities Cash flows from financing activities Proceeds from issue of shares Share issue costs Proceeds from borrowings Repayment of borrowings Net cash inflow from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year 8 Non-cash financing and investing activities 34a	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ 50,369,403 609,525 829,698 - (68,727,259) (16,739,190) (778,960) (3,699,488)
	(18,357,856) (16,129,665) 50,738 (3,699,488) - (6,000,000) - - 479,174 487,965 363,623 447,362 (2,084,790) (616,331) (24,486) (133,003) (2,090,283) (60,000) - (60,000)
	(22,053,755) (22,318,031) 389,875 (3,445,129)
	- 835,000 89,335 275,000 - 306,295 - 306,295 (16,740,891) (1,201,483) - (51,396) - - (31,518,398) (29,655,965) (7,645,364)
	- (9,364,568) - (325,000)
	(24,386,255) (9,424,756) (31,429,063) (29,451,066)
	42,500,046 21,484,707 40,424,325 21,484,707 (2,502,692) - - - 13,009,410 11,739,376 - 11,739,376 (6,000,000) (703,317) (8,537,974) -
	47,006,764 32,520,766 31,886,351 33,224,083
	566,754 777,979 847,163 327,888 3,096,520 2,318,541 2,506,776 2,178,888
	3,663,274 3,096,520 3,353,939 2,506,776

The above cash flow statements should be read in conjunction with the accompanying notes.

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Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies

The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated and subject to the limitations noted below. The financial report includes separate financial statements for View Resources Limited as an individual entity and the consolidated entity consisting of View Resources Limited and its subsidiaries.

Limitations on Preparation

Immediately following the appointment, the administrators took control of the Group’s assets including View Resource’s assets and continued to carry on the Group’s business.

The current Company Directors were not Directors as at the Reporting Date, nor were they parties involved with the Company. Every reasonable effort has been made by the Directors to ascertain the true position of the Group as at 30 June 2008. However, there may be information that the Directors have not been able to obtain, the impact of which may or may not be material on the accounts.

Going Concern

The accounts have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

The Directors believe it is appropriate to prepare these accounts on a going concern basis because under the DOCA effectuated on the 9th February 2011 the Company has extinguished all liabilities associated with the previous administration of the Company and has undertaken the following transactions;

Consolidation of the existing fully paid ordinary shares (Shares) on a one (1) for twenty (20) basis together with the consolidation of its existing options in the same ratio as the existing Shares; and
Issued 50,000,000 new Shares post consolidation at $0.001 each to raise $50,000; and
Issued 800,000,000 new Shares post consolidation at $0.005 each to raise $4,000,000; and
Issue 170,000,000 new options exercisable at $0.01 each and expiring 31 March 2014

In raising this capital, the Company has then made a payment of $2,125,000 to the Creditor’s Trust to effectuate the DOCA with the Administrators, thereby allowing them to resign as Administrators of the Company and allowing the Company to relist on the ASX.

Upon satisfaction of all conditions associated with the reinstatement of the shares on the ASX, the Company’s securities will be reinstated on the ASX.

Accordingly the accompanying financial statements have been prepared on a going concern basis.

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Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies (continued)

a) Basis of preparation

This general purpose � nancial report has been prepared in accordance with Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Australian Accounting Interpretations and the Corporations Act 2001.

Compliance with IFRS

Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the consolidated financial statements and notes of View Resources Limited comply with International Financial Reporting Standards (IFRS).

Historical cost convention

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and liabilities (including derivative instruments) at fair value through profit or loss, certain classes of property, plant and equipment and investment property.

Critical accounting estimates

The preparation of financial statements in conformity with AIFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. There were no critical estimates used in the preparation of the accounts.

Key estimates Impairment

The Group assesses impairment at the end of each reporting period by evaluating conditions and events specific to the Group that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.

Property, plant and equipment was assessed for impairment using the net realisable value test. This is reflected in Note 16 – Property, Plant and Equipment.

Taxation

Balances disclosed in the financial statements and the notes thereto, related to taxation, are based on the best estimates of directors. These estimates take into account both the financial performance and position of the Company as they pertain to current income taxation legislation, and the directors understanding thereof. No adjustment has been made for pending or future taxation legislation. The current income tax position represents that directors’ best estimate, pending an assessment by the Australian Taxation Office.

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Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies (continued)

b) Principles of consolidation

Subsidiaries

The consolidated � nancial statements incorporate the assets and liabilities of all entities controlled by View Resources Limited (“Company” or “parent entity”) as at 30 June 2008 and the results of all controlled entities for the year then ended. View Resources Limited and its controlled entities together are referred to in this � nancial report as the consolidated entity. The effects of all transactions between entities in the consolidated entity are eliminated in full.

Where control of an entity is obtained during a � nancial year, its results are included in the consolidated statement of � nancial performance from the date on which control commences. Where control of an entity ceases during a � nancial year its results are included for that part of the year during which control existed.

c) Segment reporting

A business segment is identified for a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different to those of other business segments. A geographical segment is identified when products or services are provided within a particular economic environment subject to risks and returns that are different from those of segments operating in other economic environments.

d) Income tax

The charge for current income tax expense is based on the profit for the year adjusted for any nonassessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the balance sheet date.

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income tax legislation and the anticipation that the economic entity will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by law.

View Resources Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. Each entity in the group recognises its own current and deferred tax liabilities, except for any deferred tax liabilities resulting from unused tax losses and tax credits, which are immediately assumed by the parent entity. The group notified the Australian Tax Office that it had formed an income tax consolidated group to apply from 12 August 2003. The tax consolidated group has entered a tax sharing agreement whereby each company in the group contributes to the income tax payable in proportion to their contribution to the net profit before tax of the tax consolidated group.

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Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies (continued)

e) Inventories

Warehouse inventory

Costs are assigned on the basis of weighted average costs.

Mining Stocks

Mining stocks are valued at the lower of cost and net realisable value. The cost of mining stocks includes direct materials, direct labour, transportation costs and variable and fixed overhead costs relating to mining activities. The net realisable value is calculated by multiplying the recoverable contained gold by the lowest hedge price and then subtracting the costs of progressing the stock to a finished product.

f) Foreign currency translation

Transactions

Foreign currency transactions are initially translated into Australian currency at the rate of exchange at the date of the transaction. At balance date amounts payable and receivable in foreign currencies are translated to Australian currency at rates of exchange current at that date. Resulting exchange differences are recognised in determining the pro � t or loss for the year.

g) Business combinations

The purchase method of accounting is used to account for all business combinations, including business combinations involving entities or businesses under common control, regardless of whether equity instruments or other assets are acquired. Cost is measured as the fair value of the assets given, shares issued or liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition. Where equity instruments are issued in an acquisition, the fair value of the instruments is their published market price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published price at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods provide a more reliable measure of fair value. Transaction costs arising on the issue of equity instruments are recognised directly in equity.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their face values at the acquisition date, irrespective of the extent of any minority interest. Any excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the Group’s share of the fair value of the identifiable net assets of the subsidiary acquired, the difference is recognised directly in the income statement, but only after a reassessment of the identification and measurement of the net assets acquired.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

h) Trade receivables

All trade debtors are recognised at the amounts receivable as they are due for settlement no more than 120 days from the date of recognition.

Gold debtors are recognised at the current spot rate of gold.

Collectibility of trade debtors is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for doubtful debts is raised when some doubt as to collection exists and in any event when the debt is more than 60 days overdue.

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Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies (continued)

i) Leases

Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases (note 28). Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short-term and long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the shorter of the asset’s useful life and the lease term.

Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases (note 29). Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.

Lease income from operating leases where the Group is a lessor is recognised in income on a straight-line basis over the lease term.

j) Property, plant and equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.

Plant and equipment

Plant and equipment are measured on the cost basis.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

The cost of fixed assets constructed within the economic entity includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

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Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies (continued)

� Depreciation of property, plant and equipment

The Depreciation amount of all fixed assets including building and capitalised lease assets, but excluding freehold land, is depreciated on a straight-line basis over their useful lives to the economic entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The expected useful lives are as follows:

Computer equipment 3-5 years
� Plant and equipment 3-5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement.

k) Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates derivatives as:

hedges of the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges).

The Group documents at the inception of the hedging transaction the relationship between hedging instruments and hedge items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will continue to be highly effective in offsetting changes in cash flows of hedged items.

Trading derivatives are classified as current assets. The fair value of all derivatives are determined with reference to publicly disclosed gold curve information. The value attached to the derivatives coincides with the maturity dates of the derivatives and this value is then discounted back using the base rate of interest as published by the Reserve Bank.

Cash flow hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in equity in the hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within other income or other expense.

Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item affects profit or loss (for instance when the forecast sale that is hedged takes place).

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement.

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Notes to the Financial Statements

30 June 2008

1. Summary of Signi � cant Accounting Policies (continued)

l) Fair value estimation

The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes.

The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current mid price (half way between current bid and offer prices).

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.

m) Impairment of assets

At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs

n) Non-current assets (or disposal groups) held for sale and discontinued operations

Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits and financial assets that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement.

o) Trade creditors

These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the � nancial year and which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

p) Borrowings

Loans and debentures are carried at their principal amounts which represent the present value of future cash � ows associated with servicing the debt. Interest is accrued over the period it becomes due and is recorded as part of other creditors.

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Notes to the Financial Statements 30 June 2008

1. Summary of Signi � cant Accounting Policies (continued)

q) Exploration and evaluation expenditure

Exploration and evaluation expenditures are written off as incurred, except when such costs are expected to be recouped through successful development and exploitation, or sale, of an area of interest. In addition, exploration assets recognised on acquisition of an entity are carried forward provided that exploration and/or evaluation activities in the area have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and signi � cant operations in relation to the area are continuing.

The expenditure carried forward when recovery is expected represents an accumulation of direct net exploration and evaluation costs incurred by or on behalf of the Group and applicable indirect costs, in relation to separate areas of interest for which rights of tenure are current.

The successful commercial exploitation of all exploration and evaluation expenditure is dependent upon the Company raising adequate debt and equity funding, which is dependent upon continued investor support.

If it is established subsequently that economically recoverable reserves exist in a particular area of interest, resulting in the decision to develop a commercial mining operation, then in that year the accumulated expenditure attributable to that area, to the extent that it does not exceed the recoverable amount for the area concerned, will be transferred to mine development. As such it will be subsequently amortised against production from that area. Any excess of accumulated expenditure over recoverable amounts will be written off to the income statement.

The ultimate recoverability of all exploration, evaluation and development expenditure is dependent upon the successful commercial exploitation of the economic reserves at Bronzewing.

r) Mine properties and mine development

These assets represent the capital cost incurred on areas of interest for which it has been established, to the satisfaction of the directors, that economically recoverable resources exist.

Costs accumulated in respect of each area of interest represent direct and applicable indirect expenditure incurred by or on behalf of the relevant entity. Indirect expenditure principally consists of charges for depreciation of equipment used in development activities. The costs of successful exploration and evaluation and access and capital development are classi � ed as mine development.

Capital development on underground mines includes expenditure on shaft sinking, declines, development and access drives and ventilation shafts. Amortisation of these costs is provided separately for each mineral resource or mine from the commencement of commercial production as follows:

Mine development is calculated on a units-of-production basis over the estimated recoverable resources. In order to calculate the amortisation, the total costs of development, including net cost incurred to date and estimated future capital development costs are totalled and divided by the total resources. Annual depletion is calculated based on the units of production during the period multiplied by the per unit cost.

s) Restoration, rehabilitation and environmental expenditure

The group has obligations to restore certain sites it occupies on cessation of operations. Under AASB 137 Provisions, Contingent Liabilities and Contingent assets, the group is required to recognise a provision for the present value of restoring the site. This is done by discounting the expected expenditure on rehabilitation at the end of mine life. The unwind of this discount is expensed to the income statement over the mine life.

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Notes to the Financial Statements

30 June 2008

1. Summary of Signi � cant Accounting Policies (continued)

t) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are subsequently ready for their intended use or sale.

All other borrowing costs are recognised in income in the period in which they are incurred.

u) Cash and cash equivalents

For purposes of the statement of cash � ows, cash includes deposits at call with � nancial institutions and other highly liquid investments with short periods to maturity which are readily convertible to cash on hand and are subject to an insigni � cant risk of changes in value, net of outstanding bank overdrafts.

v) Revenue

Revenue from the sale of gold is recorded at its fair value of gold price at the time of sale. The Group records the sale once the risks and rewards of gold ownership has been transferred.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

w) Employee bene � ts

(i) Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary bene � ts, annual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in other creditors in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.

(ii) Employee bene � t on-costs

Employee bene � t on-costs, including payroll tax, are recognised and included in employee bene � t liabilities and costs when the employee bene � ts to which they relate are recognised as liabilities.

(iii) Share based payments

The Company provides benefits to employees (including directors) of the Company in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (‘equity-settled transactions’). The cost of these equity-settled transactions is measured by reference to the fair value at the date at which they are granted. The fair value is determined by an external valuer using a Black Scholes model. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘vesting date’). The cumulative expense recognised for equitysettled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the directors of the Company, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.

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Notes to the Financial Statements 30 June 2008

1. Summary of Signi � cant Accounting Policies (continued)

No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per share.

x) Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST.

Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

y) Contributed equity

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

If the entity reacquires its own equity instruments, eg as the result of a share buy-back, those instruments are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit and loss and the consideration paid including any directly attributable incremental costs (net of income taxes) is recognised directly in equity.

z) Earnings per share

(i) Basic earnings per share

Basic earnings per share is determined by dividing net pro � t after income tax attributable to members of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the � nancial year, adjusted for bonus elements in ordinary shares issued during the year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the � gures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other � nancing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

Comparative figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

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Notes to the Financial Statements 30 June 2008

1. Summary of Signi � cant Accounting Policies (continued)

New accounting standards and interpretations

The following Australian Accounting Standards have been issued or amended and are applicable to the parent and consolidated group but are not yet effective. They have not been adopted in preparation of the financial statements at reporting date.

AASB			Outline of	Application Date of	Application Date for
Amendment	Standards Affected		Amendment	Standard	Group
AASB 2007–3	AASB 5	Non-current Assets	The disclosure	1 January 2009	1 July 2009
Amendments to		Held for Sale and	requirements of AASB
Australian		Discontinued	114: Segment
Accounting		Operations	Reporting have been
Standards	AASB 6	Exploration for and Evaluation of	replaced due to the issuing of AASB 8:
		Mineral	Operating Segments
	AASB 102	Inventories	in February 2007. These amendments
	AASB 107	Cash Flow	will involve changes
		Statements	to segment reporting
	AASB 119 AASB 127	Employee Benefits Consolidated and Separate Financial Statements	disclosures within the financial report. However, it is anticipated there will be no direct impact on
	AASB 134	Interim Financial	recognition and
		Reporting	measurement criteria
	AASB 136	Impairment of Assets	amounts included in the financial report.
	AASB	General Insurance
	1023	Contracts
	AASB	Life Insurance
	1038	Contracts
AASB 8	AASB 114	Segment Reporting	As above.	1 January 2009	1 July 2009
Operating
Segments
AASB 2007–6	AASB 1	First time adoption	The revised AASB	1 January 2009	1 July 2009
Amendments to		of AIFRS	123: Borrowing Costs
Australian			issued in June 2007
Accounting			has removed the
Standards			option to expense all
	AASB 101	Presentation of	borrowing costs. This
		Financial	amendment will
		Statements	require the
	AASB 107	Cash Flow Statements	capitalisation of all borrowing costs directly attributable to
	AASB 111	Construction	the acquisition,
		Contracts	construction or
	AASB 116	Property, Plant and Equipment	production of a qualifying asset.

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AASB		Outline of	Application Date of	Application Date for
Amendment	Standards Affected	Amendment	Standard	Group
	AASB 138 Intangible Assets	However, there will be
		no direct impact to the
		amounts included in
		the financial group as
		they already capitalise
		borrowing costs
		related to qualifying
		assets.
AASB 123	AASB 123 Borrowing Costs	As above.	1 January 2009	1 July 2009
Borrowing
Costs
AASB 2007–8	AASB 101 Presentation of	The revised AASB	1 January 2009	1 July 2009
Amendments to	Financial	101: Presentation of
Australian	Statements	Financial Statements
Accounting		issued in September
Standards		2007 requires the
		presentation of a
		statement of
		comprehensive
		income.
AASB 101	AASB 101 Presentation of	As above.	1 January 2009	1 July 2009
	Financial
	Statements

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Notes to the Financial Statements 30 June 2008

2. Segment information

Primary reporting format – business segments

The consolidated entity operates within two reportable business segments, being mineral exploration and extraction, and discontinued operations.

2008 Sales to external customers Other revenue Total segment revenue Segment result before income tax Profit/ (Loss) before income tax Segment assets Total assets Segment liabilities Total Liabilities Acquisitions of property, plant and equipment, intangibles and other non- current segment assets Depreciation and amortisation expense Other non-cash expenses	Exploration activities Total continuing operations Discontinuing operation Mining operations(i) $ $ $ 6,773,082 6,773,082 48,056,790 336,560 336,560 26,217	Consolidated $ 54,829,872 362,777
	7,109,642 7,109,642 48,083,007	55,192,649
	(14,606,384) (14,606,384) (85,846,580)	(100,452,964)
	16,606,551 16,606,551 9,613,919	(100,452,964)
		26,220,470
	(15,482,330) (15,482,330) (48,624,068)	26,220,470
		(64,106,398)
	9,427,711 9,427,711 21,364,395	(64,106,398)
		30,792,106
	73,584 73,584 3,096,094	3,169,678
	5,127,619 5,127,619 55,078,141	60,205,760

(i) On 01 April 2009, the Company entered into a binding agreement with Navigator Pty Ltd to sell its Bronzewing assets (refer to note 32) the value of this non-current assets held for sale is included in the Mining operations segment.

Secondary reporting format – geographical segments

The consolidated entity is presently only exploring and mining in one geographical segment, being Western Australia.

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Notes to the Financial Statements 30 June 2008

2. Segment information (continued)

Primary reporting format – business segments

2007 Sales to external customers Other revenue/income Total segment revenue Segment result before income tax Profit from ordinary activities before income tax Segment assets Total assets Segment liabilities Total Liabilities Acquisitions of property, plant and equipment, intangibles and other non- current segment assets Depreciation and amortization expense Other non-cash expenses	Exploration activities Mining operations Total continuing operations $ $ $ - 1,348,157 1,348,157 581,471 2,263,453 2,844,924	Consolidated $ 1,348,157 2,844,924
	581,471 3,611,610 4,193,081	4,193,081
	306,149 (21,170,743) (20,864,594)	(20,864,594)
	1,124,755 67,350,540 68,475,295	(20,864,594)
		68,475,295
	519,098 38,891,568 39,410,666	68,475,295
		39,410,666
	6,776,707 18,565,022 25,341,729	39,410,666
		25,341,729
	174,703 1,183,828 1,358,531	1,358,531
	- 2,749,415 2,749,415	2,749,415

Secondary reporting format – geographical segments

The consolidated entity is presently only exploring and mining in one geographical segment, being Western Australia.

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Notes to the Financial Statements 30 June 2008

3. Revenue

From continuing operations Sales revenue Sales of Goods Other revenue Interest Rent received	Consolidated Parent Entity 2008 2007 2008 2007 $ $ $ $ - 6,773,082 1,348,157 33,722 - 336,560 433,524 336,560 425,101 - 6,618
	7,109,642 1,788,299 370,282 425,101

4. Other revenue

4. Other revenue
	Consolidated		Parent	Entity
	2008	2007	2008	2007
	$	$	$	$
Net gain on disposal of property plant and
equipment	-	1,110,000	-	550,000
Ineffective portion of cash flow hedges	-	1,263,487	-	-
Net gain on sale of available-for-sale
financial assets	-	31,295	-	31,295
	-	2,404,782	-	581,295

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Notes to the Financial Statements 30 June 2008

5. Expenses

5. Expenses
Profit before income tax includes the following specific expenses: Depreciation: Computer equipment Plant and equipment Office equipment Total depreciation Finance costs Interest and finance charges paid/payable Provisions: unwinding of discount Finance costs expensed Rental expense relating to operating leases Minimum lease payments Impairment of assets Inventories and fixed assets Exploration, evaluation & development expenditure	Consolidated Parent Entity 2008 2007 2008 2007 $ $ $ $ 73,585 31,508 (75,599) 33,563 - 1,325,042 - - - 1,980 (6,748) 1,980
	73,585 1,358,530 (82,347) 35,543
	1,420,789 289,204 24,486 133,003 - 327,127 - -
	1,420,789 616,331 24,486 133,003
	- 116,319 - 116,319
	12,276,551 5,709,928 - - - - 8,694,144 -
	12,276,551 5,709,928 8,694,144 -

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Notes to the Financial Statements 30 June 2008

6. Income tax expense

(a) Income tax expense Current tax Deferred tax Under (over) provided in prior years (b) Numerical reconciliation of income tax expense to prima facie tax payable Loss from ordinary activities before income tax expense Tax at the Australian tax rate of 30% (2007 - 30%) Tax effect of amounts which are not deductible (taxable) in calculating taxable income: � Legal � Entertainment � Share and equity based payment � Sundries Deferred tax asset in respect to losses not brought to account Income tax expense (c) Tax losses Unused tax losses for which no deferred tax asset has been recognised Potential tax benefit @ 30%	Consolidated Parent Entity 2008 2007 2008 2007 $ $ $ $ - - - - - - - - - - - -
	- - - -
	(100,452,964) (20,721,891) (87,470,386) (5,931,277)
	(100,452,964) (20,721,891) (87,470,386) (5,931,277)
	(30,135,889) (6,216,567) (26,241,116) (1,779,383) 277,199 97,295 29,892 97,295 - 882 - 882 - 896,076 - 896,076 - 26,831 - 26,251
	(29,858,690) (5,195,483) (26,211,224) (758,879)
	29,858,690 5,195,483 26,211,224 758,879
	- - - -
	97,254,661 48,266,820 97,254,661 48,266,820
	29,176,398 14,480,046 29,176,398 14,480,046

All unused tax losses were incurred by Australian entities.

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Notes to the Financial Statements 30 June 2008

6. Income tax expense (continued)

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

7. Discontinued operations

During March 2008 the administrators of View Resources Limited announced their intention to sell the Bronzewing asset and initiated an active program to locate a buyer and complete the sale. On 01 April 2009, the consolidated group entered into a sale agreement this sale was completed in September 2009 when all conditions precedent were met. For the year ended 30 June 2008 the disposal of the asset triggered the discontinuing of its operations in the Mining business segment.

Financial information of the discontinued operations for the year ended 30 June 2008 is included below.

Financial performance:

The financial performance and cash flow information present are for the year ended 30 June 2008.

Revenue Expenses(i) Loss before tax Income tax expense Loss after income tax of discontinued operation (i) Refer to Note 17 for additional information	Consolidated $ $ 2008 2007 48,083,007 - (133,929,587) -
	(85,846,580) - - -
	(85,846,580) -

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7. Discontinued operations (continued)

Loss on sale of the division before income tax Income tax expense Loss on sale of the division after income tax Loss from discontinued operation Cash flow Information Net cash outflow from operating activities Net cash inflow from investing activities Net cash outflow from financing activities Net decrease in cash generated by the division Carrying amounts of assets and liabilities Cash and cash equivalents Non current asset held for sale Total assets Trade and other payables Provisions Borrowings Total liabilities Net assets	- - - -
	- -
	- -
	(20,495,984) - - - - -
	(20,495,984) -
	$ $ 2008 2007 65,319 - 9,548,600 -
	9,613,919 -
	(25,659,057) - (4,792,566) - (18,172,445) -
	(48,624,068) -

	(39,010,149) -

8. Current assets – Cash and cash equivalents

Cash at bank and in hand Deposits at call	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 3,663,274 2,633,702 3,353,939 2,043,958 - 462,818 - 462,818
	3,663,274 3,096,520 3,353,939 2,506,776

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Notes to the Financial Statements 30 June 2008

9. Current assets – Trade and other receivables

Trade debtors Other debtors	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 864,046 - 61,903 - 1,488,451 - 44,500
	- 2,352,497 - 106,403

For the period 8[th] February 2008 to 9[th] February 2011 the group has been in administration. The current directors were not the directors during any part of the financial years end for the 30 June 2008 and 30 June 2007. The current Board is not able to determine the recoverability of the receivables.

10. Current assets – Inventories

	Consolidated	Consolidated	Parent Entity	Parent Entity
	$	$	$	$
	2008	2007	2008	2007
Stores	-	1,686,798		-	-
Stockpiles	-	2,229,160		-	-
	-	3,915,958		-	-

(a) Inventory expense

Write downs of inventories to net realisable value recognized as an expense during the year ended 30 June 2008 amounted to ($nil) (2007: $5,709,928). The expense has been included in ‘Other expenses’ in the income statement.

11. Current assets – Other financial assets

Prepayments Environmental bond	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 91,405 - 91,405 4,170,800 - - -
	4,170,800 91,405 - 91,405

Environmental bonds to the Department of Mines and Petroleum were issued on behalf of View Gold for the operations relating to the Bronzewing Mine.

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Notes to the Financial Statements 30 June 2008

12. Non-current assets - Receivables

Loan to View Gold Pty Ltd Provision for diminution in loan to View Gold Pty Ltd Loan to View Nickel Pty Ltd Provision for diminution in loan to View Nickel Pty Ltd	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - - 70,000,000 46,478,117 - - (70,000,000) (1,470,888)
	- - - 45,007,229
	- - - 3,235,187 - - - (2,362,741)
	- - - 872,446
	- - - 45,879,676

Further information relating to loans from related parties is set out in note 26.

13. Derivative financial instruments

Current assets Gold – puts Gold – forwards Total current derivative financial instrument assets	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 7,258,752 - - - 6,926,354 - -
	- 14,185,106 - -

(a) Instruments used by group

The company uses derivative financial instruments such as put options and forward sales to hedge its risk associated with gold price fluctuations. Such derivative financial instruments are stated at fair value.

The fair value of the options and forwards are calculated by relevance to forward market rates for similar instruments.

For purposes of hedge accounting, hedges are classified as cash flow hedges where they hedge exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability as a forecast transaction.

In relation to cash flow hedges to hedge firm commitments which meet the special conditions for accounting, the portion in the gain or loss on the hedging instrument that is determined to be effective is recognised directly in equity, and the ineffective portion is taken to the income statement.

For all cash flow hedges the gains or loses that are recognised in equity are transferred to the income statement in the same year the hedged firm commitment affects the income statement or where the put option expires of lapses.

The hedge book was closed out during the year ended 30 June 2008. Cash flow associated with each instrument and periods of expiry is listed below:

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Notes to the Financial Statements 30 June 2008

13. Derivative financial instruments(continued)

Gold – puts ($A 830.00 strike price) Less than 1 year 1 – 2 years 2 – 3 years Gold – forwards ($A 900.00 strike price) Less than 1 year 1 – 2 years 2 – 3 years	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 4,757,611 - - - 926,370 - - - 1,574,771 - -
	- 7,258,752 - -
	- 2,485,642 - - - 4,150,447 - - - 290,265 - -
	- 6,926,354 - -

(a) Interest rate risk exposures

Refer to note 21(c) for the Group’s exposure to interest rate risk on derivative financial instruments.

14. Non Current Assets held for sale

Current View Gold Pty Ltd – Property Plant and Equipment(i): Exploration and evaluation assets_(ii)_	2008 2007 $ $ 9,348,601 - 200,000 -
	9,548,601 -

(i) On 01 April 2009, the Company entered into a binding agreement with Navigator Pty Ltd to sell its Bronzewing assets and the total dollar amount of existing bonds (Refer to Note 32).

(ii) The exploration and evaluation assets relate to costs to acquire tenements and capitalised exploration costs and are included in the segment assets of the Economic Entity’s discontinued mining operations segment as disclosed in Note 2.

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Notes to the Financial Statements 30 June 2008

15. Non-current assets – Other financial assets

Shares in subsidiaries at cost (note 30) Provision for diminution Investment in controlled entities Investment in CM02 Investment written off Total other financial assets	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - - - 9,517,657 - - - (4,566,403)
	- - - 4,951,254
	- - 9,517,656 - - - (9,517,656) -
	- -
	- - - 4,951,254

These financial assets are carried at cost.

16. Non-current assets – Property, plant & equipment

Computer equipment Less: Accumulated depreciation Less: Provision for Impairment Office equipment Less: Accumulated depreciation Less: Provision for Impairment Transferred to Non Current Asset held for sale(i)	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 175,262 - 89,872 - (160,989) - (75,599) - - -
	- 14,273 - 14,273
	21,163,092 9,806 - 9,806 (2,987,290) (6,747) - (6,747) (13,493,749) - - - (4,682,053) - - -
	- 3,059 - 3,059

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Notes to the Financial Statements 30 June 2008

16. Non-current assets – Property, plant & equipment (continued)

General plant and equipment Less: Accumulated depreciation Less: Provision for Impairment Transferred to Non Current Asset held for sale(i) Total plant and equipment	7,255,835 21,973,947 20,000 9,650 (988,918) (2,172,605) - - (1,580,070) - - - (4,666,847) - - -
	20,000 19,801,342 20,000 9,650

	20,000 19,818,674 20,000 26,982

(i) The assets of the group were subsequently sold in the period ending 31 December 2009 therefore at this date the balances have been written down to there Net Realisable Value and transferred to Non Current Asset held for sale (Note 14).

(a) Leased assets

General plant and equipment includes the following amounts where the Group is a lessee under a finance lease:

General plant and equipment Less: Accumulated depreciation Less: Provision for Impairment Transferred to Non Current Asset held for sale (Note 14)	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 7,255,835 15,154,981 - - (988,918) (698,284) - - (1,580,070) - - - (4,666,847) - - -
	20,000 14,456,697 - -

(b) Non-current assets pledged as security

Refer to note 21 for information on non-current assets pledged as security by the parent entity and its controlled entities.

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Notes to the Financial Statements 30 June 2008

16. Non-current assets – Property, plant & equipment (continued)

Reconciliations

Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current financial year are set out below.

Parent Entity Carrying amount at 1 July 2006 Additions Disposals Depreciation expense Carrying amount at 30 June 2007 Additions Disposals Depreciation (expense)/write back (note 5) Carrying amount at 30 June 2008 Consolidated Carrying amount at 1 July 2006 Additions Disposals Depreciation expense Carrying amount at 30 June 2007 Additions Disposals Depreciation (expense)/write back (note 5) Provision for impairment Transferred to Non Current Asset held for sale (Note 13) Carrying amount at 30 June 2008	Computer Equipment $ Office Equipment $ Plant & Equipment $ Total $ 6,634 4,496 - 11,130 41,202 543 9,650 51,395 - - - - (33,563) (1,980) - (35,543)
	14,273 3,059 9,650 26,982
	- - 10,350 10,350 (14,273) (3,059) - (17,332) - - - -
	- - 20,000 20,000
	Computer Equipment $ Office Equipment $ Plant & Equipment $ Total $ 4,579 4,496 4,811,667 4,820,742 41,202 543 16,314,717 16,356,462 - - - - (31,508) (1,980) (1,325,042) (1,358,530)
	14,273 3,059 19,801,342 19,818,674
	- 21,160,033 - 21,160,033 (14,273) - (12,545,507) (12,559,780) - (2,987,290) (988,918) (3,976,208) - (13,494,048) (1,580,070) (15,074,118) - (4,681,754) (4,666,847) (9,348,601)
	- - 20,000 20,000

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Notes to the Financial Statements 30 June 2008

17. Non-current assets – Exploration, evaluation and development expenditure

Cost brought forward Acquisition of mine properties Exploration expenditure capitalised during the year Mine development expenditure capitalised during the year Capitalised expenditure written-off during the year(i) Amortisation expense Transferred to Non Current Asset held for sale(ii) Costs carried forward	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 24,718,878 15,254,312 506,011 81,011 - 425,000 - 425,000 - 6,776,707 - - 9,020,961 2,262,859 803,446 - (32,812,194) - (1,309,457) - (727,645) - - - (200,000) - - -
	- 24,718,878 - 506,011

(i) During the year the Group impaired capitalised expenditure to the value of $32,812,194. This value is per $12,276,551 per note 5 and $20,535,643 per Note 7.

(ii) The assets of the group were subsequently sold in the period ending 31 December 2009 therefore at this date the balances have been written down to there Net Realisable Value and transferred to Non Current Asset held for sale (Note 13).

18. Non-current assets – Other

Security deposit Other receivables	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 185,000 - 185,000 36,492 111,255 - -
	36,492 296,255 - 185,000

19. Current liabilities – Trade and other payables

Trade creditors Accrued expenses Other creditors Employee benefits – annual leave provision	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 7,929,212 1,692,225 2,536,289 - 19,479,052 6,336,608 1,115,581 209,767 1,544,784 801,554 - 110,047 522,879 290,824 - 98,479
	29,475,927 9,121,211 3,651,870 418,293

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Notes to the Financial Statements 30 June 2008

20. Current liabilities – Borrowings

Bank loans (note 20(a)) Lease liabilities (note 29)	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 6,000,000 - 6,000,000 - 4,269,246 - -
	- 10,269,246 - 6,000,000

(a) Interest rate risk exposure

Details of the group’s exposure to interest rate changes on borrowings are set out in note 21.

(b) Security

Details of the security relating to each of the secured liabilities and further information on the bank overdrafts and bank loans are set out in note 21.

21. Non-current liabilities – Borrowings

Bank loans Loan to View Nickel Provision for diminution Administrators debt Lease liabilities (note 29) Total non-current borrowings	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 - 5,739,376 - 5,739,376 - - 2,309,552 - - - 2,362,741 - 18,404,486 - - - 10,860,019 10,182,419 - -
	29,264,505 15,921,795 4,672,293 5,739,376

(a) Total secured liabilities

The total secured liabilities (current and non-current) are as follows:

Bank loans Lease liabilities Total secured liabilities	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 18,404,486 11,739,376 - 11,739,376 - 14,451,665 - -
	18,404,486 26,191,041 - 11,739,376

(b) Assets pledged as security

Austral-Asia Resources Infrastructural Investments Pty Limited (“AARI”) entered into an agreement on the 11 March 2008 with the Administrators of View Nickel to refinance debts due to IBAL and fund future cash calls in relation to the Carnilya Hill Joint Venture. The Administrators are personally liable for repayment of funds used under this facility.

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Notes to the Financial Statements 30 June 2008

21. Non-current liabilities – Borrowings (continued)

(c) Interest rate risk exposures

The following table sets out the Group’s exposure to interest rate risk, including the contractual repricing dates and the effective weighted average interest rate by maturity periods.

Exposures arise predominantly from liabilities bearing variable interest rates as the Group intends to hold fixed rate liabilities to maturity.

2008 Administrators loan facility (notes 18 and 20) Lease liabilities (notes 18, 20 and 28) Weighted average interest rate 2007 Bank overdrafts and loans (notes 18 and 20) Lease liabilities (notes 18, 20 and 28) Weighted average interest rate	Fixed interest rate Floating interest rate 1 year or less Over 1 to 2 years Over 2 to 3 years Over 3 to 4 years Over 4 to 5 years Over 5 years Total 18,404,486 - - - - - - 18,404,486 - - - - - - - -
	18,404,486 - - - - - - 18,404,486
	12.14% - - - - - - Fixed interest rate Floating interest rate 1 year or less Over 1 to 2 years Over 2 to 3 years Over 3 to 4 years Over 4 to 5 years Over 5 years Total - 6,000,000 5,739,376 - - - - 11,739,376 - 4,269,246 4,588,149 4,307,060 1,287,210 - - 14,451,665
	- 10,269,246 10,327,525 4,307,060 1,287,210 - - 26,191,041
	- 9.19% 9.15% 8.41% 8.41% - - -

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Notes to the Financial Statements 30 June 2008

22. Non-current liabilities - Provisions

Provision for rehabilitation Provision for Rehabilitation – View Gold(i):	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 573,400 4,098,414 - - 4,792,566 - - -
	5,365,966 4,098,414 - -

(i) On 01 April 2009, the Company entered into a binding agreement with Navigator Pty Ltd to sell its Bronzewing assets (refer to note 32) and the total dollar amount of existing bonds.

Movement in provision for rehabilitation

Opening balance Amount provided for during the year Closing balance	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 4,098,414 3,771,287 - - 1,267,552 327,127 - -
	5,365,966 4,098,414 - -

Provision for rehabilitation

A provision has been recognized for the costs to be incurred for the rehabilitation of the mining site used for the exploration and mining of gold ore. It is anticipated that the mine will require rehabilitating in approximately 3 years. A discount rate (10%) adjusted to reflect the risk inherent in the mining operation has been applied. A provision of $500,000 has been recognised for the cost to be incurred for the rehabilitation of the Carnilya Hill mining operations.

23. Contributed equity

Share Capital Ordinary shares – Fully paid Total contributed equity	Parent Entity Parent Entity 2008 2007 2008 2007 Shares Shares $ $ 439,055,266 299,230,037 138,078,582 97,624,946
	439,055,266 299,230,037 138,078,582 97,624,946

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Notes to the Financial Statements 30 June 2008

23. Contributed Equity (continued)

Movements in ordinary share capital

Date
Details
1 July 2006
Opening balance
6 July 2006
Issue of shares – AuDAX
27 November 2006
Issue of shares – placement
20 December 2006
Issue of shares – placement
20 December 2006
Issue of shares – EH & P Investments AG
20 December 2006
Issue of shares – M8 Holdings
20 December 2006
Issue of shares – option conversion
9 March 2007
Issue of shares – Intuitive Pty Ltd
9 March 2007
Issue of shares – option conversion
18 May 2007
Issue of shares – option conversion
18 May 2007
Issue of shares – option conversion
18 May 2007
Issue of shares – Geoff Chapman
30 June 2007
Less: Transaction costs arising on share issues
30 June 2007
Closing balance
16 July 2007
Issue of shares – placement
16 July 2007
Issue of shares – option conversion
17 July 2007
Issue of shares – placement
31 July 2007
Issue of shares – option conversion
15 August 2007
Issue of shares – prospectus
15 August 2007
Issue of shares – prospectus
11 September 2007
Issue of shares – consideration for acquisition
3 October 2007
Issue of shares – option conversion
9 November 2007
Issue of shares – placement
9 November 2007
Issue of shares – unlisted option conversion
9 November 2007
Issue of shares – listed option conversion
16 November 2007
Issue of shares – placement
14 January 2008
Issue of shares – option conversion
30 June 2008
Less: Transaction costs arising on share issues

Number of
shares
Issue
price
$
173,568,312
75,944,684
500,000
$0.2000
100,000
100,250,000
$0.1800
18,045,000
22,222,222
$0.1800
3,999,996
1,535,243
$0.1800
276,341
400,000
$0.1880
75,000
1,750
$0.2000
350
500,000
$0.2800
140,000
375
$0.2000
75
1,000
$0.2000
200
1,135
$0.2380
270
250,000
$0.2000
50,000
-
-
(1,006,970)

299,230,037
97,624,946
34,651,500
$0.40
13,860,600
1,200,000
$0.20
240,000
53,500
$0.40
21,400
1,000,000
$0.20
200,000
10,000,000
$0.40
4,000,000
30,295,000
$0.40
12,118,000
1,625,000
$0.28
456,282
1,000,000
$0.20
200,000
53,000,000
$0.20
10,600,000
3,500,000
$0.18
630,000
228
$0.20
46
1
$0.20
0
3,500,000
$0.18
630,000
-
-
(2,502,692)

439,055,266
138,078,582

a) Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held.

On a show of hands every holder of ordinary shares present at a meeting in person or by proxy is entitled to one vote, and upon a poll, each share is entitled to one vote.

b) Options

Information regarding View Resources Limited unlisted options, including details of options issued, exercised and lapsed during the financial year and options outstanding at the end of the financial year is set out below.

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Notes to the Financial Statements 30 June 2008

23. Contributed Equity (continued)

c) Equity based payments

On 11 September 2007 AuDax Resources received 1,000,000 ordinary shares as part consideration for the acquisition of the Venus deposit.

On 11 September 2007 Great Australian Resources received 625,000 in consideration for the acquisition of the Corboys deposit and tenements.

Movements in unlisted options

Date Details 30 June 2006 Opening Balance 27 November 2006 Issue of options (20 cents, expiring 30 June 2009) 31 December 2006 Options expiring (35 cents, 31 December 2006) 3 January 2007 Issue of options (18 cents, 31 March 2010) 18 May 2007 Options exercised – Geoff Chapman 18 May 2007 Issue of options (22 cents, 30 December 2009) 18 May 2007 Issue of options (25 cents, 30 December 2009) 18 May 2007 Issue of options (25 cents, 31 January 2010) 18 May 2007 Issue of options (29 cents, 31 January 2010) 18 May 2007 Issue of options (30 cents, 31 January 2010) 18 May 2007 Issue of options (24 cents, 28 February 2010) 18 May 2007 Issue of options (27 cents, 30 December 2010) 18 May 2007 Issue of options (30 cents, 30 December 2010) 18 May 2007 Issue of options (30 cents, 31 January 2011) 18 May 2007 Issue of options (35 cents, 31 January 2011) 18 May 2007 Issue of options (36 cents, 31 January 2011) 18 May 2007 Issue of options (29 cents, 28 February 2011) 30 June 2007 Balance Date Details 16 July 2007 Options exercised (20 cents) 31 July 2007 Options exercised (20 cents) 11 September 2007 Issue of options (39 cents, 1 August 2010) 11 September 2007 Issue of options (39 cents, 1 August 2011) 3 October 2007 Options exercised (20 cents) 9 November 2007 Options exercised (18 cents) 14 January 2008 Options exercised (18 cents) 30 June 2008 Closing Balance	Number of options
	12,875,000 5,000,000 (1,000,000) 10,000,000 (250,000) 750,000 250,000 250,000 250,000 250,000 250,000 750,000 250,000 250,000 250,000 250,000 250,000
	30,625,000 Number of options (1,200,000) (1,000,000) 1,050,000 1,050,000 (1,000,000) (3,500,000) (3,500,000)
	22,525,000

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Notes to the Financial Statements 30 June 2008

23. Contributed equity (continued)

Movements in listed options

Date Details 30 June 2006 Opening Balance 20 December 2006 Issue of options (20 cents, 30 June 2008) 20 December 2006 Options exercised (20 cents, 30 June 2008) 9 March 2007 Options exercised (20 cents, 30 June 2008) 18 May 2007 Options exercised (20 cents, 30 June 2008) 30 June 2007 Balance 9 November 2007 Options exercised (20 cents) 30 June 2008 Lapse of listed options 30 June 2008 Closing Balance	Number of options
	51,993,632 1,500,000 (1,750) (375) (2,135)
	53,489,372 (228) (53,489,144)
	-

24. Reserves

Share-based payment reserve Hedging reserve – cash flow hedges Recapitalisation Movements Share-based payment reserve � Balance 1 July � Options issued to employees � Option expense Balance 30 June Hedging reserve – cash flow hedges � Balance 1 July � Revaluation - gross Closed out hedges Balance 30 June	Consolidated Parent Entity $ $ $ $ 2008 2007 2008 2007 3,341,590 3,341,590 3,341,590 3,341,590 - 6,921,619 - - (29,310) - (29,310) -
	3,312,280 10,263,209 3,312,280 3,341,590
	3,341,590 450,230 3,341,590 450,230 - 1,475,323 - 1,475,323 - 1,416,037 - 1,416,037
	3,341,590 3,341,590 3,341,590 3,341,590
	6,921,619 - - - - 6,921,619 - - (6,921,619) - - -
	- 6,921,619 - -

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Notes to the Financial Statements 30 June 2008

24. Reserves (continued)

a) The share-based payment reserve is used to record the value of options provided to employees and directors as part of their remuneration.
b) The hedging reserve is used to record gains or losses on a hedging instrument in a cash flow hedge that are recognised directly in equity, as described in note 1(l). Amounts are recognised in profit and loss when the associated hedge transaction affects profit and loss.

25. Key management personnel disclosures

The company has taken advantage of the relief provided by Corporations Regulation 2M.6.04 and has transferred the detailed remuneration disclosures to the directors’ report. The relevant information can be found in sections A-C of the remuneration report on pages 10 to 19.

However from the period 8[th] February 2008 to 9[th] February 2011 the group has been in administration. The current directors were not the directors during any part of the financial year end for the 30 June 2008. Most of the information relating to KMP for the year ended 30 June 2008 has been excluded or is incomplete due to the required information not being available as all the information and knowledge resided with the previous directors and Administrators and the accounting records as provided are not complete enough to extract details of remuneration and KMP for the year ended 30 June 2008. The current Board is not able to determine who was KMP at the time and is not able to ascertain full details of the disclosures required.

26. Related parties

a) Parent Entities

The parent entity within the Group is View Resources Limited.

b) Subsidiaries

Interests in subsidiaries are set out in note 31.

c) Key management personnel

Disclosures relating to key management personnel are set out in note 25.

d) Transactions with related parties

For the period 8[th] February 2008 to 9[th] February 2011 the group has been in administration. The current directors were not the directors during any part of the financial year end for the 30 June 2008. Most of the information relating to related party transactions for the year ended 30 June 2008 has been excluded or is incomplete due to the required information not being available as all the information and knowledge resided with the previous directors and Administrators and the accounting records as provided are not complete enough to extract details of who all the related parties are and payments made.

The current Board is not able to determine who were related parties at the time and is not able to ascertain full details of the disclosures required.

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Notes to the Financial Statements 30 June 2008

26. Related parties (continued)

e) Loans to/(from) related parties

Loans to/(from) subsidiaries Beginning of the year � Loans advanced � Loan repayments received � Provision for diminution End of year	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ - - 45,879,675 16,223,711 - - 21,810,772 32,731,217 - - - (3,075,253) - - (72,362,741) -
	- - (4,672,294) 45,879,675

27. Remuneration of auditors

During the year the following amounts were paid or payable to the auditor BDO Audit (WA) Pty Ltd:

Assurance services 1. Audit services Audit and review of financial reports and other audit work under the Corporations Act 2001 Total remuneration for audit services 2. Taxation Services (BDO Corporate Tax (WA) Pty Ltd) Tax compliance services, including review of company income tax returns and tax consolidations regime review Total remuneration for tax services	Consolidated 2008 $ 2007 $ 25,000 94,810
	25,000 94,810
	- 11,759
	- 11,759

28. Contingent liabilities

There were no material contingent liabilities not provided for in the financial statements of the Company as at 30 June 2008.

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Notes to the Financial Statements 30 June 2008

29. Commitments for expenditure

(a) Capital commitments

Capital expenditure contracted for at the reporting date but not recognised as liabilities is as follows:

Property, plant and equipment Within one year Exploration expenditure Within one year	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ - 430,290 - -
	- 430,290 - -
	- 3,399,382 - -
	- 3,399,382 - -

(b) Lease commitments: Group as lessee

(i) Operating leases

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

Within one year Later than one year but not later than five years (ii) Finance leases Commitments for minimum lease payments as follows: Within one year Later than one year but not later than five years Minimum lease payments Future finance charges Recognized as a liability Representing lease liabilities: Current (note 20) Non-current (note 20)	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ 247,859 393,545 137,236 137,236 - 247,859 147,241 284,477 in relation to non-cancellable finance leases are payable - 5,100,339 - - - 11,510,878 - -
	- 16,611,217 - - - 2,159,552 - -
	- 14,451,665
	- 4,269,246 - - - 10,182,419 - -
	- 14,451,665 - -

The weighted average interest rate implicit in the leases is nil% (2007 – 8.41%)

Notes to the Financial Statements 30 June 2008

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29. Commitments for expenditure (continued)

(c) Diesel fuel contract

The company has entered into a fixed priced contract with BP Australia Pty Ltd for the supply of 1,300,000 litres of fuel per month from July 2007 for 18 months at a price of 118.043c per litre inclusive of excise.

Within one year Later than one year but not later than five years	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ 9,207,354 18,414,708 - - - 9,207,354 - -
	9,207,354 27,622,062

(d) Underground mining contract

In 2007 the Group had entered into a contractual arrangement with Eroc Pty Limited to provide underground mining services at Bronzewing. On the appointment of administrators those parties with whom that company failed to honour commitments were encouraged to lodge claims. Where the administrators successfully approved a claim the balance as been recorded as either a secured or unsecured creditor on the balance sheet.

Within one year Later than one year but not later than five years	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ - 33,992,841 - - - 36,647,874 - -
	- 70,640,715 - -

Part of these costs are for mine operations and capital development.

30. Employee benefits

	Consolidated	Consolidated	Parent	entity
	2008	2007	2008	2007
	$	$	$	$
Employee benefit and related on-costs
liabilities
Included in other creditors – current (note
19)	-	773,299	-	102,137
Provision for employee benefits – current
(note 19)	522,879	290,824	-	98,479
	522,879	1,064,123	-	200,616

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Notes to the Financial Statements 30 June 2008

31. Investments in controlled entities

			Equity Holding
	Country of
Name of Entity	Incorporation	Class of Shares	2008	2007
View Nickel Pty Ltd*	Australia	Ordinary	100%	100%
View Gold Pty Ltd	Australia	Ordinary	100%	100%

View Nickel Pty Ltd was previously known as Carey Mining (2002) Pty Ltd

32. Events occurring after reporting date

Following the second adjourned meeting of creditors held on 25 July 2008 whereby creditors accepted a DOCA proposal presented by Austral-Asia Resources and Infrastructural Investments Pty Ltd (“AARII”), View Resources entered into a DOCA on 15 August 2008. As certain conditions under the DOCA had not been satisfied, a third meeting of creditors was held on 12 January 2010 whereby creditors accepted the Varied DOCA proposal presented by AARII. The terms of this DOCA provided that the effectuation of the View Resources DOCA is subject to the conditions of the View Nickel DOCA being effectuated and fund monies being distributed by 20 December 2010; and under the terms of the View Nickel DOCA, the Deed Administrators must realise View Nickel's 30% interest in the Carnilya Hill Joint Venture by 20 December 2010. The Deed Administrators were not in a position to realise View Nickel’s interest in the CHJV and distribute the proceeds by 20 December 2010.

Following a marketing and sale campaign, the Administrators received a Varied DOCA proposal by Brijohn Nominees Pty Ltd (the Syndicate) which was capable of being accepted by creditors.

The major terms of the Syndicate’s Varied DOCA Proposal (the DOCA Proposal) are as follows:

The Syndicate will pay a total amount of $900,000 to the Deed Administrators as follows:
a) $675,000 to the Deed Administrators in consideration for View Resources’ shareholding in View Nickel, the View Resources loan to View Nickel and the debt owed to View Resources by View Gold, all the subject of View Nickel’s charge over View Resources. This amount will be paid to the secured creditor given its existing outstanding debt; and
b) $225,000 to the Deed Administrators to be distributed to the View Resources’ Creditors’ Trust in full and final satisfaction of View Resources’ unsecured creditor claims;
Payment of $1,225,000 to the VNI Trustees of which $1,200,000 is to be paid to AARII in consideration of the AARII Debt.

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Notes to the Financial Statements 30 June 2008

32. Events occurring after reporting date (continued)

The completion of the DOCA Proposal is subject to:
a. Prior to 31 January 2011, the ASX not revoking its stance that View Resources does not need to re-comply with chapters 1 & 2 of the ASX Listing Rules;
b. Receiving View Resources’ creditor approval to the Varied DOCA Proposal;
c. Obtaining various shareholder approvals, including but not limited to proposed capital raisings, share consolidations and director appointments;
d. Preparation of the View Resources’ financial accounts by the Deed Administrators;
e. Payment of the secured creditors cash consideration of $675,000 within five (5) business days of receiving View Resources shareholder approval;
f. View Gold to be removed from the View Resources’ group structure; and
g. The Deed Administrators obtaining varied (or new) section 477A orders.

At completion, the DOCA Proposal will terminate as a result of being wholly effectuated, and:

View Resources unsecured creditor claims will be extinguished against View Resources and each unsecured creditor will have a claim against the Creditors Trust Fund for the same amount of any claim they would have had against View Resources;
View Resources will be released from all creditor claims; and
The View Resources Creditors Trust Fund will be distributed in accordance with the terms of the Creditors Trust Deed which applies the same statutory priorities as a liquidation scenario.

As a result of the above the Company has extinguished all liabilities associated with the previous administration of the Group and has undertaken the following transactions;

Consolidation of the existing fully paid ordinary shares (Shares) on a one (1) for twenty (20) basis together with the consolidation of its existing options in the same ratio as the existing Shares; and
Issued 50,000,000 new Shares post consolidation at $0.001 each to raise $50,000; and
Issued 800,000,000 new Shares post consolidation at $0.005 each to raise $4,000,000; and
� Issue 170,000,000 new options exercisable at $0.01 each and expiring 31 March 2014.

In raising this capital, the Company has then made a payment of $2,125,000 to the Creditor’s Trust to effectuate the DOCA with the Administrators.

Subject to the satisfaction of all outstanding legal and ASX requirements the company is expected to relist on the ASX in due course.

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Notes to the Financial Statements 30 June 2008

33. Loss per share

Basic loss per share

	Consolidated	Consolidated
	2008	2007
	Cents	Cents
Loss from continuing operations attributable to the ordinary equity holders
of the company	(24.51)	(8.48)
Loss from continuing operations	(3.64)	(8.48)
Loss from discontinued operations	(20.95)	-

Diluted earnings per share are not calculated as it is not dilutive given the loss position.

Weighted average number of shares used as the denominator

	Consolidated	Consolidated
	2008	2007
	Number	Number
Weighted average number of shares used as the denominator
Weighted average number of ordinary shares used as the denominator in
calculating basic earnings per share	409,784,215	246,004,486

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Notes to the Financial Statements 30 June 2008

34. Reconciliation of loss from ordinary activities after income tax to net cash inflow / (outflow) from operating activities

	Consolidated	Consolidated	Parent	entity
	2008	2007	2008	2007
	$	$	$	$
(Loss) from ordinary activities after
income tax	(100,452,964)	(20,864,594)	(87,470,387)	(5,931,277)
Depreciation and amortisation	3,169,679	1,358,531	(82,347)	35,544
Net (gain)/loss on disposal of fixed
assets	46,021	(1,141,291)	-	(581,293)
Equity based payments	456,282	2,986,915	-	2,986,915
Loss on disposal of Hedges	7,234,177	-	-	-
Diminution of investments and loans	-	-	-	-
Exploration written off	2,697,810	-	1,515,884	-
Impairment	47,886,316	-	83,613,786	-
Ineffective portion of cashflow hedge	-	(1,263,487)	-	-
Change in operating assets and
liabilities, net of effects from purchase
of controlled entity:
� (Increase)/decrease in trade
debtors and receivables	827,554	(2,021,973)	61,903	98,058
� (Increase)/decrease in other assets	(9,454,430)	(66,541)	(482,541)	(66,763)
� (Increase) in inventories	3,915,958	(3,778,516)	-	-
� (Increase) in derivative assets	-	(6,000,000)	-	-
� (Increase) in deposits	-	(5,656)	-	(37,739)
� Increase/(decrease) in trade and
other creditors	20,645,540	8,351,454	3,332,055	51,426
� Increase/(decrease) in provisions	974,302	127,127	(98,479)	-
Net cash inflow (outflow) from
operating activities	(22,053,755)	(22,318,031)	389,875	(3,445,129)
34a. Non-cash investing and financing activities
	Consolidated		Parent	entity
	2008	2007	2008	2007
	$	$	$	$
Acquisition of plant and equipment by
means of finance lease	-	15,154,981	-	-

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Notes to the Financial Statements 30 June 2008

35. Share-based payments

Set out below are summaries of options granted:

Grant Date	Expiry date	Exercise price	Balance at start of year Number	Granted during the year Number	Exercised during the year Number	Forfeited during the year Number	Balance at end of the year Number	Vested and exercisable at end of the year Number
Consolidated andparent entity - 2008
31 March 2005	31 March 2009	$0.50	3,400,000	-	-	-	3,400,000	3,400,000
22 December 2005	30 June 2008	$0.20	3,475,000	-	250,000	3,225,000	-	-
13 March 2006	30 June 2008	$0.20	1,000,000	-	-	1,000,000	-	-
13 March 2006	30 June 2009	$0.25	1,000,000	-	-	-	1,000,000	1,000,000
31 May 2006	31 December 2009	$0.20	2,000,000	-	-	-	2,000,000	2,000,000
31 May 2006	31 December 2010	$0.25	1,000,000	-	-	-	1,000,000	-
27 November 2006	30 June 2009	$0.20	5,000,000	-	-	-	5,000,000	5,000,000
3 January2007	31 March 2010	$0.18	10,000,000	-	-	-	10,000,000	10,000,000
18 May 2007	30 December 2009	$0.22	750,000	-	-	-	750,000	-
18 May 2007	30 December 2009	$0.25	250,000	-	-	-	250,000	-
18 May2007	31 January2010	$0.25	250,000	-	-	-	250,000	-
18 May2007	31 January2010	$0.29	250,000	-	-	-	250,000	-
18May2007	31January2010	$0.30	250,000	-	-	-	250,000	-
18May2007	28February2010	$0.24	250,000	-	-	-	250,000	-
18 May 2007	30 December 2010	$0.27	750,000	-	-	-	750,000	-
18 May 2007	30 December 2010	$0.30	250,000	-	-	-	250,000	-
18 May2007	31 January2011	$0.30	250,000	-	-	-	250,000	-
18 May2007	31 January2011	$0.35	250,000	-	-	-	250,000	-
18 May2007	31 January2011	$0.36	250,000	-	-	-	250,000	-
18 May2007	28 February2011	$0.29	250,000	-	-	-	250,000	-
11 September 2007	1 August 2011	$0.39	-	1,050,000	-	-	1,050,00	-
11 September 2007	1 August 2011	$0.39	-	1,050,000	-	-	1,050,00	-

			30,875,000	2,100,000	250,000	4,225,000	26,400,000	21,400,000
Weighted average exerciseprice			$0.27	$0.39	$0.20	$0.20	$0.24	$0.23

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Notes to the Financial Statements 30 June 2008

35. Share-based payments (continued)

Grant Date	Expiry date	Exercise price	Balance at start of year Number	Granted during the year Number	Exercised during the year Number	Forfeited during the year Number	Balance at end of the year Number	Vested and exercisable at end of the year Number
Consolidated andparent entity - 2007
12 August 2003	31 December 2006	$0.35	1,000,000	-	-	1,000,000	-	-
31 March 2005	31 March 2009	$0.50	3,400,000	-	-	-	3,400,000	3,400,000
22 December 2005	30 June 2008	$0.20	3,475,000	-	250,000	-	3,225,000	3,225,000
13 March 2006	30 June 2008	$0.20	1,000,000	-	-	-	1,000,000	1,000,000
13 March 2006	30 June 2009	$0.25	1,000,000	-	-	-	1,000,000	1,000,000
31 May 2006	31 December 2009	$0.20	2,000,000	-	-	-	2,000,000	2,000,000
31 May 2006	31 December 2010	$0.25	1,000,000	-	-	-	1,000,000	-
27 November 2006	30 June 2009	$0.20	-	5,000,000	-	-	5,000,000	5,000,000
3 January2007	31 March 2010	$0.18	-	10,000,000	-	-	10,000,000	10,000,000
18 May 2007	30 December 2009	$0.22	-	750,000	-	-	750,000	-
18 May 2007	30 December 2009	$0.25	-	250,000	-	-	250,000	-
18 May2007	31 January2010	$0.25	-	250,000	-	-	250,000	-
18 May2007	31 January2010	$0.29	-	250,000	-	-	250,000	-
18 May2007	31 January2010	$0.30	-	250,000	-	-	250,000	-
18May2007	28February2010	$0.24	-	250,000	-	-	250,000	-
18 May 2007	30 December 2010	$0.27	-	750,000	-	-	750,000	-
18 May 2007	30 December 2010	$0.30	-	250,000	-	-	250,000	-
18May2007	31January2011	$0.30	-	250,000	-	-	250,000	-
18 May2007	31 January2011	$0.35	-	250,000	-	-	250,000	-
18 May2007	31 January2011	$0.36	-	250,000	-	-	250,000	-
18 May2007	28 February2011	$0.29	-	250,000	-	-	250,000	-

			12,875,000	19,000,000	250,000	1,000,000	30,625,000	25,625,000
Weighted average exerciseprice			$0.30	$0.21	$0.20	$0.35	$0.24	$0.23

The weighted average share price at the date of exercise of options exercised during the year ended 30 June 2008 was $0.20 (2007 - $0.42).

The weighted average remaining contractual life of share options outstanding at the end of the period was 1.30 years (2007 – 2.30 years).

Fair value of options granted

The assessed fair value at grant date of options granted during the year ended 30 June 2008 was 20 cents per option (2007 – 17 cents). The fair value at grant date is independently determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and the expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option

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Notes to the Financial Statements 30 June 2008

36. Investments accounted for using the equity method

Interest in joint venture entities (a) Movements in carrying amount Carrying amount at the beginning of the year Acquisition of joint venture Share of loss after income tax Carrying amount at the end of the year	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ 8,781,303 - - -
	8,781,303 - - -
	Consolidated Parent entity 2008 2007 2008 2007 $ $ $ $ - - - - 9,723,464 - - - (942,161) - - - - - - -
	8,781,303 - - -

During the year, the Group has 30% interest in Carnilya Hill Farm-in and joint venture for nickel exploration. The interest in the joint venture is controlled by Mincor Resources NL.

37. Financial Risk Management

For the period 8th February 2008 to 9th February 2011 the group has been in administration. The current directors were not the directors during any part of the financial year end for the 30 June 2008. Therefore, the current directors are unable to assess the financial risk management policies that existed at 30 June 2008.

38. Company Details

The registered office is: C/- Bentleys Level 1,12 Kings Park Road West Perth WA 6005 Telephone: 08 9226 4500 Facsimile: 08 9226 4300

The principal place of business is: C/- Bentleys Level 1,12 Kings Park Road West Perth WA 6005 Telephone: 08 9226 4500 Facsimile: 08 9226 4300

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Directors’ declaration

Due to the existence of the limitations on the preparation of the financial report as discussed in Note 1, the directors of the company are unable to declare that;

The financial statements set out on pages 21 to 67 are in accordance with the Corporations Act 2001 and:
a) comply with Accounting Standards; and
b) give a true and fair view of the financial position as at 30 June 2008 and of the performance for the year ended on that date of the company;
Due to the existence of the limitations on the preparation of the financial report as discussed in Note 1, the Chief Executive Officer and Chief Finance Officer are unable to declare that;
a) the financial records of the company for the financial year have been properly maintained in accordance with s286 of the Corporations Act 2001;
b) the financial statements and notes for the financial year comply with the Accounting Standards; and
c) the financial statements and notes for the financial year give a true and fair view;

In the director’s opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Ranko Matic Non-Executive Chairman

Dated this 12 day of May 2011

38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +8 6382 4600 Fax: +8 6382 4601 www.bdo.com.au

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12 May 2011

The Directors View Resources Limited Level 1, 12 Kings Park Road PERTH WA 6005

Dear Sirs,

DECLARATION OF INDEPENDENCE BY BRAD MCVEIGH TO THE DIRECTORS OF VIEW RESOURCES LIMITED

As lead auditor of View Resources Limited for the year ended 30 June 2008, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.

This declaration is in respect of View Resources Limited and the entities it controlled during the period.

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Brad McVeigh Director

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BDO Audit (WA) Pty Ltd Perth, Western Australia

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.

38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia

Tel: +8 6382 4600 Fax: +8 6382 4601 www.bdo.com.au

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QUALIFIED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF VIEW RESOURCES LIMITED

Report on the Financial Report

We have audited the accompanying financial report of View Resources Limited, which comprises the balance sheet as at 30 June 2008, and the income statement, statement of changes in equity and cash flow statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 . This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In Note 1(a), the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards .

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Due to the matter arising as discussed in the Basis of Disclaimer of Opinion paragraph we believe we have not obtained sufficient audit evidence to provide a basis for our audit opinions.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001 .

Basis for Disclaimer of Opinion

The company and consolidated entity were placed into administration on 8 February 2008. Consequently, the financial information relating to the year under audit was not subject to the same accounting and internal controls processes, which includes the implementation and maintenance of internal controls that are relevant to the preparation and fair presentation of the financial report. Whilst the books and records of the company and consolidated entity have been reconstructed to the maximum extent possible, we were unable to satisfy ourselves as to the completeness of the general ledger and financial records as well as the relevant disclosure in the financial report.

As stated in Note 1, the Directors are unable to state that the financial report is in accordance with all the requirements of the Corporations Act 2001 and the Australian Accounting Standards.

Disclaimer of Opinion

Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the financial report.

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We have, however, audited the financial report for the preceding financial year ended 30 June 2007 and therefore our disclaimer does not extend to the comparative information as at 30 June 2007 included in the balance sheet, the income statement, statement of changes in equity and the cash flow statement.

Report on the Remuneration Report

We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2008. The directors of the company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

Disclaimer of Auditor’s Opinion

In our opinion, because of the existence of the limitation on the scope of our work, as described in the Basis for Disclaimer of Auditor’s Opinion paragraph noted above, and the effects of such adjustments, if any, as might have been determined to be necessary had the limitation not existed, we are unable to, and do not express, an opinion as to whether the remuneration report of View Resources Limited is in accordance with section 300A of the Corporations Act 2001.

BDO Audit (WA) Pty Ltd

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Brad McVeigh Director

Perth, Western Australia Dated this 12th day of May 2011

AI assistant

Celsius Resources Limited — Annual Report 2008

10450_rns_2011-05-31_a559c0d6-ba59-489e-95a4-41a8b18c618d.pdf

DIRECTORS’ & FINANCIAL REPORTS

DIRECTORS’ REPORT

DIRECTORS

NAME OF PERSON

POSITION

DATE APPOINTED

DATE RESIGNED

COMPANY SECRETARY

PRINCIPAL ACTIVITIES

OPERATING RESULTS

DIVIDENDS

REVIEW OF OPERATIONS

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

FINANCIAL POSITION

MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR

LIKELY DEVELOPMENTS

ENVIRONMENTAL REGULATIONS

INFORMATION ON DIRECTORS

INFORMATION ON DIRECTORS (continued)

INFORMATION ON DIRECTORS (continued)

INFORMATION ON DIRECTORS (continued)

INFORMATION ON DIRECTORS (continued)

REMUNERATION REPORT

A Principles used to determine the nature and amount of remuneration (audited)

REMUNERATION REPORT (continued)

A Principles used to determine the nature and amount of remuneration (audited) (continued)

Non-executive directors

Executive pay

Base pay

Bene � ts

Retirement Bene � ts

Short-term incentives

REMUNERATION REPORT (continued)

A Principles used to determine the nature and amount of remuneration (audited) (continued)

Long-term incentives

B Details of remuneration (audited)

Amounts of remuneration

REMUNERATION REPORT (continued)

B Details of remuneration (audited) (continued)

Key management personnel of View Resources Limited

REMUNERATION REPORT (continued)

B Details of remuneration (audited) (continued)

Key management personnel of the Group and View Resources Limited

REMUNERATION REPORT (continued) B Details of remuneration (audited) (continued)

C Service agreements (audited)

REMUNERATION REPORT (continued)

D Share-based compensation (audited)

Options

REMUNERATION REPORT (continued)

D Share-based compensation (audited) (continued)

Shares provided on exercise of remuneration options

Exercise Date

REMUNERATION REPORT (continued)

E Additional Information (audited)

Details of remuneration: cash bonuses and options

REMUNERATION REPORT (continued)

E Additional Information – unaudited (continued)

MEETING OF DIRECTORS

NON-AUDIT SERVICES

INSURANCE OF OFFICERS

PROCEEDINGS ON BEHALF OF THE COMPANY

AUDITORS’ INDEPENDENCE DECLARATION

AUDITOR

Income Statements for the year ended 30 June 2008

Balance Sheets as at 30 June 2008

STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2008

Cash Flow Statements for the year ended 30 June 2008

Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies

Limitations on Preparation

Going Concern

Notes to the Financial Statements 30 June 2008

1. Summary of signi � cant accounting policies (continued)

a) Basis of preparation

Compliance with IFRS

Historical cost convention

Critical accounting estimates

Celsius Resources Limited Annual Report 2008