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KORAB RESOURCES LIMITED Capital/Financing Update 2005
65198_rns_2005-08-25_db916592-2061-4a54-86de-7e1f78397f0c.pdf
Capital/Financing Update
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23 August 2005
Mr. Vickrem Naicker Companies Officer Australian Stock Exchange Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000
Dear Sir,
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Please find below updated statement of commitments based on actual funds raised of \$3,000,000 and granted tenements only.
| Melrose - Exploration Budget | |||
|---|---|---|---|
| Yr1 | Yr2 | TOTAL | |
| Data review | \$20,000 | \$5,000 | \$25,000 |
| Field Sampling | \$15,000 | \$5,000 | \$20,000 |
| Geophysics | \$10,000 | \$5,000 | \$15,000 |
| Shallow Drilling | \$95,000 | \$65,000 | \$160,000 |
| Deep Drilling | \$140,000 | \$205,000 | \$345,000 |
| Metallurgical Studies | \$40,000 | \$70,000 | \$110,000 |
| Scoping Studies | \$25,000 | \$50,000 | \$75,000 |
| \$345,000 | \$405,000 | \$750,000 | |
| Mt Elephant - Exploration Budget | |||
| Yr1 | Yr2 | TOTAL | |
| Data review | \$10,000 | \$5,000 | \$15,000 |
| Field Sampling | \$25,000 | \$5,000 | \$30,000 |
| Geophysics | \$15,000 | \$20,000 | \$35,000 |
| Shallow Drilling | \$50,000 | \$35,000 | \$85,000 |
| Deep Drilling | \$50,000 | \$145,000 | \$195,000 |
| \$150,000 | \$210,000 | \$360,000 | |
| Batchelor - Exploration Budget | |||
| Yr1 | Yr2 | TOTAL | |
| Data review | \$10,000 | \$5,000 | \$15,000 |
| Field Sampling | \$15,000 | \$10,000 | \$25,000 |
| Geophysics | \$40,000 | \$15,000 | \$55,000 |
| Shallow Drilling | \$95,000 | \$110,000 | $\overline{$}205,000$ |
| Deep Drilling | \$60,000 | \$85,000 | \$145,000 |
| Metallurgical Studies | \$30,000 | \$30,000 | |
| Scoping Studies | \$20,000 | \$20,000 | |
| S220,000 | \$275,000 | \$495,000 | |
KORAB RESOURCES LIMITED LEVEL 1, 89 ST. GEORGE'S TERRACE, PERTH 6000 WESTERN AUSTRALIA
PO BOX Z 5447, ST. GEORGE'S TERRACE, PERTH WA 6831 Tel +61 8 9322 4553 hax +61 8 9481 2200
www.korabresources.com.au
ABN 17 082 140 252
| Darlot East - Exploration Budget | |||
|---|---|---|---|
| Yr1 | Yr2 | TOTAL | |
| Data review | S5,000 | \$5,000 | \$10,000 |
| Shallow Drilling | \$15,000 | \$35,000 | \$50,000 |
| \$20,000 | \$40,000 | \$60,000 | |
| Exploration Budget Total | \$735,000 | \$930,000 | \$1,665,000 |
| Budget | |||
| Projects | Year $1($ \$) | Year $2($ \$) | Total \$ |
| Melrose | 345,000 | 405,000 | 750,000 |
| Batchelor | 220,000 | 275,000 | 495,000 |
| Darlot East | 20,000 | 40,000 | 60,000 |
| MtElephant | 150,000 | 210,000 | 360,000 |
| Exploration and Development Total | 735,000 | 930,000 | 1,665,000 |
| Administration and Corporate | 250,000 | 250,000 | 500,000 |
| Total | 985,000 | 1,180,000 | 2,165,000 |
The statement is provided to satisfy the resolution 2.2.8 contained in your letter dated 17 August 2005 which sets out the conditions of Korab's admission to the Official List of Australian Stock Exchange.
Yours truly, Korab Resources Limited
Þ يبرس - -
Andrej K. Karpinski FAICD FAIBF ASIA Executive Chairman