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ORBMINCO LIMITED — Interim / Quarterly Report 2013
Jul 30, 2013
65473_rns_2013-07-30_2e2eff4f-d296-47bc-baf3-9a196fbdf244.pdf
Interim / Quarterly Report
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31 July, 2013
ASX Release, By e‐lodgement
QUARTERLY REPORT FOR THE QUARTER ENDED 30 JUNE 2013
HIGHLIGHTS
-
Highly successful drilling programme completed at Bluebell Arizona copper/gold/silver project
-
5,000 metre’s RC program completed
-
Significant copper, gold and silver results reported from drilling program
-
23 of 26 holes have returned mineralisation in results
-
Highest precious metals returned from project:
-
Up to 8.8g/t gold
-
Up to 104g/t silver
-
Mineralisation open at depth and along strike
-
Maiden JORC inferred resource to be released in early August
-
VTEM geophysics programme flown. Major anomalies identified
Corporate Highlights
-
$1.6 million private placement
-
New Director appointed to strengthen Board
-
Option period on Blue Bell and De Soto extended
-
Uranium assets spin out update
The Directors of Australian‐American Mining Corporation Limited (“AusAmerican”, “AIW” or “Company”) are pleased to report the following activities occurred in the quarter ended 30 June 2013.
1. Drilling Completed At Blue Bell Copper/Gold/Silver Project
During the June quarter, the company completed it’s the maiden drilling program at the Blue Bell project in Arizona. Throughout the quarter the drilling continued to return copper/zinc/gold/silver intersections, many of them shallow and high grade.
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Some of the better intersections form the programme included;
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9 m@ 2.3% Copper equivalent * (CuEq) (1.8% copper, 0.3 g/t gold and 19.6 g/t silver ) from 8 m
-
40.6 m @ 0.9% CuEq (0.7% copper, 0.1 g/t gold and 5.5 g/t silver) from 14 metres
-
11 m @ 2.3% CuEq (0.3% Cu, 1.6 g/t gold, 39.5 g/t silver) from 283 metres
-
4 metres at 1.5% CuEq (1% copper, 0.2 g/t gold, 17 g/t silver) from 200 metres
-
17 metres @ 4.5 % CuEq (2.1% copper, 2.1 g/t gold, 38 g/t silver and 0.9% zinc) from 239 m
-
9 m@ 0.9% CuEq (0.8% copper, 0.1 g/t gold and 5.3 g/t silver) from 195 m
-
2 m @ 1.0% CuEq (0.7% copper, 0.2 g/t gold and 10.3 g/t silver) from 208 m
-
11 m @ 0.6% CuEq (0.4% copper, 0.1 g/t gold and 6 g/t silver)
-
4 m @ 3.2 % CuEq (0.7% copper, 2.2 g/t gold, 41.5 g/t silver and 1.1% zinc) from 195 m
-
17 m @ 0.9% CuEq (0.8% copper, 0.1 g/t gold and 5.3 g/t silver) from 158 m
-
17m @ 4.6% CuEq (3.3% copper, 1.3g/t gold and 31.2g/t silver) from 216m
-
17m @ 1.3% CuEq (1.0% copper, 0.2g/t gold and 9.9g/t silver) from 192m
-
15m @ 2.2% CuEq (1.9 copper, 0.2g/t gold and 11.0g/t silver) from 213m
-
10m @ 0.9% CuEq (0.6% copper, 0.2g/t gold and 11.9g/t silver) from 252m
-
12m @ 4.9% Copper Equivalent* (CuEq) (1.5% copper, 3.0g/t gold, 50.3g/t silver and 1.6% zinc) from 53m
-
7m @ 2.3% Copper Equivalent* (CuEq) (1.2% copper, 0.7g/t gold, 16.0g/t silver and 1.2% zinc) from 29m
-
8m @ 1.7% Copper Equivalent* (CuEq) (0.4% copper, 1.0g/t gold, 18.7g/t silver and 1.2% zinc) from 59m
Approximately 5,000 metres was completed and the company drilled 26 holes. The company was delighted with the way in which the drilling program was completed and the performance of the drilling company National EWP. The program was completed on time, within budget and was accident free.
The company is highly encouraged by the results. As has been reported throughout the programme, the drilling program has delivered significant high grade massive sulphide Cu/Au/Ag results both close to surface and at depth in 23 of the 26 holes drilled.
Mineralisation remains open along strike and at depths and there was the discovery of a new high grade lense to the north of the existing mineralisation. The results also returned high precious metal returns of up to 8.8 g/t gold and up to 104 g/t silver.
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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The company has engaged CSA Global to calculate an independent maiden resource. The company has been informed that the final sign off is imminent and the resource will be made available to be released to the ASX in early August 2013.
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Figure 1: Blue Bell Drill Hole Plan
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Table 1: Drill Hole Intercepts to Date
| Drillhole | Easting | Northing | RL | **Hole Depth ** | **Azimuth ** | Dip | From | To | Interval (m) | Cu% | Au g/t | Ag g/t | Zn% | CuEq |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BBRC13001 | 385,883 | 3,800,807 | 1,354 | 60 | 120 | ‐45 | 8 | 17 | 9 | 1.8 | 0.3 | 19.6 | 0.0 | 2.3 |
| including | 11 | 12 | 1 | 11.2 | 0.6 | 93.2 | 0.0 | 13.0 | ||||||
| and | 21 | 29 | 8 | 0.7 | 0.1 | 3.3 | 0.0 | 0.8 | ||||||
| BBRC13002 | 385,882 | 3,800,808 | 1,354 | 86 | 120 | ‐70 | 10 | 11 | 1 | 1.6 | 0.2 | 11.8 | 0.0 | 1.9 |
| and | 31 | 38 | 7 | 0.4 | 0.1 | 2.3 | 0.0 | 0.5 | ||||||
| BBRC13003 | 385,881 | 3,800,808 | 1,354 | 120 | 120 | ‐90 | 14.4 | 55 | 40.6 | 0.7 | 0.1 | 5.5 | 0.0 | 0.9 |
| including | 16.2 | 20.7 | 4.5 | 2.0 | 0.3 | 7.0 | 0.0 | 2.3 | ||||||
| and | 31 | 34 | 3 | 1.4 | 0.3 | 19.8 | 0.0 | 1.9 | ||||||
| and | 68 | 77 | 9 | 0.3 | 0.0 | 1.1 | 0.0 | 0.4 | ||||||
| BBRC13004 | 385,694 | 3,800,570 | 1,324 | 109 | 120 | ‐45 | 29 | 36 | 7 | 1.2 | 0.7 | 16.0 | 1.2 | 2.3 |
| and | 53 | 65 | 12 | 1.5 | 3.0 | 50.3 | 1.6 | 4.9 | ||||||
| BBRC13005 | 385,692 | 3,800,572 | 1,324 | 103 | 120 | ‐80 | 59 | 67 | 8 | 0.4 | 1.0 | 18.7 | 1.2 | 1.7 |
| BBRC13006 | 385,687 | 3,800,572 | 1,324 | 113 | 180 | ‐75 | No Significant Assays | |||||||
| BBRC13007 | 385,720 | 3,800,760 | 1,389 | 258 | 160 | ‐45 | 200 | 204 | 4 | 1.0 | 0.2 | 17.0 | 0.0 | 1.5 |
| BBRC13008 | 385,720 | 3,800,760 | 1,389 | 231 | 160 | ‐60 | No Significant Assays | |||||||
| BBRC13009 | 385,720 | 3,800,760 | 1,389 | 310 | 160 | ‐80 | 283 | 294 | 11 | 0.3 | 1.6 | 39.5 | 1.1 | 2.3 |
| BBRC13010 | 385,720 | 3,800,760 | 1,389 | 259 | 90 | ‐65 | 195 | 204 | 9 | 0.8 | 0.1 | 5.3 | 0.0 | 0.9 |
| and | 208 | 210 | 2 | 0.7 | 0.2 | 10.3 | 0.0 | 1.0 | ||||||
| BBRC13011 | 385,720 | 3,800,760 | 1,389 | 328 | 90 | ‐80 | 239 | 256 | 17 | 2.1 | 2.1 | 38 | 0.9 | 4.5 |
| including | 245 | 253 | 8 | 3.2 | 3.4 | 50 | 0.8 | 6.6 | ||||||
| and | 287 | 295 | 8 | 0.4 | 0 | 4.8 | 0.0 | 0.5 | ||||||
| BBRC13012 | 385,720 | 3,800,760 | 1,389 | 215 | 90 | ‐45 | 179 | 190 | 11 | 0.4 | 0.1 | 6.0 | 0.0 | 0.6 |
| BBRC13013 | 385,971 | 3,801,109 | 1,395 | 108 | 120 | ‐50 | 80 | 81 | 1 | 0 | 0.4 | 19.5 | 0.8 | 0.8 |
| BBRC13014 | 385,969 | 3,801,110 | 1,395 | 130 | 120 | ‐70 | 106 | 110 | 4 | 1.0 | 0.4 | 9.5 | 0.0 | 1.4 |
| BBRC13015 | 385,968 | 3,801,110 | 1,395 | 188 | 120 | ‐80 | 126 | 127 | 1 | 0 | 0.3 | 14.9 | 0.0 | 0.4 |
| BBRC13016 | 385,934 | 3,801,053 | 1,384 | 136 | 120 | ‐45 | 88 | 90 | 2 | 0.4 | 0 | 2.2 | 0.0 | 0.4 |
| and | 119 | 126 | 7 | 0.2 | 0 | 1.8 | 3.2 | 1.2 | ||||||
| BBRC13017 | 385,932 | 3,801,054 | 1,384 | 160 | 120 | ‐65 | 101 | 108 | 7 | 0.4 | 0 | 1.3 | 0.8 | 0.6 |
| BBRC13018 | 385,931 | 3,801,055 | 1,384 | 226 | 0 | ‐90 | 175 | 184 | 9 | 0.0 | 0.1 | 1.3 | 3.2 | 1.1 |
| including | 179 | 182 | 3 | 0.0 | 0 | 0.5 | 8.3 | 2.5 | ||||||
| BBRC13019 | 385,870 | 3,800,980 | 1,403 | 193 | 120 | ‐45 | 142 | 146 | 4 | 0.8 | 0.1 | 5.3 | 0.0 | 0.9 |
| BBRC13020 | 385,868 | 3,800,989 | 1,403 | 253 | 120 | ‐65 | No Significant Assays | |||||||
| BBRC13021 | 385,870 | 3,800,980 | 1,403 | 278 | 120 | ‐75 | 195 | 199 | 4 | 0.7 | 2.2 | 41.5 | 1.1 | 3.2 |
| BBRC13022 | 385,863 | 3,800,940 | 1,398 | 343 | 185 | ‐70 | 216 | 233 | 17 | 3.3 | 1.3 | 31.2 | 0 | 4.6 |
| including | 216 | 225 | 9 | 4.5 | 1.1 | 43.6 | 0 | 6.0 | ||||||
| and | 240 | 245 | 5 | 0.5 | 0.1 | 4.8 | 0 | 0.6 | ||||||
| BBRC13023 | 385,870 | 3,800,980 | 1,403 | 238 | 150 | ‐45 | 158 | 175 | 17 | 0.8 | 0.1 | 4.6 | 0 | 0.9 |
| including | 167 | 175 | 8 | 1.3 | 0.1 | 6.0 | 0 | 1.4 | ||||||
| BBRC13024 | 385,863 | 3,800,989 | 1,403 | 273 | 150 | ‐65 | 192 | 209 | 17 | 1.0 | 0.2 | 9.9 | 0 | 1.3 |
| including | 200 | 203 | 3 | 2.2 | 0.3 | 16.3 | 0 | 2.7 | ||||||
| BBRC13025 | 385,861 | 3,800,989 | 1,403 | 269 | 170 | ‐45 | 181 | 190 | 9 | 0.6 | 0.3 | 8.3 | 0 | 0.9 |
| and | 201 | 203 | 2 | 0.9 | 0.5 | 15.6 | 0 | 1.5 | ||||||
| and | 213 | 228 | 15 | 1.9 | 0.2 | 11 | 0 | 2.2 | ||||||
| including | 218 | 221 | 3 | 4.5 | 0.4 | 22.6 | 0 | 5.1 | ||||||
| BBRC13026 | 385,861 | 3,800,991 | 1,403 | 350 | 170 | ‐65 | 244 | 247 | 3 | 0.4 | 0.2 | 7.9 | 0 | 0.6 |
| and | 252 | 262 | 10 | 0.6 | 0.2 | 11.9 | 0 | 0.9 |
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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2. VTEM Survey Completed
During the quarter the company announced that it had signed a contract with Geotech Ltd (“Geotech”) to undertake a VTEM geophysical survey at the Blue Bell and De Soto VMS projects. Geotech are a Canadian based company and are recognised as one of the world leaders in geophysical surveys.
The purpose of the VTEM survey was to identify anomalies at Blue Bell, De Soto and the prospective, but until now, unexplored Gap area, which runs 5 km’s between the two projects. Of the seven high grade lenses that were mined at Blue Bell, only one outcropped, so the company was hopeful that undiscovered lenses exist in the area of the old mines as well as in the Gap.
The VTEM survey has outlined 4 conductors at the Blue Bell project. The highest priority is Conductor 1 which is a significant VTEM anomaly with a coincident magnetic high (see figure 2 and 3). The VTEM and magnetic high have excellent definition over a strike length of 900m. Modelling of the conductor by the independent geophysicist indicates that it occurs ~25m below the surface and extends to a depth of least 300m. The dip of the conductor is ~70 degrees towards the west, comparable with mineralisation identified at Blue Bell. The conductor is at its strongest immediately to the north east of the Blue Thunder shaft.
Recent drilling (BBRC13004 and BBRC13005, see figure 4) appears to have tested the very northern weaker portion of Conductor 1 and returned significant copper/gold/silver/zinc results, which were:
-
12m @ 4.9% Copper Equivalent* (CuEq) (1.5% copper, 3.0g/t gold, 50.3g/t silver and 1.6% zinc) from 53m
-
7m @ 2.3% Copper Equivalent* (CuEq) (1.2% copper, 0.7g/t gold, 16.0g/t silver and 1.2% zinc) from 29m
-
8m @ 1.7% Copper Equivalent* (CuEq) (0.4% copper, 1.0g/t gold, 18.7g/t silver and 1.2% zinc) from 59m
Conductor 1 is located in an area that has had minimal underground mining activity; a number of shafts were sunk at Blue Thunder and some underground development/exploration was undertaken. During the 1920’s the operators of the Blue Bell mine connected the underground workings at Main Shaft to Blue Thunder via a 500m long tunnel. It was reported that they encountered low grade copper horizons in a pyritic zone. Several underground drill holes were completed from the tunnel and from the workings at Blue Thunder. AusAmerican possesses incomplete records of the workings and underground diamond drill holes.
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Conductors 2, 3 and 4
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Conductor 2 is hosted in the mafic sequence and is considered prospective for BIF hosted gold mineralisation. Conductor 3 and 4 are hosted with the Yavapai Schist, the known host of VMS mineralisation. The company intends to undertake follow up work on these conductors to further refine the exploration targets.
The Gap and De Soto VTEM programs
Data interpretation is underway and field validation of potential targets will take place in July/August.
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Figure 2: Location of the 4 conductors identified at Blue Bell.
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Figure 3: RTP Magnetics and conductors
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Figure 4: Cross section showing drilling and VTEM conductor
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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3. Corporate
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3.1 $1.6 Million Capital Raising
During the quarter the Company received capital raising commitments from sophisticated investors to raise $1.6 million. The Company has received $1.1 million of this and will complete the raising in early August.
3.2 New Director Appointed
The company is also pleased to announce that experienced corporate advisor, mining executive and company director Mr Peter Landau has agreed to join the Board of AIW. Mr Landau brings with him many years of experience in managing resource companies. Especially important for the company is Mr Landau’s recent experience in capital raising for, and development of, USA silver developer Black Mountain Resources Limited (ASX code: BMZ) and their New Departure Silver project in Montana. Mr Landau will be a non‐executive Director, effective 1 August 2013.
3.3 Due Diligence Option Period For Blue Bell And De Soto Projects Extended
During the quarter the company announced that had extended the due diligence option period for the Blue Bell a De Soto projects form 12 months to 18 months.
AusAmerican paid the vendor a fee of US$25,000 to extend the due diligence period by 6 months. The company now has until March 2014 to exercise the option and purchase the project, consideration being a total of US$2 Million payable in four US$500,000 instalments over a three year period.
3.4 Uranium Spin Out Update
The company had previously announced its intention to investigate the possibility of spinning out its uranium assets into a TSX/TSXV listed vehicle. Due to the difficult market circumstances, a continued poor uranium market and a tightening of available funds the company has not been able to progress this possible transaction as quickly as it would have liked. It is hoped that progress on this matter will eventuate in the second half of the year.
For any further information, please contact the Company on +61 8 9481 0799 or visit the website on www.ausamerican.com.
Sincerely,
Richard Holmes Managing Director
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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Competent Persons Statement
The information in this document that relates to exploration results is based on information compiled by Richard Holmes, Managing Director, AusAmerican Mining who is a Member of the Australian Institute of Mining and Metallurgy. Mr Holmes is a full‐time employee of AusAmerican Mining and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2004 edition of the “Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Holmes consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
*Copper Equivalent Calculation
Copper Equivalent (CuEq) represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed as equivalent copper percentage. These results are exploration results and no allowance is made for recovery losses should mining eventually occur. However it is the company’s opinion that the elements considered here have reasonable potential to be recovered as evidenced by production records from previous mining activity at the project and comparable in the region.
Copper Equivalent Formula = Cu% + Au (ppm) x 0.7292 + Ag (ppm) x 0.0146 + Zn% x 0.3 Price Assumptions Cu (US$3/lb), Au (US$1500/oz), Ag (US$30/oz), Zn (US$0.90/lb)
About Australian American Mining Corporation
AusAmerican Mining is a multi‐commodity international exploration company led by a proven technical team that is focused on discovering and defining high‐quality projects featuring strong grades, meaningful size and mining‐friendly addresses. All of its projects are currently located in the United States of America (“USA”).
The company’s copper/gold projects are:
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Bluebell (option to purchase 100%) ‐ Arizona
-
De Soto (option to purchase 100%) ‐ Arizona
-
San Marcos (100%, Pelican Resources earning up to 100%) ‐ Arizona
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Bernard (90%) ‐ Arizona
The company’s uranium projects are:
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Rio Puerco (100%) ‐ New Mexico
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Grants Ridge JV (earning 65%) ‐ New Mexico
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Kit Carson (100%) ‐ New Mexico
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Northern project (100%) ‐ New Mexico
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Apex/Lowboy (100%) – Nevada
-
Apache Basin (100%) – Arizona
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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The company’s REE/speciality metals projects:
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La Paz ‐ Arizona.
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White Picacho – Arizona
ENDS
For further information, please contact: Richard Holmes Managing Director +61 8 9481 0799 [email protected]
Australian American Mining Corporation Ltd ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9481 0799 Facsimile: (08) 9481 1927
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APPENDIX 5B
Mining Exploration Entity Quarterly Report
(Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001).
Name of entity
| Name of entity | Name of entity |
|---|---|
| Australian-American Mining Corporation Limited | |
| ABN | Quarter ended (“current quarter”) |
| 99 073 155 781 | 30 June 2013 |
| Consolidated Statement of Cash Flows |
| Name of entity | Name of entity | Name of entity | Name of entity |
|---|---|---|---|
| Australian-American Mining Corporation Limited | |||
| ABN Quarter ended (“current quarter”) 99 073 155 781 30 June 2013 Consolidated Statement of Cash Flows |
Quarter ended (“current quarter”) | ||
| 30 June 2013 | |||
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net operating cash flows |
Current quarter $A’000 |
Year to date (12 months) $A’000 |
|
| - (851) - - (372) - 2 - 37 |
- (3,306) - - (1,178) - 9 (61) - 164 |
||
| (1,184) | (3,188) | ||
| Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Contributions from joint venture 1.13 Payments for joint venture operations 1.14 Movement in security deposits Net investing cash flows |
(10) - - - - - |
(55) (34) (66) - 324 - - - - (9) - |
|
| (10) | 160 |
13
| 1.15 Total operating and investing cash flows (brought forward) |
(1,194) | (4,212) |
|---|---|---|
| Cash flows related to financing activities 1.16 Proceeds from issues of shares, options, etc. 1.17 Proceeds from auction of partly paid shares 1.18 Proceeds from borrowings 1.19 Repayment of borrowings 1.20 Proceeds from convertible notes 1.21 Other (share issue costs) Net financing cash flows |
1,039 - (11) |
4,444 - 100 (450) 350 (213) |
| (1,028) | 4,231 | |
| Net increase (decrease) in cash held 1.22 Cash at beginning of quarter/year to date 1.23 Exchange rate adjustments to item 1.20 1.24 Cash at end of quarter |
(166) 279 (11) |
19 227 (144) |
| 102* | 102* | |
| * See Section 3.1 of the activities statement explanation of capital raising activity in July |
Payments to Directors of the Entity and Associates of the Directors Payments to Related Entities of the Entity and Associates of the Related Entities
| 1.25 1.26 |
Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to theparties included in item 1.10 |
Current quarter $A'000 |
|---|---|---|
| (123) | ||
| - | ||
| 1.27 | Explanation necessaryfor an understandingof the transactions | |
| Payments to directors for services to the group. |
Non-Cash Financing And Investing Activities
- 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
None.
- 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
None.
Financing Facilities Available
Add notes as necessary for an understanding of the position.
| 3.1 Loan facilities 3.2 Credit standby arrangements |
Amount available $A’000 |
Amount used $A’000 |
|---|---|---|
| - | - | |
| - | - |
14
Estimated Cash Outflows For Next Quarter
| Estimated Cash Outflows For Next Quarter | |
|---|---|
| 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration Total |
$A’000 |
| 500 | |
| - | |
| - | |
| 250 | |
| 750 |
Reconciliation of Cash
| Reconciliation of Cash | ||
|---|---|---|
| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Commercial Bills 5.4 Other Total: cash at end of quarter(item 1.22) |
102 | 173 |
| 106 | ||
| - | - | |
| - | - | |
| 102 | 279 | |
Changes in Interests in Mining Tenements
| 6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased |
Tenement reference | Nature of interest |
Interest at beginning of quarter |
Interest at end of quarter |
|---|---|---|---|---|
15
Issued and Quoted Securities at End of Current Quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted |
Issue price per security (see note 3) |
Amount paid up per security (see note 3) |
|
|---|---|---|---|---|
| 7.1 Preference+securities(description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions |
- | - | - | - |
| - | - - |
- - |
- - |
|
| 7.3 Ordinary securities Fully Paid 7.4 Changes during quarter (a) Fully paid Increases through issues |
228,490,835 | 228,490,835 | - |
- |
| 45,698,166 | ||||
| 7.5 Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities converted |
- | - | - | - |
| 7.7 Options Unlisted Unlisted Unlisted Unlisted Unlisted Unlisted Unlisted 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 7.11Performance Rights (totals only) 7.12Unsecured notes (totals only) |
1,600,000 61,729 37,037 55,556 60,000 600,000 64,232,338 300,000 |
- - - - - - - - |
Exercise price $0.231 $0.2105 $0.2105 $0.2105 $0.325 $0.0595 $0.09 $0.059 |
Expiry date 15 September 2013 6 October 2013 13 October 2013 20 October 2013 16 November 2013 1 March 2015 1 March 2015 2 July 2015 |
| 44,882,338 | ||||
| 22,000,000 | - | |||
| - - |
- - |
16
Compliance Statement
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1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
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2 This statement does give a true and fair view of the matters disclosed.
Sign here: Date: 31 July 2013
Print name: Jim Malone
Notes
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1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
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2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
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3 Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .
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4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows applies to this report.
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5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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