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STREAMPLAY STUDIO LIMITED Annual Report 2006
65841_rns_2006-10-22_4fce576a-0750-4f67-b16d-4a62b7d4a905.pdf
Annual Report
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2006 ANNUALT TELEVISIONIST INIED
CONTENTS
| 2012010102019 | |
|---|---|
| MEDICINE | |
| enamenskeder | 繆 |
| a da wakati da wak | G) |
| Na matang sa mula | |
| November 18 transit | |
| Wed Nachmadd | |
| a sa mga mga sangangan ng mga mga mga mga mga mga mga mga mga mg | a.Mana |
| Zeebaker M | |
| Finance Actual Prop | 57. |
| Coronale Governance Statement | 3164 |
| Directors (Report) | V. |
| Altre inclusions and subset | |
| Progressiaten ent | e.Compositor de la compositor de la compositor de la compositor de la compositor de la compositor de la compositCompositor de la compositor de la compositor de la compositor de la compositor de la compositor de la compos |
| Balance Sheets | en de la provincia de la provincia de la provincia de la provincia de la provincia de la provincia de la proviDe la provincia de la provincia de la provincia de la provincia de la provincia de la provincia de la provinci |
| Salario (Colorado de Colorado) | 4 |
| Cash Inconstruction | 8ú |
| Notes to the citatus (Statement) | T. |
| Dictions Description | Z. |
| The sensor of the Rocke | 59 |
| A PAC Bio au information |
ANNUAL REPORT 2006
Gippsland Limited Annual Report 2006
| DIRECTORS | Robert John (Jack) Telford - Executive Chairman & Managing DirectorJohn Morrison Chisholm – Executive DirectorJohn Stuart Ferguson Dunlop - Non-Executive DirectorJohn Damien Kenny - Non-Executive Director | |
|---|---|---|
| COMPANY SECRETARY | Rowan St John Caren | |
| REGISTERED OFFICE | 207 Stirling HighwayClaremont WA 6010Australia | |
| POSTAL ADDRESS | PO Box 352Nedlands WA 6909Australia | |
| TELEPHONE | +61 (08) 9340 6000 | |
| FACSIMHE | +61 (08) 9340 6060 | |
| [email protected] | ||
| WEBSITE | www.gippslanditd.com | |
| auditors | Grant Thornton, Chartered Accountants256 St George's TerracePerth WA 6000Australia | |
| NOMINATED ADVISOR (NOMAD) | Grant Thornton Corporate FinanceGrant Thornton HouseMelton Street, Euston SquareLondon NW1 2EPUnited Kingdom | |
| SOLICITORS | Blakiston and Crabb1202 Hay StreetWest Perth WA 6005Australia | Trowers & Hamlins3rd Floor, 1 El Gabalaya Street,Zamalek, CairoArab Republic of Egypt |
| CobbettsShip Canal HouseKing StreetManchester M2 4WBUnited Kingdom | Ibrahim Naji & CoSuite 409, Level 4102-B Margahriy StreetHeliopolis, CairoArab Republic of Egypt |
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| SHARE REGISTRIES | Security Transfer Registrars Pty LtdSuite 1, Alexandrea House770 Canning HwyApplecross WA 6153Australia | PO BOX 535Applecross WA 6953Australia |
|---|---|---|
| WEBSITE | www.securitytransfer.com.au | |
| Computershare LimitedP O Box 82The Pavilions, Bridgwater RoadBristol BS99 7NHUnited Kingdom | ||
| WEBSITE | www.computershare.com | |
| AUSTRALIAN STOCK EXCHANGE | The Company's securities are quoted on the official list of the AustralianStock Exchange Ltd (ASX), the home exchange being:The Australian Stock Exchange (Perth) Ltd2 The EsplanadePerth WA 6000Australia | |
| ASX CODES | $Shares - GIP$Listed options - GIPO | |
| LONDON STOCK EXCHANGE | The Company's securities are quoted on the London Stock Exchange Plc's(LSE) Alternative Investment Market (AIM):10 Paternoster SquareLondon, EC4M 7LSUnited Kingdom | |
| ese – aim codes | $ShareS - GIP$Listed Options - GIPO |
ø, Gippsland Limited Annual Report 2006
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- International Finance Corporation mandated to arrange project finance for the 40 million tonne Abu Dabbab tantalum project
- Abu Dabbab Environmental & Social Impact Assessment Ġ completed to Egyptian and World Bank standards
- Seiga, Wadi Allagi drilling delineates high-grade gold Ġ mineralisation up to 74m wide over an open-ended strike length of 800m
- Shashoba, Wadi Allaqi drilling delineates gold mineralisation of éà. widths up to 50m over an open-ended strike length of 2.2km
- Haimur, Wadi Allagi anomalous gold zone over an open-ended œ strike length of 750m
- Additional high-priority Wadi Allagi gold drilling targets identified within existing tenements
- Application pending for access to additional highly prospective és. Wadi Allagi tenements
- A$2.7m (UK£1.1m) Share placement to IFC
- A$2.84m (UK£1.2m) Share placement to UK investors
Gippsland Limited has seen a highly successful year with major advances being made in the development of the Company's two prime assets located in Egypt namely the 40 million tonne Abu Dabbab tantalum project plus the extensive gold exploration tenements in Wadi Allaqi where an aggressive exploration programme has produced highly encouraging results.
During the year the Company took delivery of the Abu-Dabbab Environmental and Social Impact Assessment (ESIA). The ESIA was undertaken by the Egyptian environment group Environics, together with the international environmental engineering groups Knight Piésold and Klohn Crippen Berger Ltd. The ESIA was completed to comply with international best practice standards set out by both the World Bank Group and Egyptian legislation. The ESIA was subsequently approved by the Egyptian Governments Environmental Affairs Agency. Like the Abu Dabbab feasibility study, the ESIA is the first ever concluded in Egypt to international standards.
During the year Gippsland executed a mandate with the International Finance Corporation (IFC), part of the World Bank Group, for the arrangement of Abu-Dabbab project finance. As part of the IFC review of the Abu Dabbab project, the Company undertook lock-cycle testwork to ensure optimal recovery of tantalum and tin. This work has been completed and is expected to be submitted to the IFC prior to 31 October 2006. The Abu Dabbab feasibility study financial data will also be updated and submitted to the IFC by this date.
Having a combined resource base of 138 million tonnes the Company's Abu Dabbab and Nuweibi tantalum deposits will be developed to establish Gippsland as a leading global tantalum producer for several decades.
The Company's exploration drilling within the Wadi Allagi region of Egypt has produced highly encouraging gold results. At Seiga RC drilling has delineated high-grade gold mineralisation over widths of up to 74m wide over an open-ended strike length of 800m. Drilling at Shashoba has discovered gold mineralisation of widths up to 50 metres over an open-ended strike length of 2.2km while drilling at Haimur has discovered an anomalous gold zone over an open-ended strike length of 750m.
We shall now look to build on the work conducted at Wadi Allagi in the last year with the aim of delineating a significant gold resource within the Company's tenements. We expect that Gippsland will be granted additional Wadi Allaqi tenements early in 2007 thus providing access to further highly prospective areas having historic gold production and significant potential.
Once again, the Company is indebted to the high level of support it enjoys from its Egyptian partners. In particular I wish to acknowledge and thank His Excellency Eng Sameh Fahmy, Minister of the Egyptian Ministry of Petroleum, First Undersecretary Eng Amgd Ghoneim of the same ministry and Dr Hussein Hammoudeh Chairman of Egyptian Mineral Resources Authority, for their substantial support and assistance during the past year.
RJ (Jack) Telford Executive Chairman September 2006
REVIEW OF OPERATIONS
Gippsland has a controlling 50% interest in the Egyptian Abu Dabbab and Nuweibi tantalum-tin-teldspar deposits located on the western shore of the Red Sea coast. These two deposits have a combined resource of 138 million tonnes. It also has a similar interest in eight gold prospects and one copper-nickel prospect located in the Wadi Aliaqi region situated to the south-east of Aswan in Egypt. Exploration on the Wadi Allaqi prospects during the year produced some very promising and encolizione results. The Company also has a fice-caried 40% interest in the Otten Hill tin deposit located at Zeehan in Tasmania, Australia.
REVIEWY OF OPERATIONS
Gippsland Limited Annual Report 2006
ABU DABBAB
INTRODUCTION
In 2005 the Company completed a Bankable Feasibility Study (BFS) for the 40 million tonne Abu Dabbab tantalum-tin-feldspar deposit. Work continued through the year with the completion of an environmental impact study that was approved by the Egyptian Government. A limited campaign of locked cycle metallurgical testwork was initiated at the request of the IFC as confirmation of the optimised circuit.
The Company is progressing towards financing the development of the project having signed a project finance mandate with the International Finance Corporation (IFC), part of the World Bank Group.
Based upon an annual feed rate of 2Mtpa, Abu Dabbab is scheduled to produce approximately 650,000 pounds tantalum pentoxide per year which will establish the operation as the world's second largest tantalum miner.
The Abu Dabbab deposit is covered by two Exploitation Leases (1658 & 1659) granted in the name of Tantalum
Egypt LLC, a company incorporated in Egypt and held 50% by the Egyptian government owned Eqyptian Mineral Resources Authority (EMRA) and 50% by Tantalum International Pty Ltd a wholly owned subsidiary of Gippsland Ltd. The Abu Dabbab plant site is 14km2 in area and is located 6km from the Red Sea coast. It has been secured under Ministerial Decree No 11/2003.
Abu Dabbab mineral resources
| Tonnes | |||
|---|---|---|---|
| Category | (Mt) | Ta 2 O 5 (%) SnO 2 (%) | |
| Measured | 0.0274 | 0.165 | |
| Indicated | N 0260 | $-0.20$ | |
| Inferred | 0.0240 | ||
| Total all | |||
| categories | ハクドク |
Abu Dabbab reserves (included in above resources)
| Tonnes | |||
|---|---|---|---|
| Category | (Mt) | Ta 2 O 2 (%) SnO 2 (%) | |
| Proven | $12.5 -$ | $-0.026 - 0.158$ | |
| Probable |
MAP OF ABU DABBAB TANTALUM PROJECT INITIAL PROPOSED INFRASTRUCTURE
OBLIQUE AERIAL VIEW OF ABU DABBAB LOOKING TO THE SOUTHEAST
Total reserves 14.6 0.026 0.164 NUWEIBI
The Nuweibi tantalum-niobium deposit is located 17km to the south-southwest of the Abu Dabbab deposit and 30km inland from the Red Sea.
Tin mineralisation was first discovered at Nuweibi in 1944 and it was not until 1970 that the more valuable tantalum mineralisation was recognised. The deposit was the subject of detailed exploration by the same joint Soviet-Egyptian team that explored Abu Dabbab. The previous work has included 23 diamond drill holes totalling 2,746m, four surface trenches and four bulk samples which were used for metallurgical testwork.
Resources
The resources at Nuweibi have been estimated by Gippsland using the ore block modelling method at a 0.01% Ta2O5 cut-off.
Nuweibi mineral resources
| Tonnes | |||
|---|---|---|---|
| Category | (Mt) | Ta 2 O 5 (%) SnO2 (%) | |
| the companyIndicated - | $0.0147 - 0.009$ | ||
| Inferred | $\sim$ 0.0138 0.0095 $^{\circ}$ | ||
| Total all | |||
| categories | 0.0143 |
There is the potential for a significant increase in Nuweibi resources to the east as most of the eastern diamond drill holes bottomed in mineralisation.
WADI AHAQI PROJECT
During the year the company completed a program of trenching and reverse circulation (RC) drilling on the Garayat, Haimur, Seiga, Shashoba and Tiur prospects in the Wadi Allagi project located in Southern Egypt. A total of 1,088 linear metres of trenching and 148 RC holes totalling 5,435m were completed. The exploration work represents a major advance in the exploration of the Wadi Allaqi region as it is the first drilling work to be completed for gold exploration in Southern Egypt.
SEIGA
Gold was mined from shallow workings at Seiga during the Pharaonic and Roman times, but this activity was restricted to high grade lodes and did not proceed to any great depth. Apart from some exploratory shaft sinking and minor adit development by a syndicate in the early 1900s, there has been no recent exploration of any consequence.
Mechanical trenching completed early in 2006. exposed wider intervals of mineralisation over a longer strike length than the earlier hand dug trenches. Trenching and rock chip sampling adjacent to the ancient open pit returned a number of wide intersections containing significant gold grades. The best results were:
| Intersection | |||
|---|---|---|---|
| Trench/profile | (m) | Au $(g/t)$ | |
| 20.3 | |||
| CT2 | |||
| ം…. ദ± ∩ | |||
| 14.5 | -65 |
Three trenches located to the south of the ancient workings (CT7, 6 & 8) located 260m, 420m and 460m respectively south of trench CP1 contained wide intersections of low grade but anomalous gold values. Trench CT7 intersected 24m at 0.93g/t Au while CT8 intersected 16m at 0.65g/t Au.
A RC drilling program of 45 holes was completed for a total of 1,725m to follow-up the earlier trenching results testing the ancient workings depth and the along strike extensions of these workings.
Significant results were obtained from a number of the drill holes from beneath the old workings confirming the high-grade gold results obtained during previous surface sampling work as well as the anomalous gold values obtained over the shear zone along strike from these workings. Six of the holes tested the ancient Seiga workings with the best results obtained in holes CRC012 & CRC013. The best results include the following:
| Hole | Intersection | Gold (g/t) |
|---|---|---|
| CRC004 | $-84 - 92m (8m)$ | -1.73 |
| CRC006 | $-1.1$ 60–72m (12m) | $1.22 -$ |
| CRC012 | $28 - 66$ m (28m) | |
| CRC013 | $148 - 72m (24m)$ | $\sim$ $-5.21$ |
| CRC015 | $\sim$ $\sim$ (12m) $\sim$ . | $-1.3$94772 |
| CRC028 | $\sim$ (3m) $\approx$ | $-1.32$ . |
| CRC029 | (6m) | -2.15 |
| CRC033 | $-(12rm)$ | ⋯1.80 |
| CRC040 | (28 rn ). | 1.14 |
| CRC041 | (22m) | 1.74 |
Drilling of the shear zone along strike from the ancient workings intersected significant (greater than 0.5g/t Au over 4m) mineralisation at six locations.
CRC015 intersected 12m at 1.32g/t Au 230m along strike to the north of the old workings. Three surface samples from some shallow pits located between CRC015 and the old workings assayed 0.98, 1.21 & 2.22g/t Au.
The 19 holes were drilled to the south of the ancient Seiga workings and tested surface anomalies detected previously by shallow trenching. These holes tested a 300m section of the shear zone in an area where there are no previous workings. Five of the holes intersected significant gold mineralisation (greater than 0.5g/t Au over 4m) with the best results being 28m at 1.14g/t Au (CRC040) and 22m at 1.74g/t Au (CRC041) in adjacent holes. Many of the holes containing significant intersections ended in mineralisation indicating that the intersection widths are minimum widths that will require additional testing. Drill pads to test a further 400m of the shear to the south have been prepared. Further drilling to the north of the ancient workings has also been proposed.
Hole CRC028 located 200m along strike to the south of the ancient workings intersected 1.32g/t Au in the last 3m of the hole at 21m. Hole CRC029 located 15m to the west of CRC028 intersected 6m at 2.15g/t Au also at the bottom of the hole at 30m.
Hole CRC033 located 300m along strike to the south of the ancient workings intersected 12m at 1.80g/t Au from 48m to the bottom of the hole at 60m.
Hole CRC040 located 450m along strike to the south of the ancient workings intersected 28m at 1.14g/t Au between 0 to 28m. Hole CRC041 which was drilled 15m to the west of CRC040 intersected 22m at 1.74g/t Au from 8m to the end of the hole with the last 4m of the hole containing 2.54g/t Au.
Gippsland Limited Annual Report 2006