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for the Year Ended 30 June 2008

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Tasman Resources NL Annual Report for Year Ending June 2008

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Highlights for the Year to 30 June 2008	2
Corporate Directory	3
Review of Operations	4
Corporate Governance Statement	14
Directors’ Report	19
Auditor’s Independence Declaration	25
Income Statement	26
Balance Sheet	27
Statement of Changes in Equity	28
Cash Flow Statement	29
Notes to the Financial Statements	30
Directors’ Declaration	48
Independent Auditor’s Report	49
Additional Information for Listed Public Companies	52
Tenement Schedule	54

ASX Code: TAS

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HIGHLIGHTS FOR THE YEAR TO 30 June 2008

At Parkinson Dam, follow up drilling of the high grade gold-silver intersection reported last year (PD 63: 21m down hole assaying 21g/t Au and 83g/t Ag, including 9m at 31g/t Au and 152g/t Ag) continued. Narrow zones of low to moderate grade gold and silver, and further thick zones of low grade lead and zinc were intersected. A possible large extension to the structure hosting the high grade mineralisation was identified for testing.
A new occurrence of Tertiary-age oil shale was intersected at Garford prospect on the central Gawler Graton. Further work, including further drilling is planned.
Joint Venture partner WCP Resources completed their initial rounds of deep drilling at Titan and Marathon South prospects (immediately north of Olympic Dam), intersecting very thick zones of alteration and low grade IOCGU-style mineralisation at Titan. New regional gravity data have also been collected by WCP over a large part of Tasman’s Lake Torrens project area.
Joint Venture partner Flinders Mining has conducted helimag surveys over prospective diamonds targets within Tasman’s central Gawler Craton tenements, and intends to test drill a number of priority areas later in 2008.
Support funding for test drilling of Tasman’s 100% owned Sturt nickel-cobalt-copper prospect has been approved by the South Australian Government.
Following the successful ASX listing of Fission Energy in 2007, Tasman retains a 22.11% interest (26.04% fully diluted) in Fission, which can explore for uranium within Tasman’s South Australian tenements, except for basement-hosted uranium in the WCP joint venture area. Fission has discovered new palaeochannel-hosted uranium mineralisation at Wynbring on the Gawler Craton and purchased 50% of the Mt Thirsty nickel-cobaltmanganese deposit in Western Australia.
Tasman has a 19.19% interest (24.31% fully diluted) in alternative energy company Eden Energy Limited, which is involved in production, development and marketing of hydrogen-based fuels, exploration for coal seam gas, conventional hydrocarbons and geothermal energy.

ASX Code: TAS

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CORPORATE DIRECTORY

DIRECTORS:

Gregory Howard Solomon LLB (Executive) Douglas Howard Solomon BJuris LLB (Hons) (Non-Executive) Guy Touzeau Le Page B.A., B.Sc. (Hons).,M.B.A., ASIA., MAusIMM (Non-Executive)

COMPANY SECRETARY:

Raymond F Buscall

REGISTERED OFFICE:

Level 40, Exchange Plaza 2 The Esplanade Perth, Western Australia 6000 Tel +61 8 9282 5889 Fax +61 8 9282 5866 Email: [email protected] Website: www.tasmanresources.com.au

SOLICITORS:

Solomon Brothers Level 40, Exchange Plaza 2 The Esplanade Perth, Western Australia 6000

Minter Ellison 1 King William Street Adelaide, South Australia 5000

AUDITORS:

Grant Thornton (WA) Partnership Chartered Accountants Level 1 10 Kings Park Road West Perth, Western Australia 6005

SHARE REGISTRY:

Advance Share Registry Services 110 Stirling Highway Nedlands, Western Australia 6009

STOCK EXCHANGE LISTING:

ASX Code: TAS (ordinary shares)

Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian Securities Exchange Limited.

ASX Code: TAS

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REVIEW OF OPERATIONS

Review of Mineral Exploration Operations

The Company has exploration licences and applications located in South Australia and Queensland.

The Company is targeting a range of commodities – gold, silver, copper, zinc, lead, nickel/cobalt, platinum group elements – for which the company’s tenements are considered prospective. Potential for oil shale has also been identified during the year.

The strong uranium potential of Tasman’s tenements is being investigated by Fission Energy Ltd, which was spun out of Tasman in 2007. Tasman has a 26% fully diluted interest in Fission.

Tenements

Tasman Resources NL holds a 100% interest in the following exploration projects:

The “Lake Torrens IOCGU - Base Metal Project” comprising Exploration Licences 3109, 3123, 3140, 3174, 3175, 3177, 3209, 3261, 3449, 3634, and 3901.
Of these, Exploration Licences 3109, 3140, 3175, 3174, 3177, 3209, 3261, 3449, 3634 and 3901 are subject to a joint venture agreement with WCP Resources, covering basement-hosted mineralisation.
The “Parkinson Dam Epithermal Gold-Silver Project” (ELs 3307, 3453, 3739 and 4168).
The “Central Gawler Gold - Nickel Project” (ELs 3306, 3339, 3340, 3341, 3342, 3343, 3344, 3345, 3423, 3532 and 3712).
The “Mirrica Gold - Base Metal Project” (EPMs 15642, 15645 in Queensland).

Exploration Targets

The Company's tenements are considered prospective for a range of target types. In common with most areas of South Australia and southwest Queensland, almost all of the older, potentially mineralised rocks within the project areas are covered by younger sedimentary material and sand dunes, resulting in no surface expression of potential ore deposits. Whilst presenting some challenges to exploration, this situation has also meant that large areas of South Australia and southwest Queensland are relatively unexplored and likely to host as yet undiscovered significant ore deposits.

The Company has taken a multi-commodity approach in its exploration program. The preferred commodities are precious and base-metals (especially gold, silver, copper, zinc, lead, nickel and cobalt), but during the year oil shale was intersected in drilling within the Company’s Central Gawler tenements, and this requires further evaluation. The potential for diamonds and uranium are also recognised within the Company’s tenements; exploration for diamonds is being conducted by Flinders Mining under a joint venture agreement and for uranium via an agreement with Tasman’s spin-out, Fission Energy Ltd.

Epithermal Gold - Silver

Epithermal deposits are quartz vein and stockwork-style mineralisation that generally form at shallow depths (<1km) when hot hydrothermal fluids associated with volcanic activity boil or encounter different chemical conditions. Epithermal deposits can vary considerably in size, grade and metal association. The grades of these epithermal veins are commonly in the range 10-30g/t Au and 200-400g/t Ag.

Large examples include Pajingo (North Queensland, Australia; resources and production approximately 3M Oz Au), El Penon (Chile; reserves and resources approximately 2.5M Oz Au), Lihir (PNG; resources approx. 40M Oz Au), Hishikari (Japan; resources and production approx. 8.5M Oz Au) and Chatree (Thailand; resources plus production approximately 4.8M Oz). Note that significant portions of these deposits can be very steeply-orientated and relatively narrow (e.g. the Nancy lode at Pajingo is sub-vertical and about 4m to 12m wide; at El Penon the lodes are steep and about 3m wide).

The Company’s Parkinson Dam project in South Australia is an epithermal discovery.

IOCGU (Iron-oxide, Copper-Gold-Uranium)

The Stuart Shelf is a large under-explored area on the eastern edge of the Gawler Craton containing one of the world's major iron-oxide, copper-gold-uranium deposits at Olympic Dam. The area is traversed by major structural zones and lineaments. The Company has a significant tenement position in this area, west, north and northeast of Olympic Dam - the Lake Torrens Project. Most of this area is now subject to joint venture with WCP Resources.

ASX Code: TAS

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`•` Lode Gold

The Gawler Craton hosts the Challenger Gold Mine, a medium-sized, but high grade producer. The Company’s tenements cover a significant area on the Gawler Craton along strike from a number of recently documented goldmineralised trends (which include the Challenger deposit). In addition, the Company’s tenements contain a number of known occurrences of gold mineralisation on the continuation of these trends (eg. Golf North, Skye and Birdie).

Tasman’s Mirrica project in Queensland is also considered highly prospective for lode-style gold, but remains poorly explored due to its remote location and the presence of thin, sedimentary cover. Drilling commenced in August 2008.

`•` Nickel-Cobalt-Copper

Several areas within South Australia are considered prospective for nickel-cobalt-copper mineralisation, including mafic/ultramafic belts within the Gawler Craton and mafic intrusions (Voisey’s-Bay style) along the edges of the Gawler Craton. The Company's tenements cover a number of situations with favourable geology or anomalous nickel-cobalt geochemistry considered of interest for these styles of mineralisation. Tasman’s initial drilling at Sturt prospect has intersected highly anomalous nickel values and further drilling is planned.

`•` Uranium

Uranium deposits of several types are known in South Australia, the main economic types being the IOCGU system at Olympic Dam and palaeochannel sediment-hosted deposits such as those being exploited at Honeymoon on the Curnamona Craton. Both IOCGU targets and palaeochannel targets are present on the Company's tenements, with an IOCGU-type system at Titan located in the Lake Torrens Project area, and significant portions of the Garford and Wynbring palaeochannels covered by tenements in the central Gawler Craton area.

At Lake Torrens, Tasman has reduced its exploration risk in this high cost environment while maintaining a high level of ownership via a joint venture on this project. Uranium targets at Garford and Wynbring are being explored under an agreement by Tasman’s spin out, Fission Energy Ltd.

`•` Oil Shale

Oil shale deposits occur in a number of areas in Australia, but none are currently being exploited.

During the year, Tasman identified the potential for oil shale within its tenements at the Garford prospect in the central Gawler Craton during the test drilling of an area believed to have the potential for a deposit of coal. Further work is planned to evaluate the economic significance and possible extent of the Garford oil shale

`•` Diamonds

The Company previously recognised the potential of several areas in South Australia to host diamond deposits. Reprocessing of aeromagnetic data and review of open file reports led to the recognition that parts of the Torrens Hinge Zone, Stuart Shelf and Willouran Ranges (Lake Torrens project area) and the central Gawler Craton are prospective for diamonds.

Important advances in diamond exploration have taken place since the Lake Torrens project area was assessed for diamonds by previous explorers in the past. Better geophysical surveying and processing tools; better diamond sample processing techniques encompassing finer fractions of stream sediments and loam samples; enhanced analytical techniques for geochemical analysis of outcrop areas; improved understanding of diamond exploration in Australian environments; and an expanded understanding of diamond geology together with recently published geological data and digital exploration data sets, have all combined to greatly increase the chances of locating the primary sources of the diamonds on Tasman’s tenements.

The company has farmed out its diamond exploration interests over most of its South Australian tenements in this high risk exploration play to diamonds explorer Flinders Mining Ltd.

Exploration Results

During the Year, the Company spent $1.44 million on various exploration activities. Details of the results of the exploration are outlined below.

Parkinson Dam Gold-Silver (-Lead-Zinc); Tasman 100%

Tasman’s 100% owned Parkinson Dam Project is located approximately 60km west of Port Augusta in South Australia. Tasman commenced exploration at Parkinson Dam in mid-2005, discovering previously unknown epithermal gold-silver mineralisation in outcrop. Subsequent SA Government supported drilling (PACE) by Tasman intersected gold and silver mineralisation up to 3.4g/t Au and 80g/t Ag over 3m down hole in RC percussion drilling. Significant, associated epithermal lead and zinc mineralisation was also intersected over wide intervals (e.g. 96m down hole at 0.2% Pb down hole and 27m at 0.4% Zn).

During the year most effort has been directed at the follow up of the very encouraging high-grade result from diamond drill hole PD 63, which intersected 21m down hole at 21g/t Au and 83g/t Ag from 179m to 200m, including 9m down hole at 31g/t Au and 152g/t Ag from 179m to 188m (see Figures 1 to 4).

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Two campaigns of follow up drilling were completed. The first, consisted of four holes (PD 64, 65, 69 and 70) designed primarily to determine the attitude of the mineralisation in PD 63, and the second to drill a series of five carefully placed drill holes (PD 71, 72, 73, 74 and 79) across the mineralised zone or structure to determine its width, grade and continuity, and obtain more information about its geometry and extent.

As expected, based on the orientation of the high-grade epithermal veins in the original hole PD 63, the high-grade mineralisation was found to be relatively narrow and steeply-dipping (Figure 1). Most of the follow up drill intersections with the structure have a true width of a metre or so or less, and gold grades are considerably less than those in PD 63. However, the follow up drilling did show that the structure hosting the high grade veins in PD 63 is continuous, well defined and predictable, having an essentially east-west strike and very steep northerly dip, at least over the area tested (about 80m in strike by 150m up and down dip).

Subsequently, it was recognised that this high grade structure may extend for a much greater distance outside the relatively small area tested around PD 63, and an area of potential was identified stretching for at least 1.8 km to the west northwest. It was also noted that a large zone of highly anomalous epithermal quartz veining, up to about 3m wide outcrops on a hilltop along this trend, about 1.4 km west northwest of PD 63, and may be the surface expression of this mineralised structure (see Figure 2). It is planned to test this possible structure over its 1.8km strike with a series of deep RC percussion drill holes later in 2008.

Most of Tasman’s drilling completed elsewhere in the prospect to date has probably not effectively tested for steep, potentially high-grade structures such as that intersected in PD 63, being focussed on testing around outcropping veins over a relatively wide area, and evaluating the shallowly dipping veins identified prior to hole PD 63. Further consideration is being given to testing for other, previously unrecognised steep possibly high grade structures over the 2.5 km [2] area known to be mineralised from surface outcrops of altered, veined and mineralised epithermal quartz veins.

Significant zones of thick, low grade lead-zinc-silver were intersected in most of the holes drilled during the two campaigns. For example, PD 64: 15m down hole at 22.6g/t Ag, 5.5% Pb and 0.4% Zn (Figure 5), and PD 70: 50m down hole at 0.9% Pb and 0.3% Pb.

Central Gawler Structurally-controlled/lode Gold; Tasman 100%

No further drilling was completed at Eyre, Skye or Birdie prospects in the Central Gawler Craton. Previous drilling in these areas, including work by Tasman has confirmed the potential for small, structurally-controlled, Challenger-style gold, however more work is needed.

At Skye, previous drilling by Tasman intersected up to 2.95 g/t Au over 6m down hole from 54 to 60m, including 8.3g/t Au over 1m from 56 to 56m. This result is considered encouraging for Challenger-style mineralisation, and further work is planned. The best result at Birdie included 1.5g/t Au in a 4m composite sample from 40 to 44m down hole.

Several hundred metres to the south of Tasman’s tenements at Golf Bore prospect, Southern Gold has reported encouraging results from shallow drilling and has announced plans to begin resource calculations. This area is several hundred metres directly along strike from Tasman’s Golf Bore North prospect, where drilling by a previous explorer had intersected anomalous gold values.

Lake Torrens Project IOCGU; Tasman 100%, WCP earning interest

The Company’s Lake Torrens Project, is located immediately to the west, north and northeast of BHP Billiton Limited’s Olympic Dam Deposit, and within the IOCGU Potential Rank 1 and 2 areas defined by Geoscience Australia. Rank 1 is seen as having the highest potential for IOCGU mineralisation on the Gawler Craton. It includes Olympic Dam, Prominent Hill and the Carapateena discovery.

A number of prospective targets have been identified within the Lake Torrens Project, including a large IOCGU-style system at Titan prospect. Other targets have been identified based on their geophysical signatures and include Vulcan, Todds Dam, Billy Barnes, Parakylia, Zeus and Atlas.

To reduce the risk associated with the high cost of exploration in this terrain, exploration is being progressed via joint venture with WCP Resources, who may earn a 65% interest by spending $6.5 million on exploration over 5 years. To date WCP have conducted deep diamond drilling at Titan and Marathon South prospects and extensive, detailed gravity surveying and geophysical modelling over large areas not previously explored in any detail. This latter work is designed to define drilling targets for testing mid- to late-2008.

Sturt Nickel-Cobalt-Copper Project; Tasman 100%

Sturt prospect is located on the Gawler Craton approximately 85km northwest of Tarcoola in South Australia. Fieldwork by Tasman in 2006 delineated an area of poorly outcropping, weathered ultramafic rocks, which returned nickel assays up to 1500ppm in surface pisolites and 1400ppm in RAB drilling. Petrographic study of selected bottom of hole drill chips supports the existence of a large differentiated mafic intrusive which is prospective for nickel-copper-cobalt-PGE mineralisation. The postulated mafic intrusion is associated with an airborne magnetic high which extends through Tasman’s tenement for over 8 km.

A moving loop ground EM survey to test the base of the intrusion for massive nickel sulphides was completed. No conductors, such as those attributable to massive sulphide lenses were detected. However, three anomalies were detected with conductivities that could be expected from disseminated sulphides.

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During the year the Company was successful in being awarded South Australian Government support funding (PACE) for the test drilling of the geophysical anomalies. This work is being considered for late 2008.

Mirrica Project; Tasman 100%

The Company’s 100% owned Mirrica Project is located on the eastern edge of the Simpson Desert, approximately 350km south-southwest of Mt Isa in Queensland. The principal exploration target is Mesoproterozoic gold and/or base metal mineralisation under relatively thin cover rocks of the Eromanga Basin and Simpson Desert sands. The prospectivity of the region for uranium and diamonds is also open to further investigation.

Only limited previous exploration has been carried out in the Mirrica area. In the early 1990’s BHP identified the area as a zone of unexplained magnetic anomalism that could represent intrusive activity or magnetite creation associated with a major regional structure. BHP proposed geological models of high grade metamorphics with base metals potential (eg. Broken Hill), or mafic-ultramafic intrusions with nickel-copper PGE potential. They drilled 21 air core holes to test a number of magnetic anomalies. No significant base metal results were reported, however there were no assays for gold. Petrological studies identified sericite-magnetite-pyrite±chalcopyrite alteration in two of the holes.

Surface geochemical sampling of the extensive sand dune terrain by Glengarry Resources from 2002 to 2004 defined a number of soil/lag anomalies. Their highest priority target for follow up based on its coherent nature, probable shallow cover and structural setting, a 3 km long, N-S trending +10 ppb gold anomaly, was not drilled due to access difficulties. The southern part of the anomaly is coincident with a discrete elliptical magnetic high which may represent an intrusive body. Assaying of chips from the collar of a BHP hole to the south of this anomaly returned 0.21g/t Au. Only very limited drill testing of several of the other gold anomalies was completed and none of the anomalies were explained.

The Company views the Mirrica bore region as an attractive exploration target for a number of reasons:

Relatively shallow cover;
Virtually untested province;
Palaeoproterozoic terrane with potential similarities to the Tanami, Tennant Creek or Challenger (South Australia) gold provinces;
Located near major regional structures and possible extensions of the Mt Isa block
Unexplained significant gold anomalism in soils, lag, calcrete and aircore chips;
Complex structural setting with folding, faulting, interpreted mafic units, demagnetised zones and alteration noted in the limited drilling;
No native title claim over the area.

Following successful field reconnaissance earlier in the year, Tasman commenced drilling in August 2008. The Queensland Government, through its Collaborative Drilling Initiative Funding programme is to provide up to $65,000 to assist in funding of Tasman’s initial drilling programme.

Oil Shale; Tasman 100%

Tasman’s Garford project is located 80km southwest of Coober Pedy in South Australia and 35km west of the Central Australia railway line.

Recent air core drilling on Tasman’s Garford project to test an interpreted Mesozoic-Permian trough for coal, encountered 7m to 30m thicknesses of strongly carbonaceous black organic-rich Tertiary mudstones at various points along its 40km length at shallow depths of around 7m to 15m.

Thirty-three aircore holes were drilled at various points along the 40km length of the interpreted arcuate shaped trough as part of a regional drilling program to test it and the Garford palaeochannel. Twenty two of these holes encountered 7m to 30m thicknesses of these black organic-rich mudstones. Eight holes drilled along a 5.5km east-west traverse in the northern portion all encountered, 20m to 30m thicknesses of these black organic-rich mudstones at depths of less than 12m.

One 2m composite sample of carbonaceous material from drill hole G23 was tested to determine its oil shale potential.

The 2m composite sample from 25m to 27m in hole G23 returned 23% total organic carbon and yielded 10.6 mg/g (10.6 kg/tonne) of volatile hydrocarbons and 95.4 mg/g (95.4 kg/tonne) of hydrocarbons released through thermal cracking for a total yield of 106 kg/tonne. A small portion of the volatile hydrocarbons may be due to contamination by drilling fluid. Whilst the present sampling is very limited, nevertheless based upon the assayed sample, the result translates into a potential hydrocarbon yield from where the sample was taken of approximately 118 litres / tonne, or more than 0.7 barrels / tonne.

These values are comparable to those derived from samples from known oil shale deposits: eg, Nunavut in Canada.

Petrological study indicates that the G23 organic material is plant derived rather than algal. Whereas plant derived organic material is often not viewed as a favourable source of oil and is considered more likely to generate gas, there are exceptions to this general proposition.

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Agreements and Joint Ventures

Fission Energy Ltd

Fission Energy Ltd was listed on the ASX on 18 [th] June 2007 as a uranium-focussed mineral explorer. Tasman has a 22% interest (26% fully diluted) in Fission on a fully diluted basis. Under an agreement with Tasman Resources, Fission has the rights to explore for uranium on all Tasman’s South Australian tenements, except for basement-hosted mineralisation in part of the Lake Torrens Project and a small excluded area (about 13km [2] ) at the Parkinson Dam Project.

During the year Fission conducted drilling programmes within the Garford and Wynbring palaeochannels in the central Gawler Craton in South Australia and at Parkinson Dam.

Fission announced a new uranium discovery at Wynbring, with the intersection of significant sandstone-hosted uranium mineralisation in shallow drilling. Best results were 5m at 854ppm U 3 O 8 in hole W79 from 48 to 53m, including 1m at 3200ppm (0.32% U 3 O 8 ) from 52 to 53m. Fission is planning further follow up drilling in late-2008 to test the potential for a high grade core in this area, and test other priority targets elsewhere within the channel.

At Garford, no significant uranium was intersected in the first campaign of drilling on several wide-spaced traverses. However, due to the very large size of this system, there is still believed to be potential for sandstone-hosted uranium, and further work is planned.

At Parkinson Dam, two potential styles of uranium are recognised; within potential palaeochannels in the northwest of the project, and unconformity-style uranium associated with the base of the Corunna Conglomerate. During the year several holes evaluating potential palaeochannels were completed without intersecting uranium, but the potential for unconformity-style uranium requires further evaluation.

Lake Torrens Project IOCGU Joint Venture

The company has a joint venture agreement with WCP Resources over a large part of its Lake Torrens Project in South Australia. As noted above, this project is located very close to BHP Billiton’s world class IOCGU deposit at Olympic Dam. A number of prospective targets have been identified within the Project, including a large IOCGU-style system at Titan prospect, and other targets have been identified based on their geophysical signatures and include Vulcan, Todds Dam, Billy Barnes, Parakylia, Zeus and Atlas.

To reduce the Tasman’s risk associated with the high cost of exploration in this terrain, exploration is being progressed via joint venture with WCP Resources, who may earn a 65% interest by spending $6.5 million on exploration over 5 years. To date WCP have conducted deep diamond drilling at Titan and Marathon South prospects and extensive, detailed gravity surveying and geophysical modelling over large areas not previously examined in detail. This latter work is designed to define drilling targets for testing mid- to late-2008.

Tasman is pleased with the terms of the joint venture agreement, which is funding a large amount of exploration activity on these key targets without financial risk to Tasman.

Diamond Exploration Agreement with Flinders Mining Ltd (formerly Flinders Diamonds)

On April 27, 2007 Flinders Diamonds Limited (now Flinders Mining Ltd) and Tasman executed an agreement which allows Flinders to earn, over a four-year period, a 70% interest in the diamond rights only on all of Tasman’s South Australian tenements, except for Parkinson Dam.

Several diamonds and diamond indicator minerals are known from the project areas and surrounds. At least 28 diamonds up to one carat in weight have been discovered from 11 localities on the Gawler Craton. Flinders Mining’s strategy is to follow up magnetic anomalies identified from interpretation of airborne magnetic data from PIRSA’s SAEI surveys at 400m line spacing flown in the 1990s.

On the Central Gawler Craton, Flinders Mining has selected a large number of anomalies and re-flown them with small, but very detailed “postage stamp” size helimag surveys. This work has highlighted many targets which Flinders intends to follow up with drilling in mid- to late 2008.

Investments

Investment in Fission Energy Ltd

As noted above, Tasman Resources has a 22% interest (26% fully diluted) in Fission Energy Ltd on a fully diluted basis.

Fission is exploring for uranium in South Australia under agreement with Tasman, as discussed above.

On 4th July Fission announced that it has successfully acquired 100% of the issued capital of Meteore Metals Limited (ACN 097 759 325), the manager of a 50:50 Joint Venture with Barra Resources Limited (ASX:BAR) on the Mt Thirsty Nickel-Cobalt-Manganese Project (“Mt Thirsty”).

On 10th July an upgrading if the Indicated and Inferred Resource at Mt Thirsty was announced. Independent mining and geological consulting firm Golder Associates Pty Ltd has estimated a JORC compliant Indicated and Inferred Resource of 29,030,000 tonnes grading 0.12% Cobalt, 0.56% Nickel and 0.88% Manganese. The total Indicated and Inferred Resource contains approximately 162,000 tonnes of nickel, 35,000 tonnes of cobalt and 255,000 tonnes of manganese. The Resource is confined to a single orebody at shallow depths extending over a strike length of approximately 1,300 metres, with an average width approaching 850 metres.

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The deposit differs from typical nickel laterite occurrences in that it is completely oxidised and contains relatively high cobalt values. The particular mineralogy of the deposit, which is a product of a unique weathering history, allows for rapid high leaching recoveries (80% Co and 50% Ni), at moderate temperatures and normal atmospheric pressure utilising weak, acidic reagents. Additional metallurgical testwork has been ongoing, and Fission is optimistic that this further testwork will result in improved metal recoveries as the metallurgical process is optimised.

In conjunction with Barra Resources, Fission intends to fast track a feasibility study which is anticipated for completion by later in 2008.

Investment in Eden Energy Ltd

Tasman, through its wholly owned subsidiary, Noble Energy Ltd, has a current share and option holding in alternative energy company Eden Energy Ltd (ASX: EDE), which at 30 June 2008 was valued at approximately $13 million or $0.10 per Tasman share. Tasman holds 35,018,698 fully paid shares and 32,497,065 options in Eden, which on a fully diluted basis represents a 24.31% share holding.

During the year Eden has made considerable progress in its core businesses, in particular the commercial development of its patented hydrogen-based fuel Hythane® in India, establishment of a coal seam methane business in Wales, UK and investigation of the potential of its geothermal properties in Australia.

The technical and scientific interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.

The information in this announcement, insofar as it relates to Mineral Exploration activities, is based on information compiled by Robert N. Smith and Michael J. Glasson, who are members of the Australian Institute of Geoscientists, and who have more than five years experience in the field of activity being reported on. Mr Smith and Mr Glasson are full-time employees of the company. Mr Smith and Mr Glasson have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Smith and Mr Glasson consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

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Figure 1: Parkinson Dam: North-south cross section at 703,800mE showing detailed drilling completed around high grade diamond drill hole PD 63 (vertical). Gold and silver results are annotated in red; lead and zinc results in blue. The very steep northerly dip of the high grade structure (now named the P15 structure, shown red) in PD 63 is evident. Inset shows relative location of holes.

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Figure 2: Parkinson Dam: Longitudinal section of the interpreted steep gold-silver (P15) structure shown in Figure 1. The area of detailed drilling at the east is shown, as is the potential extension to the structure to the west-northwest. Note the area of outcropping epithermal quartz veining (shown red) along the trend of the interpreted structure.

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Figure 3: Parkinson Dam: Detail of high grade gold-silver mineralised epithermal quartz veins in diamond core from drill hole PD 63.

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Figure 4: Parkinson Dam: Photomicrograph of silver-rich gold particles from the high grade interval in drill hole PD 63. The particles contain approximately 30 - 35% silver and 65 - 70% gold. This photo was taken through a scanning electron microscope - note the scale of the figure.

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Figure 5: Parkinson Dam: Lead, zinc and silver-rich mineralisation in core from drill hole PD 64. The grey material is dominantly galena (lead sulphide), and the white material is epithermal quartz veins.

ASX Code: TAS

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Figure 6: Parkinson Dam: Percussion drilling for gold and silver.

ASX Code: TAS

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CORPORATE GOVERNANCE STATEMENT

The Board of Directors

The Company’s constitution provides that the number of directors shall not be less than three and not more than ten. There is no requirement for any share holding qualification.

As and if the Company’s activities increase in size, nature and scope the size of the board will be reviewed periodically, and as circumstances demand.

The membership of the board, its activities and composition, is subject to periodic review. The criteria for determining the identification and appointment of a suitable candidate for the board shall include quality of the individual, background of experience and achievement, compatibility with other board members, credibility within the Company’s scope of activities, intellectual ability to contribute to board’s duties and physical ability to undertake board’s duties and responsibilities.

Directors are initially appointed by the full board subject to election by shareholders at the next general meeting. Under the Company’s constitution the tenure of a director (other than managing director, and only one managing director where the position is jointly held) is subject to reappointment by shareholders not later than the third anniversary following his or her last appointment. Subject to the requirements of the Corporation Act 2001, the board does not subscribe to the principle of retirement age and there is no maximum period of service as a director. A managing director may be appointed for any period and on any terms the directors think fit and, subject to the terms of any agreement entered into, may revoke the appointment.

The board considers that the Company is not currently of a size, nor are its affairs of such complexity to justify the formation of separate or special committees at this time. The board as a whole is able to address the governance aspects of the full scope of the Company’s activities and to ensure that it adheres to appropriate ethical standards.

Role of the Board

The board’s primary role is the protection and enhancement of long-term shareholder value.

To fulfil this role, the board is responsible for oversight of management and the overall corporate governance statement of the Company including its strategic direction, establishing goals for management and monitoring the achievement of these goals.

Appointments to Other Boards

Directors are required to take into consideration any potential conflicts of interest when accepting appointments to other boards.

Independent Professional Advice

The board has determined that individual directors have the right in connection with their duties and responsibilities as directors, to seek independent professional advice at the Company’s expense. With the exception of expenses for legal advice in relation to director’s rights and duties, the engagement of an outside adviser is subject to prior approval of the Chairman and this will not be withheld unreasonably.

Continuous Review of Corporate Governance

Directors consider, on an ongoing basis, how management information is presented to them and whether such information is sufficient to enable them to discharge their duties as directors of the Company. Such information must be sufficient to enable the directors to determine appropriate operating and financial strategies for time to time in light of changing circumstances and economic conditions. The directors recognise that mineral exploration is an inherently risky business and that operational strategies adopted should, notwithstanding, be directed towards improving or maintaining the net worth of the Company.

ASX Principles of Good Corporate Governance

The board has reviewed its current practices in light of the ASX Principles of Good Corporate Governance and Best Practice Guidelines with a view to making amendments where applicable after considering the Company’s size and the resources it has available.

As the Company’s activities develop in size, nature and scope, the size of the board and the implementation of any additional formal corporate governance committees will be given further consideration.

The following table sets out the Company’s present position with regard to adoption of these Principles.

ASX Code: TAS

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	ASX Principle	ASX Principle
Principle 1: Lay solid foundations for management and oversight
1.1	Formalise and disclose the functions reserved to the board and those delegated to management.	The Company has not adopted this recommendation to formalise and disclose the functions reserved to the board and those delegated to management. The Company considers the expense of sourcing additional directors at this stage of its development is unwarranted. The roles and functions within the Company must remain flexible in order for it to best function within its level of available resources.
Principle 2: Structure the board to add value
2.1	A majority of board members should be independent directors	Due to the Company’s size, nature and extent of operations, the company has departed from this principle
2.2	The chairperson should be an independent director	Due to the Company’s size, nature and extent of operations, the company has departed from this principle
2.3	The roles of chairperson and chief executive officer should not be exercised by the same individual	The Company does not have a Chief Executive Officer.
2.4	The board should establish a nomination committee	The board has no formal nomination committee. Acting in its ordinary capacity from time to time as required, the board carries out the process of determining the need for, screening and appointing new directors. In view of the size and resources available to the Company, it is not considered that a separate nomination committee would add any substance to this process.
2.5	Provide the information indicated in Guide to reporting on Principle 2	The skills and experience of directors are set out in the Company’s Annual Report and on its website.
Principle 3: Promote ethical and responsible decision-making
3.1	Establish a code of conduct to guide the directors, the chief executive officer (or equivalent), the chief financial officer (or equivalent) and other key executives as to 3.1.1 the practices necessary to maintain confidence in the Company’s integrity 3.1.2 the responsibility and accountability of individuals reporting or investigating reports of unethical practices.	The Company has formulated a Code of Conduct which can be viewed on the Company’s website.
3.2	Disclose the policy concerning trading in Company securities by directors, officers and employees	The Board has adopted a policy and procedure on dealing in the Company's securities by directors, officers and employees which prohibits dealing in the Company's securities when those persons possess inside information. It also requires the Company Secretary to be notified when trading of securities in the Company occurs.
3.3	Provide the information indicated in Guide to reporting on Principle 3	The Code of Conduct can be viewed on the Company’s website.

ASX Code: TAS

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Principle 4: Safeguard integrity in financial reporting

4.1	Require the chief executive officer (or equivalent) and the chief financial officer (or equivalent) to state in writing to the board that the Company’s financial reports present a true and fair view, in all material respects, of the Company’s financial condition and operational results and are in accordance with relevant accounting standards	The Company requires the chief financial officer to complete to make this statement. The company does not have a chief executive officer or equivalent
4.2	The board should establish an audit committee	Due to the Company’s size, nature and extent of operations, the company has departed from this principle.
4.3	Structure the audit committee so that it consists of: • Only non-executive directors • A majority of independent directors • An independent chairperson who is not the chairperson of the board • At least three members	The Board believes that, within the number of Directors on the Board, the Board itself is the appropriate forum to deal with this function.
4.4	The audit committee should have a formal charter	See 4.2
4.5	Provide the information indicated in Guide to Reporting on Principle 4	See 4.2

Principle 5: Make timely and balanced disclosure

5.1	Establish written policies and procedure designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior management level for that compliance	The company has instigated internal procedures designed to provide reasonable assurance as to the effectiveness and efficiency of operations, the reliability of financial reporting and compliance with relevant laws and regulations. The board is acutely aware of the continuous disclosure regime and there are strong informal systems in place to ensure compliance, underpinned by experience.
5.2	Provide the information indicated in Guide to Reporting on Principle 5	The board receives monthly reports on the status of the Company’s activities and any new or proposed activities. Disclosure is reviewed as a routine agenda item at each board meeting

Principle 6: Respect the rights of shareholders

6.1	Design and disclose a communications strategy to promote effective communication with shareholders and encourage effective participation at general meetings	In line with adherence to continuous disclosure requirements of ASX all shareholders are kept informed of major developments affecting the Company. This disclosure is through regular shareholder communications including the Annual Report, Quarterly Reports, the Company website and the distributions of specific releases covering major transactions or events.
6.2	Request the external auditor to attend the annual general meeting and be available to answer shareholder questions about the audit and the preparation and content of the auditor’s report	The Company’s auditors attend the annual general meeting.

ASX Code: TAS

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Principle 7:Recognise and mange risk

7.1	The board or appropriate board committee should establish policies on risk oversight and management	While the Company does not have formalised policies on risk management the board recognises its responsibility for identifying areas of significant business risk and for ensuring that arrangements are in place for adequately managing these risks. This issue is regularly reviewed at board meetings and risk management culture is encouraged amongst employees and contractors.
7.2	The chief executive officer (or equivalent) and the chief financial officer (or equivalent) should state to the board in writing that: 7.2.1 the statement given in accordance with best practise recommendation 4.1 (the integrity of financial statements) is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board 7.2.2 the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects	The Company requires the chief financial officer to complete to make this statement. The company does not have a chief executive officer or equivalent.
7.3	Provide information indicated in Guide to Reporting on Principle 7	See 7.1

Principle 8 Encourage enhanced performance

8.1	Disclose the process for performance evaluation of the board, its committees and individual directors, and key executives	The Company does not consider it appropriate to have sub- committee of the board to consider remuneration matters. Acting in its ordinary capacity, the board from time to time carries out the process of considering and determining performance issues including the identification of matters that may have a material effect on the price of the Company’s securities. Whenever relevant, any such matters are reported to the ASX.
Principle 9: Remunerate fairly and responsibly
9.1	Provide disclosure in relation to the Company’s remuneration policies to enable investors to understand (i) the costs and benefits of those policies and (ii) the link between remuneration paid to directors and key executives and corporate performance	The Company discloses remuneration-related information in its Annual Report to shareholders in accordance with the Corporation Act 2001. The Company’s Constitution allows for a maximum amount per annum to be paid to non-executive directors, to be allocated at the discretion of the directors. Any changed to the annual amount must be approved at a General Meeting of members of the Company.
9.2	The board should establish a remuneration committee	See 8.1
9.3	Clearly distinguish the structure of non- executive directors remuneration from that of executives	See 9.1

ASX Code: TAS

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9.4	Ensure that payment of equity-based executive remuneration is made in accordance with thresholds set in plans approved by shareholders	All equity- based executive remuneration is made in accordance with plans approved by shareholders.
9.5	Provide information indicated in ASX Guide to Reporting on Principle 9	No schemes exist for retirement benefits for non-executive directors other than statutory superannuation.
Principle 10: Recognise legitimate interests of Stakeholders
10. 1	Establish and disclose a code of conduct to guide compliance with legal and other obligations to legitimate stakeholders	The Company has formulated a Code of Conduct which can be viewed on the Company’s website.

ASX Code: TAS

Page 18 of 54

Tasman Resources NL Annual Report for Year Ending June 2008

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DIRECTORS’ REPORT

Your directors present their report on the company and its controlled entities for the financial year ended 30 June 2008.

Directors

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

Gregory Howard Solomon

Douglas Howard Solomon

Guy Touzeu Le Page

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

Company Secretary

The following person held the position of company secretary at the end of the financial year:

Mr Raymond F Buscall. Mr Buscall has worked for Tasman Resources NL for the past 18 years performing financial management roles of the business. Mr Buscall was appointed company secretary on 18 June 1990.

Principal Activities

The principal activity of the Consolidated Group during the financial year ended 30 June 2008 was mineral exploration.

In particular, the Company undertook exploration programmes covering areas on the Stuart Shelf a short distance from Olympic Dam, west of Port Augusta, in the central Gawler Craton (all in South Australia), and in southwest Queensland.

Activities included geological targeting, geochemical sampling, percussion and core drilling programmes and ongoing reviews of previous exploration data leading to the acquisition of new projects.

Tasman has an exploration agreement and joint ventures with other parties over Tasman properties where the mineral prospectivity of the particular project is considered higher risk, and more appropriately evaluated outside the Company. These agreements cover basement-hosted mineralisation in the Stuart Shelf/Olympic Dam area, and uranium and diamonds within most of Tasman’s South Australian tenements.

Operating Results

The consolidated loss of the Consolidated Group after providing for income tax amounted to $1,306,966.

Dividends Paid or Recommended

No dividends were paid or declared for payment during the year.

Mineral Exploration Operations

Tasman’s primary focus during the year has been mineral exploration for a range of commodities within the Company’s tenements in South Australia and Queensland. The principal exploration projects are the Parkinson Dam epithermal gold-silver (lead-zinc) project, the Lake Torrens IOCGU-base metal project and central Gawler Craton gold-nickel-cobalt project in South Australia, and the Mirrica gold-base metal project in Queensland.

The Lake Torrens project is subject to a farm-in agreement with WCP Resources covering basement-hosted mineralisation, and all Tasman’s tenements in South Australia (except for Parkinson Dam) are subject to a farm-in agreement with Flinders Mining Ltd, covering diamonds. Tasman also has an agreement with Fission Energy covering uranium.

During the year Tasman has continued drilling for high grade gold-silver at Parkinson Dam, following the high grade intersection in drill hole PD 63, reported last year (21m downhole assaying 21g/t Au and 83g/t Ag, including 9m at 31g/t Au and 152g/t). Within the central Gawler Craton, drilling to test a possible coal occurrence intersected zones of oil shale in a number of drill holes. Deep drilling was conducted by WCP Resources at Titan and Marathon South prospects in the Lake Torrens project, and shallow drilling to test for uranium in Tertiary palaeochannels was conducted by Fission Energy in the central Gawler Craton.

Financial Position

The net assets of the consolidated group have increased by $13,844,080 from 30 June 2007 to $22,892,593 in 2008. This increase has largely resulted from the following factors:

Recording of shares in Eden Energy at market value.

Significant Changes in State of Affairs

In the opinion of the directors, other than disclosed elsewhere in this report, there were no significant changes in the state of affairs of the Company that occurred during the year.

ASX Code: TAS

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After Balance Date Events

On 4 July 2008 Fission successfully acquired 100% of the issued capital of Meteore Metals Limited (“Meteore”), the manager of a 50:50 Joint Venture with Barra Resources Limited (ASX:BAR) on the Mt Thirsty Nickel-Cobalt- Manganese Project (“Mt Thirsty”). The first payment was made on 4 July of approximately A$2.9 million, with two further payments of A$1.44 million due 29 August 2008 and A$1.44 million due 15 December 2008. Total consideration for the acquisition of Meteore is $8.0 million, of which approximately A$6.1 million is payable in cash and the balance in fully paid ordinary shares.

On 18 July 2008 Fission issued 29,520,000 fully paid ordinary shares in relation to the acquisition of Meteore.

On 25 July 2008 Fission issued 18.521.250 fully paid ordinary shares at $0.16 to fund the acquisition of Meteore.

Except for the above events, no other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years.

Future Developments, Prospects and Business Strategies

The Company proposes to continue with its exploration program as detailed in the Review of Operations.

Environmental Issues

The company is the subject of environmental regulation with respect to mining exploration and will comply fully with all requirements with respect to rehabilitation of exploration sites.

Information on Directors

Gregory H Solomon Executive Chairman Qualifications LLB Experience Appointed chairman 1987. Board member since 1987. A solicitor with more than 30 years Australian and international experience in a wide range of areas including mining law, commercial negotiation (including numerous mining and exploration joint ventures) and corporate law. He is a partner in the Western Australian legal firm, Solomon Brothers and has previously held directorships of various public companies since 1984 including two mining/exploration companies. Interest in Shares and Options 19,276,794 Ordinary Shares in Tasman Resources NL 2,711,367 Options Directorships held in other listed Current director of Eden Energy Limited since May 2004. entities Current director of Fission Energy Limited since March 2006.

Douglas H Solomon

Non-Executive

Qualifications BJuris LLB (Hons) Experience Board member since 3 April 2003. A Barrister and Solicitor with more than 20 years experience in the areas of mining, corporate, commercial and property law. He is a partner in the legal firm, Solomon Brothers. Interest in Shares and Options 19,055,311 Ordinary Shares in Tasman Resources NL 2,691,158 Options Directorships held in other listed Current director of Eden Energy Limited since May 2004. entities Current director of Fission Energy Ltd since March 2006.

ASX Code: TAS

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Guy T Le Page Non-Executive Qualifications B.A., B.Sc. (Hons).,M.B.A., ASIA., MAusIMM Bachelor of Arts (University of Adelaide),Bachelor of Science (University of Adelaide), Masters Degree in Business Administration (University of Adelaide), Bachelor of Applied Science (Hons) (Curtin University of Technology), Graduate Diploma in Applied Finance and Investment (Securities Institute of Australia). Experience Board member since February 2001. Currently a corporate adviser specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. He previously spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology and he has acted as a consultant to private and public companies. This professional experience included the production of both technical and valuation reports for resource companies. Interest in Shares and Options 1,434,821 Ordinary shares and 181,112 Options Directorships held in other listed Current director of Eden Energy Limited since May 2004. entities Current director of Fission Energy Limited since March 2006.

Remuneration Report (Audited)

This report details the nature and amount of remuneration for each director of Tasman Resources NL, and for the executives receiving the highest remuneration.

Remuneration Policy

The remuneration policy of Tasman Resources NL has been designed to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the Consolidated Group’s financial results. The board of Tasman Resources NL believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the Consolidated Group, as well as create goal congruence between directors, executives and shareholders.

The board’s policy for determining the nature and amount of remuneration for board members and senior executives of the Consolidated Group is as follows:

The remuneration policy, setting the terms and conditions for the executive directors and other senior executives , was developed and approved by the board based on industry reports.
All executives receive a base salary (which is based on factors such as length of service and experience), superannuation, fringe benefits and options.
The board reviews executive packages annually by reference to the Consolidated Group’s performance, executive performance and comparable information from industry sectors.

Executives are also entitled to participate in the employee share and option arrangement.

All directors and executives receive a superannuation guarantee contribution where required by the government, which is currently 9%, and do not receive any other retirement benefits. Some individuals, however, have chosen to sacrifice part of their salary to increase payments towards superannuation.

All remuneration paid to directors and executives is valued at the cost to the company and expensed. Any shares which may be issued to executives would be valued as the difference between the market price of those shares and the amount paid by the director or executive. Options are valued using the Black-Scholes methodology. No shares or options were issued to directors or executives during the year ended 30 June 2008.

The board policy is to remunerate non-executive directors at market rates for time, commitment and responsibilities. The remuneration committee determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the Annual General meeting. Fees for non-executive directors are not linked to the performance of the Consolidated Group. However, to align director’s interests with shareholder interests, the directors are encouraged to hold shares in the company and are able to participate in the employee option plan.

ASX Code: TAS

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DIRECTORS’ REPORT

Performance based Remuneration

No performance based remuneration was paid during the year.

Details of Remuneration for Year Ended 30 June 2008

The remuneration for each director and each of the executive officers of the consolidated entity during the year was as follows:

Key Management Personnel Remuneration - 2008

Key Management						Other
Person					Post-	long-				Perfor-
					employment	term	Share-based			mance
	Short-term		Benefits		benefits	benefits	payments		Total	Related
	Salary	Cash	Non-	Other	Super-	Other	Equity	Options
	and Fees	profit	cash		annuation
		share	benefit
	$	$	$	$	$	$	$	$	$	%
Gregory H Solomon	120,000	-	-	-	10,800	-	-	-	130,800	-
Douglas H Solomon	24,000	-	-	-	2,160	-	-	-	26,160	-
Guy T Le Page	24,000	-	-	-	2,160	-	-	-	26,160	-
Raymond F Buscall	(a)	-	-	-	-	-	-	-	-	-
Aaron P Gates	(a)	-	-	-	-	-	-	-	-	-
Graham M Jeffress	139,196	-	-	-	17,192	-	-	-	156,388	-
Robert N Smith	99,615	-	-	-	96,465	-	-	-	196.080	-
Michael J Glasson	94,615	-	-	-	95,716	-	-	-	190,331
	501,426	-	-	-	224,493	-	-	-	725,919	-

Key Management Personnel Remuneration - 2007

Key Management						Other
Person					Post-	long-				Perfor-
					employment	term	Share-based			mance
	Short-term		Benefits		benefits	benefits	payments		Total	Related
	Salary	Cash	Non-	Other	Super-	Other	Equity	Options
	and Fees	profit	cash		annuation
		share	benefit
	$	$	$	$	$	$	$	$	$	%
Gregory H Solomon	120,000	-	-	-	10,800	-	-	-	130,800	-
Douglas H Solomon	24,000	-	-	-	2,160	-	-	-	26,160	-
Guy T Le Page	24,000	-	-	-	2,160	-	-	-	26,160	-
Raymond F Buscall	(a)	-	-	-	-	-	-	26,430	26,430	-
Graham R Bedford	6,533	-	-	-	588	-	-	-	7,121	-
Graham M Jeffress	133,935	-	-	-	15,277	-	-	44,050	193,262	-
Robert N Smith	77,692	-	-	-	94,192	-	-	88,100	259,984	-
Michael J Glasson	61,750	-	-	-	93,838	-	-	88,100	243,688	-
	447,910	-	-	-	219,015	-	-	246,680	913,065	-

(a) These management personnel are remunerated by Princebrook Pty Ltd under the Princebrook Management Services Contract.

Performance Income as a proportion of total Remuneration

No directors or executives are paid performance based bonuses.

ASX Code: TAS

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DIRECTORS’ REPORT

Options Issued as part of Remuneration for the Year Ended 30 June 2008

No options were issued to directors and executives as part of their remuneration during the year ended 30 June 2008.

Shares Issued on Exercise of Compensation Options

No options were exercised during the year that were granted as compensation in prior periods.

Directors Meetings

During the financial year, 6 meetings of directors were held. Attendances by each director during the year were as follows:

g y, follows:	g
	Directors’	Meetings
	Number	Number
	eligible to	attended
	attend
Gregory Howard Solomon	6	6
Douglas Howard Solomon	6	6
Guy Touzeau Le Page	6	6

Indemnifying Officers or Auditor

During or since the end of the financial year the company has paid or agreed to pay insurance premiums as follows:

The company has paid premiums to insure the directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the company, other than conduct involving a wilful breach of duty in relation to the company. The total premium paid was $38,515.

Options

At the date of this report, the unissued ordinary shares of Tasman Resources NL under option are as follows:

Grant Date Date of Expiry Exercise Price 14 August 2006 30 August 2009 $0.20 21 November 2006 31 December 2009 $0.20 23 March 2007 31 December 2009 $0.20 13 November 2007 31 December 2009 $0.20 Options Exercised	Number under Option 2,800,000 6,000,000 6,813,825 9,985,254 (26,805)
	25,572,274

During the year ended 30 June 2008, no ordinary shares of Tasman Resources NL were issued on the exercise of options granted under the Tasman Resources NL Employee Option Plan. No shares have been issued since that date.

No person entitled to exercise the option had or has any right by virtue of the option to participate in any share issue of any other body corporate.

Proceedings on Behalf of Company

No person has applied for leave of Court to bring proceedings on behalf of the company or 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 any part of those proceedings.

The company was not a party to any such proceedings during the year.

ASX Code: TAS

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DIRECTORS’ REPORT

Non-audit Services

The board of directors, in accordance with advice from the audit committee, is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2002. The directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:

all non-audit services are reviewed and approved by the audit committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and
the nature of the services provided do not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.

The following fees for non-audit services were paid/payable to the external auditors during the year ended 30 June 2008:

Other	$
	8,585
	8,585

Auditor’s Independence Declaration

The auditor’s independence declaration for the year ended 30 June 2008 has been received and can be found on page 25.

Signed in accordance with a resolution of the Board of Directors.

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Gregory H Solomon Chairman

Dated this 30 [th] day of September 2008

ASX Code: TAS

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Grant Thornton (WA) Partnership ABN: 17 735 344 518 Level 1 10 Kings Park Road West Perth WA 6005 PO BOX 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au

AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF TASMAN RESOURCES NL

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Tasman Resources NL for the year ended 30 June 2008, I declare that, to the best of my knowledge and belief, there have been:

a No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
b No contraventions of any applicable code of professional conduct in relation to the audit.

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GRANT THORNTON (WA) Partnership Chartered Accountants

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MJ Hillgrove

Partner Perth, 30 September 2008

Liability limited by a scheme approved under Professional Standards Legislation.

Grant Thornton (WA) Partnership is an independent business entitled to trade under the international name Grant Thornton.

Grant Thornton is a trademark owned by Grant Thornton International and used under licence by independent firms and entities throughout the world.

ASX Code: TAS

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INCOME STATEMENT FOR YEAR ENDED 30 JUNE 2008

Note Revenue 2a Other income 2b Employee benefits expense Exploration expenditure written off Depreciation and amortisation expense Share of losses of associates accounted for using the equity method Audit and accounting Legal Insurance Listing and share registry Other expenses Loss before income tax 3 Income tax expense 4 Loss for the year Loss attributable to minority equity interest Loss attributable to members of the parent entity Basic earnings per share (cents per share) 7	Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ 427,448 171,188 427,448 170,362 - 172,939 - 168,000 (620,962) (933,855) (620,962) (933,855) (3,413) (365) (3,413) (365) (7,654) (9,001) (7,654) (9,001) (674,857) (373,804) (125,250) - (35,730) (58,000) (35,730) (58,000) (24,522) (262) (24,522) (262) (49,054) (52,382) (49,054) (52,382) (73,197) (75,389) (73,197) (75,389) (245,055) (279,368) (243,540) (273,184)
	(1,306,996) (1,438,299) (755,874) (1,064,076) - - - -
	(1,306,996) (1,438,299) (755,874) (1,064,076) - 318 - -
	(1,306,996) (1,437,981) (755,874) (1,064,076)
	(1.0137) (1.3034)

The accompanying notes form part of these financial statements.

ASX Code: TAS

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BALANCE SHEET AS AT 30 JUNE 2008

	Note	Consolidated	Group	Parent	Entity
		2008	2007	2008	2007
		$	$	$	$
ASSETS
CURRENT ASSETS
Cash and cash equivalents	8	725,119	1,707,068	724,954	1,707,067
Trade and other receivables	9	175,865	91,622	175,865	91,622
TOTAL CURRENT ASSETS		900,984	1,798,690	900,819	1,798,689
NON-CURRENT ASSETS
Trade and other receivables	9	-	-	1,685,219	965,230
Financial assets	11	13,504,677	168,000	82,001	168,001
Property, plant and equipment	13	19,350	26,577	19,350	26,577
Exploration and Evaluation expenditure	14	8,666,268	7,592,076	8,666,268	7,592,076
TOTAL NON-CURRENT ASSETS		22,190,295	7,786,653	10,452,838	8,751,884
TOTAL ASSETS		23,091,279	9,585,343	11,353,657	10,550,573
CURRENT LIABILITIES
Trade and other payables	15	198,686	536,830	198,686	536,830
TOTAL CURRENT LIABILITIES		198,686	536,830	198,686	536,830
TOTAL LIABILITIES		198,686	536,830	198,686	536,830
NET ASSETS		22,892,593	9,048,513	11,154,971	10,013,743
EQUITY
Issued capital	17	15,511,377	13,528,275	15,511,377	13,528,275
Reserves		13,818,009	650,035	564,035	650,035
Retained earnings/(accumulated) losses		(6,436,793)	(5,129,797)	(4,920,441)	(4,164,567)
TOTAL EQUITY		22,892,593	9,048,513	11,154,971	10,013,743

The accompanying notes form part of these financial statements.

ASX Code: TAS

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STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2008

Consolidated Group Balance at 1 July 2006 Shares issued during the year Transaction costs Option reserve on recognition of bonus element of options Transfer to option reserve Profit/(loss) attributable to members of parent entity Profit/(loss) attributable to minority shareholders Loss of subsidiary Balance at 30 June 2007 Shares issued during the year Transaction costs Revaluation increment Profit/(loss) attributable to members of parent entity Balance at 30 June 2008 Parent Entity Balance at 1 July 2006 Shares issued during the year Transaction costs Issue of Options Transfer to option reserve Profit/(loss) attributable to members of parent entity Balance at 30 June 2007 Shares issued during the year Transaction costs Revaluation increment Profit/(loss) attributable to members of parent entity Balance at 30 June 2008	Share Capital Ordinary Option Reserve Financial Asset Reserve Accumulated Losses Minority Equity Interests Total $ $ $ $ $ $ 10,830,673 343,355 - (3,691,816) - 7,482,212 2,992,512 - - - - 2,992,512 (234,910) - - - - (234,910) - 246,680 - - - 246,680 (60,000) 60,000 - - - - - - - (1,437,981) (1,437,981) - - - - (318) (318) - - - - 318 318
	13,528,275 650,035 - (5,129,797) - 9,048,513
	2,000,391 - - - - 2,000,391 (17,289) - - - - (17,289) - - 13,167,974 - - 13,167,974 - - - (1,306,996) - (1,306,996)
	15,511,377 650,035 13,167,974 (6,436,793) - 22,892,593
	10,830,673 343,355 - (3,100,491) - 8,073,537 2,992,512 - - - - 2,992,512 (234,910) - - - - (234,910) - 246,680 - - - 246,680 (60,000) 60,000 - - - - - - - (1,064,076) - (1,064,076)
	13,528,275 650,035 - (4,164,567) - 10,013,743
	2,000,391 - - - - 2,000,391 (17,289) - - - - (17,289) - - (86,000) - - (86,000) - - - (755,874) - (755,874)
	15,511,377 650,035 (86,000) (4,920,441) - 11,154,971

The accompanying notes form part of these financial statements.

ASX Code: TAS

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CASH FLOW STATEMENT FOR YEAR ENDED 30 JUNE 2008

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Goods and Services Tax refunds Net cash provided by (used in) operating activities 22a CASH FLOWS FROM INVESTING ACTIVITIES Exploration expenditure Purchase of property, plant and equipment Investment in associated entities Loans to controlled entities Loans to associated entities Cash disposed on loss of subsidiary Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Net cash provided by (used in) financing activities Net increase (decrease) in cash held Cash at beginning of financial year Cash at end of financial year 8	Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ 242,953 104,019 242,953 104,019 (1,166,788) (1,286,304) (1,165,273) (1,275,683) 85,760 44,847 85,760 44,021 158,227 146,881 158,227 146,881
	(679,848) (990,557) (678,333) (980,762)
	(1,440,532) (1,091,239) (1,440,532) (1,027,866) (427) (9,660) (427) (9,660) (843,561) (250) (125,000) (250) - - (720,240) (1,065) (683) 488,291 (683) 290,243 - (125,946) - -
	(2,285,203) (738,804) (2,286,882) (748,598)
	1,983,102 2,757,602 1,983,102 2,757,602
	1,983,102 2,757,602 1,983,102 2,757,602
	(981,949) 1,028,241 982,113 1,028,242 1,707,068 678,827 1,707,067 678,825
	725,119 1,707,068 724.954 1,707,067

The accompanying notes form part of these financial statements.

ASX Code: TAS

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Tasman Resources NL Annual Report for Year Ending June 2008

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

The financial report covers the consolidated group of Tasman Resources NL and controlled entities, and Tasman Resources NL as an individual parent entity. Tasman Resources NL is a listed public company, incorporated and domiciled in Australia.

The financial report of Tasman Resources NL and controlled entities, and Tasman Resources NL as an individual parent entity complies with all International Financial Reporting Standards (IFRS) in their entirety.

The following is a summary of the material accounting policies adopted by the consolidated group in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

Basis of Preparation

The accounting policies set out below have been consistently applied to all years presented.

Reporting Basis and Conventions

The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.

Accounting Policies

a. Principles of Consolidation

A controlled entity is any entity Tasman Resources NL has the power to control the financial and operating policies of so as to obtain benefits from its activities.

A list of controlled entities is contained in Note 12 to the financial statements. All controlled entities have a June financial year-end.

All inter-company balances and transactions between entities in the consolidated group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistencies with those policies applied by the parent entity.

Where controlled entities have entered or left the consolidated group during the year, their operating results have been included/excluded from the date control was obtained or until the date control ceased.

Minority equity interests in the equity and results of the entities that are controlled are shown as a separate item in the consolidated financial report.

b. Income Tax

The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable 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.

Tasman Resources NL and Noble Energy Limited, its wholly-owned Australian subsidiary, 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 current tax liability of each group entity is then subsequently assumed by the parent entity. The group notified the Australian Tax Office that it had formed an income tax consolidated group to apply from 1 July 2005. 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.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

c. 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.

Depreciation

The depreciable 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 consolidated group 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 depreciation rates used for each class of depreciable assets are:

The depreciation rates used for each	class of depreciable assets are:
Class of Fixed Asset	Depreciation Rate
Plant and equipment	15–50%

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. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.

d. Exploration and Evaluation Expenditure

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Costs of site restoration are provided over the life of the facility from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on an undiscounted basis.

Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.

e. Financial Instruments

Recognition

Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.

Financial assets at fair value through profit and loss

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial Instruments. Derivatives are also categorised as held for trading unless they are designated as hedges. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.

Held-to-maturity investments

These investments have fixed maturities, and it is the group’s intention to hold these investments to maturity. Any held-to-maturity investments held by the group are stated at amortised cost using the effective interest rate method.

Available-for-sale financial assets

Available-for-sale financial assets include any financial assets not included in the above categories. Available-forsale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity.

Financial liabilities

Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

Fair value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models.

Impairment

At each reporting date, the group assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement.

f. 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.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

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.

g. Investments in Associates

Investments in associate companies are recognised in the financial statements by applying the equity method of accounting. The equity method of accounting recognised the group’s share of post-acquisition reserves of its associates.

h. Intangibles

Goodwill

Goodwill and goodwill on consolidation are initially recorded at the amount by which the purchase price for a business or for an ownership interest in a controlled entity exceeds the fair value attributed to its net assets at date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is included in investments in associates. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

i. Foreign Currency Transactions and Balances

Functional and presentation currency

The functional currency of each of the group’s entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation currency.

Transaction and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Nonmonetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the income statement, except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the income statement.

j. Employee Benefits

Provision is made for the company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

Equity-settled compensation

The group operates a number of share-based compensation plans. These include both a share option arrangement and an employee share scheme. The bonus element over the exercise price of the employee services rendered in exchange for the grant of shares and options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares of the options granted.

k. Provisions

Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

l. Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, money held in term deposit to satisfy various tenement licenses and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet.

m. Revenue

Revenue from the sale of goods is recognised upon the delivery of goods to customers.

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

Revenue from investment properties is recognised on an accruals basis or straight-line basis in accordance with leases agreements.

Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

n. Borrowing Costs

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

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

o. 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.

p. Comparative Figures

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

q. New accounting standards and interpretations not yet adopted

The following standards, amendments to standards and interpretations have been identified as those which may impact the Company in the period of initial application. They are available for early adoption at 30 June 2008, but have not been applied in preparing this financial report.

Revised AASB 101: Presentation of Financial Statements introduces as a financial statement the ‘statement of comprehensive income’. The revised standard does not change the recognition, measurement or disclosure of transactions or events that are required by other accounting standards. The revised AASB 101 will become mandatory for the Company’s 30 June 2010 financial statements. The company has not yet determined the potential effect of the revised standard on the Company’s disclosures.

Critical Accounting Estimates and Judgments

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the group.

Key Estimates — Impairment

The group assesses impairment at each reporting date by evaluating conditions specific to the group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value-inuse calculations performed in assessing recoverable amounts incorporate a number of key estimates.

The financial report was authorised for issue on 30 September 2008 by the board of directors.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 NOTE 2: REVENUE

NOTE 2: REVENUE
Note a. Revenue — interest received — PACE grant funding — wages recovery from associated entity Total Revenue b. Other income — Option revenue – farm-in arrangement — profit on de-consolidation of subsidiary Total non-operating income NOTE 3: PROFIT FOR THE YEAR a. Expenses Depreciation and amortisation expense Exploration expenditure written off b. Significant Revenue and Expenses The following significant revenue and expense items are relevant in explaining the financial performance: Option revenue – farm-in arrangement 3c NOTE 4: INCOME TAX EXPENSE a. The prima facie tax on profit from ordinary activities before income tax is reconciled to the income tax as follows: Prima facie tax payable on profit from ordinary activities at 30% (2007: 30%) Add: Tax effect of: — other non-allowable items — Deferred tax assets not brought to account Less: Tax effect of: — loss of subsidiary not assessable Income tax attributable to entity The applicable weighted average effective tax rates are as follows:	Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ 85,760 44,847 85,760 44,021 75,000 40,000 75,000 40,000 266,688 86,341 266,688 86,341
	427,448 171,188 427,448 170,362
	- 168,000 - 168,000 - 4,939 - -
	- 172,939 - 168,000
	7,654 9,001 7,654 9,001 3,413 365 3,413 365 - 168,000 - 168,000 (392,090) (431,490) (226,762) (319,223)
	(392,090) (431,490) (226,762) (319,223) 148 151 148 151 390,457 429,857 226,614 319,072
	1,485 1,482 - - (1,485) (1,482) - -
	- - - -
	Nil% Nil% Nil% Nil%

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 NOTE 5: KEY MANAGEMENT PERSONNEL COMPENSATION

a. Names and positions held of economic and parent entity key management personnel in office at any time during the financial year are:

Key Management Person Position Gregory H Solomon Executive Director Douglas H Solomon Non-Executive Director Guy T Le Page Non-Executive Director Raymond F Buscall Company Secretary Aaron P Gates Chief Financial Officer (Appointed May 2008) Graham M Jeffress Geologist (Resigned May 2008) Robert N Smith Geologist Michael J Glasson Geologist

Key management personnel remuneration has been included in the Remuneration Report section of the Directors Report

b. Options and Rights Holdings

Number of Options Held by Key Management Personnel

Gregory H Solomon Douglas H Solomon Guy T Le Page Raymond F Buscall Aaron P Gates Graham M Jeffress (i) Robert N Smith Michael J Glasson Total Gregory H Solomon Douglas H Solomon Guy T Le Page Raymond F Buscall Aaron P Gates Graham M Jeffress (i) Robert N Smith Michael J Glasson Total	Balance 1.7.2007 Granted as Compensation Options Expired Net Change Other* 961,203 - - 1,750,164 961,128 - - 1,730,030 50,674 - - 130,948 300,000 - - - - - - - 600,000 - (100,000) - 1,100,000 - (100,000) 8,750 1,000,000 - - 13,126
	4,973,005 - (200,000) 3,633,018
	Balance 30.6.2008 Total Vested 30.6.2008 Total Exercisable 30.6.2008 Total Unexercisable 30.6.2008 2,711,367 2,711,367 2,711,367 - 2,691,158 2,691,158 2,691,158 - 181,622 181,622 181,622 - 300,000 300,000 300,000 - - - - - 500,000 500,000 500,000 - 1,008,750 1,008,750 1,008,750 - 1,013,126 1,013,126 1,013,126 -
	8,406,023 8,406,023 8,406,023 -

*The Net Change Other reflected above includes those options that have been forfeited by holders as well as options issued during the year under review.

(i) – This employee resigned during the year and subsequent to year end his options lapsed.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 NOTE 5: KEY MANAGEMENT PERSONNEL COMPENSATION (CONTINUED)

c. Shareholdings

Number of Shares held by Key Management Personnel

Gregory H Solomon Douglas H Solomon Guy T Le Page Raymond F Buscall Aaron P Gates Graham M Jeffress Robert N Smith Michael J Glasson Total	Balance 1.7.2007 Received as Compensation Options Exercised Net Change Other* Balance 30.6.2008 17,301,630 - - 1,975,164 19,276,794 17,300,281 - - 1,755,030 19,055,311 1,304,383 - - 130,438 1,434,821 - - - - - - - - - - - - - - - 50,000 - - 11,875 61,875 - - - 160,373 160,373
	35,956,294 - - 4,032,880 39,989,174

Net Change Other refers to shares purchased or sold during the financial year.

NOTE 6: AUDITORS’ REMUNERATION

NOTE	6: AUDITORS’ REMUNERATION
		Consolidated	Group	Parent Entity
		2008	2007	2008	2007
		$	$	$	$
Remuneration of the auditor of the parent entity for:
—	auditing or reviewing the
	financial report	21,645	15,000	21,645	15,000
—	Other	8,585	10,000	8,585	10,000
NOTE	7: EARNINGS PER SHARE
				Consolidated	Group
				2008	2007
				$	$
a.	Reconciliation of earnings to profit or loss
	Profit/(loss)			(1,306,966)	(1,438,299)
	Loss attributable to minority equity interest			-	318
	Earnings used to calculate basic EPS			(1,306.966)	(1,437,981)
				No.	No.
b.	Weighted average number of ordinary shares	outstanding during the year
	used in calculating basic EPS			128,934,136	110,326,418

The effect of share options on issue is not potentially dilutive at 30 June 2007 or 30 June 2008.

NOTE 8: CASH AND CASH EQUIVALENTS

NOTE 8: CASH AND CASH EQUIVALENTS
Note Cash at bank and in hand Short-term bank deposits	Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ 675,119 1,657,068 674,954 1,657,067 50,000 50,000 50,000 50,000
	725,119 1,707,068 724,954 1,707,067

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

ASX Code: TAS

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Tasman Resources NL Annual Report for Year Ending June 2008

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NOTE 8: CASH AND CASH EQUIVALENTS (CONTINUED)

	Note	Consolidated Group	Consolidated Group		Parent Entity	Parent Entity
		2008		2007	2008	2007
		$		$	$	$
Reconciliation of cash
Cash at the end of the financial year as shown in the
cash flow statement is reconciled to items in the
balance sheet as follows:
Cash and cash equivalents		725,119	1,707,068		724,954	1,707,067
		725,119	1,707,068		725,954	1,707,067
NOTE 9: TRADE AND OTHER RECEIVABLES
CURRENT
GST refunds		19,674	56,238		19,674	56,238
Other receivables		10,197	34,751		10,197	34,751
Amounts receivable from:
— associated companies		145,994		633	145,994	633
		175,865	91,622		175,865	91,622
NON-CURRENT
Amounts receivable from:
— wholly-owned subsidiaries		-		-	1,685,219	965,230
		-		-	1,685,219	965,230
a. Non-Current receivable consist of receivables from		wholly owned entities. There are no repayment plans but
repayments are made out of surplus profits retained in the subsidiary for these receivables. Hence, the directors
consider these receivables to be an investment.
b. The directors consider the receivable can be recovered as the fair value of the net assets of the wholly owned
subsidiary exceed the carrying amount of the receivable.
NOTE 10: ASSOCIATED COMPANIES
Interests are held in the following associated companies
Name Principal Activities	Country of	Shares	Ownership Interest Carry amount			of investment
	Incorporation
			2008	2007	2008	2007
			%	%	$	$
Listed:
Eden Energy Hydrogen and
Limited Hythane energy
development	Australia	Ord	(i)	24.40	(i)	-
Fission Energy Uranium
Limited exploration	Australia	Ord	38.46	43.86	-	-

(i) The Group’s ownership interest in Eden Energy Ltd has decreased from 24.40% to 19.19% during the year. It is now treated as available for sale financial assets. See Note 12.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 NOTE 10: ASSOCIATED COMPANIES (CONT’D)

		Note	Consolidated	Group	Parent	Entity
			2008	2007	2008	2007
			$	$	$	$
a	Movements During the Year in Equity
	Accounted Investment is Associated
	Companies
	Balance at beginning of the financial year		-	373,804	-	-
Add:	New investments during the year		674,857	-	125,250	-
	Share of associated company’s profit/(loss) after income tax	11b	(674,857)	(373,804)	(125,250)	-
	Balance at end of the financial year		-	-	-	-
b.	Equity accounted profits of associates are
	broken down as follows:
	Share of associate’s profit before income tax
	expense		(674,857)	(373,804)	(125,250)	-
	Share of associate’s income tax expense		-	-	-	-
	Share of associate’s profit after income tax		(674,857)	(373,804)	(125,250)	-
c.	Summarised Presentation of Aggregate
	Assets, Liabilities and Performance of
	Associates
	Current assets		7,564,268	11,558,493	7,564,268	5,816,327
	Non-current assets		1,089,136	10,033,136	1,089,136	81,949
	Total assets		8,653,404	21,591,629	8,653,404	5,898,276
	Current liabilities		142,186	2,214,399	142,186	110,270
	Non-current liabilities		1,522,840	17,248	1,522,840	-
	Total liabilities		1,665,026	2,231,647	1,665,026	110,270
	Net assets		6,988,378	19,359,982	6,988,378	5,788,006
	Revenues		2,127,759	765,194	435,805	4,243
	Profit after income tax of associates		(5,587,589)	(6,163,129)	(251,200)	(64,413)

d. Ownership interest in Fission Energy Limited at that company’s balance date was 38.46% (2007: 43.86%) of ordinary shares. The reporting date of Fission Energy Limited is 30 June 2008. The ordinary shares held in Fission Energy Ltd have a two year escrow period expiring 14 June 2009. The Company also holds 12,500,000 options in Fission Energy Limited.

gy y p pg . py Fission Energy Limited.	,, p
e. Market value of listed investment in associate — Eden Energy Limited - shares Eden Energy Limited - options — Fission Energy Limited - shares Fission Energy Limited - options	2008 $ 2007 $ (i) 19,787,933 (i) 12,023,914 4,500,000 4,830,000 525,000 -
	5,025,000 36,641,847

(i) The Group’s ownership interest in Eden Energy Ltd has decreased from 24.40% to 19.19% during the year. It is now treated as available for sale financial assets. See Note 12.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008 NOTE 11: FINANCIAL ASSETS

NOTE 11: FINANCIAL ASSETS
Note Available-for-sale financial assets 12a a. Available-for-sale Financial Assets Comprise Listed investments, at fair value — shares in listed entities — options in listed entities Unlisted investments, at cost — shares in controlled entities Total available-for-sale financial assets	Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ 13,422,677 - 1 1
	13,422,677 - 1 1
	9,605,029 168,000 82,000 168,000 3,899,648 - - - - - 1 1
	13,504,677 168,000 82,001 168,001

Available-for-sale financial assets comprise investments in the ordinary issued capital of various entities. There are no fixed returns or fixed maturity date attached to these investments.

The fair value of unlisted available-for-sale financial assets cannot be reliably measured as variability in the range of reasonable fair value estimates is significant. As a result, all unlisted investments are reflected at cost.

NOTE 12: CONTROLLED ENTITIES

a. Controlled Entities Consolidated

12: CONTROLLED ENTITIES Controlled Entities Consolidated
	Country of	Percentage	Owned (%)*
	Incorporation
		2008	2007
Parent Entity:
Tasman Resources NL	Australia
Subsidiaries of Tasman Resources NL:
Noble Energy Ltd	Australia	100	100
* Percentage of voting power is in proportion to ownership

NOTE 13: PROPERTY, PLANT AND EQUIPMENT

	Consolidated	Group	Parent Entity
	2008	2007	2008	2007
	$	$	$	$
Plant and equipment:
At cost	96,424	95,997	96,424	95,997
Accumulated depreciation	(77,074)	(69,420)	(77,074)	(69,420)
Total plant and equipment	19,350	26,577	19,350	26,577
Total Property, Plant and Equipment	19,350	26,577	19,350	26,577

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008 NOTE 13: PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

ED)
Consolidated	Group	Parent Entity
2008	2007	2008	2007
$	$	$	$

a. Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year

Plant & Equipment

Plant & Equipment
Balance at the beginning of year Additions Disposals Depreciation expense Carrying amount at the end of year	26,577 25,918 26,577 25,918 427 9,660 427 9,660 - - - - (7,654) (9,001) (7,654) (9,001)
	19,350 26,577 19,350 26,577

b. Impairment losses

The total impairment loss recognised in the income statement during the current period amounted to $Nil (2007: Nil) and is separately presented in the income statement as ‘impairment of property plant and equipment’.

NOTE 14: EXPLORATION AND EVALUATION EXPENDITURE

Balance at the beginning of the financial year Expenditure incurred during the year Impairment losses Balance at the end on the financial year	7,592,076 6,309,638 7,592,076 6,309,638 1,077,605 1,282,803 1,077,605 1,282,803 (3,413) (365) (3,413) (365)
	8,666,268 7,592,076 8,666,268 7,592,076

Recoverability of the carrying amount of exploration assets is dependent on the successful development and commercial exploitation or sale of respective mining areas.

The company’s exploration tenements include areas subject to Native Title Claims. As a result, mining and exploration activities may be subject to exploration and mining restrictions or compensation payments. At the date of this report Work Area Clearance Agreements which enable initial exploration to occur have been finalised with 3 of the 4 Native Title claimant groups, while the 4th is being negotiated. However, the directors are unable to quantify the financial impact of any future claims.

claimant groups, while the 4th is being negotiated. However, any future claims.	the directors ar	unable to quan	tify the financial	impact of
Capitalised costs included in cash flows from investing
activities in the cash flow statement	1,440,532	1,091,239	1,440,532	1,027,866
NOTE 15: TRADE AND OTHER PAYABLES
CURRENT
Unsecured liabilities
Trade payables	48,039	409,136	48,039	409,136
Sundry payables and accrued expenses	86,902	80,746	86,902	80,746
Employee entitlements	63,745	46,948	63,745	46,948
	198,686	536,830	198,686	536,830

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008

NOTE 16: TAX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008 NOTE 16: TAX	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008 NOTE 16: TAX	NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008 NOTE 16: TAX
Note Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ a. Deferred tax balances not brought to account, the benefits of which will only be realised if the conditions for deductibility set out in Note 1b occur — Deferred tax liabilities (6,395,489) (2,547,860) (2,610,054) (2,547,860) — tax losses (operating): 4,158,425 3,771,702 4,158,425 3,771,702 (2,237,064) 1,223,842 1,548,371 1,223,842 NOTE 17: ISSUED CAPITAL 132,656,953 (2007: 122,655,045) fully paid ordinary shares 15,511,377 13,528,275 15,511,377 13,528,275 15,511,377 13,528,275 15,511,377 13,528,275 a. Ordinary shares At the beginning of reporting period 122,655,045 102,967,510 Shares issued – prior year - 19,687,535 Shares issued during the year — 13 November 2007 9,985,254 - — Options exercised at various dates 16,654 - At reporting date 132,656,953 122,655,045
	15,511,377 13,528,275 15,511,377 13,528,275
		122,655,045 102,967,510 - 19,687,535 9,985,254 - 16,654 -
		132,656,953 122,655,045

On 13 November 2007 the company issued 9,985,254 ordinary shares at $0.20 per share with one free attaching option for every share to raise working capital.

Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number of shares held. At the shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

. g y called, otherwise each shareholder has one vote on a show of hands.	p
b. Options At the beginning of reporting period Options issued Options exercised Options lapsed	2008 No. 2007 No. 15,803,676 400,000 9,985,254 15,613,825 (16,654) (10,149) (200,000) (200,000)
	25,572,276 15,803,676

i. For information relating to the Tasman Resources NL employee option plan and options issued to key management personnel during the financial period, refer to Note 24 Share-based Payments.

c. Capital Management

Management controls the working capital of the Group in order to maximise the return to shareholders and ensure that the Group can fund its operations and continue as a going concern. Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in responses to changes in these risks and in the market. These responses include the management of expenditure and debt levels, distributions to shareholders and share and option issues.

There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2008

NOTE 18: RESERVES

a. Option Reserve

The option reserve records items recognised as expenses on valuation of employee share options.

b. Financial Asset Reserve

The financial asset reserve records revaluations of financial assets.

NOTE 20: COMMITMENTS

a. Capital Expenditure Commitments

Exploration commitments:

In order to maintain current rights of tenure to exploration tenements, the company is required to perform minimum exploration work to meet the requirements specified by various State governments. Due to the nature of the company’s operations in exploring and evaluating areas of interest, it is very difficult to forecast the nature and amount of future expenditure. It is anticipated that expenditure commitments for the twelve months will be tenement rentals of $84,000 (2007: 58,000) and exploration expenditure of $3,630,000 (2007:$2,140,000). JV parties earning their interest in various tenements may effectively meet a significant portion of the commitment costs. These obligations can also be reduced by selective relinquishment of exploration tenure or application for expenditure exemptions.

Under the Farmin and Joint Venture Agreement with WCP Resources Ltd (“WCP”) for the Lake Torrens IOCGU Project, WCP has the right to earn up to 65% interest in the included minerals by spending the farmin amount within the farmin period and issue Tasman with a ‘Notice of earning farmin interest’.

Under the Proposed Central Gawler Craton Diamonds Joint Venture agreement with Flinders Diamonds Limited (“FDL”), has the right to earn a 70% interest in the Central Gawler Craton diamond rights by spending $750,000 in exploration activities over a four year period.

NOTE 21: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The Directors are not aware of any contingent assets or contingent liabilities as at 30 June 2008.

NOTE 22: CASH FLOW INFORMATION

		Consolidated	Group	Parent	Entity
		2008	2007	2008	2007
		$	$	$	$
a.	Reconciliation of Cash Flow from Operations
	with Profit after Income Tax
	Loss after income tax	(1,306,996)	(1,438,299)	(630,624)	(1,064,076)
	Non-cash flows in loss
	Depreciation	7,654	9,001	7,654	9,001
	Employment benefits	-	246,680	-	246,680
	Option revenue - farm-in arrangement	-	(168,000)	-	(168,000)
	Write-off of capitalised exploration expenditure	3,413	365	3,413	475
	Net loss on disposal of controlled entity	-	(4,940)	-	-
	Share of associated companies net loss after
	income tax and dividends	674,857	373,804	-	-
	Changes in assets and liabilities, net of the
	effects of purchase and disposal of subsidiaries
	(Increase)/decrease in trade and term
	receivables	(83,559)	(65,001)	(83,559)	(60,565)
	Increase/(decrease) in trade and other
	payables	24,783	55,833	24,783	55,723
	Cash flow from operations	(679,848)	(990,557)	(678,333)	(980,762)

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 23: SEGMENT REPORTING

The group operates predominately in on geographical segment and one business being gold and other base metals exploration in South Australia.

NOTE 24: SHARE-BASED PAYMENTS

The following share-based payment arrangements existed at 30 June 2008:

Employee Share Option Plan

The purpose of the Plan is to provide Eligible Employees with an incentive to remain with the Company and to improve the longer-term performance of the Company and its return to shareholders. It is intended that the Plan will enable the Company to retain and attract skilled and experienced Eligible Employees and provide them with the motivation to make the Company more successful.

Eligible Employee means a full or part-time employee or director of the Company or of associated bodies corporate of the Company who is determined by the Board to be an Eligible Employee for the purposes of the Plan or any other person who is declared by the Board to be an Eligible Employee for the purposes of the Plan.

The Exercise Price is whichever is the greater of the following:

(a) 125% of the Market Price of a Share determined on the date of grant of an Option;
(b) 20 cents; or
(c) any greater price determined by the Board at the time of issue.

The Exercise Period means, in relation to an Option, the period:

(a) commencing on the second anniversary; and
(b) ending on the fifth anniversary

of the date of grant of an Option, subject to any variation under Rule 7 or as otherwise determined by the Company at the time of grant of an Option.

No options have been exercised. The closing share market price of an ordinary share of Tasman Resources NL on the Australian Stock Exchange at 30 June 2008 was $0.085 (30 June 2007 $0.28).

All options granted to key management personnel are ordinary shares in Tasman Resources NL, which confer a right of one ordinary share for every option held.

p g y g p y one ordinary share for every option held.	, g
Outstanding at the beginning of the year Granted Exercised Expired Outstanding at year-end Exercisable at year-end	2008 2007 Number of Options Weighted Average Exercise Price $ Number of Options Weighted Average Exercise Price $ 3,000,000 0.205 400,000 0.275 - - 2,800,000 0.20 - - - - - - (200,000) 0.25
	3,000,000 0.205 3,000,000 0.205
	3,000,000 0.205 3,000,000 0.205

The options outstanding at 30 June 2008 had a weighted average exercise price of $0.205 and a weighted average remaining contractual life of 1.1 years. Exercise prices range from $0.20 to $0.30 in respect of options outstanding at 30 June 2008.

No options were exercised during the year ended 30 June 2008. Included under employee benefits expense in the income statement is $NIL (2007: $316,825), and relates, in full, to equity-settled share-based payment transactions.

NOTE 25: EVENTS AFTER THE BALANCE SHEET DATE

There were no material events occured after the balance sheet date.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 NOTE 26: RELATED PARTY TRANSACTIONS

		Consolidated	Group	Parent	Entity
		2008	2007	2008	2007
		$	$	$	$
Transactions between related parties are on normal commercial term
and	conditions no more favourable than those available to other parties
a.	Key Management Personnel
	Management and administration fees paid to Princebrook Pty
	Ltd, a company in which Mr GH Solomon and Mr DH Solomon
	have an interest.	164,523	157,500	164,523	157,500
	Legal and professional fees paid to Solomon Brothers, a firm of
	which Mr GH Solomon and Mr DH Solomon are partners.	41,820	28,078	41,820	28,078
	Commissions on placement of shares paid to R M Capital Pty
	Ltd, a company in which Mr GT Le Page has an interest	-	55,787	-	55,787
	Professional fees paid to RM Capital Pty Ltd, a company in
	which Mr GT Le Page is a director and shareholder.	5,000	6,000	5,000	6,000
b.	Associated Companies
	Reimbursement from Fission Energy Ltd (which Tasman a 26%
	fully diluted interest) for employee costs on a hourly basis, in
	relation to Tasman staff utilised by the Company	92,718	-	92,718	-
	Reimbursement from Eden Energy Ltd (which Tasman a 24%
	fully diluted interest) for employee costs on a hourly basis, in
	relation to Tasman staff utilised by the Company	77,246	-	77,246	-

NOTE 27: FINANCIAL INSTRUMENTS

a. Financial Risk Management

The group’s financial instruments consist mainly of deposits with banks, accounts receivable and payable and loans to and from subsidiaries.

The main purpose of non-derivative financial instruments is to raise finance for group operations.

i. Credit Risk

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements.

The Consolidated Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Consolidated Group.

ii. Liquidity Risk

Responsibility for liquidity risk management rests with the Management and the Board of Directors, who have built an appropriate liquidity risk management framework for the management of the Group’s short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows.

6 months or less 6 – 12 months Total	Consolidated Group Parent Entity 2008 $ 2007 $ 2008 $ 2007 $ 198,686 536,830 198,686 536,830 - - - -
	198,686 536,830 198,686 536,830

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 27: FINANCIAL INSTRUMENTS (CONTINUED)

b. Financial Instruments

i. Interest Rate Risk

The Consolidated Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities, is as follows:

will fluctuate as rates on classes	p p , a result of changes in market interest rates and the effective weighted average interest of financial assets and financial liabilities, is as follows:
Financial Assets: Cash and cash equivalents Trade and other receivables Total Financial Assets Financial Liabilities: Trade and sundry payables Total Financial Liabilities	Weighted Average Effective Interest Rate Floating Interest Rate Non Interest Bearing Total 2008 2007 2008 $ 2007 $ 2008 $ 2007 $ 2008 $ 2007 $ 7.07% 6.30% 725,119 1,707,068 - - 725,119 1,707,068 - - - - 175,865 90,989 175,865 90,989
	7.07% 6.30% 725,119 1,707,068 175,865 90,989 900,984 1,798,057
	- - - - 198,686 536,830 198,686 536,830
	- - - - 198,686 536,830 198,686 536,830

ii. Net Fair Values

Aggregate net fair values and carrying amounts of financial assets and financial liabilities at balance date.

Financial Assets Cash and cash equivalents Loans and receivables Available-for-sale financial assets at fair value Investments accounted for using the equity method Financial Liabilities Trade and sundry payables	2008 2007 Carrying Amount $ Net Fair Value $ Carrying Amount $ Net Fair Value $ 725,119 725,119 1,707,068 1,707,068 175,865 175,865 91,622 91,622 13,422,677 13,422,677 - - - 5,025,000 - 36,641,847
	14,323,661 19,348,661 1,798,690 38,440,537
	196,686 196,686 536,830 536,830
	196,686 196,686 536,830 536,830

Fair values are materially in line with carrying values except for the Consolidated Group’s investment in Fission Energy Limited which is accounted for using the equity method.

iii. Price Sensitivity Analysis

At 30 June 2008, the effect on equity as a result of changes in the price risk, with all other variables remaining constant would be as follows. There will be no effect on profit as a result of changes in the price.

	Economic Entity		Parent Entity
	2008	2007	2008	2007
	$	$	$	$
Increase in market value of available-for-sale financial
assets at fair value by 10%	1,342,268	-	1,342,268	-
Decrease in market value of available-for-sale financial
assets at fair value by 10%	(1,342,268)	-	(1,342,268)	-

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

NOTE 29: COMPANY DETAILS

The registered office of the company is: Tasman Resources NL Tasman Resources NL Level 40, Exchange Plaza Level 40, Exchange Plaza 2 The Esplanade 2 The Esplanade Perth Perth Western Australia 6000 Western Australia 6000

The registered office of the company is:

ASX Code: TAS

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DIRECTORS’ DECLARATION

The directors of the company declare that:

the financial statements and notes, as set out on pages 26 to 47, are in accordance with the Corporations Act 2001 and:
a. comply with Accounting Standards and the Corporations Regulations 2001; 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 and consolidated group;
the Chief Finance Officer has declared that:
a. the financial records of the company for the financial year have been properly maintained in accordance with section 286 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 directors’ 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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Gregory H Solomon Chairman

Dated this 30 [th] day of September 2008

ASX Code: TAS

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INDEPENDENT AUDITOR’S REPORT To the members of Tasman Resources NL

Grant Thornton (WA) Partnership ABN: 17 735 344 518 Level 1 10 Kings Park Road West Perth WA 6005 PO BOX 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E [email protected] W www.grantthornton.com.au

Report on the Financial Report

We have audited the accompanying financial report of Tasman Resources NL (the company) 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, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that compliance with the Australian equivalents to International Financial Reporting Standards ensures that the financial report, comprising the financial statements and notes, complies 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. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

Liability limited by a scheme approved under Professional Standards Legislation.

Grant Thornton (WA) Partnership is an independent business entitled to trade under the international name Grant Thornton.

Grant Thornton is a trademark owned by Grant Thornton International and used under licence by independent firms and entities throughout the world.

ASX Code: TAS

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Electronic Presentation of Audited Financial Report

This auditor’s report relates to the financial report of Tasman Resources NL for the year ended 30 June 2008 included on Tasman Resources NL’s web site. The company’s directors are responsible for the integrity of the Tasman Resources NL web site. We have not been engaged to report on the integrity of the Tasman Resources NL’s web site. The auditor’s report refers only to the statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site

Independence

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

Auditor’s Opinion

In our opinion:

(a) The financial report of Tasman Resources NL is in accordance with the Corporations Act 2001, including:
- i. giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 June 2008 and of their performance for the year ended on that date; and
- ii. complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and
(b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

Report on the Remuneration Report

We have audited the Remuneration Report included in pages 21 to 23 of 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.

ASX Code: TAS

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Tasman Resources NL Annual Report for Year Ending June 2008

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Auditor’s Opinion

In our opinion the Remuneration Report of Tasman Resources NL for the year ended 30 June 2008, complies with section 300A of the Corporations Act 2001.

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GRANT THORNTON (WA) Partnership Chartered Accountants

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M J Hillgrove

Partner Perth, 30 September 2008

ASX Code: TAS

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Tasman Resources NL Annual Report for Year Ending June 2008

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ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES

The following additional information is required by the Australian Securities Exchange Ltd in respect of listed public companies only.

Shareholding

g q y g p nies only. Shareholding	p
a. Distribution of Shareholders Category (size of holding) 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 – and over	Number Ordinary 66 344 364 1,031 183
	1,988

b. The number of shareholdings held in less than marketable parcels is 485.
c. The names of the substantial shareholders listed in the holding company’s register as at 29 August 2008 are:

are:	g py g g
	Number
Shareholder	Ordinary
Arkenstone Pty Ltd	19,065,044
March Bells Pty Ltd	18,809,710

d. Voting Rights

Subject to any rights or restrictions for the time being attached to any classes of Shares (at present there are none), at meetings of shareholders of the Company:

(a) each shareholder entitled to vote may vote in person or by proxy, attorney or representative;
(b) on a show of hands, every person present who is a Shareholder or a proxy, attorney or representative of a Shareholder has one vote: and
(c) on a poll, every person present who is a Shareholder shall, in respect of each fully paid Share held by him, or in respect of which he is appointed a proxy, attorney or representative, have one vote for the Share, but in respect of partly paid shares, shall have such number of votes as bears the same proportion which the amount paid (not credited) is of the total amounts paid and payable (excluding amounts credited).

ASX Code: TAS

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Tasman Resources NL Annual Report for Year Ending June 2008

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ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES

e. 20 Largest Shareholders — Ordinary Shares

e.	20 Largest Shareholders — Ordinary Shares
Name		Number of Ordinary	% Held of
		Fully Paid Shares	Issued Ordinary
		Held	Capital
1.	Arkenstone Pty Ltd	13,960,356	10.524%
2.	March Bells Pty Ltd	12,043,196	9.078%
3.	March Bells Pty Ltd	5,275,463	3.977%
4.	Arkenstone Pty Ltd Fund A/C>	5,104,688	3.848%
5.	RBC Dexia Investor Services	4,588,266	3.459%
6.	K & V Lamb Pty Ltd	3,374,497	2.544%
7.	Synthe Pty Ltd	1,885,959	1.422%
8.	Kavel Pty Ltd	1,760,000	1.327%
9.	March Bells Pty Ltd	1,491,650	1.124%
10.	Ernie Pty Ltd	1,429,051	1.077%
11.	Mr Thomas Fleet Scaife	1,237,500	0.933%
12.	Mr Kenneth William Lamb & Mrs Valerie Patrena Lamb	1,163,250	0.877%
13.	Mr Robert Hastings Smythe	1,000,000	0.754%
14.	Mr John Bateson Darling & Mrs Lorraine Joy Darling	906,428	0.683%
15.	Colbern Fiduciary Nominees Pty Ltd	847,688	0.639%
16.	Mr Roger Stuart Clarke	728,750	0.549%
17.	Mr Wayne Raymond Kearney	718,750	0.542%
18.	Mr Allen John Tapp & Ms Maria Polymeneas	700,000	0.528%
19.	Dr Michael Ghan & Mrs Nie Tju Ghan	683,379	0.515%
20.	Mr Peter Weber	620,000	0.467%
		59,518,871	44.867%

ASX Code: TAS

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Tasman Resources NL Annual Report for Year Ending June 2008

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TENEMENT SCHEDULE

Table 1 lists further details on the tenements. The total area covered by the 28 tenements is 8,398km [2] .

Table 1: Tasman Resource Tenement Schedule

State	Licence Type	Number	Area km`2`	Locality	Location
Qld	EPM	15642	314	Mirrica North	Approximately150 NW of Bedourie
Qld	EPM	15645	314	Mirrica South	Approximately150 NW of Bedourie
SA	EL	4168	75	Wartaka	Approximately50 km west of Port Augusta
SA	EL	3109	244	White Cliff	Approximately70 km NNW of Andamooka
SA	EL	3123	444	Stuart Creek	Approximately80 km west of Marree
SA	EL	3140	440	Porter Hill	Approximately50 km north of Andamooka
SA	EL	3174	230	Fergusson Hill	Approximately120km northwest of Andamooka
SA	EL	3175	12	Andamooka	ImmediatelyENE of Andamooka
SA	EL	3177	402	Todds Dam	Approximately45km west of Andamooka
SA	EL	3209	1,302	Andamooka North	Approximately140 km northwest of Leigh Creek
SA	EL	3261	160	Harcus Hill	Approximately90 km NNW of Woomera
SA	EL	3306	436	Warrior	Approx 90km 90 NW Tarcoola
SA	EL	3307	194	Iron Knob	Approximately50 km WSW of Port Augusta
SA	EL	3339	62	McDouall Peak	Approximately100 km SSE of Coober Pedy
SA	EL	3340	173	Gina Outstation	Approximately100 kmsouthof Coober Pedy
SA	EL	3341	339	Muckanippie	Approximately90 km northwest of Tarcoola
SA	EL	3342	184	Garford	Approximately120 km southwest of Coober Pedy
SA	EL	3343	430	Sandstone	Approximately90 km southwest of Coober Pedy
SA	EL	3344	262	Commonwealth Hill	Approximately70 km north of Tarcoola
SA	EL	3345	131	MulgathingHill	Approximately80 km northwest of Tarcoola
SA	EL	3423	161	Wildingi Claypan	Approximately95 km southwest of Coober Pedy
SA	EL	3449	47	Gambier Hill	Approximately90 km northwest of Woomera
SA	EL	3453	165	Reid Lookout	Approximately70 km west of Port Augusta
SA	EL	3532	322	GalaxyTank	Approximately85 km southwest of Coober Pedy
SA	EL	3634	473	Parakylia	Parakylia
SA	EL	3712	168	SandyTank	Approximately85 km southwest of Coober Pedy
SA	EL	3739	40	Old Wartaka	Approximately70 km west of Port Augusta
SA	EL	3901	874	Hedley Hill	Approximately 50 km northeast of Andamooka

ASX Code: TAS

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AI assistant

TASMAN RESOURCES LTD — Annual Report 2008

65896_rns_2008-10-26_1b739970-64a2-4a36-a328-132b208a8b38.pdf

for the Year Ended 30 June 2008

Table of Contents

HIGHLIGHTS FOR THE YEAR TO 30 June 2008

CORPORATE DIRECTORY

DIRECTORS:

COMPANY SECRETARY:

REGISTERED OFFICE:

SOLICITORS:

AUDITORS:

SHARE REGISTRY:

STOCK EXCHANGE LISTING:

REVIEW OF OPERATIONS

Review of Mineral Exploration Operations

Tenements

Exploration Targets

• Lode Gold

• Nickel-Cobalt-Copper

• Uranium

• Oil Shale

• Diamonds

Exploration Results

Parkinson Dam Gold-Silver (-Lead-Zinc); Tasman 100%

Central Gawler Structurally-controlled/lode Gold; Tasman 100%

Sturt Nickel-Cobalt-Copper Project; Tasman 100%

Mirrica Project; Tasman 100%

Oil Shale; Tasman 100%

Agreements and Joint Ventures

Fission Energy Ltd

Lake Torrens Project IOCGU Joint Venture

Diamond Exploration Agreement with Flinders Mining Ltd (formerly Flinders Diamonds)

Investments

Investment in Fission Energy Ltd

Tasman Resources NL Annual Report for Year Ending June 2008

Investment in Eden Energy Ltd

CORPORATE GOVERNANCE STATEMENT

The Board of Directors

Role of the Board

Appointments to Other Boards

Independent Professional Advice

Continuous Review of Corporate Governance

ASX Principles of Good Corporate Governance

Principle 5: Make timely and balanced disclosure

Principle 6: Respect the rights of shareholders

Principle 8 Encourage enhanced performance

DIRECTORS’ REPORT

Directors

Gregory Howard Solomon

Douglas Howard Solomon

Guy Touzeu Le Page

Company Secretary

Principal Activities

Operating Results

Dividends Paid or Recommended

Mineral Exploration Operations

Financial Position

Significant Changes in State of Affairs

After Balance Date Events

Future Developments, Prospects and Business Strategies

Environmental Issues

Information on Directors

Douglas H Solomon

Non-Executive

Remuneration Report (Audited)

Remuneration Policy

DIRECTORS’ REPORT

Performance based Remuneration

Details of Remuneration for Year Ended 30 June 2008

Key Management Personnel Remuneration - 2007

DIRECTORS’ REPORT

Options Issued as part of Remuneration for the Year Ended 30 June 2008

Shares Issued on Exercise of Compensation Options

Directors Meetings

Indemnifying Officers or Auditor

Options

Proceedings on Behalf of Company

DIRECTORS’ REPORT

Non-audit Services

TASMAN RESOURCES LTD Annual Report 2008

`•` Lode Gold

`•` Nickel-Cobalt-Copper

`•` Uranium

`•` Oil Shale

`•` Diamonds