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Tawana - Half-Year Financial Report On 30 June 2006

Release Date: 11/09/2006 11:10:24      Code(s): TAW
Tawana - Half-Year Financial Report On 30 June 2006                             
Tawana Resources NL                                                             
(Incorporated in Australia)                                                     
(Registration number ACN 085 166 721)                                           
Share code on the JSE Limited: TAW    ISIN: AU000000TAW7                        
Share code on the Australian Stock Exchange Limited: TAW    ISIN:               
AU000000TAW7                                                                    
("Tawana" or "the Company")                                                     
ABN 69 085 166 721                                                              
Half-Year Financial Report 30 June 2006                                         
CORPORATE DIRECTORY              CONTENTS                                       
Board of Directors                                                  Page        
Brian Phillips                   Corporate Directory                   2        
Wolfgang Marx                    Directors" Report                     3        
Leon Daniels                     Auditor"s Independence Declaration    5        
Euan Luff                        Directors" Declaration                6        
                                 Income Statement                      7        
Company Secretary                Balance Sheet                         8        
Harry Hill                       Statement of Cash Flows               9        
Statement of Changes in Equity       10        
Registered Office                Notes to and Forming Part of                   
60 Wilson Street                 the Financial Statements             12        
SOUTH YARRA  VIC  3141           Independent Review Report to                   
the Members                         15        
Auditor                                                                         
PricewaterhouseCoopers                                                          
GPO Box 1331L                                                                   
MELBOURNE VIC 3001                                                              
Share Registry                                                                  
Computershare Investor                                                          
Services Pty Ltd                                                                
Yarra Falls                                                                     
452 Johnston Street                                                             
ABBOTSFORD VIC 3067                                                             
Stock Exchange Listing                                                          
Home Exchange is Melbourne                                                      
ASX/JSE Code: Shares TAW                                                        
ASX/JSE Code: Options TAWO                                                      
DIRECTORS" REPORT                                                               
The Directors of Tawana Resources N.L submit herewith the financial report      
for the half-year ended 30 June 2006.  In order to comply with the              
provisions of the Corporations Act 2001, the Directors report as follows:       
DIRECTORS                                                                       
Details of the Directors of the company in office at any time during or         
since the end of the half year and at the date of this report are:              
Wolfgang Marx:.. Managing Director     BSc, BA, FAusIMM, CPGeo                  
Qualifications and Experience                                                   
Board Member since 16 November 1998. Wolf Marx is a qualified geologist and     
has over 25 years experience in geology particularly in exploration for         
gold and diamonds.                                                              
Interest in Shares - 6,148,500                                                  
Interest in Options - 1,999,500                                                 
Brian Phillips:  Non-Executive Chairman FAusIMM, AWASM, MIMMM                   
Qualifications and Experience                                                   
Board Member since 4 April 2005. Brian Phillips is a qualified mining           
engineer and has over 40 years experience in the mining industry being a        
Fellow of the AusIMM, a member of the IMM, a past Director of The               
Australian Gold Council and past President of the Victorian Minerals and        
Energy Council.  He is Chairman of Leviathan Resources Ltd and Indophil         
Resources N.L.  He is a member of the Audit and Risk Management Committee       
and the Remuneration and Nomination Committee.                                  
Interest in Shares - 194,800                                                    
Interest in Options - 41,133                                                    
Leon Daniels: Executive Director   BSc, PhD                                     
Qualifications and Experience                                                   
Board member since 16 November 1998. Leon Daniels is a South African            
national living in Botswana who has over 25 years experience in gold and        
diamond mining and exploration.                                                 
Interest in Shares - 5,417,000                                                  
Interest in Options - 1,797,166                                                 
Euan Luff:  Non-Executive Director B Juris LL.B.AL.Arb.A.                       
Qualifications and Experience                                                   
Board Member since 16 November, 1998. Euan Luff is Senior Partner of            
Wilmoth Field and Warne, Solicitors. In his professional capacity he acts       
as a legal adviser to a number of private and public Companies.  He is a        
member of the Audit and Risk Management Committee and the Remuneration and      
Nomination Committee.                                                           
Interest in Shares - 6,443,620                                                  
Interest in Options - 1,854,812                                                 
COMPANY SECRETARY                                                               
Harry Hill                                                                      
Qualifications and Experience                                                   
Company Secretary since 16 November 1998. Harry Hill has over 30 years          
experience as a Company Secretary having been Company Secretary of several      
publicly listed companies involved in mining and mineral exploration,           
education, construction, and clothing both wholesale and retail. He is a        
Certified Practising Accountant and a Fellow of the Institute of Corporate      
Managers, Secretaries and Administrators                                        
Interest in Shares - Nil                                                        
Interest in Options - Nil                                                       
REVIEW OF OPERATIONS                                                            
The company continued with its active exploration program, concentrating on     
diamond exploration and evaluation. A summary of the major activities are       
as follows:                                                                     
South African Projects                                                          
Daniel Kimberlite Project                                                       
(Tawana 22.2% and operator/ BHP Billiton 51.8% /Seven Falls 26%)                
Falcon (R)Targets                                                               
The drilling of Falcon (R) targets has re-commenced after a short break         
during May. The number of targets identified for drilling has increased         
after additional reviews of data. The first phase now entails drilling          
approximately 31 Falcon (R) targets located on granted Prospecting Rights.      
Twenty four of these targets have now been drilled. The remaining               
accessible targets will be drilled during the third quarter of                  
2006.Negotiations for access to additional targets have commenced.              
Drilling will be conducted in several phases during 2006 as access becomes      
available. Tawana is contributing 30% of the costs of this drilling, while      
BHP Billiton is contributing 70%.                                               
A9/10 and A25 Kimberlites                                                       
Falcon (R) targets A9/10 and A25 were recommended by BHP Billiton for           
ground inspection, which revealed that they were kimberlites on which           
previous explorers had conducted limited exploration. The A9/10 kimberlite      
has an exposed surface area of approximately 3 hectares, while A25 is about     
1 hectare.                                                                      
Bulk samples from these kimberlites, processed by Tawana, have shown that       
they are diamondiferous but are unlikely to be economic.                        
Perdevlei                                                                       
(Tawana 74% and operator, Seven Falls 26 %.)                                    
The Company-owned 10 tonne per hour DMS plant has completed the processing      
of 2,000 tonnes of kimberlite excavated from the K1 pipe. Results show that     
the material processed has a grade of approximately 5 carats per hundred        
tonnes.                                                                         
Previous results from drilling into the deeper (150m below surface)             
sections of the kimberlite indicated that the grade of the pipe could be        
substantially higher. The trial mining demonstrates that the upper portions     
of the kimberlite appear to be uneconomic. The application is currently         
being reviewed by the Northern Cape Provincial Departments in accordance        
with statutory regulations.                                                     
Kareevlei Wes                                                                   
(Tawana 74% and operator, Seven Falls 26%.)                                     
The application for a Mining Right for Kareevlei has been accepted by the       
South African Department of Minerals and Energy. No objections to the grant     
of the Mining Right have been received. The Company has been advised that       
the Mining Right can be expected to be granted during Q3 2006.                  
In anticipation of the granting of this Mining Right the Company has            
continued preparation of a commercial operating plan for the Kareevlei Wes      
project.                                                                        
Tawana Alluvials                                                                
(Tawana 74% and operator, Seven Falls 26%.)                                     
Tawana has been approached by five companies interested in participating in     
the ongoing evaluation of the diamondiferous alluvials of the Feeder            
Channel and Eastern Gravels. Negotiations with the preferred bidders will       
be conducted during the third quarter.                                          
Australian Projects                                                             
Pilbara Project                                                                 
(Tawana 50%, De Beers Australia 50%)                                            
A helicopter supported sampling program was completed during Q4 2005 during     
which 304 samples were collected over areas in which previous De Beers          
sampling had identified kimberlitic indicator mineral anomalies. These          
samples were processed and examined in the Company"s Melbourne Laboratory.      
Results have been very encouraging. Kimberlitic indicator minerals have         
been recovered from several discrete areas.                                     
The results which indicate probable extensions to the Blacktop kimberlite       
will be followed up as a matter of priority.                                    
Clearances for the DMS plant and camp sites and for the bulk sampling of        
the Blacktop kimberlite have been completed by the Aboriginal Traditional       
Owners and approval has been granted by the Minister of Industry and            
Resources. The bulk sampling program commenced in early September.              
HALF YEAR RESULT                                                                
The operating loss of the consolidated entity for the half year after           
income tax of $nil was $3,562,160 (comparative half year, income tax of         
$nil and operating loss $4,925,391).                                            
The directors do not recommend the payment of a dividend nor has one been       
recommended or paid since the end of the previous financial year.               
AUDITOR INDEPENDENCE                                                            
In accordance with the requirements of section 307C of the Corporations Act     
2001, the Auditors have provided a signed Auditor Independence Statement        
for 30 June 2006.  This is detailed on page 6 of this report.                   
This report is made in accordance with a resolution of the Board of             
Directors.                                                                      
Wolf Marx                                                                       
Director                                                                        
Signed at Melbourne on this 30th day of August 2006.                            
Auditor"s Independence Declaration                                              
As lead auditor for the review of Tawana Resources N.L for the half year        
ended 30 June 2006, I declare that to the best of my knowledge and belief,      
there have been:                                                                
-    no contraventions of the auditor independence requirements of the          
Corporations Act 2001 in relation to the review; and                            
-    no contraventions of any applicable code of professional conduct in        
relation to the review.                                                         
This declaration is in respect of Tawana Resources N.L and the entities it      
controlled during the period.                                                   
Tim Goldsmith                                                                   
Melbourne                                                                       
Partner                                                                         
31 August 2006 PricewaterhouseCoopers                                           
TAWANA RESOURCES N.L. AND CONTROLLED ENTITIES                                   
DIRECTORS" DECLARATION                                                          
FOR THE HALF-YEAR ENDED 30 JUNE 2006.                                           
In the opinion of the directors:                                                
the financial statements and notes set out on pages 8 to 14 are in              
accordance with the Corporations Act 2001, including:                           
-    give a true and fair view of the consolidated entity"s financial           
position at 30 June 2006 and of its performance, as represented by the          
results of its operations, changes in equity and its cash flows, for the        
half year ended on that date; and                                               
-    comply with Accounting Standards, the Corporations Regulations 2001        
and other mandatory professional reporting requirements; and                    
-    there are reasonable grounds to believe 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.                                                                      
On behalf of the Directors                                                      
Wolf Marx                                                                       
Director                                                                        
Signed at Melbourne on this 30th day of August 2006.                            
TAWANA RESOURCES N.L. AND CONTROLLED ENTITIES                                   
CONSOLIDATED INCOME STATEMENT                                                   
FOR THE HALF-YEAR ENDED 30 JUNE 2006                                            
                                  Notes  Half-year        Half-year             
2006             2005                  
                                         $                $                     
  Revenue from continuing                -                -                     
  operations                                                                    
Other income                    2      272,391          43,271                
  Depreciation                    2      (514,340)        (261,880)             
  Foreign exchange loss                  (48,083)         (1,475,908)           
  Exploration expenses written           (2,279,442)      (2,034,612)           
off                                                                           
  Administration expenses                (992,686)        (1,196,262)           
  Profit /(Loss) before income           (3,562,160)      (4,925,391)           
  tax                                                                           
Income tax expense                     -                -                     
  Profit /(Loss) after tax               (3,562,160)      (4,925,391)           
  Loss attributable to minority          -                -                     
  interest                                                                      
Net Profit /(Loss)                     (3,562,160)      (4,925,391)           
  attributable to members of                                                    
  Tawana Resources N.L                                                          
  Earnings per share for profit          Cents            Cents                 
attributable to the ordinary                                                  
  equity holders of the company:                                                
  Basic earnings per share               (0.051)          (0.085)               
  (cents per share)                                                             
Diluted earnings per share             (0.051)          (0.085)               
  (cents per share)                                                             
The above consolidated income statement should be read in conjunction with      
the accompanying notes.                                                         
TAWANA RESOURCES N.L. AND CONTROLLED ENTITIES                                   
CONSOLIDATED BALANCE SHEET                                                      
AS AT 30 JUNE 2006                                                              
                                     Consolidated                               
30 June        31 December                 
                                     2006           2005                        
                                     $              $                           
CURRENT ASSETS                                                                  
Cash and cash equivalents            6,681,491      1,340,481                   
Trade and Other Receivables          461,655        706,608                     
Inventories                          85,490         54,039                      
TOTAL CURRENT ASSETS                 7,228,636      2,101,128                   
NON-CURRENT ASSETS                                                              
Receivables                          41,854         61,324                      
Property, plant and equipment        1,728,642      3,859,985                   
Exploration expenditure              8,309,708      9,749,360                   
TOTAL NON-CURRENT ASSETS             10,080,204     13,670,669                  
TOTAL ASSETS                         17,308,840     15,771,797                  
CURRENT LIABILITIES                                                             
Trade and Other Payables             135,913        158,607                     
Provisions                           47,764         13,427                      
TOTAL CURRENT LIABILITIES            183,677        172,034                     
NON CURRENT LIABILITIES                                                         
Interest bearing loans and           -              2,577                       
borrowings                                                                      
TOTAL NON CURRENT LIABILITIES        -              2,577                       
TOTAL LIABILITIES                    183,677        174,611                     
NET ASSETS                           17,125,163     15,597,186                  
EQUITY                                                                          
Issued Capital                       32,680,335     25,880,021                  
Other Reserves                       (1,866,724)    (156,547)                   
Accumulated losses                   (13,688,448)   (10,126,288)                
TOTAL EQUITY                         17,125,163     15,597,186                  
The above consolidated balance sheet should be read in conjunction with the     
accompanying notes.                                                             
TAWANA RESOURCES N.L. AND CONTROLLED ENTITIES                                   
STATEMENT OF CASH FLOWS                                                         
FOR THE HALF-YEAR ENDED 30 JUNE 2006                                            
                                   Consolidated                                 
                                   2006           2005                          
Inflows/       Inflows/                      
                                   (Outflows)     (Outflows)                    
                                   $              $                             
  Cash flows from Operating                                                     
Activities                                                                    
  Receipts from customers          110,083        43,271                        
  (incl. GST)                                                                   
  Interest received                25,573         -                             
Payments to suppliers and                                                     
  employees (incl. GST)            (889,762)      (2,919,048)                   
  Net cash (outflow) from          (754,106)      (2,875,777)                   
  operating activities                                                          
Cash flows from Investing                                                     
  Activities                                                                    
  Proceeds from disposals of a     -              880,000                       
  subsidiary (net cash                                                          
received)                                                                     
  Payments for exploration         (839,790)      ( 460,358)                    
  activity                                                                      
  Proceeds from sale of                           ( -)                          
property plant and equipment     1,893,572                                    
  Purchase of property, plant      -              ( 269,200)                    
  & equipment                                                                   
  Net cash inflow from             1,053,782       150,442                      
investing activities                                                          
  Cash flows from Financing                                                     
  Activities                                                                    
  Proceeds from the issue of       6,800,314      2,003,073                     
shares                                                                        
  Net cash inflow from             6,800,314      2,003,073                     
  financing activities                                                          
  Net Increase/(Decrease) in       7,099,990      (722,262)                     
Cash & Cash Equivalents                                                       
  Effects of exchange rate         (1,758,980)    389,952                       
  changes                                                                       
  Add opening cash brought         1,340,481      3,040,461                     
forward                                                                       
  Cash and cash equivalents at 8   6,681,491      2,708,151                     
  the end of the half-year                                                      
The above consolidated statement of cash flows should be read in                
conjunction with the accompanying notes.                                        
TAWANA RESOURCES N.L. AND CONTROLLED ENTITIES                                   
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                     
FOR THE HALF-YEAR ENDED 30 JUNE 2005                                            
Attributable to equity holders of the parent      
                             Issued        Retained        Foreign Currency     
                            Capital        Earnings     Translation Reserve     
At 1 January 2005        20,361,252     (4,428,692)               (171,421)     
Net gains on available                                                          
for sale assets                   -               -                       -     
Currency translation                                                            
Differences                       -               -                 351,827     
Loss for the period               -     (4,925,391)                       -     
Exercise of options         501,472               -                       -     
Issue of shares           1,501,601                                             
At 30 June 2005          22,364,325     (9,354,083)                 180,406     
Asset Revaluation           Total     
                                                    Reserve                     
At 1 January 2005                                    22,884      15,784,023     
Net gains on available                                                          
for sale assets                                     118,946         118,946     
Currency translation                                                            
Differences                                               -         351,827     
Loss for the period                                             (4,925,391)     
Exercise of options                                                 501,472     
Issue of shares                                                   1,501,601     
At 30 June 2005                                     141,830      13,332,478     
                               Attributable to equity holders of the parent     
Issued            Retained              Foreign     
Currency                                                                        
                           Capital            Earnings          Translation     
Reserve                                                                         
At 1 January                                                                    
2006                    25,880,021        (10,126,288)            (179,431)     
Currency                                                                        
translation                      -                   -          (1,710,177)     
Differences                                                                     
Loss for the                                                                    
period                           -        (3,562,160)                     -     
Issue of shares          6,800,314                  -                     -     
At 30 June 2006         32,680,335       (13,688,448)           (1,889,608)     
                                          Asset Revaluation           Total     
                                                    Reserve                     
At 1 January                                                                    
2006                                                 22,884      15,597,186     
Currency                                                                        
translation                                               -     (1,710,177)     
Differences                                                                     
Loss for the                                                                    
period                                                    -     (3,562,160)     
Issue of shares                                           -       6,800,314     
At 30 June 2006                                      22,884      17,125,163     
The above consolidated statement of changes in equity should be                 
read in conjunction with the accompanying notes.                                
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS                                     
FOR THE HALF-YEAR ENDED 30 JUNE 2006                                            
1.   BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT                     
The half-year consolidated financial statements for the interim period          
ended 30 June 2006 are a general purpose financial report prepared in           
accordance with the requirements of the Corporation Act 2001, Australian        
Accounting Standard AASB 134: Interim Financial Reporting, Urgent Issues        
Group Interpretations and other authoritative pronouncements of the             
Australian Accounting Standards Board.                                          
It is recommended that this financial report be read in conjunction with        
the annual financial report for the year ended 31 December 2005 and any         
public announcements made by Tawana Resources NL and its controlled             
entities during the half-year in accordance with the continuous disclosure      
requirements arising under the Corporations Act 2001.                           
The half-year report does not include full disclosures of the type normally     
included in an annual financial report.                                         
The accounting policies adopted are consistent with those of the previous       
financial year and corresponding interim reporting period.                      
2.   LOSS FOR THE HALF-YEAR                                                   
                                         Half-year                              
                                         2006       2005                        
                                         $          $                           
(a) Specific items                                                           
   Profit /(Loss) before income tax                                             
   expense includes the following                                               
   revenues and expenses whose                                                  
disclosure is relevant in explaining                                         
   the financial performance of the                                             
   entity:                                                                      
   Other income                                                                 
Profit on sale of assets              137,035    -                           
   Interest                              25,273     43,271                      
   Other                                 110,083    -                           
                                         272,391    43,271                      
Expenses                                                                     
   Depreciation                          514,340    261,880                     
   Net foreign exchange differences      48,083     1,475,908                   
   Exploration expenses written off      2,279,442  2,034,612                   
Administrative costs                  759,218    1,144,075                   
   Employee related expenses             233,468    52,187                      
                                         3,834,551  4,968,662                   
3.   DIVIDENDS PAID OR PROVIDED FOR ON ORDINARY SHARES                          
The directors do not recommend the payment of a dividend nor has one       
     been recommended or paid since the end of the previous financial year.     
4.   ISSUED CAPITAL                                                             
Ordinary Shares  Half-year    Half-year   Half-year  Half-year                  
2006         2005        2006       2005                  
                    Shares       Shares           $          $                  
Movements in                                                                    
ordinary shares                                                                 
on issue                                                                        
Exercise of options      -      668,629          -     501,472                  
Shares allotted  21,487,952   2,002,134  6,800,314   1,501,601                  
                 21,487,952   2,670,763  6,800,314    2003,073                  
5.   CONTINGENT ASSETS & LIABILITIES                                            
The South African Revenue Services has informed Tawana Resources S.A. (Pty)     
Ltd and Diamond Resources (Pty) Ltd that they should be de-registered for       
Value Added Tax("VAT") purposes as the companies have not earned any            
revenue. The companies are currently in a process of appeal against the         
decision. Should the appeal not succeed, the companies may be liable for        
repayment of all VAT (including penalties and interest) amounting to            
$444,094 (Rand 2,361,960) for Tawana Resources S.A. (Pty) Ltd and $157,361      
(Rand 836,942) for Diamond Resources (Pty) Ltd.                                 
The VAT receivable as noted in the balance sheet has been offset against        
this liability by the South African Revenue Services.                           
Based on the facts available at present, the Directors are of the opinion       
that it is probable the appeal will be successful. As such the VAT              
receivable has been recognised and a liability has not been recorded, but       
is considered to be a contingent liability.                                     
6.   SEGMENT INFORMATION                                                        
Primary Segment - Geographic Segments                                           
The following table presents the revenue and profit / (loss) information        
regarding the geographic segments for the half year periods ended 30 June       
2006 and 30 June 2005.                                                          
The group operated predominantly in the mineral exploration industry in         
Africa and within Australia.                                                    
                           Australia      Africa                                
                       2006         2005       2006      2005                   
$            $         $          $                   
Segment Revenue                                                                 
External Sales            -            -         -          -                   
Other income        238,113       43,271    34,278          -                   
Total Segment                                                                   
revenue             238,113       43,271    34,278          -                   
Segment result  (2,933,847)  (2,530,202) (628,313) (2,395,189)                  
                                             Total Operations                   
2006            2005                   
                                            $               $                   
Segment Revenue                                                                 
External Sales                              -               -                   
Other income                          272,391          43,271                   
Total Segment                                                                   
revenue                               272,391          43,271                   
Segment result                    (3,562,160)     (4,925,391)                   
7. EVENTS OCCURING AFTER THE BALANCE SHEET DATE                                 
The Directors are not aware of any other matters or circumstances that have     
arisen subsequent to balance date that has significantly affected or may        
significantly affect the operations of the economic entity, the results of      
those operations or the state of affairs of the economic entity subsequent      
to the half-year ended 30 June 2006.                                            
8.   ADDITIONAL INFORMATION                                                     
Reconciliation of Cash                                                          
For the purposes of the consolidated cash flow statement, cash and cash         
equivalents comprise the following at 30 June 2006:                             
                                         30 June    30 June                     
                                         2006       2005                        
$          $                           
  Cash at hand and in bank               6,663,027  1,836,721                   
  Short term deposits                    18,464     902,455                     
  Bank Overdraft                         -          (31,025)                    
6,681,491  2,708,151                   
Independent review report to the members of                                     
Tawana Resources N.L                                                            
Statement                                                                       
Based on our review, which is not an audit, we have not become aware of any     
matter that makes us believe that the financial report of Tawana Resources      
N.L:                                                                            
 - does not give a true and fair view, as required by the                       
Corporations Act 2001 in Australia, of the financial                         
   position of the Tawana Group (defined below) as at 30 June                   
   2006 and of its performance for the half-year ended on                       
   that date, and                                                               
- is not presented in accordance with the Corporations Act                     
   2001, Accounting Standard AASB 134: Interim Financial                        
   Reporting and other mandatory financial reporting                            
   requirements in Australia, and the Corporations                              
Regulations 2001.                                                            
This statement must be read in conjunction with the rest of our review          
report.                                                                         
Scope                                                                           
The financial report and directors" responsibility                              
The financial report comprises the balance sheet, income statement,             
statement of changes in equity, cash flow statement, accompanying notes to      
the financial statements, and the directors" declaration for the Tawana         
Group (the consolidated entity), for the half-year ended 30 June 2006. The      
consolidated entity comprises both Tawana Resources N.L (the company) and       
the entities it controlled during that half-year.                               
The directors of the company are responsible for the preparation and true       
and fair presentation of the financial report in accordance with the            
Corporations Act 2001. This includes responsibility for the maintenance of      
adequate accounting records and internal controls that are designed to          
prevent and detect fraud and error, and for the accounting policies and         
accounting estimates inherent in the financial report.                          
Review approach                                                                 
We conducted an independent review in order for the company to lodge the        
financial report with the Australian Securities and Investments Commission.     
Our review was conducted in accordance with Australian Auditing Standards       
applicable to review engagements. For further explanation of a review,          
visit our website http://www.pwc.com/au/financialstatementaudit.                
We performed procedures in order to state whether, on the basis of the          
procedures described, anything has come to our attention that would             
indicate that the financial report does not present fairly, in accordance       
with the Corporations Act 2001, Accounting Standard AASB 134: Interim           
Financial Reporting and other mandatory financial reporting requirements in     
Australia, a view which is consistent with our understanding of the             
consolidated entity"s financial position, and its performance as                
represented by the results of its operations, changes in equity and cash        
flows.                                                                          
We formed our statement on the basis of the review procedures performed,        
which included:                                                                 
 - inquiries of company personnel, and                                          
 - analytical procedures applied to financial data.                             
Our procedures include reading the other information included with the          
financial report to determine whether it contains any material                  
inconsistencies with the financial report.                                      
These procedures do not provide all the evidence that would be required in      
an audit, thus the level of assurance provided is less than that given in       
an audit. We have not performed an audit, and accordingly, we do not            
express an audit opinion.                                                       
While we considered the effectiveness of management"s internal controls         
over financial reporting when determining the nature and extent of our          
procedures, our review was not designed to provide assurance on internal        
controls.                                                                       
Our review did not involve an analysis of the prudence of business              
decisions made by directors or management.                                      
Independence                                                                    
In conducting our review, we followed applicable independence requirements      
of Australian professional ethical pronouncements and the Corporations Act      
2001.                                                                           
PricewaterhouseCoopers                                                          
Tim Goldsmith                             Melbourne                             
Partner                                   31 August 2006                        
Date: 11/09/2006 11:11:00 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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