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TAWANA RESOURCES NL - Quarterly Activities Report and Appendix 5B

Release Date: 30/10/2013 10:40:00      Code(s): TAW       PDF(s):  
Quarterly Activities Report and Appendix 5B

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”)

                     Quarterly Activities Report
                    For the period ending 30 September 2013

Mofe Creek Iron Ore Project
   -   Receipt of Environmental Permit from the Environmental Protection Agency
       (EPA) of Liberia for the exploration drill program currently being undertaken
   -   Assessment of Project Development and Engineering firms to assist Tawana
       with the preparation of the Mofe Creek Scoping Study have commenced
   -   High-grade +45% Fe mineralisation discovered in outcrops with exceptionally
       coarse grained itabirite and +65% Fe DSO magnetite boulder float at the new
       Zaway prospect within the Mofe Creek project
   -   Drill access to the high-grade “Zaway” target area within the Mofe Creek
       Project Area completed
   -   Additional high-grade itabirite mineralisation defined over a 2km strike in
       hand auger with average 32-35% Fe confirmed over 1km strike at the Gofolo
       North-East (NE) target – drilling within this targeted area scheduled for late
   -   Resource drilling commenced at Mofe Creek late in the quarter
   -   Review of transport and logistics infrastructure arrangements and
       opportunities within Liberia and the Mofe Creek Project Area were
       undertaken by the Managing Director and Executive Chairman during a site
       visit in September

   -   Underwriting of 50 million options with a strike price of $0.01 and an expiry
       date of 30 July 2013 completed
   -   The appointment of Mr Wayne Richards as Executive Chairman and
       resignation of Non-Executive Director Mr Julian Babarczy
   -   Cash at the end of the quarter was $955,000. Subsequent to the quarter the
                  Company successfully completed an AU$2.9m capital raising to existing
                  shareholders, institutions and professional investors, during October

     Divestment of Non-Core Assets
          -       Divestment of non-core diamond assets in South Africa and South Australia
     Footnote 1: Exploration Target Size Potential is based on geological observation and interpretation from limited drilling, mapping, rock chip
     sampling and aeromagnetics. The tonnage potentials defined are not JORC compliant and are speculative at this stage.

Executive Summary

The Company was pleased to announce the discovery of additional high-grade itabirite and
DSO boulder float at the Zaway prospect and itabirite over a 2km strike in hand auger at
Gofolo North-East within the project area during the quarter. This represents a significant
milestone for the company and re-affirms Mofe Creek as an exciting new iron ore discovery
in Liberia with proven upgradeability, scale potential and DSO upside within 20km from the

Furthermore, the Company announced the receipt of its Environmental Permit from the
Liberian Environmental Protection Authority (“EPA”) for the exploration phase of its 100%
owned Mofe Creek Iron Ore Project in Liberia. A total of 1,600m of diamond core and
5,100m to 7,200m of reverse circulation drilling is planned for the programme and is
designed to deliver a maiden JORC compliant resource at the Gofolo and Koehnko prospects
in addition to exploration drilling at Zaway. Pending initial results at Zaway, it too may be
included within the resource model for the Mofe Creek Project. A weather station has
likewise been installed at the village to commence baseline environmental monitoring
during the subsequent quarter. This data will be utilised in the future Minerals Development
Application (“MDA”) for the development and Operation of the Mofe Creek Project.

The Company welcomed Mr Wayne Richards to the Board as Executive Chairman concurrent
with the resignation of Non-Executive Director Mr Julian Babarczy. The Company completed
the sale of non-core assets including the Kareevlei diamond project in South Africa and
Flinders project in South Australia during the quarter.

Meetings with the Ministry of Lands, Mines and Energy, and the Ministry of Transport were
undertaken during a visit to Liberia by the Executive Chairman and Managing Director, and
proposals for road, rail and port access/developments will be progressed in the upcoming
months. An extensive inspection of the Freeport of Monrovia was conducted and a fly-over
of the entire Project site including potential mine(s) and transport corridors to the coast
and/or the Port of Monrovia was conducted.

An informative meeting with KBI, Tawana’s Joint Venture partner for the surrounding
tenement (shown in green in Figure 5 below) was recently held whilst the Executives were
in Liberia during September. An initial discussion on the process of preparing and presenting
a Mining Development Agreement (“MDA”) to the Liberian regulatory authorities for the
Mofe Creek Project was undertaken.

Liberia continues to reinstate itself as a global iron ore producer and exporter with the
construction of China Union’s Bong mine iron ore handling facilities at the Freeport of
Monrovia in addition to expansions of Arcelor Mittal’s 4mtpa Nimba/Buchanan mine are well
underway. The Freeport of Monrovia is located within 80km of the Mofe Creek project along
a sealed bitumen road.

Corporate, Strategic and Financials

The Company completed the strategic review of potential funding proposals and Joint
Venture partners, coordinated by Euroz Securities Limited during the quarter. The process
was undertaken to assess the interest by other resource and investment groups to assist
with future Project funding requirements for the Mofe Creek Project including the
associated study phases of Project development.

A number of significant and highly regarded global resource, mining and investment
companies confirmed their interest in the potential development and funding of the Project
Studies which led to several earn-in agreements and/or potential JV structures, both at a
Corporate and Project (asset) level being generated.

However, whilst the Board of Tawana deemed the process a Business success, the Company
decided to retain a 100% interest in the Mofe Creek Project, whilst the drilling and Scoping
Study are executed. The Board of Tawana believe that with continuing exploration and
development of the project, significant value can be generated for its’ shareholders before
potentially re-engaging with the preferred parties to discuss future project financing
opportunities. The Company will continue discussions with the preferred parties whilst work
continues on the project. The Company announced the appointment of Mr Wayne Richards
as its Executive Chairman during the quarter. Mr Richards has a career spanning almost 30
years in the design, development and commissioning/expansion of several major iron ore
and nickel projects (greenfield and brownfield). Mr Richards has an extensive mining
background at a senior executive and management level, with in-depth experience in
mineral processing and project management.

Mr Richards was recently Managing Director of Brockman Resources Ltd and previously
worked with BHP Billiton Iron Ore, Anaconda Nickel and QNI-Billiton. Mr Richards has
extensive experience and knowledge in the transformation of early-stage companies into
producers, strong corporate governance and fiduciary knowledge, as well as vast public
company directorship experience.

Concurrent to the appointment of Mr Richards was the resignation of Non-executive
Director, MrJulian Babarczy. The Board and the Company would like to express its sincere
appreciation and gratitude to Mr Babarczy’s for his contribution as a director during his
appointment and wish him all the best in his future endeavours.
The Company presented at the Africa Down Under conference, Perth during the quarter and
presented to a number of institutional investors.

The Company executed an Underwriting Agreement with Canaccord Genuity (Australia)
Limited (Canaccord) for 50 million options with a strike price of $0.01 and an expiry date of
30 July 2013 generating approximately $500,000 to the Company during the quarter.

Cash at the end of the September quarter was approximately $995,000. Subsequent to the
quarter the Company successfully completed a capital raise for AU$2.92m. Funds raised will
be used primarily for ongoing drilling at the Company’s Mofe Creek Iron Ore project in
Liberia, metallurgical test work, working capital and the initiation of a Scoping Study for
the project.

The Placement was strongly supported by both existing and new investors and reflects the
quality of the Company’s Mofe Creek Iron Ore Project.

Mofe Creek Iron Ore Project | Zaway & Gofolo North-East Prospects

Zaway Prospect – New High-Grade Outcropping Mineralisation Discovered

Additional high-grade outcropping itabirite mineralisation and DSO magnetite boulder float
was discovered during the quarter at the Zaway prospect, which is located between the
Gofolo and Koehnko prospects. Zaway represents a high priority target with outcropping
high-grade itabirite with DSO boulder float and the potential for blind magnetite DSO along
the footwall contact.

Itabirite outcrops over a combined 1km strike were mapped and sampled at the main Zaway
prospect with grades ranging between 44% to 62% Fe with low contaminants. On the main
target, outcrops dip steeply to the south and occur along both flanks of a 1.35km x 280m
hill. Additional itabirite outcrops were mapped along low ridges to the west and north of
the main Zaway prospect hill over a combined strike length of >4.5km.

Outcrops are characterised by coarse grained itabirite with 1cm to 50cm scale magnetite
accumulations. In some areas the itabirite is extremely coarse grained averaging >1cm grain
size. DSO magnetite boulder float up to 1m in scale was mapped down slope from the
itabirite outcrops.

At Zaway the extremely coarse grained nature of the itabirite and presence of metre
scale magnetite boulder float down slope of the outcrops is extremely encouraging and
confirms the prospectivity of the project.

The structures mapped to date could be interpreted to represent a south dipping
synformal fold structure with coarser and higher grade iron formation occurring along
the footwall contact. This is the same structural and lithological setting hosting the
historic Bomi Hills mine 35km along strike to the east, which produced 50Mt of DSO
through the early 60’s to late 70’s.
Although smaller scale then the Bomi Hills pit (roughly 750x500m), Zaway represents a high
priority target with outcropping high-grade itabirite with DSO boulder float and the
potential for blind magnetite DSO along the footwall contact. Similar geology has been
observed at Mofe Creek, thereby confirming the potential for a blind DSO discovery at the

Gofolo North-East Prospect – New High-Grade Outcropping Mineralisation Discovered

A total of 259 auger holes were drilled along the Gofolo North-East (NE) target during the
quarter with 62 holes intersecting iron formation; 30 results received to date, 32 results
pending in the north-east and augering ongoing. A friable itabirite footprint over a 2km
strike was defined at Gofolo NE in addition to high-grade outcropping coarse grained
itabirite similar to the drilled Gofolo main target. Surface auger holes average 32-35% Fe
with individual results up to 41.4% Fe over the south western half of the anomaly. Assay
results are pending for the north-eastern half.

The Gofolo NE target is within 2.5km of the Gofolo Main prospect and within <5km from the
Zaway target. These projects all fall within a 4km radius of each other and completely
within the Company’s 100% owned Mofe Creek license.

The Gofolo NE prospect falls within the Company’s previously reported Global exploration
target size potential of 500Mt of which 90-230Mt is estimated to be potential friable
itabirite (refer to announcement of 18th March 2013).

About the Mofe Creek Iron Ore Project

The Mofe Creek Project is located within one of Liberia’s historic premier iron ore mining
districts. The project is 10km along strike from the abandoned Bomi Hills mine (>50Mt DSO
@ 65% Fe plus SF), 80km along strike from the historic Bong Mine (>275Mt @ 38% Fe), 45km
from the Mano River mine (100Mt @ 52% Fe) and 20km from the Bea Mountain resource
(>100Mt @ 45% Fe).

The project is characterised by exceptionally coarse grained and high-grade itabirite that
has the potential to deliver a high-grade product at a coarse crush only, with low strip ratio
and potential free-dig material.

The Project is exceptionally well located being approximately 20km from the coast for
potential haul-road trucking or conveyor of product to the coast and transhipment via barge
to deeper water for on shipment. Other possible infrastructure solutions exist; road or rail
to the deep water port of Monrovia via a 100km sealed road from the central licence area or
a 65km decommissioned standard-gauge iron ore railway alignment2 from the Bomi Hills
mine to the port of Monrovia; 17km east from the easternmost magnetic anomaly.
About Liberia

Liberia is a democratic country run by Her Excellency President Ellen Johnson Sirleaf;
Africa’s first elected female head of state in 2005 and recently re-elected in November 2011
for her second term. The country is hugely prospective and hosts several world class iron
ore deposits but yet is completely underexplored for gold and non-ferrous metals. Liberia
has a modern and transparent mining code and the government is supportive of foreign
investment especially in the exploration and mining industry to help unlock the value of its
potential mineral wealth.

Liberia is located in West Africa dominantly within the Archean aged Kenema Man Domain
and lesser Birimian sediments to the east. There are a large number of world class iron ore
deposits located in Liberia and historically it was the 5th largest producer in the world for a
number of years. West Africa is one of the fastest growing mineral provinces in the world
and Liberia currently hosts several world class iron ore deposits and is underexplored for

Other Tawana Resources NL Assets

The Company continues to rationalise its non-core assets and announced the divestment of
its interests within the Kareevlei Diamond Project and Flinders Diamond project in South
Africa and South Australia respectively during the quarter.

South Africa
The Company announced the sale of Kareevlei Diamond Project (South Africa) to BlueRock
Diamonds PLC (ISDX: BR) for R4 million (approximately AU$430,000) in two tranches on 26th
August 2013.

Diamond Resources Pty Ltd, the 100% owned South African subsidiary of Tawana Resources
NL entered into an Option Agreement with BlueRock Diamonds (ISDX: BR) on 23rd April 2013
and a Supplementary Agreement on 3rd August 2013. Under the terms of the agreement,
BlueRock Diamonds has the option to purchase outright the Kareevlei Diamond Project
Mining Right and associated equipment for a total of R4 million (approximately

Under the terms of the agreement and pending successful transfer of the Mining Right,
BlueRock Diamonds will:

        -   Pay the Company R3 million (approximately AU$320,000) within 10 business days
            of successful admission to AIM. These funds have been received into the
            Company’s South African entity’s account.
        -   On receipt of payment BlueRock takes ownership of all project related
            equipment and infrastructure including a 25tph DMS plant and X-ray FlowSort
            machine in addition to all project related overheads including but not limited to
            landholder, security, insurance and lease payments.
        -   BlueRock has the right to conduct trial mining on contractor basis by way of bulk
            sampling whilst the Mining Right transfer is underway. Tawana shall be entitled
            to a 1% Royalty on Gross Revenue after payment of Government Royalty on all
            sales of diamonds recovered in this period.
        -   At successful transfer of the Mining Right to BlueRock Diamonds, an additional
            R1 million (approximately AU$108,000) will be paid to the Company and the
            whole project then owned by BlueRock Diamonds henceforth.

Footnote 2: the railway alignment falls under the Western Cluster project currently
managed by Western Cluster Ltd; a subsidiary of Sesa Goa and Vedanta; India’s largest
producer and exporter of iron ore in the private sector.

Rakana Consolidated Mining Pty Ltd (TAW 26%)

The Company holds a 26% equity stake in Rakana Consolidated Mining Pty Ltd (“Rakana”)
the joint venture partner of Aquila Resources Ltd (“Aquila”) in the Thabazimbi Joint
Venture (‘TJV’). The Avontuur Manganese project which includes the Gravenhage
manganese resource and the Meletse iron ore resource are incorporated under the TJV.

Refer to Aquila’s announcement of 20th September 2013 regarding an alleged overlapping
prospecting right to the Avontuur project area, for further details.


Subsequent to the announcement of the termination of the Flinders Island Agreement
between Flinders Mines (ASX: FMS) and Tawana Resources (ASX: TAW) and Orogenic
Exploration Pty Ltd on 29th July 2013, the Company announced that it entered into an Asset
Sale Agreement with Kalyan Resources Pty Ltd and terminated the Flinders Island
Agreement with Orogenic Exploration Pty Ltd during the quarter on 26th August 2013.

Concurrent with the termination of the Flinders Island Agreement, the Company announced
the sale of its 80% holding in the Flinders Island Diamond Project to Kalyan Resources Pty
Ltd for AU$1 (one dollar) plus a 2.5% Gross Revenue Royalty on Kalyan’s 80% holding in the
event of discovery and commercial production.

The Company continues to rationalise and review its current non-core iron ore assets in an
ongoing effort to reduce overheads and management time related to these assets. The
Company’s principle focus will be the development of the Mofe Creek Iron Ore Project in
Forward Work Plan

Resource drilling commenced at the project late in the quarter in addition to
commencement of baseline environmental data monitoring. A 500m to 700m RC resource
drilling programme will be completed during the subsequent quarter and is designed to
deliver a maiden JORC compliant resource for early to mid-2014.
Resource drilling will include a component of HQ diamond core drilling for metallurgical test
work and twinning of RC drill holes for quality control purposes. The metallurgical test-work
programme will look at optimisation of the crush size to produce the nominal grade Fe
product at the optimal plant recovery.

Ongoing weather, ground and surface water monitoring will continue through the
subsequent quarters.

Engineering and consulting groups will be engaged on the project to commence resource
modelling, mine design criteria, engineering, infrastructure and logistics and barging studies
to deliver a Scoping Study by mid-2014. The study will consider a low capital start-up option
at 1-2mtpa rate and subsequent ramp-up options at 3, 5 and 10Mtpa.

For further information please contact:

Lennard Kolff van Oosterwijk

Managing Director

Work Phone: +61 424942589

Competent Persons Statements

The information in this report in so far that it relates to Liberian Project Exploration Results, Mineral Resources or Ore Reserves is based
on information compiled by Lennard Kolff van Oosterwijk, who is a Member of the Australian Institute of Geoscientists included in a list
promulgated by the ASX from time to time. Lennard Kolff van Oosterwijk is a full time employee of the company and has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. Lennard Kolff van Oosterwijk consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears.

Forward Looking Statement

Statements regarding plans with respect to the Company’s mineral properties, including statements, assumptions and targets relating to
the Preliminary Assessment are forward looking statements. There can be no assurance that the Company’s plans for development of its
mineral properties will proceed as currently expected, nor in accordance with the Preliminary Assessment. There can also be no
assurance that the Company will be able to confirm the presence of a mineral deposit, that any mineralisation will prove to be economic
or that a mine will successfully be developed on any of the Company’s mineral properties, either in accordance with the Preliminary
Assessment or otherwise.

                                                             Appendix 5B
                                       Mining exploration entity quarterly report
       Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10
  Name of entity
  Tawana Resources NL

  ABN                                                            Quarter ended (“current quarter”)
  69 085 166 721                                                  30 September 2013

  Consolidated statement of cash flows
                                                                    Current quarter            Year to date
Cash flows related to operating activities                                $A’000                  (6 months)
1.1     Receipts from product sales and related debtors                        -                          -

1.2     Payments for     (a) exploration & evaluation                       (210)                      (957)
                         (b) development                                       -                          -
                         (c) production                                        -                          -
                         (d) administration                                 (331)                    (1,100)
1.3     Dividends received                                                     -                          -
1.4     Interest and other items of a similar nature
        received                                                               3                        16
1.5     Interest and other costs of finance paid                               -                         -
1.6     Income taxes paid                                                      -                         -
1.7     Other (provide details if material)                                    -                         -

        Net Operating Cash Flows                                            (538)                    (2,041)

        Cash flows related to investing activities
1.8     Payment for purchases of:
                        (a) prospects                                         -                         -
                        (b) equity investments                                -                         -
                        (c) other fixed assets                                -                         -
1.9     Proceeds from sale of:
                        (a) prospects                                       316                        316
                        (b) equity investments                                -                          -
                        (c) other fixed assets                                -                          -
1.10    Loans to other entities                                               -                          -
1.11    Loans repaid by other entities                                        -                          -
1.12    Other (provide details if material)                                   -                          -

        Net investing cash flows                                            316                        316
1.13    Total operating and investing cash flows
        (carried forward)                                                  (222)                    (1,725)
1.13    Total operating and investing cash flows
        (brought forward)                                                  (222)                    (1,725)

        Cash flows related to financing activities
1.14    Proceeds from issues of shares, options, etc.                       500                       1,000
1.15    Proceeds from sale of forfeited shares                                -                           -
1.16    Proceeds from borrowings                                              -                           -
1.17    Repayment of borrowings                                               -                           -
1.18    Dividends paid                                                        -                           -
1.19    Other – share issue costs                                           (25)                        (25)
                                                                             475                        975
        Net financing cash flows

        Net increase (decrease) in cash held                                 253                       (750)

1.20    Cash at beginning of quarter/year to date                            703                      1,679
1.21    Exchange rate adjustments to item 1.20                                (1)                        26
                                                                             955                        955
1.22    Cash at end of quarter

  Payments to directors of the entity and associates of the directors
  Payments to related entities of the entity and associates of the related entities
                                                                                        Current quarter

1.23     Aggregate amount of payments to the parties included in item 1.2               80

1.24     Aggregate amount of loans to the parties included in item 1.10                 -

1.25     Explanation necessary for an understanding of the transactions

         Directors’ fees

  Non-cash financing and investing activities
2.1    Details of financing and investing transactions which have had a material effect on consolidated
       assets and liabilities but did not involve cash flows


2.2    Details of outlays made by other entities to establish or increase their share in projects in which the
       reporting entity has an interest

  Financing facilities available
  Add notes as necessary for an understanding of the position.

                                                                                Amount available          Amount used
                                                                                         $A’000                    $A’000
3.1    Loan facilities                                                                -                             -

3.2    Credit standby arrangements                                                    -                             -

  Estimated cash outflows for next quarter
4.1    Exploration and evaluation                                                                               800

4.2    Development                                                                                                -

4.3    Production                                                                                                 -

 4.4    Administration                                                                                           300

       Total                                                                                                   1,100

  Reconciliation of cash
 Reconciliation of cash at the end of the quarter (as            Current quarter           Previous quarter
 shown in the consolidated statement of cash flows) to           $A’000                    $A’000
 the related items in the accounts is as follows.
 5.1     Cash on hand and at bank                                                   935                       683
                                                                                     20                        20
 5.2     Deposits at call
                                                                                      -                         -
 5.3     Bank overdraft
                                                                                      -                         -
 5.4     Other (provide details)
                                                                                    955                       703
         Total: cash at end of quarter (item 1.22)

  Changes in interests in mining tenements
                                         Tenement         Nature of interest              Interest at   Interest at
                                         reference        (note (2))                      beginning     end of
                                                                                          of quarter    quarter
 6.1     Interests in mining
         tenements relinquished,
         reduced or lapsed

 6.2     Interests in mining
         tenements acquired or
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

                               Total number           Number quoted          Issue price per        Amount paid up per
                                                                             security (see note     security (see note 3)
                                                                             3) (cents)             (cents)
7.1      Preference                               -                      -

7.2      Changes during                       N/A                    N/A
7.3      +Ordinary                   976,629,043            976,629,043
7.4      Changes during
         (a) Increases                50,000,000             50,000,000      $0.01                  $0.01
          through issues
         (b) Decreases
         through returns
         of capital, buy-
7.5      +Convertible                             -                      -
         debt securities
7.6      Changes during                       N/A                    N/A
7.7      Options                                                             Exercise price         Expiry date
         Unlisted options              6,750,000                         -   $0.10                  17 Jan 2014
         Unlisted options              5,000,000                         -   $0.05                  9 Sep 2014
         Unlisted options             25,000,000                         -   $0.01                  8 Mar 2014
         Unlisted options              1,250,000                         -   $0.03                  10 Nov 2013
         Unlisted options              1,250,000                         -   $0.05                  10 Nov 2015
         Unlisted options             28,500,000                         -   $0.036                 30 April 2015

7.8      Issued during
         quarter                               -                         -   -                      -
7.9      Exercised during             50,000,000                         -   $0.01                  30 Jul 2013
7.10     Expired during                           -                      -   -                      -
7.11     Debentures                               -                      -

7.12     Unsecured                                -                      -
     Compliance statement
     1        This statement has been prepared under accounting policies which comply with accounting
              standards as defined in the Corporations Act or other standards acceptable to ASX (see note

     2        This statement does give a true and fair view of the matters disclosed.

     Sign here:     ............................................................   Date: 30 October 2013
                         Company secretary

     Print name:    Aaron Finlay

     1        The quarterly report provides a basis for informing the market how the entity’s activities
              have been financed for the past quarter and the effect on its cash position. An entity wanting
              to disclose additional information is encouraged to do so, in a note or notes attached to this

     2        The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining
              tenements acquired, exercised or lapsed during the reporting period. If the entity is involved
              in a joint venture agreement and there are conditions precedent which will change its
              percentage interest in a mining tenement, it should disclose the change of percentage interest
              and conditions precedent in the list required for items 6.1 and 6.2.

     3        Issued and quoted securities The issue price and amount paid up is not required in items
              7.1 and 7.3 for fully paid securities.

     4        The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
              Resources and AASB 107: Statement of Cash Flows apply to this report.

     5        Accounting Standards ASX will accept, for example, the use of International Financial
              Reporting Standards for foreign entities. If the standards used do not address a topic, the
              Australian standard on that topic (if any) must be complied with.

                                                              == == == == ==
30 October 2013


PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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