TAWANA RESOURCES NL - Quarterly Activities Report for the quarter to 30 September 2014Release Date: 21/10/2014 09:28:00 Code(s): TAW PDF(s):
Quarterly Activities Report for the quarter to 30 September 2014
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Stock Exchange Limited: TAW
PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES.
PLEASE REFER TO TAWANA WEBSITE FOR THE COMPLETE ANNOUNCEMENT.
Quarterly Activities Report For the quarter to 30 September 2014
Mofe Creek Iron Ore Project
- The Mofe Creek Iron Ore Project Scoping Study1 was completed in July and a
Preliminary Feasibility Study (‘PFS’) commenced in August.
- The Scoping Study confirmed the technical and financial robustness of the Mofe
Creek Project with a very low OPEX cost of US $40.60/t, low-capital start-up cost
of less than US$53M and the production of a premium +65% Fe product.
- The PFS will focus on the design and construction of a modular processing plant(s)
and associated logistics for the transportation and export of 2.5 million tonnes per
- Tenova Mining and Minerals and Engenium were appointed joint Study Managers for
the PFS; Coffey Mining will undertake the mining-related scope; and Earth Systems
the environmental assessments.
Mine, Logistics, Infrastructure and Approvals
- Formal notification was received from the Environmental Protection Agency (‘EPA’)
of Liberia for Tawana to proceed to conduct the Environmental and Social
Impact Assessment (‘ESIA’) for the Project. Meetings with community stakeholders
are currently in progress.
- Tawana received formal acknowledgment and approval from the Ministry of Lands,
Mines and Energy (‘MLME’) to commence the Company’s Mineral Development
Agreement for the Mofe Creek Project.
- A definitive application for a pilot mining and bulk sampling extraction permit
was submitted to the MLME.
- New exploration licence encompassing high-potential itabirite mineralisation
directly south and adjoining the Company’s 100%-owned Mofe Creek tenement, was
granted during the Quarter.
- Exciting new itabirite discovery made at Zaway North-West target.
- 1,100m of diamond drilling was completed at Gofolo Main and Zaway, targeting
resource growth. Results are currently pending.
- As at 30 September 2014, Tawana Resources held $3.3 million in cash.
- Aaron Finlay retired as Joint Company Secretary.
- Health, Safety, Environmental and Community (HSEC) Management plan for future
pilot scale operations is being developed, along with a Risk and Event Management
plan, including an Ebola Management program.
Mofe Creek Iron Ore Project
Mofe Creek Preliminary Feasibility Study
Following the delivery of a robust technical and economically viable Scoping Study for the
Mofe Creek Project (‘the Project’) in July, the company authorised the immediate start of a
Preliminary Feasibility Study in August. The PFS will provide a +/- 20% cost estimate for the
project and in particular will focus on the mine development, processing plant design and
the logistics componets of the Project to effect the transportation of 2.5 Mtpa of product to
the proposed new coastal port site location (refer Figure 1).
The key findings1 of the Project from the Scoping Study were as follows:
Initial Mine Life 14 years
Production Target Profile 2.5 Mtpa
Capital Cost to Initial Production (incl 20%
Revenue (at FOB price of US$87/Dmt – Pre-Tax) US$2.5B
Operating Costs (LOM avg. Cash Costs - FOB) US$40.60 per tonne
Net Present Value (NPV at 8% DCF, post Royalties
Internal Rate of Return (IRR) – Pre-Tax 55.8%
Total Project Capital cost (mine, logistics and port US$280M – Staged across 4 years of
incl. 20% Contingency) prod’n
15 months from approval of Mining
Timeline to initial production
Product Quality 64 – 68% Fe “Mofe Creek Premium
The Company appointed joint Study Managers for the Project, constituted by Tenova Mining
and Minerals (“Tenova”) and Engenium. Both companies will manage and coordinate the
major design and logistics components of the PFS.
Tenova has a strong track record in delivering projects similar in design and capacity to the
Mofe Creek project and recently completed the Company’s Scoping Study. Engenium is a
leading project and study management delivery company servicing the mining and resource
sectors with a specific focus on mine, port and rail projects, linked to iron ore development
The PFS will build on the results of the Scoping Study, which confirmed the very positive
economic potential of the Project at a production rate of 2.5 Mtpa. Key aspects associated
with the development of the PFS will include:
- Marine infrastructure and logistics studies and design, including barging solutions for
transhipment and direct ship-loading facilities
- Landside logistics including the design of an independent heavy-haul road from mine
to port, and final product storage and export facilities
- Logistics permitting - including mine, road and port construction, transportation and
port operating licenses and leases
- Hydrology and water management studies and design
- Process engineering and modular design of the beneficiation plant(s)
- Mining engineering, mining schedules and preliminary pit design
- Tailings engineering and storage facility design
- Geotechnical and geophysical investigations – for mine development
- Power demand and operational studies
- Environmental and social impact assessments
Modelling of the sea-conditions at this proposed location has commenced and this
information will be correlated into a detailed barging/transhipment study. This study will be
undertaken by CSL Transhipment Group, who have well-established transhipment
operations around the world and have country-specific experience in Liberia at the southern
port of Buchanan.
Preliminary design of a port receival, storage and discharge system has commenced, with
the aim of developing a simple, but efficient port facility, capable of managing in excess of
The concept will be to receive 150-220t payload trucks, which will side-tip into a conveyor
system for storage. The product will be reclaimed by front-end loaders at a nominal rate of
4000-5000 t/hr, depending upon the final design of the “outflow” system and barge
Several marine engineering firms are currently conceptualising the design of a “fit for
purpose” wharf, that will minimise start-up capital and is readily constructed, with minimal
piling and strucutral complexity.
The length of the wharf will be confirmed via local bathymetric surveys, to be conducted next
year. The final sea-side point for loading the barges or ships, will be contingent on the water
depth required to load varying draft vessels.
Further studies on the most practical and cost-effective design of the transhipment barges
will also be undertaken by CSL. The level of sophistication and design of self-loading barges
directly into the hull of the ocean going vessels (‘OGV’), has advanced significantly over the
past years, and is generating very cost-effective OPEX costs for such activities, along with
faster ship loading rates, hence decreased demurrage costs.
The Company is now in the process of confirming the precise coordinates of the proposed
port site, in order that detailed surveys and land acquisition/leases can be instigated. This
scope of work will dove-tail into the final design of the haul road at the discharge end of the
WorldView satellite imagery was acquired for the project, inclusive of the proposed mine
locations, logistics corridor(s) and port handling and despatch areas.
The acquisition of high resolution DTM satellite imagery of sufficient quality and resolution to
allow PFS mining and engineering studies to be completed is currently being assessed.
Road Transport, Haul Road Design and Approvals
As part of the PFS, the Company is considering a three-stage road development and
transportation program to capitalise on existing roads in the immediate vicinity of the
Project, with a view to then migrating to an independent haul-road, as tonnages, efficiencies,
capital and OPEX savings dictate.
Applications to the relevant Liberian Government agencies for interim and long-term trucking
solutions for the Project, including the construction of a dedicated 32km haul road from the
mine to a new coastal barge/transhipment port location and a port lease and operating
licence for the new port facility are being progressed.
As the production throughput of the Project increases, and the truck sizes consequentially
increase, there will be an economic justification to haul the ore on a private haul-road,
thereby increasing pay-loads/vehicles, improving safety, and decreasing the unit rate/tonne
of product transported. This will be modelled in the coming months, as and when
expressions of interest are received from mining/haulage companies, and vehicle capacities
and availabilities are confirmed.
A review of the trucking arrangements currently operational in Liberian mines, and those
operating in Sierra Leone (African Minerals – 20 Mtpa and London Mining – 8 Mtpa) will
likewise be completed as a deliverable of the PFS.
Pilot Plant Study
The purpose of this study is to establish the economics of building a pilot plant scale mining,
bulk-sampling and processing operation to achieve an early start-up scenario.
The benefits of such a program are compelling:
- It facilitates the recruitment and training of key operating and maintenance personnel
earlier than would otherwise be possible;
- It provides an opportunity to test mine development parameters and processing
characteristics at a meaningful scale;
- It allows for the production of sufficient quantities of product for testing the logistics
chain and for customer trials and acceptance, including sintering tests and value-in-
- It will provide technical and metallurgical data and performance criteria essential for
the final beneficiation plant design;
- It will provide crucial pit, mine and geotechnical data necessary for the safe and
optimal design of the future pits; and
- It will provide employment for local staff and in-country contractors, along with payroll
taxes and community engagement
Pilot plant design proposals have been received by a selection of Australian and African
engineering firms, and will be assessed for the practicability, capital cost, operability and
whether the engineering firms will participate in specialised funding proposals such as turn-
keys, and build, own, operate and transfer (“BOOT”) agreements.
Mineral Development Agreement – MDA
The Company received formal acknowledgment and approval from the Ministry of Lands,
Mines and Energy to commence the Company’s Mineral Development Agreement for the
Mofe Creek Project during the quarter (refer ASX release 24 September 2014).
The approval to proceed with formal negotiations associated with this agreement coincides
with the successful completion of the Project’s sustainable and robust Scoping Study in July
this year. Detailed meetings with representatives of the Ministry, and members of the Inter-
Ministerial Technical Committee, along with subsequent field visits in July, confirmed the
commitment by both parties (the Government of Liberia and Tawana), to progress this
essential and key agreement.
The MDA is a legally binding agreement, outlining the technical, commercial and
social/environmental commitments to be undertaken to build, operate and sustain a project
within Liberia, and is a legislative document passed as a bill in parliament, for a term of 25
The MDA negotiation process is scheduled to proceed for a period of six to nine months, and
is optimally being coordinated to align with the completion of the Project’s PFS.
Extensive work on the final design, construction and staging of the Project and the
transitional logistics solutions associated therein, will be negotiated during the MDA process.
Tawana presented the results of its Scoping Study on the Mofe Creek project to the MLME
in Monrovia in July 2014 and also hosted a corresponding MLME delegation at the Mofe
Creek project site. Both the presentation and the site visits were a necessary precursor to
receiving support to proceed with MDA negotiations from the Ministry.
The Mineral Development Agreement process continues to be accelerated with the selection
of a legal representative and the preparation of the extensive submission, for negotiation and
Health, Safety, Environmental and Community
Tawana is committed to maintaining its social licence to operate within Liberia, building
stakeholder relationships, and protecting the environment whilst providing a safe working
place for our employees. As such, Tawana is currently developing a Health, Safety,
Environmental and Community Management Plan for future pilot scale operations and full-
scale operations, along with a Risk and Event Management Plan, which contains an Ebola
This Risk and Event Management Plan complements the Company’s Corporate
Occupational Health and Safety and Corporate Risk Management Policies, and has been
designed to assist the Business Risk Team and the Event Response Team in proactively
managing risks and responding appropriately to Events (Incidents, Emergencies and Crisis).
Ebola Virus Disease Update
The Company temporarily suspended all non-essential field activities within Liberia, in
response to the current health risk associated with the Ebola Virus Disease (‘EVD’) (refer
ASX release 8 August 2014).
President Ellen Johnson Sirleaf declared a State of Emergency in Liberia on August 6th, in a
pro-active, controlled process to mitigate the spread of EVD within Liberia and across
Whilst the current drilling program has been temporarily suspended, as outlined earlier, all
other activities associated with the PFS not requiring sustained and direct field presence, are
continuing both within Liberia and Australia.
Tawana’s commitment to the health, safety and well-being of all its employees and
contractors, has been at the forefront of many recent decisions with regard to the most
suitable time to recommence operations and field work within Liberia and the Grand Cape
County. Extensive work on the EVD procedures and “trigger-points” for operations
suspension or re-commencement have been developed, in conjunction with discussions and
reviews of other working companies and contractors procedures, and international health
organisations and local Ebola task force liaison.
The Company has assisted, where practical (both financially and physically) to support the
eradication of the Ebola virus within the wider Liberian community
Environmental and Social Impact Assessment (ESIA)
The Company received formal notification from the Environmental Protection Agency of
Liberia of its official right to proceed to conduct the Environmental and Social Impact
Assessment for the project (refer ASX release 1 October 2014).
The EPA reviewed the “Project Brief” document that presented an overview of the Project
and its environmental and social context, and subsequently authorised the Company to
proceed on the basis of the document submitted.
The Notice of Intent was published in August in Monrovian newspapers and broadcast within
the communities surrounding the Project (refer ASX release 26 August 2014). The Notice of
Intent is an integral first step in the consultative process with the community.
Subsequent to this, the Company started conducting local community briefing meetings with
stakeholders, whilst this report was being compiled. Photos from the local community
meetings are presented below.
Detailed imagery evaluation, mapping and analysis of existing information and resources for
the ESIA studies are being progressed. The Project is well placed to make notable advances
on these studies based on preliminary information collected by Earth Systems and their local
partner Earth Environmental Consultancy. Planning for the first formal field work component
has been completed, starting with a scoping exercise and stakeholder consultation, as
The Company was awarded a new exploration licence (MEL 1223/14 – Refer Figure 3) to
Tawana Liberia Inc.; a wholly owned subsidiary of Tawana Resources NL, during the quarter
(refer ASX release 23 September 2014). Concurrently, the Konblo Bumi Inc. Option
Agreement over the approximate same area was terminated. The new licence covers a
186.16km2 area and is directly south, and adjoining the Company’s 100%- owned
The new area contains coincident magnetic anomalies, topographic highs and itabirite
outcrops with exploration target areas defined within 3km to 8km of the main mineralisation
hubs. Rock chip sampling of itabirite outcrops within the new area have returned Fe values
between 20% and up to 64% Fe over five prospective areas. Studies of aeromagnetic data,
together with the sampling results, have outlined several areas of potential itabirite
enrichment, providing attractive targets for initial exploration.
Resource drilling commenced for the PFS during the quarter, with approximately 1,100m of
a 7,500m diamond core programme being completed prior to the suspension of drilling due
the Ebola Virus Disease. The drilling campaign was designed to target a resource upgrade
to 100-120Mt in the inferred and indicated category and inclusive 20-30Mt of indicated
The 7,500m PQ/HQ diamond core drilling programme was to consist of approximately 80
drill holes from 50m up to 180m deep and across both existing resource footprints and new
exploration targets, utilising two track-mounted Atlas Copco CS1000 rigs on double shift.
The drill programme is targeting an overall resource increase from the current 61.9Mt
Maiden Resource Estimate across the Gofolo, Zaway and Koehnko mineralisation “hubs”.
Ongoing field work and the recent opening of drill access tracks and drill pads defined
exciting new exploration targets at Gofolo West, Zaway North-West and Koehnko South. All
exploration targets follow the Company’s strategy of qualifying the potential tonnages
associated with the three operational “hubs” centered around the Gofolo, Zaway and
Koehnko mineralisation deposits – Refer Figure 14.
The Zaway North-West target is defined by a coincident 3.5km long ridge with an
aeromagnetic anomaly and outcropping coarse, friable itabirite mineralisation similar to
Gofolo and Zaway Main deposits. The target occurs approximately 750m north of Zaway
Main and is characterised by shallow dipping itabirite outcrops along the ridge.
As at 30 September 2014, Tawana Resources held $3.3 million in cash. Refer to the
Appendix 5B (ASX website) for principal movements in cash for the quarter.
The Company is in a strong cash position to advance the PFS and is prudently managing
the study and value-accretion activities of the staff and Liberian employees during this period
in which field activities have been curtailed or suspended.
Appropriate fiscal management programs and policies have been implemented across the
quarter, to minimise expenditure both at a Corporate and Project level, but with the strategy
of maintaining key personnel and intellectual property to advance the study and prepare for
an immediate re-start of Project-specific site activities, as and when the EVD has been
effectively reduced or eliminated.
An international roadshow to Hong Kong, Singapore and China was conducted in late
August, with the support of Canaccord Hong Kong and Canaccord Sydney executives.
The Executive Chairman presented at the Africa Down Under Conference in Perth in
September and a booth promoting Tawana and the Project was managed.
Closure of the Botswana entity is ongoing with PWC preparing de-registration documents.
BlueRock Diamonds have expressed a desire to purchase the Company’s total shareholding
and loan account in Diamond Resources (a 100% -owned subsidiary of Tawana Resources
Baosteel Iron and Steel Group acquired Aquila Resources during the quarter.
Representatives of the newly formed entity have completed site visits to the Company’s -
Rakana RSA assets and are finalising a strategic review of their assets this month. Pending
the outcome of the review, Tawana Company representatives will attend a meeting with
Rakana–associated parties in November.
About Tawana (ASX & JSE: TAW)
Tawana Resources NL is an iron ore focused ASX and JSE-listed Company with its principal
project in Liberia, West Africa. Tawana’s 100% owned Mofe Creek Project (“the Project”) is a
new discovery in the heart of Liberia’s historic iron ore district, located 20km from the coast
and 85km from the country’s capital city and major port, Monrovia.
Tawana is committed to becoming a mid-tier iron ore producer through the development of the
Mofe Creek Project, which covers 471km2 of highly prospective tenements in Grand Cape
Mount County. The Project hosts high-grade friable itabirite mineralisation which can be easily
upgraded to a superior quality iron ore product in the 64-68% Fe grade range, for which there is
consistent global demand, attracting significant price premiums.
Full details of the Scoping Study referred to in this announcement were initially released to
the ASX in an announcement dated 3 July 2014, and should be read in conjunction with this
announcement. All material assumptions underpinning the Scoping Study, production
targets and forecast financial information derived from the production targets as well as any
cautionary statements and disclosures as required under the ASX Listing Rules and 2012
JORC Code are set out in the announcement dated 3 July 2014 and continue to apply and
have not materially changed.
The Scoping Study referred to in this announcement is preliminary in nature as its
conclusions are drawn on inferred (74%) and indicated mineral resources (26%). The
Scoping Study is based on lower-level technical and economic assessments, and are
insufficient to support estimation of Ore Reserves or to provide assurance of an economic
development case at this stage, or to provide certainty that the conclusions of the Scoping
Study will be realised.
There is a low level of geological confidence associated with inferred mineral resources and
there is no certainty that further exploration work will result in the determination of indicated
mineral resources or that the production target itself will be realised. There is also no
certainty that the forecast financial information derived from the production targets will be
Competent Persons Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore
Reserves is based on information compiled by Len Kolff and Iain Macfarlane, who are
members of the Australian Institute of Geoscientists. Len Kolff 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 2012 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’. Iain Macfarlane is a full-time
employee of Coffey Mining Ltd 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 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’ Len Kolff and Iain Macfarlane consent to the inclusion in the report of the matters
based on his information in the form and context in which it appears. Relevant CP initials are
presented under the competent person column in the attached JORC code 2012 Table 1.
Forward Looking Statement
This report may contain certain forward looking statements and projections regarding
estimated, resources and reserves; planned production and operating costs profiles; planned
capital requirements; and planned strategies and corporate objectives. Such forward looking
statements/projections are estimates for discussion purposes only and should not be relied
upon. They are not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors many of which are beyond the control of Tawana Resources
NL. The forward looking statements/projections are inherently uncertain and may therefore
differ materially from results ultimately achieved.
Tawana Resources NL does not make any representations and provides no warranties
concerning the accuracy of the projections, and disclaims any obligation to update or revise
any forward looking statements/projects based on new information, future events or
otherwise except to the extent required by applicable laws. While the information contained
in this report has been prepared in good faith, neither TAW or any of its directors, officers,
agents, employees or advisors give any representation or warranty, express or implied, as to
the fairness, accuracy, completeness or correctness of the information, opinions and
conclusions contained in this presentation. Accordingly, to the maximum extent permitted by
law, none of TAW, its directors, employees or agents, advisers, nor any other person
accepts any liability whether direct or indirect, express or limited, contractual, tortuous,
statutory or otherwise, in respect of, the accuracy or completeness of the information or for
any of the opinions contained in this presentation or for any errors, omissions or
misstatements or for any loss, howsoever arising, from the use of this presentation.
Tel +61 8 9287 4344
Detailed information on all aspects of Tawana’s projects can be found on the Company’s
21 October 2014
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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 2014
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A’000 (9 months)
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration & evaluation (722) (2,677)
(b) development - -
(c) production - -
(d) administration (481) (1,676)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 20 52
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other R&D tax refund 132 132
Net Operating Cash Flows (1,051) (4,169)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - (10)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets 80 80
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows 80 70
1.13 Total operating and investing cash flows
(carried forward) (971) (4,099)
1.13 Total operating and investing cash flows
(brought forward) (971) (4,099)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 1 5,608
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 - (296)
Net financing cash flows
Net increase (decrease) in cash held (970) 1,213
1.20 Cash at beginning of quarter/year to date 4,17 2,045
1.21 Exchange rate adjustments to item 1.20 90 38
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
1.23 Aggregate amount of payments to the parties included in item 1.2 156
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 salaries, fees and superannuation
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
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 300
4.2 Development -
4.3 Production -
4.4 Administratio 300
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 744 1,621
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
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
reduced or lapsed
6.2 Interests in mining
tenements acquired or MEL 1223/14 100% 0% 100%
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
7.3 +Ordinary securities 1,475,250,387 1,475,250,387
7.4 Changes during
(a) Increases through 10,000,000 10,000,000 $0.0001 $0.0001
through returns of
7.5 +Convertible debt - -
7.6 Changes during
7.7 Options Exercise price Expiry date
Unlisted options 1,250,000 - $0.05 10 November 2015
Unlisted options 28,500,000 - $0.036 30 April 2015
Performance options 10,000,000 - $0.0001 31 August 2015
Performance options 10,000,000 - $0.0001 31 August 2016
Unlisted options 30,750,000 - $0.015 12 December 2016
Unlisted options 10,000,000 - $0.046 12 December 2016
Unlisted options 10,000,000 - $0.018 12 December 2016
Unlisted options 1,000,000 - $0.039 20 January 2017
Unlisted options 5,000,000 - $0.032 2 June 2017
7.8 Issued during quarter 5,000,000 - $0.032 2 June 2017
7.9 Exercised during 10,000,000 - $0.0001 31 August 2014
7.10 Expired during 5,000,000 - $0.05 9 September 2014
quarter 5,000,000 $0.032 2 June 2017 (Lapsed
7.11 Debentures - -
7.12 Unsecured notes - -
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: 21 October 2014
Print name: Winton Willesee
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.
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