TAWANA RESOURCES NL - Quarterly Activities Report for the quarter to 31 December 2014Release Date: 28/01/2015 10:53:00 Code(s): TAW PDF(s):
Quarterly Activities Report for the quarter to 31 December 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
Quarterly Activities Report
For the quarter to 31 December 2014
Please note: all graphics have been removed for SENS purposes. Please refer to
Tawana website for the complete announcement
Mofe Creek Iron Ore Project (the Project)
Studies – Mine, Logistics, Infrastructure and Approvals
• Pre-Feasibility Study (PFS) progressed during the quarter.
• The Company’s primary focus was the advancement of:
- the Environmental and Social Impact Assessment (ESIA);
- the Mineral Development Agreement (MDA); and
- Road and port logistics routes and design.
• Initial economics for the PFS (based upon development of an independent 32km
haul road and a transhipment berth/port facility) highlights the ongoing technical
and financial robustness of the Project.
• PFS focusing on design and construction of modular processing plant(s) and
associated logistics for the transportation and export of 2.5 million tonnes per
• Quotes and tenders for maritime studies associated with bathometric data for the
design of a transhipment facility were progressed.
Environmental and Community
• Tawana conducted ongoing community consultation meetings within the Project
• 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.
Exploration and Leases
• Significant drilling results were received for 1,114m of drilling completed at the
Gofolo and Zaway projects; including 72.7m @ 39.6% Fe from surface.
• Results provide confidence in the current resource model and continuity of
mineralisation as well as the potential for additional resource tonnes.
• An initial exploration program on the recently granted 100%-owned adjoining
tenement – EL 1223/14 has been submitted to the Ministry of Lands, Mines and
Energy (MLME) for approval.
• Planning is underway towards the recommencement of full field activities, and
site-based drilling in the coming quarter.
As at 31 December 2014, Tawana Resources held $2.8 million in cash.
Corporate Appointments effective 01 January 2015:
- Wayne Richards commenced the dual role of Executive Chairman and Chief
- Len Kolff was appointed Technical Director, and continues as an Executive Director
on the Board.
- Matthew Bowles resigned as a Non-Executive Director of the Board.
- Mr Michael Naylor (Company Secretary and Chief Financial Officer) was appointed
as an Executive Director to the Board.
A Health, Safety, Environmental & Community (HSEC) management plan for future
operations is being developed, along with a Risk & Event Management plan, including an
Ebola management program.
Mofe Creek Iron Ore Project
Mofe Creek Preliminary Feasibility Study
The PFS is being prepared to provide a +/- 20% cost estimate for the Project and in
particular will focus on the initial mine development, processing plant design and the
logistics components to effect the transportation and export of a minimium of 2.5 Mtpa of
final product (+65% Fe) from a proposed new coastal port site location - refer Figure 2.
Key engineering and design tasks, associated with the advancement of the PFS,
undertaken during the quarter included:
ROM, Plant and utilities/office layout drawings for the start-up mine and processing
facility, tailings storage facility and associated ingress/egress roads for ore transport,
were designed and drafted;
Continuous monitoring of climatic conditions within the Project area have progressed
throughout the quarter and the country’s nominal wet season, to establish baseline data
for future plant, civils and design, along with surface and mine water management
Landside logistics routes determined from high-level DTM data for the design of an
independent heavy-haul road from mine to port, and final product storage and export
facilities at the proposed coastal port location;
Expressions of interest and tenders for ‘wind and wave’ and maritime bathymetric studies
associated with the determination of the ultimate coastal port location were progressed,
with award pending; and
Marine infrastructure and logistics studies, including barging solutions for transhipment
and direct ship-loading facilities, culminating with the drafting of preliminary port layout
drawings – refer Figure 3 overleaf.
Modelling of the sea-conditions at the optimal coastal port location will progress in the
forthcoming quarter, once site access has been fully re-established.
A study undertaken by CSL Transhipment Group has confirmed the effective transhipment
design and vessel capacity required to ensure a minimal export capacity of 2.5 Mtpa. This
capacity can be readily expanded to a nominal output capacity of 8 Mtpa. The expanded
design capacity incorporates a higher utilisation of the proposed, single self-unloading
transhipment vessel (TSV). A simulation model with trade-offs on transhipment vessel
design, draft and loading/unloading times, inclusive of prevailing weather assumptions,
has been developed.
A preliminary design of a port receival, storage and discharge system has been drafted,
confirming the simplified approach to the proposed design, minimising site civils and
limiting transfer points and/or conveyor runs. The port design is readily expandable to
greater than 2.5 Mtpa.
The port layout is being designed to receive 150-220t payload trucks, which will side-tip
into a conveyor system, direct to undercover storage. The product will be reclaimed by
front-end loaders at a nominal rate of 4000 t/hr, and the TSV loading and unloading rates
will be designed to match these tonnages.
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. An example of an ‘A’-frame wharf design being
considered is presented in Figure 4 overleaf:
As an additional and alternate design to an “A” Frame” jetty, the Project will also address
the technical, environmental, commercial and capital merits of an “internal” harbour, or
small sheltered inlet – with direct access to sea. This design is depicted in Figure 5 below,
and has varying economic trade-offs and variances to a traditional wharf or jetty design.
The length of the potential wharf design will be confirmed via local bathymetric surveys,
to be conducted later this year. The final coastal (land-side) or sea-side point for loading
the TSV, will be contingent on the water depth required to load varying draft vessels.
Radar satellite imagery and high resolution optical satellite imagery was also acquired for
the Project, inclusive of the proposed mine locations, logistics corridor(s) and port
handling and despatch areas. This data will greatly assist with the contour mapping and
preliminary design of the road and port receival and storage facility.
Mineral Development Agreement - MDA
A detailed presentation to the Ministry of Lands, Mines and Energy confirming Tawana’s
technical and financial capability to develop the Mofe Creek project, was forwarded to the
Ministry in November 2014.
A formal review of this document has been conducted by the MLME and relevant
Government of Liberia officials, and an approval to commence formal negotiations with
the elected Inter-Ministerial Concessional Committee (“IMCC”) is pending.
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 years.
The MDA negotiation process is scheduled to proceed for a period of up to nine months,
and is ideally being coordinated to align with the completion of the Project’s PFS.
Health, Safety, Environmental and Community
Tawana has effectively structured and implemented an Ebola Management Plan, as a sub-
set of the Company’s Risk and Event Management Plan (“EMP”) and has incorporated the
key aspects of the plan(s) into the site remobilisation plan.
Ebola Virus Disease Update
The Company temporarily suspended all non-essential field activities within Liberia, in
response to the Ebola Virus Disease (‘EVD’), in August last year.
Liberian President, Ms Ellen Johnson Sirleaf lifted the State of Emergency in December
2014. Whilst curfews between the hours of 24:00 and 06:00 hours remain in place, at the
time of writing this report, the management of the EVD has advanced significantly, and
there have now been recent days of no new cases being confirmed within the country.
To this end, the Company announced (refer ASX release 22 January 2015) that subject to a
final assessment of the Ebola virus situation in the Grand Cape Mount County (the area in
which the Mofe Creek Project is located), the Company would re-mobilise personnel back
into the Project area during the forthcoming month. The Company is in discussions with
relevant contractors and consultants on the recommencement dates and is developing
appropriate work programs and health and safety management plans, to effect
The Company has assisted, where practical (both financially and physically) to support the
eradication of the EVD within the community in which the Project is located and the wider
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 Company completed two independent and targeted campaigns of local community
consultation and briefing meetings with stakeholders.
As previously outlined, the additional detailed satellite imagery acquired will likewise
assist with the detailed mapping of land use around the project area; an integral
component of the baseline studies.
The Company received all assay results for 1,114.6m of drilling (including re-drills) of a
7,500m planned programme (refer ASX release 23 October 2014)2. The drilling programme
was designed to increase the current resource from 61.9Mt1 (refer ASX release 31 March
2014) to a targeted 100Mt to 120Mt for the Pre-Feasibility Study. As previously outlined,
drilling was temporarily suspended in August 2014 due to the Ebola virus situation.
Selected significant intersections at a 20% Fe cut-off with a maximum of 2m internal
- GMDD013 72.7m @ 39.6% Fe from surface
- GMDD015 29.3m @ 39.6% Fe from surface
- GMDD012 45.8m @ 34% Fe from 14.3m; and
37.7m @ 32.4% Fe from 80.3m
- ZDD006 20m @ 38.7% Fe from 131.5m
- ZDD009 7.6m @ 45.4% Fe from 23m
Results were extremely pleasing and provided confidence in the mineralisation continuity
across the deposits as well as the potential for additional resource tonnes due to thicker
mineralised widths intersected on the expanded sections.
Drilling results received confirmed the mineralisation continuity between drill sections and
down dip; potentially converting mineralisation on relevant sections from Inferred to
Indicated resources. On certain sections, drilling results have increased mineralised width
when compared to the current resource model. This is significant as it may result in an
increased resource estimate. All intersections reported at Gofolo Main are listed in Table 1
Interva Al2O LOI
Prospect Hole From To 1 Fe SiO2 3 P S Mn 1000
Gofolo GMDD01 0.00 3.20 3.20 36.3 27.7 9.93 0.05 0.04 0.0 9.64
Main 2 9 4 4 4 5
Gofolo GMDD01 14.30 60.10 45.80 34.0 28.8 9.72 0.04 0.07 0.3 9.18
Main 2 0 0 6 0 6
Gofolo GMDD01 80.34 118.0 37.66 32.3 47.6 1.60 0.07 0.04 0.1 BDL
Main 2 0 6 6 3 0 5
Gofolo GMDD01 0.00 72.67 72.67 39.6 27.9 5.41 0.07 0.02 0.1 8.73
Main 3 2 4 7 7 0
Gofolo GMDD01 0 00 4.00 4.00 32.1 28.0 12.65 0.02 0.08 0.3 12.03
Main 4 7 5 0 8 8
Gofolo GMDD01 29.00 40.00 11.00 31.2 34.7 6.13 0.01 0.06 0.9 11.82
4 2 9 5 3 0
Gofolo GMDD01 56.00 59.10 3.10 27.7 49.6 2.50 0.04 0.36 0.7 BDL
Main 4 9 2 2 9 2
Gofolo GMDD01 93.50 137.9 44.40 31.7 46.0 1.07 0.06 0.01 0.2 BDL
Main 4 0 6 2 8 8 4
Gofolo GMDD01 143.9 171.9 28.00 33.2 44.8 0.92 0.04 0.02 0.2 BDL
Main 4 0 0 3 5 5 6 4
Gofolo GMDD01 0.00 29.00 29.30 39.5 32.9 5.67 0.02 0.04 0.0 4.60
Main 5 8 2 0 1 1
Table 1 | Reported drill intersections at Gofolo Main at a 20% Fe cut-off and inclusive a maximum
2m of internal waste (BDL= Below Detection Limit).2
Six additional holes were completed at Gofolo Main (including re-drills) prior to suspension
of activities - refer Figure 10. Drilling intersected friable and fresh iron formations
(itabirite) which conform to the current resource model.
A total of 5 additional holes (including re-drills) were completed at Zaway Main - refer
Figure 11. All intersections at a 20% Fe cut-off and a maximum 2m of internal dilution are
listed in Table 2 below.
Prospec Interva Al2O
t Hole From To 1 Fe SiO2 3 P S Mn LOI 1000
Zaway ZDD00 131.5 151.5 20.00 38.6 42.6 0.87 0.04 0.00 0.0 BDL
6 0 0 5 1 5 7 3
Zaway ZDD00 95.30 104.4 9.10 38.3 42.7 0.84 0.05 0.01 0.0 BDL
7 0 9 9 9 0 4
Zaway ZDD00 113.4 127.8 14.40 37.5 43.5 1.54 0.04 0.01 0.0 BDL
7 0 0 6 5 0 2 2
Zaway ZDD00 130.5 138.5 8.00 38.4 42.8 0.99 0.05 0.01 0.0 BDL
7 0 0 9 8 0 3 3
Zaway ZDD00 96.70 110.3 13.60 32.9 42.5 4.22 0.06 0.12 0.1 BDL
8 0 8 5 7 3 0
Zaway ZDD00 23.00 30.60 7.60 45.4 30.5 1.97 0.01 0.01 0.0 2.43
9 2 1 6 4 5
Zaway ZDD00 41.30 50.60 9.30 31.4 49.8 2.56 0.02 0.00 0.0 BDL
9 9 8 3 4 3
Table 2 | Reported drill intersections at Zaway Main at a 20% Fe cut-off and inclusive a maximum
2m of internal waste (BDL = Below Detection Limit).2
Drilling intersected both friable and fresh iron formation (likely itabirite) interlayered with
metasediments and quartzites. Drilling results have confirmed the current resource model,
and on all sections drilled; extended mineralisation depth, resulting in the potential for a
As at 31 December 2014, Tawana Resources held $2.8 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 has prudently managed
the study and value-accretion activities of the staff and Liberian employees.
Appropriate fiscal management programs and policies continue to be implemented across
the business, both within Australia and Liberia, and the Company has recently completed
its fiscal year-end (that being 31 December 2014).
The Company will conduct the relevant year-end audits and reconciliations and is
targeting an Annual General Meeting date of 26 May 2015.
Divestment of Non-Core Assets
Closure of the Botswana entity is ongoing with international accounting firm PwC
preparing de-registration documents.
BlueRock Diamonds have expressed their ongoing desire to purchase the Company’s total
shareholding and loan account in Diamond Resources (a 100% -owned subsidiary of Tawana
Subsequent to Baosteel Iron and Steel Group’s acquisition of Aquila Resources during the
September quarter, representatives of the newly formed entity completed site visits to
the Company’s Rakana RSA assets. Tawana met with the newly appointed Australian-based
General Manager of Development. Work on the valuation and strategic direction of this
Project is ongoing.
Board and Executive Management Changes
As part of a continuing focus on the advancement of the Mofe Creek project, the following
Board and Executive Management changes were implemented with effect from 01 January
- Mr Wayne Richards commenced the dual role of Chief Executive Officer and Executive
Chairman of Tawana Resources NL.
- Mr Len Kolff stepped into the role of Technical Director, stepping down from the role
of Managing Director. Mr Kolff will remain an Executive Director of the Board of
Tawana Resources NL and any relevant subsidiary companies.
- Mr Matthew Bowles resigned from the Board in order to focus on other business
commitments. Mr Bowles was a valued member of the Board over three years and the
Board would like to take this opportunity to thank and acknowledge his involvement
and commitment during his directorship.
- In conjunction with Mr Bowles’ resignation, current Tawana Chief Financial Officer
and Company Secretary, Mr Michael Naylor accepted the role as Executive Director of
the Board of Tawana Resources NL.
- Mr Naylor has 18 years’ experience in corporate advisory and public company
management. Mr Naylor previously worked as a Finance Director and Company
Secretary of ASX listed Dragon Mining Limited; Chief Executive Officer and Managing
Director of dual ASX/TSX-V listed Coventry Resources Inc. and is concurrently the
Chief Financial Officer of Gryphon Minerals Limited.
Mr Winton Willesee retired as Company Secretary effective 30 November 2014, and was
replaced by Mr Naylor.
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.
Executive Chairman & Chief Executive Officer
Tel +61 8 9489 2600
Detailed information on all aspects of Tawana’s projects can be found on the Company’s
For more information on the 61.9Mt Resource estimate, refer to ASX announcement dated 31 March 2014.
Tawana Resources is not aware of any new information or data that materially effects the information
included in the said announcement.
For full details of exploration results refer to ASX announcement dates 23 October 2014. Tawana
Resources in not aware of any new information or data that materially effects the information included in
the said announcement.
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, which 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 realised.
Competent Persons Statement
The information in this report that relates to Exploration Results and Resources is based on information
compiled by Len Kolff, who is a member 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’. Len Kolff consents to the inclusion of the matters in this report based on his
information in the form and context in which it appears.
The information in this Report relating to the Mofe Creek Resource Estimate and Scoping Study are extracted
from the 31 March 2014 Maiden Resource and 3 July 2014 Scoping Study announcements. The Company is not
aware of any new information or data that materially affects the information included in the original market
announcements. The Company confirms that the form and context in which the Competent Person's findings
are presented have not been materially modified from the original market announcements.
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.
Appendix 1 | Tawana Resources NL Tenements
Tenement Location Structure
100% Tawana Resources through its 100%
owned Liberian subsidiary
100% Tawana Resources through its 100%
owned Liberian subsidiary
Mofe Creek Sth
Mining Tenements disposed: Nil
Beneficial percentage interests held in farm-in or farm-out agreements: Nil
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil
28 January 2015
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 31 December 2014
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A’000 (12 months)
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration & evaluation (326) (3 003)
(b) development - -
(c) production - -
(d) administration (343) (2 019)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 18 70
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other R&D tax refund 88 220
Net Operating Cash Flows (563) (4 732)
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
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows - 70
1.13 Total operating and investing cash flows
(carried forward) (563) (4 662)
1.13 Total operating and investing cash flows
(brought forward) (563) (4 662)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. - 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 5 312
Net increase (decrease) in cash held (563) 650
1.20 Cash at beginning of quarter/year to date 3 296 2 045
1.21 Exchange rate adjustments to item 1.20 70 108
1.22 Cash at end of quarter 2 803 2 803
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
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 335
4.2 Development -
4.3 Production -
4.4 Administration 405
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 1 787 744
1 016 2 552
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
2 803 3 296
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
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 1 475 250 387 1 475 250 387
7.4 Changes during
of capital, buy-
7.6 Changes during
7.7 Options Exercise price Expiry date
Unlisted options 1,250,000 - $0.05 10 November 2015
Unlisted options 26,500,000 - $0.036 30 April 2015
Unlisted options 30,000,000 - $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
7.8 Issued during
7.9 Exercised during
7.10 Expired during 10,000,000 - $0.0001 31 August 2015
quarter 10,000,000 - $0.0001 31 August 2016
750,000 - $0.015 12 December 2016
2,000,000 - $0.036 30 April 2015
7.11 Debentures - -
7.12 Unsecured - -
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: 28 January 2015
Print name: Michael Naylor
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.
Date: 28/01/2015 10:53:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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