TIDMFND
Finders Resources ltd
Quarterly Report for the Period Ended September 30(th) 2010
Highlights
* Wetar demonstration plant operating within forecast and budget.
* Wetar mineralogical studies confirming the leaching of chalcopyrite.
* Completion of updated analysis of capital cost estimates and planning at
Wetar.
* Purchase of long lead time items such as the Whim Creek stacker and
agglomerator.
* Encouraging drilling assays at the Ojolali gold-silver project.
* Successful A$20.9 million fundraising to support Stage 1 expansion of the
Wetar project to 7,000 tonnes cathode per year capacity.
Wetar Copper Project - highlights
* Demonstration plant performance in line with expectations
* 341t of Grade A cathode produced , 361t sold at an average price of
$7,227/t
* Chalcopyrite leaching confirmed
* Stage 1 - brownfields expansion to 7,000 tpa copper
* Estimated $25m capital cost plus contingencies
* Stage 2 - expansion to 23,000 tpa copper
* Detailed engineering continues; option to purchase stacker &
agglomerator exercised
* Permitting progressing, final application documents completed
Ojolali Gold-Silver Project - highlights
* Tambang drill results show high grade gold and silver
* 7m @ 5.62 g/t Au and 70 g/t Ag from 55m depth in TBGR 29
* 13m @ 184 g/t Ag from 23m in TBGR 21 and 20m @ 128 g/t Ag from 52m in
TBGR19
* Jambi gold resource update due November 2010
* Metallurgy program underway to assess milling and heap leach potential
Fundraising - highlights
* A$20.9 million funds raised via share placement of 75 million shares
* Tranche 1 - 28 million shares to raise $7.86 million
* Tranche 2 - 46 million shares to raise $13.09 million approved by
shareholders at EGM
* Shares placed at $0.28 per share, a discount of approximately 10% to the
prevailing share price
* Funds will support development of Wetar and further capital equipment
purchases
Wetar Copper Project
(FND 94% and earning through expenditure)
Demonstration Plant Update
The Demonstration Plant has now produced approximately 2,253 tonnes of LME grade
A copper cathode since 23rd February 2009 and the last nine months have seen
production at an average of 4.5 tonnes per day. Results are in line with the
modelled slower leaching rates beyond the 60% Cu recovery level, as a
consequence of no new ore having been stacked on Heaps 1-3 since early 2009.
=-------------------------------------------------------------------------------
Table 1: Operating Parameters
Leach Performance+ Heap 1 Heap 2 Heap 3 Heap 4
Grade (Cu %) 2.5 3.6 4.9 5.0
Recovered Copper (total) - Tonnes 339 533 716 958
% Copper Recovery to date 61% 64% 76% 52%
Number of weeks under Irrigation 70 85 79 60
Electrowinning* Q1 2010 Q2 2010 Q3 2010 YTD
Copper Produced - Tonnes 453 416 341 1,210
Copper Sold - Tonnes 361 439 361 1,161
=-------------------------------------------------------------------------------
+As of 16 October 2010. *As of 30 Sept 2010. All subject to final mass balances
and weight reconciliations
During the quarter, a number of samples were taken from each of the heaps to
determine the residual copper mineralogy in the heaps. Residual copper species
in the heaps are dominated by covellite. This indicates that precursor
chalcopyrite has successfully been leached during the trial phase providing
encouragement for higher terminal copper recoveries than previously modelled.
Covellite appears to leach at slower rates than the other leachable copper
species and cumulative leached copper from the test heaps has now reduced to
approximately 25t per week commensurate with the recovery curve predictions.
This trend will result in below nameplate cathode production until heaps are
replenished with fresh ore material. To increase surface area and enhance
leaching Heap 4 has now been restacked.
Fig 1: Chalcopyrite leaching confirmed
Photo shows chalcopyrite (ch) being replaced by covellite (cv)
Fig 2: Restacked Heap 4
Project Development
Stage 1 (brownfields expansion of the demonstration plant to 7,000 tpa cathode)
During the Quarter, a revised capital cost estimate for the expansion of the
existing demonstration plant was completed by Neubau Pty Ltd. Compared with
Feasibility Study assumptions, the current Stage 1 scope increases production
capacity by 40% and includes infrastructure previously incorporated in Stage 2.
The capital cost estimate is approximately US$25 million plus contingencies and
accuracy provisions:
=----------------------------------------------------------
Table 2: Capital Cost Estimate (Stage 1) US $ (million)
=----------------------------------------------------------
Mine Development 0.5
Process Plant Equipment and Installation 12.2
Heap Leach Pad Construction and Fittings 4.5
Utilities And Reagents 0.8
Infrastructure 0.7
Indirect including EPCM 3.9
Others including First Fills 1.7
=----------------------------------------------------------
Total before contingencies 24.3
=----------------------------------------------------------
The company is now in the final phase of selecting contractors and suppliers for
the Stage 1 construction following completion of design and various tenders and
site visits.
Long lead items have been identified and a selective ordering of key components
has commenced such that when the Stage 1 project is committed to development
these items do not impair the project delivery schedule. Orders have been placed
for rectifier and harmonic protection systems plus spares with RapidPower of the
USA who also provided the Demonstration Plant unit which has worked well to
date. Expected delivery time to Wetar is 7- 9 months.
Stage 2 (Re-location of the Whim Creek plant and expansion to 23,000 tpa
cathode)
Design work has continued based on installing the ex-Whim Creek plant which is
currently packed in containers in Western Australia. Final documentation
regarding the import of the equipment is targeted before the end of 2010, and
mobilisation is expected to commence, sea conditions permitting, in Q1 2011.
Fig 3: Engineering design CAD view of re-located Whim Creek plant
Finders has exercised an option to purchase the Whim Creek 400tph mobile crushed
ore to leach-pad stacker and agglomerator for A$200,000 from Venturex Pilbara
Pty Ltd, a subsidiary of Venturex Resources Ltd. The equipment was designed and
supplied by Australian Conveyor Engineering Pty Ltd 4 - 5 years ago. The
capacity of these units matches well with throughput requirements for the Wetar
Stage 2 development. These units will be dissembled and prepared for inclusion
with the shipping of the Whim Creek SXEW plant
Refurbishment, including modifying the electrics to Indonesian requirements, is
necessary and discussions are in progress with an Indonesian group to oversee
repairs along with other parts of the Whim Creek plant.
The Company is aiming to provide a revised capital estimate for Stage 2 in
December 2010.
Permitting
Final documentation in support of the Mining Permit application is complete;
issue of the permit has been slower than estimated and possibly will be delayed
further until after local elections which are being held in November.
Initiatives regarding land status are being undertaken on three fronts:
documentation of assets of the former mining area in support of local
government rights; progressing forestry permits to utilise conversion forest
areas; and the lodgement of a new spatial plan for Maluku, which pending
Ministerial approval will reclassify conversion forest in the project area to
open ground.
Background Information on the Wetar Copper Project
The Wetar Copper Project comprises two high grade deposits, Kali Kuning and
Lerokis, which are located within 3km from the coast and suitable for open pit
mining.
The project encompasses the old Lerokis gold mine (operated from 1989 to 1997)
and benefits from having existing infrastructure in place, particularly a wharf,
camp and roads and partially pre-stripped copper ore bodies.
Since February 2009, Finders has operated a 5 tonne per day SX-EW demonstration
plant to test copper sulphide leach kinetics, optimise process design and
provide data required for the Definitive Feasibility Study (DFS). The test heaps
are at heights similar to commercial operations worldwide and the SX-EW
technology being used is industry standard. SX-EW technology is currently
responsible for approximately 22% of the world's copper production.
The Ore Reserves have been independently assessed by Australian Mine Design &
Development Pty Ltd and are in accordance with the JORC Code (Table 1). The
following statement uses a cut-off of 0.5% copper for two pits at Kali Kuning
and Lerokis with an overall waste to ore ratio of 0.98.
=-----------------------------------------------------------------------------
Table 3: Wetar Ore Reserves
=-----------------------------------------------------------------------------
Category Tonnes (m) Grade % Cu Contained Contained Copper
Copper (kt) Attributable to
Finders (94%) (kt)
Kali Kuning Pit Proved 4.91 2.5 123 116
Probable 0.85 2.2 19 18
Sub-Total 5.76 2.5 142 133
=-----------------------------------------------------------------------------
Lerokis Pit Proved 2.05 2.4 49 46
Probable 0.37 2.3 9 8
Sub-Total 2.42 2.4 58 55
=-----------------------------------------------------------------------------
Combined Proved 6.96 2.5 172 162
Probable 1.22 2.2 28 26
Total 8.18 2.5 205 193
=-----------------------------------------------------------------------------
The tonnes and grades are stated to a number of significant digits reflecting
the confidence of the estimate. Since each number and total is rounded
individually the columns and rows in the above table may not show exact sums or
weighted averages of the reported tonnes and grades.
A third deposit, Meron, is located 1.2 km from the proposed heap leach site in
the Kali Kuning Valley. This prospect has a potential size of 0.5-1.5mt @ 1-3%
Cu based on historical drilling results from the previous gold mining operation.
This potential is an exploration target which is conceptual in nature and may
or may not be converted into a Mineral Resource depending on future exploration
and resource modelling work. Meron is not included in the definitive feasibility
study, however engineering plans do recognize the potential for additional leach
ore from Meron and additional leaching space is available.
Copper mineral species at Kali Kuning and Lerokis are dominated by chalcocite
and covellite, which are readily amenable to bacterial assisted leaching, and
chalcopyrite which leaches faster at higher temperatures.
Ojolali Project
(FND 72% with option to increase to 100%)
Tambang Drilling
During the quarter, Finders received final assays from an 18 hole 1717m program
of infill reverse circulation drilling at the Tambang gold-silver vein system.
The drilling program was designed to test for near surface mineralization with
potential to provide additional feed for a startup mining operation based on the
Jambi oxide gold resource. Full results of this program were reported in
Finders ASX release of September 9 2010.
Highlights included:
* The identification of a new high grade gold-rich shoot that is completely
open at depth with an intersection of 7m grading 5.62 g/t Au and 70 g/t Ag
from 55m depth within a broader intercept of 24m grading 1.84 g/t Au and 38
g/t Ag and 0.56% Zn from 49m depth in TBGR 29
* Further high grade shallow silver intersections, including:
* 13m grading 184 g/t Ag and 0.41 g/t Au from 23m in TBGR 21,
* 20m grading 128 g/t Ag and 0.39 g/t Au from 52m depth in TBGR19
* 1m grading 658 g/t Ag and 0.52 g/t Au from 30m depth in TBGR 20
The program tested approximately 600m of the known +2km strike length of the
Tambang vein system. The results have highlighted the continuity of wide zones
of near surface gold-silver mineralization, and importantly demonstrated
previously unrecognized potential for gold rich shoots within the system, as
evidenced by the intersections in TBGR25 and 29, which are completely open at
depth.
Jambi Resource re-estimation
A revised resource estimate for the Jambi deposit is being prepared by Hellman
and Schofield Pty Ltd, incorporating the new drilling results and revised
geological model. This work is expected to be completed in November.
Metallurgical Testing
A program of metallurgical testing is being implemented at Australian Minmet
Metallurgical Laboratories Pty Ltd (AMML) comprising column leach test work from
available drill core from the Jambi deposit, and bottle roll leach testing using
RC chips from the oxidized and part oxidized zones at Tambang. Previous cyanide
leach tests for Jambi oxide mineralization have indicated +90% recoveries for
gold, but no previous leach test-work has been carried out on the silver rich
oxide material from Tambang.
The test work will review the potential to cyanide leach these ore types
considering both milling and heap leach options. The program will take about
three months to complete, and will form the basis for a scoping study into the
development of a start-up gold-silver mining operation, based on the Jambi and
Tambang oxide resources.
Ongoing Surface Exploration
Geological mapping and trench sampling continues targeting additional near
surface oxide resources, supported by structural and stratigraphic mapping to
target deeper targets for future drilling.
Background Information
Finders believes that the Ojolali project has strong potential to be a follow-on
project for Finders based
on the development of the gold resource at the Jambi Oxide deposit and/or the
Tambang Prospect.
=-------------------------------------------------------------------------------
Table 4. Jambi Mineral Resource Estimates
=-----+------------------+----------------+-----------------+---------+---------
Cut | Indicated | Inferred | Total |Contained| Attrib.
off | | | | | FND
| | | | |
Au g/t| Mt Au g/t Ag g/t|Mt Au g/t Ag | Mt Au g/t Ag | Au koz |(72%) Au
| | g/t | g/t | | koz
| | | | |
0.5 |2.98 1.1 8.3 |1.1 0.9 5.7 |4.08 1.05 7.6 | 138 | 99
| | | | |
1.0 |1.13 1.74 8.5 |0.3 1.6 6.7 |1.43 1.71 8.1 | 79 | 57
=-----+------------------+----------------+-----------------+---------+---------
Finders has previously announced Inferred Resources at the Tambang Prospect (7.9
Mt @ 167g/t Ag and 0.7 g/t Au at a 1 g/t Au equivalent cut-off using drilling
data from a previous explorer).
Previous exploration by Finders, using both soil geochemistry and geophysics has
located numerous targets within a 10 x 4km mineral district which have potential
to provide additional resources.
Figure 4: Ojolali district: soil geochemistry and prospect locations
Finders' current exploration strategy at Ojolali is to increase the oxide gold-
silver resource base to +300,000 Oz gold equivalent (Au eq), to provide the
basis for a low cost 30-50,000 Oz Au eq per year open pit mine based on the
Jambi and Tambang oxide deposits.
Corporate
The capital structure at 30 September 2010 is set out in Table 5.
=-------------------------------------------------------------------------------
Table 5. Capital Structure
Type of Security Number on Issue
=-------------------------------------------------------------------------------
Fully Paid Ordinary Shares
("Shares")
Shares on issue at 30 Jun 194,013,562
2010
=-------------------------------------------------------------------------------
Share placement (Tranche 1) 28,076,000
Issued in payment of convertible note 177,913
interest
Shares on Issue at 30 Sep 222,267,475
2010
=-------------------------------------------------------------------------------
Unlisted Options Exercise Price Expiry Date
A$0.30 Apr 16, 2012 500,000
A$0.30 Apr 16, 2014 500,000
A$0.30 May 8, 2014 2,000,000
A$0.37 Jun 23, 2014 250,000
A$0.37 Jun 28, 2014 125,000
A$0.37 Jun 29, 2014 500,000
A$0.37 Aug 29, 2014 250,000
A$0.37 Sep 14, 2014 1,000,000
Unlisted Options on issue 5,125,000
at 30 Sep 2010
=-------------------------------------------------------------------------------
12% Convertible Note Face Value Conversion Maturity Date
Price
US$1,500,000
(A$2,323,972) A$0.36 19 January 2012
=-------------------------------------------------------------------------------
Following
shareholders' approval at an extraordinary general meeting held on 6
October 2010, the Company issued a further 45,138,287 shares at $0.28 per share
(Tranche 2 of share placement) to raise A$12.6 million before issue expenses.
As at 30 September 2010, Finders had A$7.2 million in cash. The mining
exploration entity quarterly report (Appendix 5B) is appended. Subsequent to
30 September 2010, the Company raised A$12.6 million pursuant to Tranche 2 of
the share placement referred to above.
Chris Farmer
Managing Director
Further details for all projects may be found on the Finders website at
www.findersresources.com
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR / Investor Relations:
Stuart Carson FD Third Person (in Sydney) +61 2 8298 6100
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
finnCap - Finders' Broker for the AIM market:
Matthew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Competent Person Statements
The information in this report that relates to exploration potential, mineral
resource and ore reserve estimation is the responsibility of Dr Russell
Fountain. Dr Fountain is a Director of Finders and a Fellow of the Australian
Institute of Geoscientists. Dr Fountain has sufficient experience that is
relevant to the styles of mineralisation and types of deposits under
consideration and to the activity that he is undertaking to qualify as Competent
Person in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) and as a
Qualified Person as defined in the AIM Rules. He consents to the inclusion in
this report of the matters based on his information in the form and context in
which they appear. All assaying of drill core samples was undertaken by the ITS
laboratory in Jakarta. ITS is one of the world's largest product and commodity
testing, inspection and certification organizations. The Jakarta laboratory is
ISO 17025 accredited and employs a Laboratory Information Management System
(LIMS) for sample tracking, quality control and reporting.
Disclaimer
This announcement may or may not contain certain "forward?looking statements".
All statements, other than statements of historical fact, which address
activities, events or developments that Finders believes, expects or anticipates
will or may occur in the future, are forward?looking statements. Forward?looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "targeting", "expect", and
"intend" and statements that an event or result "may", "will", "can", "should",
"could", or "might" occur or be achieved and other similar expressions. These
forward?looking statements, including those with respect to permitting and
development timetables, mineral grades, metallurgical recoveries, potential
production reflect the current internal projections, expectations or beliefs of
Finders based on information currently available to Finders. Statements in this
document that are forward-looking and involve numerous risks and uncertainties
that could cause actual results to differ materially from expected results are
based on the Company's current beliefs and assumptions regarding a large number
of factors affecting its business. Actual results may differ materially from
expected results. There can be no assurance that (i) the Company has correctly
measured or identified all of the factors affecting its business or the extent
of their likely impact, (ii) the publicly available information with respect to
these factors on which the Company's analysis is based is complete or accurate,
(iii) the Company's analysis is correct or (iv) the Company's strategy, which is
based in part on this analysis, will be successful. Finders expressly disclaims
any obligation to update or revise any such forward?looking statements
No Representation, Warranty or Liability
Whilst it is provided in good faith, no representation or warranty is made by
Finders or any of its advisers, agents or employees as to the accuracy,
completeness, currency or reasonableness of the information in this Announcement
or provided in connection with it, including the accuracy or attainability of
any Forward Looking Statements set out in this Announcement.
Finders does not accept any responsibility to inform you of any matter arising
or coming to Finders' notice after the date of this Announcement which may
affect any matter referred to in this Announcement.
Any liability of Finders, its advisers, agents and employees to you or to any
other person or entity arising out of this Announcement including pursuant to
common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any
other applicable law is, to the maximum extent permitted by law, expressly
disclaimed and excluded.
Distribution Restrictions
The distribution of this Announcement may be restricted by law in certain
jurisdictions. Recipients and any other persons who come into possession of this
Announcement must inform themselves about, and observe any such restrictions.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended
1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
+----------------------------+
| FINDERS RESOURCES LIMITED |
+----------------------------+
ABN Quarter ended ("current quarter")
+-----------------+ +-----------------------------------+
| 82 108 547 413 | | 30 September 2010 |
+-----------------+ +-----------------------------------+
Consolidated statement of cash flows
+---------------+------------+
|Current quarter|Year to date|
Cash flows related to operating activities | $A'000 | (9.months) |
| | $A'000 |
+---------------+------------+
| | |
| | |
1.1 Receipts from product sales and related | 2,875| 8,879|
debtors | | |
| | |
1.2 Payments for:(a) exploration & evaluation | (412)| (918)|
(b) development | (648)| (1,871)|
(c) production | (3,482)| (8,532)|
(d) administration | (1,227)| (3,183)|
| | |
1.3 Dividends received | | |
| | |
1.4 Interest and other items of a similar nature | 13| 102|
received | | |
| | |
1.5 Interest and other costs of finance paid | -| (1)|
| | |
1.6 Taxes and value added tax paid | (254)| (404)|
| | |
1.7 Other (provide details if material) | | |
+---------------+------------+
| (3,135)| (5,928)|
Net Operating Cash Flows | | |
=-------------------------------------------------+---------------+------------+
| | |
Cash flows related to investing activities | | |
| | |
1.8 Payment for purchases of: | | |
(a) prospects | | |
(b) equity investments | | |
(c) other fixed assets | (185)| (2,962)|
| | |
1.9 Proceeds from sale of: | | |
(a) prospects | | |
(b) equity investments | -| 822|
(c) other fixed assets | -| 408|
| | |
1.10 Loans to other entities | | |
| | |
1.11 Loans repaid by other entities | | |
| | |
1.12 Other (provide details if material) | (238)| (176)|
+---------------+------------+
| (423)| (1,908)|
Net investing cash flows | | |
+---------------+------------+
1.13 Total operating and investing cash flows | (3,558)| (7,836)|
(carried forward) | | |
=-------------------------------------------------+---------------+------------+
=--------------------------------------------------------------+-------+-------+
1.13 Total operating and investing cash flows (brought |(3,558)|(7,836)|
forward) | | |
=--------------------------------------------------------------+-------+-------+
| | |
Cash flows related to financing activities | | |
| | |
1.14 Proceeds from issues of shares, options, etc. | 7,381| 7,381|
| | |
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 (provide details if material) | | |
+-------+-------+
Net financing cash flows | 7,381| 7,381|
=--------------------------------------------------------------+-------+-------+
| | |
Net increase (decrease) in cash held | 3,823| (455)|
| | |
| | |
1.20 Cash at beginning of quarter/year to date | 3,328| 7,605|
| | |
1.21 Exchange rate adjustments to item 1.20 | -| 1|
+-------+-------+
1.22 Cash at end of quarter | 7,151| 7,151|
=--------------------------------------------------------------+-------+-------+
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 |
| $A'000 |
+---------------------+
| |
1.23 Aggregate amount of payments to the parties | 314|
included in item 1.2 | |
+---------------------+
| |
1.24 Aggregate amount of loans to the parties included | - |
in item 1.10 | |
=--------------------------------------------------------+---------------------+
1.25 Explanation necessary for an understanding of the transactions
+-------------------------------------------------------------------------+
| |
| Payments for salaries, directors fees and consulting 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
+---------------------------------------------------------------------------+
| |
|NA |
| |
| |
+---------------------------------------------------------------------------+
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
+---------------------------------------------------------------------------+
| |
|NA |
| |
| |
+---------------------------------------------------------------------------+
Financing facilities available
Add notes as necessary for an understanding of the position.
+----------------+-----------+
|Amount available|Amount used|
| $A'000 | $A'000 |
+----------------+-----------+
3.1 Convertible note facility (USD 1,500,000)| 2,324| 2,324|
| | |
+----------------+-----------+
3.2 Credit standby arrangements | Nil| Nil|
| | |
=--------------------------------------------+----------------+-----------+
Estimated cash outflows for next quarter
+-----------------------+
| $A'000 |
+-----------------------+
4.1 Exploration and evaluation | 250 |
| |
+-----------------------+
4.2 Development | 1,200 |
| |
+-----------------------+
4.3 Production | 3,200 |
| |
+-----------------------+
4.4 Administration | 1,300 |
| |
=------------------------------------------------+-----------------------+
| |
Total (before receipts from copper sales) | 5,950 |
| |
=------------------------------------------------+-----------------------+
Reconciliation of cash
+---------------+----------------+
Reconciliation of cash at the end of the |Current quarter|Previous quarter|
quarter (as shown in the consolidated | $A'000 | $A'000 |
statement of cash flows) to the related items | | |
in the accounts is as follows. | | |
=---------------------------------------------+---------------+----------------+
5.1 Cash on hand and at bank | 1,500| 828|
+---------------+----------------+
5.2 Deposits at call | 5,651| 2,500|
+---------------+----------------+
5.3 Bank overdraft | | |
+---------------+----------------+
5.4 Other (provide details) | | |
=---------------------------------------------+---------------+----------------+
Total: cash at end of quarter (item 1.22) | 7,151| 3,328|
=---------------------------------------------+---------------+----------------+
Changes in interests in mining tenements
+--------------+-------------+--------------+------------+
| Tenement | Nature of | Interest at |Interest at |
| reference | interest | beginning of | end of |
| | (note (2)) | quarter | quarter |
+--------------+-------------+--------------+------------+
6.1 Interests in | | | | |
mining tenements | | | | |
relinquished, | NA | | | |
reduced or lapsed | | | | |
| | | | |
+--------------+-------------+--------------+------------+
6.2 Interests in | | | | |
mining tenements | | | | |
acquired or | NA | | | |
increased | | | | |
| | | | |
+--------------+-------------+--------------+------------+
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|Amount paid up|
| | |per security| per security|
| | | (see note| (see note 3) |
| | | 3) (cents)| (cents)|
=-----------------------+------------+-------------+------------+--------------+
7.1 Preference | | | | |
+securities | | | | |
(description) | | | | |
+------------+-------------+------------+--------------+
7.2 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
(b) Decreases | | | | |
through returns of | | | | |
capital, buy-backs,| | | | |
redemptions | | | | |
=-----------------------+------------+-------------+------------+--------------+
7.3 +Ordinary | | | | |
securities | 222,267,475| 222,267,475| | |
| | | | |
+------------+-------------+------------+--------------+
7.4 Changes during | | | | |
quarter | | | | |
1. Increases | | | | |
through issues | 177,913| 177,913| 30cents| 30cents|
| | | | |
- Conversion of | 28,076,000| 28,076,000| 28 cents| 28 cents|
interest payable | | | | |
under convertible | | | | |
note | | | | |
- Share | | | | |
placement | | | | |
(b) Decreases | | | | |
through returns of | | | | |
capital, buy-backs | | | | |
=-----------------------+------------+-------------+------------+--------------+
7.5 +Convertible debt | | | | |
securities | 6,455,477| NIL | 36cents| 36cents|
(description) | | | | |
+------------+-------------+------------+--------------+
7.6 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
(b) Decreases | | | | |
through securities | | | | |
matured, converted | | | | |
=-----------------------+------------+-------------+------------+--------------+
7.7 Options | | | | |
(description and | | | Exercise | Expiry date|
conversion factor) | | | price | |
| 500,000| NIL | 30cents | 16.04.2012|
| 500,000| NIL | 30cents | 16.04.2014|
| 2,000,000| NIL | 30cents | 08.05.2014|
| 250,000| NIL | 37cents | 23.06.2014|
| 125,000| NIL | 37cents | 28.06.2014|
| 500,000| NIL | 37cents | 29.06.2014|
| 250,000| NIL | 37cents | 29.08.2014|
| 1,000,000| NIL | 37cents | 14.09.2014|
| | | | |
+------------+-------------+------------+--------------+
7.8 Issued during | | | | |
quarter | | | | |
+------------+-------------+------------+--------------+
7.9 Exercised during | | | | |
quarter | | | | |
+------------+-------------+------------+--------------+
7.10 Expired during | 500,000| NIL | 37cents| 28.06.2014|
quarter | | | | |
=-----------------------+------------+-------------+------------+--------------+
7.11 Debentures | | |
(totals only) | | |
=-----------------------+------------+-------------+
7.12 Unsecured notes | | |
(totals only) | | |
| | |
+------------+-------------+
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 4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here: ............................................................Date:
28 October 2010
Director
Print name: Christopher Ben Farmer
Notes
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 report.
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 1022: Accounting
for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting 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.
== == == == ==
[HUG#1456394]
Fig 4:
http://hugin.info/138746/R/1456394/396328.doc
Fig 2:
http://hugin.info/138746/R/1456394/396326.doc
Fig 3:
http://hugin.info/138746/R/1456394/396327.doc
Fig 1:
http://hugin.info/138746/R/1456394/396324.doc
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Finders Resources Limited via Thomson Reuters ONE
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