Level 40, Exchange Plaza, 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Email: [email protected]Website: www.tasmanresources.com.au ACN 009 253 187 ASX QUARTERLY EXPLORATION REPORT FOR PERIOD ENDED 30 TH JUNE 2008 HIGHLIGHTS SA OIL SHALE • At the Garford Project drilling has highlighted oil shale potential Up to 30m thicknesses of organic rich Tertiary mudstones intersected at shallow depth Analysis of one sample indicates hydrocarbon generation potential. Follow up sampling and analytical work is planned SA GOLD • At Parkinson Dam, gold and silver assays were received for four recent holes testing for extensions to high-grade gold and silver in PD 63 All holes intersected the mineralised structure hit in PD 63 Thick zones of lead/zinc mineralisation were also intersected Drilling of a possible 1.6km westerly extension to this structure is to occur next quarter IOCGU JV • J.V. partner WCP Resources (earning up to a 65% interest for $6.5 M) continues copper- gold-uranium exploration on Tasman tenements close to Olympic Dam Gravity surveys, geophysical modelling and drill targeting complete Drilling at Titan, Vulcan, Zeus and possibly Billy Barnes prospects expected mid-late 2008 QLD – GOLD & BASE METALS • At Mirrica Project in south-west Queensland (target is high-grade gold and base metals) Tasman is about to start its maiden drilling programme This exciting prospect is approaching a key milestone Support funding for drilling approved by Qld Mines Department DIAMONDS JV • JV partner Flinders Mining Ltd has conducted helimag, ground reconnaissance and sampling over Tasman’s SA tenements in its diamond exploration programme At least 30 targets are under investigation in the Central Gawler Craton Drilling is expected to commence next quarter
Transcript
Level 40, Exchange Plaza, 2 The Esplanade, Perth, Western Australia 6000
ASX QUARTERLY EXPLORATION REPORT FOR PERIOD ENDED 30TH JUNE 2008
HIGHLIGHTS SA OIL SHALE
• At the Garford Project drilling has highlighted oil shale potential
Up to 30m thicknesses of organic rich Tertiary mudstones intersected at shallow depth
Analysis of one sample indicates hydrocarbon generation potential.
Follow up sampling and analytical work is planned
SA GOLD
• At Parkinson Dam, gold and silver assays were received for four recent holes testing for extensions to high-grade gold and silver in PD 63
All holes intersected the mineralised structure hit in PD 63
Thick zones of lead/zinc mineralisation were also intersected
Drilling of a possible 1.6km westerly extension to this structure is to occur next quarter
IOCGU JV
• J.V. partner WCP Resources (earning up to a 65% interest for $6.5 M) continues copper-gold-uranium exploration on Tasman tenements close to Olympic Dam
Gravity surveys, geophysical modelling and drill targeting complete
Drilling at Titan, Vulcan, Zeus and possibly Billy Barnes prospects expected mid-late 2008
QLD – GOLD & BASE METALS
• At Mirrica Project in south-west Queensland (target is high-grade gold and base metals) Tasman is about to start its maiden drilling programme
This exciting prospect is approaching a key milestone
Support funding for drilling approved by Qld Mines Department
DIAMONDS JV
• JV partner Flinders Mining Ltd has conducted helimag, ground reconnaissance and sampling over Tasman’s SA tenements in its diamond exploration programme
At least 30 targets are under investigation in the Central Gawler Craton
Drilling is expected to commence next quarter
Page 2 of 15
INVESTMENTS
• Fission Energy (Tasman: 40.1% shareholding, fully diluted as at the 30th June)
At an extraordinary meeting on 1st July approved the purchase of an effective 50% interest in the Mt Thirsty Ni-Co deposit, near Norseman in WA
• Eden Energy (Tasman: 23.7% shareholding, fully diluted as at the 30th June)
Eden continues to make good progress in its Hythane® commercialisation and CSM strategy in the UK
DETAILS GOLD EXPLORATION
Parkinson Dam Epithermal Gold-Silver (Lead-Zinc) Project (Tasman 100%)
Parkinson Dam Project is located 60km west of Port Augusta in South Australia.
In late 2007, Tasman reported results from follow up drilling of the high-grade gold and silver mineralisation intersected in vertical hole PD 63 (21m at 21g/t Au and 83g/t Ag, including 9m down hole at 31g/t Au and 152g/t Ag). Tasman subsequently defined the orientation of the main structure hosting this high-grade mineralisation, and undertook further follow up drilling last quarter (five holes) to test its extent and the distribution of high grades near PD 63.
These five drill holes have confirmed the continuity and orientation of the main structure targeted (now named the P 15 structure), with narrow intersections of epithermal mineralisation equivalent to the high-grade veins in PD 63. Gold and silver assays have been received for four of these five holes, and all four returned narrow zones of gold and silver on the P15 structure, including 1.7g/t Au and 3.2g/t Ag over 1m down hole in PD 71 (see Figure 2).
Thick low-grade base metal (lead-zinc) mineralisation similar to that reported previously was intersected in all the recent holes. Due to laboratory delays, base metal assays are available for one diamond drill hole only at this stage, PD 71, which returned an intersection of 55m down hole at 0.6% Zn and 0.4% Pb, including 8m at 1.3% Zn and 1.1% Pb (Figure 2).
Interpretation and Significance
To date, follow up drilling close to PD 63 has intersected moderately narrow mineralisation. However, interpretation and recent fieldwork has indicated that the targeted structure hosting this mineralisation may possibly extend much further west than the relatively small area so far tested. This possibility is shown in Figure 3, which indicates, in plan and long section, the possible extension to the P 15 structure at least 1.6km to the west. The relatively small area covered by the recent drilling near PD 63 is also evident in Figure 3.
Recent mapping has disclosed a large outcrop of mineralised, epithermal quartz veining (approximately 140m in strike outcrop, and one to three metres in width), trending in the same direction as the interpreted P 15 structure, and located about 1.2km west of the drilling. This mineralised outcrop may form part of the same structure. As shown in Figure 3, apart from the outcrop and the small area near PD 63, the potential structure is completely untested, and its surface projection largely concealed beneath alluvium and scree.
In August, Tasman is planning to drill a number of widely spaced, RC percussion drill holes along this interpreted structure, and beneath the outcropping zone of epithermal quartz veining, designed to verify the interpretation and highlight potential targets for closer spaced follow up drilling. It is possible that
Page 3 of 15
high grade shoots or pods of mineralisation, as hit in PD 63 may occur at a number of other locations along this structure, and as such provide very attractive exploration targets. Note: The intersections in diamond drill holes PD 71, 73 and 74 are from one metre half core (sawn) sampling. Percussion results from PD 79 are from one metre sampling of percussion chips. Gold was determined following an aqua regia digest by solvent extraction and graphite furnace AAS (detection limit 1ppb), and checked by fire assay (10ppb). Silver was determined by ICPMS following an aqua regia digest (detection limit 0.01g/t).
Background
Epithermal deposits are quartz vein and stockwork style mineralisation that can vary considerably in size, grade and metal association. The grades of these epithermal veins are commonly in the range 10-30g/t Au and 200-400g/t Ag. Large examples include Pajingo (North Queensland, Australia; resources and production approximately 3M Oz Au), El Penon (Chile; reserves and resources approximately 2.5M Oz Au), Lihir (PNG; resources approximately 40M Oz Au), Hishikari (Japan; resources and production approximately 8.5M Oz Au) and Chatree (Thailand; resources plus production approximately 4.8M Oz).
Tasman discovered new epithermal-style gold-silver (-lead-zinc) mineralisation at Parkinson Dam in mid-2005 and reported the intersection of high-grade gold-silver mineralisation to the ASX in June 2007. Vertical drill hole PD 63 returned an average intersection of 21m downhole at 21g/t Au and 83g/t Ag from 179m to 200m, including 9m downhole at 31g/t Au and 152g/t Ag from 179m to 188m. Initial follow up of this result occurred in late 2007.
BASE METAL – URANIUM EXPLORATION: LAKE TORRENS PROJECT
Under a joint venture with Tasman, WCP Resources Limited, by spending up to $6.5 million is earning up to a 65% interest in basement-hosted mineralisation in part of Tasman’s 100% owned Lake Torrens Project, which covers a large area immediately north and west of Olympic Dam in South Australia.
In late 2007, WCP reported the completion of its initial drill programme at the Titan and Marathon South prospects located about 30km north west and north east respectively of Olympic Dam. Titan is a large, previously identified iron-oxide copper-gold system. WCP completed six holes at Titan; in TI 9 an intersection of 0.09% Cu over 571.9m was obtained, including 130.3m at 0.1% Cu from 831m.
WCP completed systematic regional gravity surveying over a large area west north and northeast of Olympic Dam covering targets in the Titan-Zeus, Vulcan, Atlas, Todds Dam, Billy Barnes and Parakylia prospects. Detailed geophysical modeling has been completed over most of these prospects, and potential drilling targets highlighted at Titan North, Vulcan, Zeus, and Billy Barnes.
The next campaign of drilling is expected to commence in mid- to late-2008.
GOLD - BASE METAL EXPLORATION: QUEENSLAND
Mirrica Project (Tasman 100%)
The Mirrica project is located on the eastern edge of the Simpson Desert approximately 350km south-southwest of Mt Isa. Tasman’s principal exploration target is Mesoproterozoic gold and/or base metal mineralisation under relatively thin cover rocks of the Eromanga Basin and Simpson Desert sands. The prospectivity of the region for uranium and diamonds is also open to further investigation.
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A 5,000m shallow RAB drilling programme is planned to commence in the next quarter. Support funding up to $65,000 for this drilling has been approved by the Queensland Department of Mines and Energy.
DIAMONDS EXPLORATION: SOUTH AUSTRALIA
Flinders Mining Ltd Joint Venture (formerly Flinders Diamonds Ltd; earning interest) Flinders Mining has a diamonds only joint venture with Tasman over all of Tasman’s tenements in South Australia, except for the Parkinson Dam Project. Under the joint venture, Flinders may earn 70% of the diamond rights by expenditure of $750,000 over a four-year period.
Flinders conducted helimag surveys over a number of target areas within Tasman’s tenements during the quarter, and follow up ground reconnaissance and soil sampling over priority targets.
Flinders also conducted heritage surveys over a number of these targets, and plans to test drill about 30 of these in the next quarter, subject to rig availability.
CENTRAL GAWLER CRATON PROJECT
Central Gawler (Garford Project) – Oil Shale (Tasman 100%)
During the quarter air core drilling on Tasman’s Garford project to test an interpreted Mesozoic-Permian trough for coal, encountered 7m to 30m thicknesses of strongly carbonaceous black organic rich Tertiary mudstones at various points along its 40km length at shallow depths of around 7m to 15m metres.
The Garford project is located 80km southwest of Coober Pedy in South Australia and 35km west of the Central Australia railway line.
Thirty three aircore holes (shown in Figure 4) were drilled at various points along the 40km length of the interpreted arcuate shaped trough as part of a regional drilling program. Twenty two of these holes encountered 7m-30m thicknesses of the black organic rich mudstones. Eight holes drilled along a 5.5km east-west traverse (Figures 4 & 5) in the northern portion all encountered, 20m to 30m thicknesses of these black organic rich mudstones at depths of less than 12m (Figure 6).
All of the drill holes in which black organic rich mudstones were intersected are shown as purple dots on Figure 1 and the holes with no significant intersections are shown as black dots.
One 2m composite sample of carbonaceous material from hole G23 was tested to determine its oil shale potential. After a series of preliminary tests on the sample, a pyrolysis gas chromatography analysis was conducted and indicated extremely good potential for oil generation (refer Table 1).
Whilst Tasman views these results as encouraging, it is however still very early days. Although a number of holes have encountered significant thicknesses of the organic rich mudstones, sampling and assaying for hydrocarbons within the trough area is limited to only one sample from a small portion of one drill hole (G23).
Pyrolysis Gas Chromatography Results from Drillhole G23
A 2m composite sample from 25 to 27m in hole G23 returned 23% total organic carbon and yielded 10.6 mg/g (10.6 kg/tonne) of volatile hydrocarbons and 95.4 mg/g (95.4 kg/tonne) of hydrocarbons released through thermal cracking for a total yield of 106 kg/tonne. A small portion of the volatile hydrocarbons may be due to contamination by drilling fluid. Whilst the present sampling is very limited, nevertheless based upon the assayed sample, the result translates into a potential hydrocarbon yield from where the sample was taken of approximately 118 litres / tonne, or more than 0.7 barrels / tonne.
These values are comparable to those derived from samples from known oil shale deposits: eg, Nunavut in Canada.
Page 5 of 15
Petrological study indicates that the G23 organic material is plant derived rather than algal. Whereas plant derived organic material is often not viewed as a favourable source of oil and is considered more likely to generate gas, there are exceptions to this general proposition.
Follow up Exploration Programme
Immediate further follow up work will involve sampling and analysis of existing holes and further broad spaced drilling to determine the distribution and thickness of the organic rich mudstones. This would be followed by extensive hydrocarbon analysis of each hole to determine if the overall volume and oil generating capacity are potentially economic. Very large volumes of rock are required for viable oil shale deposits.
An international consultant with experience in oil shale deposits has been recommended to review existing data and advise on any future test work.
Growing Importance of Oil Shale and Tar Sands
Due to the high demand and diminishing supplies of easily extractable oil, oil shales and oil sands are likely to become an important contributor to the world’s petroleum product supply.
Central Gawler - Columba Coal Prospect (Tasman 100%)
The potential for a significant deposit of Permian aged coal within Tasman’s tenements was reported earlier based on previous Government drilling and TEMPEST geophysical data.
Although intersected by government drilling immediately to the north of Tasman’s tenement, drilling during the quarter indicates the Permian coal bearing horizon lenses out southwards into Tasman’s ground and hence any coal potential has been considerably downgraded.
Sturt Prospect – Nickel (Tasman 100%)
The Sturt project is located within EL 3341 on the Gawler Craton, approximately 85km northwest of Tarcoola in South Australia. Fieldwork by Tasman in 2006 delineated an area of poorly outcropping weathered ultramafic rocks, which returned assays up to 1,500ppm Ni in surface pisolites and 1,400ppm Ni in RAB drilling, and these rocks are considered prospective for nickel sulphide mineralisation.
Petrographic study of selected bottom of hole drill chips supports the existence of a large differentiated mafic intrusive which is prospective for nickel-copper-PGE mineralisation. The postulated mafic intrusion is associated with an airborne magnetic high, which extends through Tasman’s EL 3341 for at least 8km. A moving loop ground EM survey was carried out over the Sturt nickel prospect in 2007, and several conductive targets were highlighted.
Tasman has received approval from the South Australian Government for support funding (PACE) to test drill these targets. This drilling is scheduled for later in the year.
Central Gawler - Gold (Tasman 100%)
Tasman is considering follow up drilling at its Skye prospect, where previous drilling by Tasman intersected up to 3g/t Au over 6m in a RAB hole from 54 to 60m, including 8.3 g/t Au from 56 to 57m.
Tasman has also planned further calcrete sampling in areas it considers inadequately sampled, particularly along strike from prospects where previous shallow drilling has intersected gold mineralisation. The target is relatively small size, but potentially high grade, “Challenger-style” ore shoots.
Several hundred metres to the south of Tasman’s tenements at Golf Bore prospect, Southern Gold
Page 6 of 15
has reported encouraging results from shallow drilling and has announced plans for further drilling and possible resource calculations. This area is several hundred metres directly along strike from Tasman’s Golf Bore North prospect, where drilling by a previous explorer had intersected anomalous gold values.
Table 1a
ALKENE AND ALKANE COMPONENT ANALYSIS FROM PYROLYSIS-GC
R 1.46 nd = no data A = % of compounds in S2 B = mg/g Rock (Rock-Eval) C = (mg/g Rock)/TOC D = no units R = m+p-xylene/n-octene
All analyses carried out by Geotechnical Services Pty Ltd, Perth WA
Page 8 of 15
TENEMENT STATUS
Tasman Resources NL holds a 100% interest in the following exploration projects (see Figure 1):
• The “Lake Torrens IOCGU-Base Metal Project” comprising Exploration Licences 3123, 3140, 3174, 3175, 3177, 3209, 3261, 3449, 3634 and 3901, and ELA 2008/201.
• The “Parkinson Dam Epithermal Gold-Silver Project” (ELs 3307, 3453 and 3739, and ELA 2008/181).
• The “Mirrica Gold-Base Metal Project” (EPMs 15642 and 15645) in Queensland.
Outside interests in Tasman’s 100%-owned mineral tenements:
In the Lake Torrens Project, Exploration Licences 3140, 3175, 3174, 3177, 3209, 3261, 3449, 3634 and 3901 and ELA 2008/201 are subject to a joint venture agreement with WCP Resources covering basement-hosted mineralisation.
Fission Energy Ltd has the right to explore for uranium in all Tasman’s South Australian tenements except for (a) basement-hosted mineralisation within the WCP Resources Joint Venture area in the Lake Torrens Project, and (b) a small, excluded area (approximately 15km2) at Parkinson Dam.
Flinders Mining Ltd has entered an agreement with Tasman to explore for diamonds within all Tasman’s South Australian tenements except for the Parkinson Dam Project.
CORPORATE
Investment in Eden Energy Ltd
Tasman currently has a 23.7% interest in alternative energy company Eden Energy Ltd (ASX: EDE), on a fully diluted basis as at 30th June 2008.
Eden continues to make significant progress in its marketing of Hythane®, its patented fuel mix of hydrogen and natural gas, which provides increased efficiency and greatly reduced emissions. Eden was awarded a contract to construct the first public hydrogen/Hythane® refuelling station in India, to be built in Delhi in October 2008. Bus and generator demonstration projects for Hythane® are planned for India later in 2008, as a prelude to a major roll out commencing in 2009.
Investment in Fission Energy Ltd
Tasman currently has a 40.1% interest in uranium explorer and potential nickel-cobalt producer Fission Energy Ltd (ASX: FIS), on a fully diluted basis as at 30th June 2008. Uranium Exploration (refer Fission Energy Ltd Quarterly Report for full details) On 1st July Fission announced assay results from its latest drilling programme at the Wynbring uranium prospect on the Gawler Craton in South Australia. Results included up to 5m at 850ppm U3O8 (including 1m at 0.32% U3O8). A number of priority targets are to be drill tested next quarter, and of the 9km of palaeochannel defined to date at Wynbring, less than 2km have been effectively tested.
Page 9 of 15
Mt Thirsty Nickel-Cobalt Project (refer Fission Energy Ltd Quarterly Report for full details) On 18th April 2008, Fission Energy Ltd signed a Sale and Purchase agreement to acquire 100% of the issued capital of Meteore Metals Limited which is the manager of a 50:50 Joint Venture with Barra Resources Limited (ASX:BAR) on the Mt Thirsty Nickel-Cobalt Project. Mt Thirsty is situated approximately 20km north northwest of Norseman in Western Australia. Fission formally acquired a 100% interest in Meteore Metals Limited following approval given at a General Meeting of Fission Energy Ltd held on 1st July 2008. Resource Update
Based on recent extensional drilling Independent mining and geological consulting firm Golder Associates Pty Ltd has estimated an updated JORC compliant Indicated and Inferred Resource of 29,030,000 tonnes grading 0.56% Nickel, 0.12% Cobalt and 0.88% Manganese. The total Indicated and Inferred Resource contains approximately 162,000 tonnes of nickel, 35,000 tonnes of cobalt and 255,000 tonnes of manganese (refer Fission Quarterly Report).
There is very good potential to expand the Resource further south along strike to the tenement boundary, a distance of some 600m.
Greg Solomon Executive Chairman
The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.
The information in this announcement, insofar as it relates to Mineral Exploration activities, is based on information compiled by Robert N. Smith and Michael J. Glasson, who are members of the Australian Institute of Geoscientists, and who have more than five years experience in the field of activity being reported on. Mr Smith and Mr Glasson are full-time employees of the company. Mr Smith and Mr Glasson have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Smith and Mr Glasson consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.
Page 10 of 15
Figure 1: Location of Tasman Tenements and Project Areas in South Australia and Queensland.
Page 11 of 15
Figure 2: Parkinson Dam: North - South Cross Section at 703,800E (looking west) showing significant gold and silver intersections in drill holes PD 63, 70, 71 and 79 associated with the P15 structure (shown in red). Also shown are the thick, low-grade lead and zinc intersections in PD 63, 70, and 71 (shown in dark blue). A plan view of the hole locations in the vicinity is provided as an inset, which also shows the location of the cross section as a green dashed line (Datum is AGD 84; AMG Zone 53).
Page 12 of 15
Figure 3: Parkinson Dam: Longitudinal section over about 2km of the interpreted P 15 mineralised epithermal structure, showing drill intercepts which pierce the structure. All drilling to date has been concentrated in a relatively small area at the eastern end of the structure. The surface outcrop of a zone of epithermal, mineralised quartz veining is shown in red. A plan showing the projection of the interpreted structure at the surface is also given. (Datum is AGD 84; AMG Zone 53).
Page 13 of 15
Figure 4: Garford Project Drill Hole Location Plan (holes with carbonaceous mudstone shown in purple).
Outline of interpreted Mesozoic-Permian trough shown with black dotted line.
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Figure 5: Conductivity Depth Image Cross Section Line 430,000mE (along vertical white line in Figure 4)
Mesozoic-Permian Trough Mesozoic-Permian Trough
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75mRL 75mRL
100mRL100mRL
125mRL 125mRL
150mRL150mRL
424500mE
424500mE
425000mE
425000mE
425500mE
425500mE
426000mE
426000mE
426500mE
426500mE
427000mE
427000mE
427500mE
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428000mE
428000mE
428500mE
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429000mE
429000mE
429500mE
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430000mE
430000mE
430500mE
430500mE
431000mE
431000mE
431500mE
431500mE
432000mE
432000mE
¹ ¹ ¹ ¹ ¹ ¹ ¹¹
G016
63m
G017
75m
G018
60m
G019
63m
G020
57m
G021
57m
G022
51m
G023
51mDownhole Geology Garford
Quaternary
Garford Formation (Miocene)
È Pidinga Formation Sands (Eocene)
Carbonaceous Mudstone (Eocene)
Algebuckina Sandstone? (Jurassic)
Stuart Range Formation (Permian)
Plotted with
MICROMINE
Resources Software
Perth, Australia
Tel +61 8 9423 9000
Fax +61 8 9423 9001
www.micromine.com.au
Gamma Logs(cps) RHS
Geology LHS
XSCALE
1:10000
YSCALE
1:200
DATE
05/06/08
REF No.
1
SHEET
1 of 1
FILE
6735500
1000m0 500
Garford Project EL3532
Cross Section 6735500N
Figure 6: Drill Hole Cross Section A-B (carbonaceous mudstone unit shown in black)
(horizontal grid spacing is 500m, vertical spacing is 25m)
1.1 Receipts from product sales and related debtors
27 167
1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration
(403)
(148)
(1,405)
(1,036) 1.3 Dividends received 0 0 1.4 Interest and other items of a similar nature received 17 86 1.5 Interest and other costs of finance paid 0 0 1.6 Income taxes paid – GST Paid
Income Taxes – GST Refunds Received (37) 12
(144) 137
1.7 Other (provide details if material)- Pace Grants
1.10 Loans to other entities (1) (3) 1.11 Loans repaid by other entities 0 2 1.12 Other (provide details if material)
Net investing cash flows
(137)
(845)
1.13 Total operating and investing cash flows (carried forward)
(669)
(2,965)
1.13 Total operating and investing cash flows (brought forward)
(669)
(2,965)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 0 2,000 1.15 Proceeds from sale of forfeited shares 0 0 1.16 Proceeds from borrowings 0 0 1.17 Repayment of borrowings 0 0 1.18 Dividends paid 0 0 1.19 Other (provide details if material)
Share Issue Costs
0
(17)
Net financing cash flows
0
1,983
Net increase (decrease) in cash held
(669)
(982)
1.20 Cash at beginning of quarter/year to date 1,394 1,707 1.21 Exchange rate adjustments to item 1.20 0 0
1.22 Cash at end of quarter
725
725
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 included in item 1.2
85
1.24
Aggregate amount of loans to the parties included in item 1.10
0
1.25
Explanation necessary for an understanding of the transactions
Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors. Directors Fees and Superannuation paid during the period.
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 During the quarter WCP Resources Limited has expended $79000 on the Lake Torrens
IOCGU Project in South Australia as part of the expenditure commitment to earn 65% of the project from Tasman Resources NL. During the quarter Flinders Diamonds Limited has expended $380,500 on the Central Gawler Craton Diamonds Joint Venture in South Australia as part of the expenditure commitment to earn 70% of the project from Tasman Resources NL.
Financing facilities available Add notes as necessary for an understanding of the position.
Amount available
$A’000 Amount used $A’000
3.1 Loan facilities
Nil Nil
3.2 Credit standby arrangements
Nil Nil
Estimated cash outflows for next quarter
$A’000 4.1 Exploration and evaluation 300 4.2 Development
Total
300
Subsequent to end of quarter additional capital has been raised to fund part of this expenditure.
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Current quarter $A’000
Previous quarter $A’000
5.1 Cash on hand and at bank 675 1,344
5.2 Deposits at call 50 50
5.3 Bank overdraft 0 0
5.4 Other (provide details) 0 0
Total: cash at end of quarter (item 1.22) 725 1,394
Changes in interests in mining tenements
Tenement reference
Nature of interest (note (2))
Interest at beginning of quarter
Interest at end of quarter
6.1 Interests in mining tenements relinquished, reduced or lapsed
EL3254
EL3607
EL3677
100% 100% 100%
0% 0% 0%
6.2 Interests in mining tenements acquired or 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 per security (see note 3) (cents)
Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description)
NOT APPLICABLE
7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3 +Ordinary
securities
132,656,953
132,656,953
7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
7.5 +Convertible debt
securities (description)
NOT APPLICABLE
7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options
2,800,000
22,772,274
NIL
22,772,274
Exercise price 20 cents 20 cents
Expiry date 30 August 2009 31 Dec 2009
7.8 Issued during quarter
7.9 Exercised during quarter
1
1
7.10 Expired during quarter
7.11 Debentures (totals only)
NOT APPLICABLE
7.12 Unsecured notes (totals only)
NOT APPLICABLE
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. AARON PHILIP GATES CHIEF FINANCIAL OFFICER Date: 31 July 2008
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.
