Centamin Egypt Limited ('Centamin' or 'the Company')
(TSX:CEE, ASX:CNT, AIM:CEY)
QUARTERLY REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2008
Highlights
Construction and Development
Commissioning and gold production remains on track for Q2 2009
Seawater pipeline high density polyethylene ('HDPE') complete, work now focused on the pumping stations and water source
CIL tank erection progressing well and scheduled for completion in Q4 2008
Structural steel erection underway
Construction of non-process buildings commenced
Operations
Sukari mineral resource was upgraded to 9.01 million ounces of gold Measured and Indicated, plus 3.3 million ounces of gold Inferred, at a 0.5 g/t cut off grade
An increase of 5% or 454,552oz in Measured and Indicated resources above the June resource (8.56Moz)
Amun Deeps (9900N - 10700N)
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Pharaoh Zone (11200N - 12100N)
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Corporate
Professor Robert Bowker was appointed to the Board on 21 July 2008
Mr Mark Di Silvio was appointed Chief Financial Officer on 25 July 2008
Mr Trevor Schultz was appointed as Executive Director of Operations on 15 August 2008
RESOURCE ESTIMATION AND DRILLING PROGRAMME
At the end of the quarter, Measured and Indicated ('M&I') resources were up 5% to 9.01Moz from 8.56Moz (June 2008) and the Inferred resource grew by 4% to 3.3Moz (Table 1, Figure 1). M&I resources now account for 73% of the global resource (all categories).
Resource growth at Sukari occurred within the Amun Zone from 10100N to 10625N, testing the Amun Deeps porphyry block, the west dipping offset 'downthrust' shear structure and deeper porphyry mineralisation, which remains open greater than 1km below Wadi level. Drilling also focused on the definition and conversion of Inferred resources to higher confidence categories (M&I) around underground mining targeted up-dip part of the Hapi Zone. In the Pharaoh Zone significant resource addition occurred from 11250N to 11425N where the Hapi Zone has been defined further along strike, the structure remains open at depth and along strike.
Table 1 - Total Resource (October 2008)
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|
Total |
|
|
|
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|
Measured |
Indicated |
Measured + Indicated |
Inferred |
||||||
Cut-off |
Tonnes |
Grade |
Tonnes |
Grade |
Tonnes |
Grade |
Gold |
Tonnes |
Grade |
Gold |
g/t Au |
Mt |
g/t Au |
Mt |
g/t Au |
Mt |
g/t Au |
Moz |
Mt |
g/t Au |
Moz |
0.50 |
69.73 |
1.48 |
114.15 |
1.55 |
183.88 |
1.52 |
9.01 |
60.7 |
1.7 |
3.3 |
0.70 |
50.51 |
1.82 |
83.29 |
1.91 |
133.80 |
1.87 |
8.06 |
44.1 |
2.1 |
3.0 |
1.00 |
33.05 |
2.34 |
55.40 |
2.44 |
88.44 |
2.40 |
6.84 |
29.8 |
2.7 |
2.6 |
Note to Table: Figures in table may not add correctly due to rounding
Figure 1 - Sukari resource growth graph from April 1997 to October 2008
The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging ('MIK') with block support correction. Typically, Measured resources lie in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broader spaced drilling. The resource model extends from 9700mN to 12200mN and to an approximate depth of 350mRL (approximately a maximum depth of 950 metres below the crest of the Sukari hill) and is based on all assay data available at 02 October 2008. The resource dataset comprises of 144,064 two metre down hole composites and surface rock chip samples; compared to 137,026 composites (additional 7,038 composites) in July 2008.
The drilling programme during the quarter continued in two main areas, south around the Amun Zone, and north in the Pharaoh Zone, from the eastern side of Sukari Hill (Figure 2).
In the south, drilling continued to test:
the underground mining Hapi Zone target area;
the deeper, down-dip Hapi Zone and other mineralisation zones in the Amun Deeps porphyry block;
the west dipping Downthrust zone extending west from the Amun Deeps block; and
deeper mineralisation zones in porphyry blocks detected beneath the Amun Deeps porphyry and Downthrust shear.
This resulted in added and upgraded resource ounces down dip of the previous geological data, infilling resource block and geological data gaps at and beneath the pit margins and increased the understanding of the mineralisation trends. Mineralisation remains open at 1km below Wadi level.
Drilling continued successfully in the Pharaoh zone north of 11200N, targeting the continuation of the high grade up-dip part of the Hapi Zone and parallel structures, as well as higher up, west and east-dipping mineralised structures. Several strong assay intersections were returned and significant resource ounces were added in this area.
Geotechnical drilling is also underway over the underground mining planned decline path to test ground conditions. Drilling shall continue with five contractor and three Pharaoh Gold Mines NL ('PGM') DD rigs in all of the above areas for the foreseeable future.
Figure 2 - Schematic Long section - 10650E; showing main target areas and recent high grade drilling results - Amun Deeps, Downthrust Zone and Pharaoh Zones
http://www.rns-pdf.londonstockexchange.com/rns/0869H_-2008-10-30.pdf
Amun Zone (9900 - 10700N)
Infill Drilling of the Hapi Zone for underground resource modelling and resource conversion intersected several strong zones, confirming the nature and continuity of the high grade mineralisation and quartz vein - shear zone structure, significantly upgrading the resource category and adding ounces. Hole D1387 on 10275N returned 31m @ 8.74g/t Au from 302m (including 2m @ 108.7g/t Au from 308m) in the Hapi Zone high grade quartz vein shear. D1380 fifty metres to the south intersected 17m @ 29.7g/t Au from 332m (including 2m @ 241g/t Au from 333m) in the Hapi Zone shear structure. Holes D1374 and D1379, 300m north intersected thick sequences of high grade Au mineralisation throughout the porphyry (Table 3).
Ten holes have been drilled to date from 10050N to 10600N, testing the Downthrust structure, extending west down dip from the base of the Amun Deeps porphyry block. Mineralisation is controlled by units of porphyry; high silica in nature, with typical Sukari assemblages of sericite-sulphide alteration in quartz veins and brecciated porphyry, intercalated with barren zones of sediments and volcanic units. The broad geology indicates west dipping porphyry blocks along the downthrust shear zone.
The results of the initial Downthrust holes after the 'discovery' intersection in D1366 (reported last quarter), indicate the strong potential for deeper, well mineralised porphyry blocks in this area, with some significant zones of high grade gold mineralisation being returned (Table 3). The southernmost intersections to date on 10125N occurred in D1384, which hit two very strong looking zones at the upper and lower shear zone contacts of the downthrust porphyry zone (10m @ 3.92g/t Au from 512m and 33m @ 1.67g/t Au from 624m; Table 3).
At 10250N, hole D308 intersected 14m @ 4.86g/t Au from 617m in the downthrust porphyry zone (Figure 3); which correlated well with D1366 on 10325N and further north on 10375N with D303 (6m @ 62.15g/t Au from 611m including 2m @ 183g/t Au from 612m; Figure 4). D1271 on 10425N intersected a thick low grade zone down dip along the downthrust shear zone at the base of the Amun Deeps porphyry block (55m @ 1.01g/t Au from 575m).
Figure 3 - 10250N showing the porphyry and mineralization at depth within the proposed back-thrust model in D308
http://www.rns-pdf.londonstockexchange.com/rns/0869H_1-2008-10-30.pdf
Horus Zone
At depths below 450RL; holes D1271, D1301 and RCD1187 intersected an extensive and continuous, possibly east dipping mineralised porphyry system beneath the Amun Deeps porphyry block. This new deep porphyry zone has been called the Horus Zone. Drill hole D1301 drilled to 150RL (1018.30m; Figure 4), D1271 (936.7m) and D1231 (1049.2m) all finished in mineralised porphyry, the holes stopped due to rig depth capacity and ground conditions, over 1km beneath the Wadi surface and directly beneath the main outcropping porphyry mined by the Ancients and target of the developing open pit mining operation.
More drilling has been planned to define the continuity and 3D geometry of this zone. While initial assays returned for the porphyry intersection in D1271 were generally low grade, the block was consistently mineralised. Clearly there is strong potential to continue defining the Sukari mineralisation system at depth and along strike. Assays for D1301 (Figure 4) and RCD1187 are awaited.
Figure 4 - 10375N showing high grade intersection in D303 in the downthrust zone and thick mineralised porphyry block of the Horus Zone in D1301 (results awaited
http://www.rns-pdf.londonstockexchange.com/rns/0869H_2-2008-10-30.pdf
Pharaoh Zone (11200N - 12100N)
Drilling continued during the quarter in the Pharaoh Zone, targeting infill and along strike extension of the up-dip, high grade Hapi Zone mineralisation. Significant resource ounces were added in this area from holes such as D1344, D1355 and D1364 (reported last quarter) and recent holes D1368, D1382 and D1370.
Current re-entry hole RCD571 has intersected a deep, high grade looking zone of porphyry at the footwall contact on 11375N, deeper and down dip of the Hapi Zone, and 50m to the north of a previous high grade zone intersected in RCD756 (58m @ 3.76g/t Au from 791m). Assay results are awaited. Drilling will continue during the coming quarters, targeting these mineralisation zones heading north along the drill tracks available in the Pharaoh Zone.
Drilling in the far north of the hill on 12050N confirmed the presence of high grade Au mineralisation with D1367 intersecting high grade quartz veining, sericitic and sulphide alteration in silicified and feldspar altered porphyry (14m @ 4.51g/t Au from 261m). Drilling continues in this area to test this and other zones at the footwall contact of the porphyry body in the far north.
REGIONAL EXPLORATION
Regional exploration work continued during the quarter, with mapping and sampling largely completed in the north east corner of the licence area. More than 2,500 samples have been collected during the programme to date. Several strongly anomalous assays have been returned (Table 2), in newly discovered prospect areas to the east of Sukari, and are being followed up with more detailed mapping and chip-line sampling to test for width and tenor of alteration and Au mineralisation. Anomalous gold assays generally relate to quartz veins, shearing and zones of stronger alteration, typically silica-ankerite, in a variety of host rocks from felsic volcanic, intermediate to mafic gabbro-diorite intrusive and ultramafic rocks. There is usually evidence of historical workings from diggings and worked spoil piles associated with each prospect area.
Table 2 - Anomalous Geochemistry - Regional Rock Chip Samples (>0.05ppm Au)
SAMPLE |
Rock Type |
Gold (g/t) |
UTM_N |
UTM_E |
308237 |
VQ |
1.300 |
2765611 |
677280 |
308285 |
LST |
13.300 |
2765629 |
675008 |
309747 |
VQ |
6.000 |
2765762 |
675498 |
309792 |
VQ |
0.826 |
2766058 |
677950 |
313579 |
VQ |
1.750 |
2765060 |
677440 |
314543 |
VQ |
0.636 |
2763601 |
676762 |
314575 |
GD |
1.580 |
2763868 |
676571 |
314576 |
GD |
1.720 |
2763882 |
676564 |
316906 |
GD |
0.907 |
2762800 |
676950 |
318868 |
Mx |
0.599 |
2762500 |
675623 |
320179 |
GBD |
3.290 |
2762765 |
676960 |
320182 |
GBD |
4.700 |
2762790 |
676947 |
320185 |
GBD |
0.836 |
2762790 |
676962 |
320186 |
GBD |
3.710 |
2762702 |
676660 |
320187 |
GBD |
1.620 |
2762694 |
676665 |
320188 |
GBD |
2.940 |
2762684 |
676660 |
320189 |
GBD |
2.800 |
2762682 |
676658 |
320190 |
GBD |
0.903 |
2762677 |
676656 |
320191 |
GBD |
1.310 |
2762665 |
676652 |
320193 |
GBD |
2.290 |
2761923 |
678579 |
320194 |
GBD |
0.941 |
2761940 |
678598 |
322037 |
GBD |
1.010 |
2762707 |
676666 |
322038 |
GBD |
2.100 |
2762720 |
676660 |
322044 |
GBD |
0.600 |
2762613 |
676497 |
323179 |
GBD |
7.110 |
2760234 |
677296 |
323182 |
VQ |
3.620 |
2760228 |
677276 |
323183 |
VQ |
4.830 |
2760220 |
677312 |
323184 |
GBD |
3.070 |
2760228 |
677300 |
323187 |
GBD |
0.700 |
2760270 |
677450 |
323864 |
GBD |
5.280 |
2762708 |
676966 |
324867 |
GBD |
1.740 |
2762761 |
676945 |
324890 |
GBD |
0.576 |
2762766 |
676905 |
GBD - Gabbro-Diorite; Mx - Mafic Volcanic; GD - Granodiorite; VQ - Quartz Veining; LST - Silica-Carb Alt Rock
Figure 5 - Regional Surface Sampling
http://www.rns-pdf.londonstockexchange.com/rns/0869H_3-2008-10-30.pdf
A small RC programme of five holes for 750m was completed over the mineralised quartz veins at Sukari North B prospect, assay results are awaited.
Several of the high grade assays above are associated with an east-west striking prominent outcropping milky quartz vein in altered and sheared gabbroic - diorite host rock, about 3km east of Sukari along the pipeline route. The vein is around 400m long, 1-3m thick, and from grab sampling to date, is +0.1g/t Au along its length. There is a central portion of thicker quartz and strongly ankerite altered, sheared iron oxide weathered gabbro host rock where four +3g/t Au assays form a 50m long high grade zone. More detailed work is underway to delineate the full extent of the anomalism, assays are awaited.
Compilation, interpretation and field checking of the mapping, alteration and mineralisation throughout the licence is continuing.
A programme of geotechnical water bore drilling was completed on the coast to ascertain the optimum water source for the project. A 72 hour pump test of an existing production bore was also successfully completed. Initial results are favourable and work on the final water source design is proceeding.
GRADE CONTROL
Grade control ('GC') drilling continued during the quarter with a total of 3,484m completed, giving a total of 17,300m since the start of grade control drilling; 5,463m of it completed with the PGM owned and operated drill rig. Work focused in the north eastern side of Sukari Hill in the Pharaoh Zone, where previous resource drilling has highlighted an area that could provide potential early ore to the Mill during the pre-strip of the Amun Zone. Mineralisation in this area is controlled by shallow northwest and east dipping quartz veins, the intersection of the two structures and the associated alteration.
Results to date are very encouraging and confirm the presence of higher grade material close to the surface as defined by the resource drilling and modelling, and further GC drilling is planned to test the structure along strike to the north.
MINING
Caterpillar, through their Egyptian authorised dealer Mantrac, was selected through a competitive tender as the supplier of haulage trucks, articulated dump trucks, excavators, graders and dozers for the project. The initial mining fleet sufficient to commence mining pre-strip work will largely comprise:-
CAT 785C Rear Dump Trucks (5)
CAT 785C Water Truck (1)
O&K RH120E Excavator (1)
CAT D10T Dozers (2)
CAT 14H Grader (1)
CAT 16M Grader (1)
CAT 365 BLME Excavator (1)
CAT 988G Wheel Dozers (2)
H180D Rock Breaker (1)
Atlas Copco has been selected to supply grade control and blast hole drilling equipment. Initial fleet selection comprises:-
ROC F9 Pioneer Drill (1)
L8 MKII Production Drill (1)
L8 MKII RC Rig (1)
The majority of the initial fleet is on site and has been utilised for plant site and Tailings Storage Facility ('TSF') civil work. Plant site civil works were completed during the first calendar quarter of 2008. Bulk earth works for the TSF were completed during the second calendar quarter. The focus in the current quarter has been the development of hauls roads, access ramps and run of mine (ROM) pads in preparation for the commencement of mining activity. At the end of the quarter, the Western ROM pad ramp was completed and building of the main ROM pad had commenced. The Eastern ramp was also commenced with a view to accessing Stage 2 of the mine development. A total of 548,000 bank cubic metre ('BCM') of material was moved throughout the quarter.
Mining pre-strip activity and blasting is scheduled to commence in the fourth quarter of 2008 with completion of magazines during the previous quarter and good progress being made on the remaining permitting for blasting. Further deliveries of mining fleet are scheduled for the fourth quarter of 2008 with no foreseeable problems in delivery times.
UNDERGROUND MINE PLANNING
Studies continued throughout the quarter in conjunction with AMC Consultants Pty Ltd in Perth with the intention to target an initial underground mining rate of 500,000 tonnes per annum with grade expected to be in the range of 5g/t to 10g/t thus bringing higher grade ore feed into production earlier than otherwise would have been the schedule through surface mining.
Negotiations have commenced with key underground mining contractors and on site meetings and the tender process is scheduled for completion in the December 2008 quarter. It is anticipated that underground development shall commence in the second quarter of 2009 following the procurement and mobilisation of key personnel and equipment.
Progress Pictures: Tailings Storage Facility: Completed Embankment (left) and Gypsum lining for Embankment Face (right)
http://www.rns-pdf.londonstockexchange.com/rns/0869H_7-2008-10-30.pdf
SUKARI GOLD PROJECT CONSTRUCTION
Current activity continues to focus on the civil works, CIL tank erection, tailing storage facility and the seawater pipeline. The number of personnel on site will increase in the coming quarter as civil works and associated structural steel templates are set in place. Numerous construction fronts are now open with work ongoing in the following areas; crusher, Conveyor 01 ('CV01'), reclaim tunnel, mills, CIL tanks, gold room, reverse osmosis ('RO') plant, non process buildings, fuel farm, power station and sea water pipeline. The project remains on track for the second quarter of 2009 commissioning and production.
Progress pictures can be viewed on the Company's website - www.centamin.com.
Site Works
Crusher concrete works ongoing with structural steel scheduled for arrival and installation in Q4 2008
CV01 structural steel erection has begun and scheduled completion in Q4 2008
Reclaim tunnel concrete pours continue with escape tunnel now in place and backfilling to commence
Mill area concrete complete and setting of base plates underway
CIL tank erection progressing well and scheduled for completion in Q4 2008
Gold room foundations underway
RO plant foundations underway
Non process buildings underway with Admin and plant offices scheduled for completion in Q4 2008
Fuel Farm tender out for tank erection
Power plant concreting progressed well during the quarter with all structural steel now on site and ready for erection. Engineering and design ongoing in this area
Sea water pipeline HDPE completed and work now focused on the pumping stations and water source
Progress Picture: Tank Construction
http://www.rns-pdf.londonstockexchange.com/rns/0869H_6-2008-10-30.pdf
Project Engineering and Design
MetPlant Engineering Services Pty Ltd, an Australian-based company have continued with the engineering and design work for the Process Plant. The shortage and turnover of available engineering personnel in Perth has seen engineering and design work fall behind schedule in some areas. The Company has addressed this through sub contracting out some of the smaller packages to other firms to ensure that the schedule can be maintained. As such the piping package was awarded to SENET in South Africa.
Tailings Storage Facility ('TSF')
Knight Piesold Pty Ltd has been appointed to carry out the design and construction supervision of the TSF. Bulk earthworks for the TSF have now been completed with overall completion scheduled for the fourth quarter of 2008 following the completion of lining with gypsum, sand and HDPE.
Progress Pictures: Power station footings and structural steel in the background (left) and Conveyor 01 (right)
http://www.rns-pdf.londonstockexchange.com/rns/0869H_8-2008-10-30.pdf
Progress Picture: SAG Mill pedestals and Motor/Pinion slabs under construction
Progress Picture: Primary Crusher foundations under construction
http://www.rns-pdf.londonstockexchange.com/rns/0869H_4-2008-10-30.pdf
Seawater Supply System
Rockbreaking and road works associated with the 25km seawater pipeline were completed in the previous quarter. Installation and welding of the HDPE pipe is complete with tie-ins to pump stations to be finalised. Backfilling of excavation works is underway. Detailed work on seawater wells and/or direct intake progressed during the quarter.
The Seawater Supply System will draw in and transport raw seawater, via a staged pumped pipeline, to the Sukari site where it will be processed through a desalination plant for end use as process plant water, mine site dust suppression water and, after secondary processing and treatment for construction camp drinking water.
Progress Picture: Seawater Pipeline in place prior to backfilling of earthworks
http://www.rns-pdf.londonstockexchange.com/rns/0869H_5-2008-10-30.pdf
PROJECT FINANCE
On 23 November 2007, the Company announced that it had sold on a private basis an aggregate of 112,000,000 special warrants at a price of C$1.20 per special warrant for aggregate gross proceeds of C$134,400,000, which includes the exercise in full by the Underwriters of the Underwriters' option. The net proceeds of this equity financing are applied to fund the continued development of the Sukari Gold Project, underground development, other exploration and general corporate purposes.
The Sukari Gold Project is 100% fully funded through to gold production currently forecast to be the second quarter of 2009. As a result of the capital raising activities in 2007, the Company is currently debt free, unhedged and able to aggressively pursue further exploration and development activities, including the underground development of the high grade Amun Deeps zone.
CORPORATE
Professor Graeme Robert Tangye Bowker (Bob) was appointed to the Board on 21 July 2008. Professor Bowker recently retired from the position of Australian Ambassador to Egypt, Libya, Sudan, Syria and Tunisia a position he held for three years from 2005. Professor Bowker had a 37 year career with the Australian Foreign Service specialising in Middle Eastern issues and postings.
Following his appointment to the Board on 20 May 2008, Mr Trevor Schultz was appointed as Executive Director of Operations on 15 August 2008. Through his appointment, Mr Schultz assumes executive responsibility for the Company's day to day operations of the Sukari Gold Project.
Mr Mark Di Silvio was appointed Chief Financial Officer on 25 July 2008. A graduate of Curtin University in Western Australia who holds a Master of Business and Administration from the University of Western Australia, Mr Di Silvio has held a variety of finance roles in both the gold mining and oil and gas sectors over the past 17 years.
SUKARI GOLD PROJECT (BACKGROUND)
Centamin is a mineral exploration and development company that has been actively exploring in Egypt since 1995. The principal asset of Centamin is its interest in the Sukari Gold Project, located in the Eastern Desert of Egypt. The Sukari Gold Project is at an advanced stage of development, with construction having commenced in the second quarter of 2007 and first gold production expected during the second quarter of 2009.
A definitive feasibility study ('DFS') for the development to commercial production of the Sukari Gold Project was completed in February 2007.
A summary of the findings of the DFS were:-
the DFS concluded that a 4mpta plant producing on average 200,000 ounces per annum, over 15 years of mining, is economically robust; and
total Capital Construction costs are estimated at US$216m with average cash operating costs of US$290/oz (inclusive of 3% royalty) over the 15 year mining period. As at 30 June 2008, the Company is of the opinion that due to increased commodities prices and currency movements since finalisation of the DFS that the capital estimate is at risk by 15%. Average cash operating costs have also been revalidated as at 30 June 2008 due the higher cost of consumables, and are forecast to be US$365/oz.
The Sukari Gold Project will be the first large-scale modern gold mine to be developed in Egypt. Centamin's operating experience in Egypt gives it a significant first-mover advantage in acquiring and developing other gold projects in the prospective Arabian-Nubian Shield.
The Sukari Gold Project is hosted by a large, sheeted vein-type and brittle-ductile shear zone hosted gold deposit developed in a granitoid intrusive complex. Gold mineralization is hosted exclusively by a granitoid body of granodiorite - tonalite composition referred to as the Sukari Porphyry. The Company has entered into a Concession Agreement with the Egyptian Government that provides for exploration and exploitation rights at the Sukari Gold Project and whereby the Operating Company, owned 50% by the Company's wholly owned subsidiary, Pharaoh Gold Mines NL and 50% by Egyptian Mineral Resource Authority ('EMRA'), has been established. Centamin is entitled to recover all of its exploration, operating and capital costs from operating surpluses of the operating company.
The Sukari Mining Licence covers an area of 160 km2 and is for a period of 30 years, with an option for a further 30 years.
The Sukari Gold Project has been scheduled for open pit mining over an initial 15-year period. During that time 78 Mt ore @ 1.5 g/t Au is expected to be mined, producing 3.7Moz gold. A further 374 Mt of waste material is also expected to be mined resulting in a waste to ore strip ratio of 4.8:1.
Ore and waste will be mined using conventional open pit mining methods. The operation is planned to utilize selective mining techniques to separate ore and waste. Provision has been made for drilling and blasting all primary and oxide materials. Ore will be hauled to the run of mine pad next to the Processing Plant and either direct tipped to the crusher or stockpiled for future reclaim at the 4 Mtpa Process Plant throughput rate.
Mining will be progressed at an increased rate compared to processing; approximately 5 Mt of ore is expected to be mined and 4 Mt of ore will be processed annually. Operating at an increased mining rate allows the cut off grade for feed to the Plant (referred to as 'cutover' grade) to be increased in the early years of the schedule. This in turn increases the metal output and project revenue in these early years, thus increasing the discounted operating surplus cashflow. According to current schedules, the low-grade stockpile produced as a result of applying a cutover grade, will be processed after mining has ceased, extending the current operating life of the project for a further six years. As a result, the average milled grade during the mining period is forecast to be 1.87 g/t Au, compared to 0.66 g/t Au for the low-grade stockpile.
Centamin will own and operate its mining fleet. The production fleet will be based on 380 t class excavators and 150 t class rigid body trucks. At full production, three production fleets, each comprising a single excavator and sharing a maximum of 21 trucks, will be required. The capital cost of the initial mining fleet has been estimated at US$49.3 million.
The proposed process route entails:-
• crushing;
• stockpiling crushed ore;
• grinding;
• flotation of a (bulk sulphide) concentrate containing the precious metals;
• thickening of the concentrate;
• fine milling of the concentrate;
• leaching the precious metals from the concentrate in a dilute cyanide solution;
• adsorbing the precious metals onto activated carbon;
• stripping the precious metals from the carbon;
• recovering the precious metals as gold doré; and
• placing the concentrate tailing in the tailings storage facility.
Tailings from the treatment of weathered oxide ore early in the mining schedule contain too much gold to discard. Hence, the bulk flotation tail is further treated by:-
• thickening;
• leaching the precious metals into a dilute cyanide solution;
• adsorbing the precious metals onto activated carbon;
• stripping the precious metals from the carbon;
• recovering the precious metals as gold doré; and
• placing these tailings in the tailings storage facility.
Process water will be drawn from a bore field located adjacent to the Red Sea. The seawater will be pumped approximately 25 km to the mine site to satisfy all Process Plant and mining requirements. Most of the seawater will be pumped into a raw water pond located near the Processing Plant, whilst around 500m³/day will be pumped to a Water Treatment Plant for potable and fresh water supplies.
Power will be generated on site by a 28 MW power station, operated on heavy fuel oil. A modern camp facility was constructed to cater for approximately 700 occupants. The camp currently houses approximately 550 occupants, with another 150 occupants being housed in the old exploration camp.
On behalf of Centamin Egypt Limited
Josef El-Raghy
Managing Director/CEO
31 October 2008
For more information please contact:
Centamin Egypt Limited + 61 (8) 9316 2640 Josef El-Raghy |
Pelham Public Relations Tel : + 44 (0) 207 743 6376, Mobile : + 44 (0) 7894 462 114 Candice Sgroi |
Ambrian Partners Limited + 44 (0) 207 776 6400 Richard Brown |
Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Mr R Osman who is a full time employee of the Company, and is a member of the Australasian Institute of Mining and Metallurgy with more than five years experience in the fields of activity being reported on, and is a 'Competent Person' for this purpose and is a 'Qualified Person' as defined in 'National Instrument 43-101 of the Canadian Securities Administrators'. His written consent has been received by the Company for this information to be included in this report in the form and context which it appears. The assay samples were analysed by Ultra Trace Pty Ltd, Canning Vale, Western Australia.
The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a 'Qualified Person' as defined in 'National Instrument 43-101 of the Canadian Securities Administrators'. Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Refer to the Technical Report which was filed in March 2007 for further discussion of the extent to which the estimate of mineral resources/reserves may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issue.
Table 3 - Significant Intersections September 2008 Quarter
HOLE |
NORTH |
EAST |
DIP |
AZI |
EOH (m) |
FROM (m) |
TO (m) |
INTERVAL (m) |
Gold (g/t) |
D303 |
10375 |
10590 |
-73 |
270 |
825.6 |
611 |
617 |
6 |
62.15 |
|
|
|
|
|
incl. |
612 |
614 |
2 |
183.00 |
|
|
|
|
|
|
744 |
764 |
24 |
0.71 |
|
|
|
|
|
|
|
|
|
|
D308 |
10275 |
10600 |
-70 |
270 |
836 |
562 |
574 |
12 |
1.38 |
|
|
|
|
|
|
617 |
631 |
14 |
4.86 |
|
|
|
|
|
incl. |
619 |
620 |
1 |
46.60 |
|
|
|
|
|
incl. |
623 |
624 |
1 |
10.10 |
|
|
|
|
|
|
705 |
713 |
8 |
1.75 |
|
|
|
|
|
|
|
|
|
|
D1271 |
10425 |
10700 |
-77 |
270 |
936.7 |
553 |
557 |
4 |
2.95 |
|
|
|
|
|
|
575 |
630 |
55 |
1.01 |
|
|
|
|
|
|
745 |
750 |
5 |
1.04 |
|
|
|
|
|
|
788 |
791 |
3 |
1.72 |
|
|
|
|
|
|
820 |
832 |
12 |
0.94 |
|
|
|
|
|
|
|
|
|
|
D1298 |
10325 |
10700 |
-74 |
270 |
758.1 |
510 |
519 |
9 |
2.99 |
|
|
|
|
|
incl. |
511 |
512 |
1 |
5.92 |
|
|
|
|
|
incl. |
514 |
515 |
1 |
11.70 |
|
|
|
|
|
|
537 |
540 |
3 |
10.59 |
|
|
|
|
|
incl. |
538 |
539 |
1 |
28.50 |
|
|
|
|
|
|
632 |
633 |
1 |
87.90 |
|
|
|
|
|
|
|
|
|
|
D1362 |
10600 |
10835 |
-75 |
270 |
762.2 |
457 |
459 |
2 |
63.35 |
|
|
|
|
|
|
529 |
550 |
21 |
0.90 |
|
|
|
|
|
|
|
|
|
|
D1364 |
11275 |
10745 |
-80 |
270 |
656.3 |
593 |
607 |
14 |
1.66 |
|
|
|
|
|
incl. |
595 |
596 |
1 |
7.01 |
|
|
|
|
|
|
618 |
623 |
5 |
26.17 |
|
|
|
|
|
incl. |
621 |
622 |
1 |
126.00 |
|
|
|
|
|
|
|
|
|
|
D1367 |
12050 |
10795 |
-48 |
270 |
322.08 |
161 |
164 |
3 |
1.75 |
|
|
|
|
|
|
173 |
180 |
7 |
0.91 |
|
|
|
|
|
|
186 |
187 |
1 |
20.50 |
|
|
|
|
|
|
237 |
240 |
5 |
1.49 |
|
|
|
|
|
incl. |
237 |
238 |
1 |
5.93 |
|
|
|
|
|
|
261 |
275 |
14 |
4.51 |
|
|
|
|
|
incl. |
261 |
262 |
1 |
15.30 |
|
|
|
|
|
|
|
|
|
|
D1368 |
11325 |
10644 |
-85 |
270 |
608.5 |
276 |
280 |
4 |
1.03 |
|
|
|
|
|
|
456 |
458 |
2 |
1.97 |
|
|
|
|
|
|
549 |
551 |
2 |
1.52 |
|
|
|
|
|
|
556 |
582 |
26 |
4.57 |
|
|
|
|
|
incl. |
571 |
575 |
4 |
13.44 |
|
|
|
|
|
|
|
|
|
|
D1369 |
11250N |
10575 |
-83 |
270 |
553.8 |
31 |
35 |
4 |
0.98 |
|
|
|
|
|
|
45 |
47 |
2 |
1.23 |
|
|
|
|
|
|
69 |
71 |
2 |
2.39 |
|
|
|
|
|
|
317 |
320 |
3 |
2.11 |
D1370 |
11300 |
10740 |
-77 |
270 |
656.6 |
78 |
84 |
6 |
1.42 |
|
|
|
|
|
|
105 |
125 |
20 |
1.19 |
|
|
|
|
|
|
133 |
135 |
2 |
1.02 |
|
|
|
|
|
|
174 |
183 |
9 |
1.31 |
|
|
|
|
|
|
249 |
255 |
6 |
1.16 |
|
|
|
|
|
|
271 |
278 |
7 |
2.09 |
|
|
|
|
|
incl. |
272 |
273 |
1 |
8.72 |
|
|
|
|
|
|
323 |
326 |
3 |
1.47 |
|
|
|
|
|
|
348 |
353 |
5 |
1.22 |
|
|
|
|
|
|
383 |
392 |
9 |
1.17 |
|
|
|
|
|
|
456 |
460 |
4 |
1.20 |
|
|
|
|
|
|
478 |
482 |
4 |
1.03 |
|
|
|
|
|
|
531 |
572 |
41 |
2.85 |
|
|
|
|
|
incl. |
544 |
548 |
4 |
13.33 |
|
|
|
|
|
|
586 |
594 |
8 |
2.19 |
|
|
|
|
|
|
612 |
627 |
15 |
1.39 |
|
|
|
|
|
incl. |
614 |
615 |
1 |
5.75 |
|
|
|
|
|
incl. |
620 |
621 |
1 |
7.13 |
|
|
|
|
|
|
|
|
|
|
D1371 |
10625 |
10703 |
-70 |
270 |
448.1 |
377 |
411 |
34 |
1.11 |
|
|
|
|
|
incl. |
403 |
404 |
1 |
5.30 |
|
|
|
|
|
|
|
|
|
|
D1372 |
11325 |
10645 |
-58 |
270 |
444 |
277 |
279 |
2 |
2.00 |
|
|
|
|
|
|
|
|
|
|
D1374 |
10575 |
10645 |
-70 |
270 |
417.4 |
200 |
205 |
5 |
1.15 |
|
|
|
|
|
|
230 |
250 |
20 |
3.11 |
|
|
|
|
|
incl. |
246 |
247 |
1 |
11.40 |
|
|
|
|
|
|
259 |
380 |
121 |
2.07 |
|
|
|
|
|
incl. |
268 |
269 |
1 |
17.00 |
|
|
|
|
|
incl. |
271 |
272 |
1 |
5.13 |
|
|
|
|
|
incl. |
282 |
283 |
1 |
5.02 |
|
|
|
|
|
incl. |
299 |
300 |
1 |
22.60 |
|
|
|
|
|
incl. |
335 |
336 |
1 |
38.80 |
|
|
|
|
|
incl. |
356 |
357 |
1 |
5.06 |
|
|
|
|
|
incl. |
372 |
373 |
1 |
5.17 |
|
|
|
|
|
|
|
|
|
|
D1376 |
11350 |
10650 |
-77 |
270 |
559.8 |
528 |
537 |
9 |
1.05 |
|
|
|
|
|
|
|
|
|
|
D1378 |
10325 |
10600 |
-67 |
270 |
349.2 |
172 |
180 |
8 |
5.78 |
|
|
|
|
|
|
198 |
223 |
25 |
2.74 |
|
|
|
|
|
incl. |
198 |
199 |
1 |
21.60 |
|
|
|
|
|
incl. |
210 |
211 |
1 |
12.00 |
|
|
|
|
|
incl. |
220 |
221 |
1 |
6.07 |
|
|
|
|
|
|
256 |
280 |
24 |
1.50 |
|
|
|
|
|
|
|
|
|
|
D1379 |
10550 |
10770 |
-77 |
270 |
644.3 |
98 |
102 |
4 |
1.66 |
|
|
|
|
|
|
129 |
132 |
3 |
1.17 |
|
|
|
|
|
|
142 |
144 |
2 |
1.85 |
|
|
|
|
|
|
232 |
256 |
24 |
1.08 |
|
|
|
|
|
|
343 |
362 |
19 |
1.95 |
|
|
|
|
|
|
370 |
426 |
84 |
1.70 |
|
|
|
|
|
incl. |
396 |
397 |
1 |
6.45 |
|
|
|
|
|
incl. |
409 |
410 |
1 |
10.90 |
|
|
|
|
|
incl. |
413 |
414 |
1 |
7.21 |
|
|
|
|
|
incl. |
424 |
425 |
1 |
8.01 |
|
|
|
|
|
|
632 |
645.3 |
13.3 |
2.23 |
|
|
|
|
|
incl. |
639 |
640 |
1 |
6.48 |
|
|
|
|
|
|
|
|
|
|
D1380 |
10225 |
10690 |
-79 |
270 |
377.8 |
332 |
349 |
17 |
29.70 |
|
|
|
|
|
incl. |
333 |
335 |
2 |
241.00 |
|
|
|
|
|
|
|
|
|
|
D1381 |
10175 |
10612 |
-72 |
270 |
681.9 |
161 |
169 |
8 |
1.39 |
|
|
|
|
|
|
216 |
285 |
69 |
1.32 |
|
|
|
|
|
incl. |
232 |
233 |
1 |
8.17 |
|
|
|
|
|
incl. |
266 |
267 |
1 |
5.67 |
|
|
|
|
|
|
310 |
316 |
6 |
1.16 |
|
|
|
|
|
|
320 |
325 |
5 |
1.45 |
|
|
|
|
|
|
|
|
|
|
D1382 |
11375 |
10650 |
-83 |
270 |
640 |
182 |
189 |
7 |
2.18 |
|
|
|
|
|
incl. |
186 |
187 |
1 |
7.64 |
|
|
|
|
|
|
572 |
591 |
19 |
3.01 |
|
|
|
|
|
incl. |
584 |
585 |
1 |
15.50 |
|
|
|
|
|
|
|
|
|
|
D1383 |
10225 |
10685 |
-78 |
270 |
647 |
507 |
510 |
3 |
2.82 |
|
|
|
|
|
|
|
|
|
|
D1384 |
10125 |
10610 |
-70 |
270 |
878.5 |
174 |
195 |
21 |
1.52 |
|
|
|
|
|
incl. |
180 |
181 |
1 |
8.48 |
|
|
|
|
|
|
201 |
253 |
52 |
1.49 |
|
|
|
|
|
incl. |
207 |
208 |
1 |
5.55 |
|
|
|
|
|
incl. |
227 |
228 |
1 |
5.09 |
|
|
|
|
|
incl. |
233 |
234 |
1 |
7.34 |
|
|
|
|
|
|
262 |
280 |
18 |
1.75 |
|
|
|
|
|
incl. |
267 |
269 |
2 |
7.50 |
|
|
|
|
|
|
299 |
302 |
3 |
1.20 |
|
|
|
|
|
|
306 |
313 |
7 |
1.52 |
|
|
|
|
|
|
324 |
326 |
2 |
1.41 |
|
|
|
|
|
|
512 |
522 |
10 |
3.92 |
|
|
|
|
|
incl. |
520 |
521 |
1 |
17.90 |
|
|
|
|
|
|
607 |
612 |
5 |
1.97 |
|
|
|
|
|
incl. |
611 |
612 |
1 |
5.36 |
|
|
|
|
|
|
624 |
643 |
33 |
1.67 |
|
|
|
|
|
incl. |
626 |
627 |
1 |
5.59 |
|
|
|
|
|
incl. |
648 |
649 |
1 |
8.64 |
|
|
|
|
|
|
|
|
|
|
D1385 |
11425 |
10622 |
-83 |
270 |
720.9 |
114 |
120 |
6 |
1.90 |
|
|
|
|
|
incl. |
118 |
119 |
1 |
8.42 |
|
|
|
|
|
|
287 |
293 |
6 |
1.37 |
|
|
|
|
|
|
610 |
614 |
3 |
1.93 |
|
|
|
|
|
|
|
|
|
|
D1386 |
10250 |
10595 |
-60 |
270 |
360 |
163 |
200 |
37 |
1.04 |
|
|
|
|
|
|
205 |
210 |
5 |
1.08 |
|
|
|
|
|
|
232 |
239 |
7 |
1.25 |
|
|
|
|
|
|
246 |
249 |
3 |
6.03 |
|
|
|
|
|
|
257 |
279 |
22 |
14.26 |
|
|
|
|
|
incl. |
277 |
278 |
1 |
239.00 |
|
|
|
|
|
|
|
|
|
|
D1387 |
10275 |
10643 |
-84 |
270 |
692.8 |
199 |
202 |
3 |
13.30 |
|
|
|
|
|
|
272 |
287 |
15 |
1.07 |
|
|
|
|
|
|
302 |
333 |
31 |
8.74 |
|
|
|
|
|
incl. |
308 |
310 |
2 |
108.70 |
|
|
|
|
|
|
346 |
370 |
24 |
1.14 |
|
|
|
|
|
incl. |
362 |
363 |
1 |
11.10 |
|
|
|
|
|
|
384 |
391 |
7 |
1.11 |
|
|
|
|
|
|
398 |
408 |
10 |
1.05 |
|
|
|
|
|
|
445 |
449 |
4 |
6.15 |
|
|
|
|
|
incl. |
445 |
446 |
1 |
21.60 |
|
|
|
|
|
incl. |
448 |
449 |
1 |
8.21 |
|
|
|
|
|
|
|
|
|
|
D1388 |
10050 |
10550 |
-83 |
270 |
670.7 |
137 |
168 |
31 |
1.45 |
|
|
|
|
|
incl. |
142 |
143 |
1 |
7.33 |
|
|
|
|
|
|
177 |
180 |
3 |
1.18 |
|
|
|
|
|
|
213 |
215 |
2 |
3.37 |
|
|
|
|
|
|
268 |
282 |
15 |
2.30 |
|
|
|
|
|
incl. |
268 |
271 |
3 |
8.00 |
Note: Intervals shown in the table are down hole intercepts, drilled at high angles relative to the internal mineralized structures and the Sukari Porphyry; true widths do not apply or are not used in drilling the stockwork style mineralization at Sukari
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin : Appendix 8. Amended 1/7/98, 30/9/2001.
Name of Entity
Centamin Egypt Limited |
ABN Quarter ended ('current quarter')
86 007 700 352 |
|
30 September 2008 |
Consolidated statement of cash flows
Centamin Egypt Limited
Pharaoh Gold Mines NL (100%)
Viking Resources Ltd (100%)
North African Resources (100%)
Centamin Limited (100%)
Cash flows related to operating activities |
Current Quarter $US'000 |
Year to date (3 months) $US'000 |
||
1.1 Receipts from product sales and related debtors |
- |
- |
||
1.2 Payments for (a) exploration and evaluation |
(2,228) |
(2,228) |
||
(b) development |
(29,755) |
(29,755) |
||
(c) production |
- |
- |
||
(d) administration |
(786) |
(786) |
||
1.3 Dividends received |
- |
- |
||
1.4 Interest and other items of a similar nature received |
1,108 |
1,108 |
||
1.5 Interest and other costs of finance paid |
- |
- |
||
1.6 Income taxes paid |
- |
- |
||
1.7 Other (provide details if material) |
- |
- |
||
Net Operating Cash Flows |
(31,661) |
(31,661) |
||
|
|
|
||
Cash flows related to investing activities |
|
|
||
|
|
|
||
1.8 Payment for purchases of (a) prospects |
- |
- |
||
(b) equity investments |
- |
- |
||
(c) other fixed assets |
- |
- |
||
1.9 Proceeds from sale of (a) prospects |
- |
- |
||
(b) equity investments |
- |
- |
||
(c) other fixed assets |
- |
- |
||
1.10 Loans to other entities |
- |
- |
||
1.11 Loans repaid by other entities |
- |
- |
||
1.12 Other (provide details if material) |
- |
- |
||
Net investing cash flows |
- |
- |
||
1.13 Total operating and investing cash flows (carried forward) |
(31,661) |
(31,661) |
||
1.13 Total operating and investment cash flows (brought forward) |
(31,661) |
(31,661) |
||
|
|
|
||
Cash flows related to financing activities |
|
|
||
|
|
|
||
1.14 Proceeds from issues of shares, options, etc. |
669 |
669 |
||
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 (bank and financing charges) |
(190) |
(190) |
||
Net financing cash flows |
479 |
479 |
||
|
|
|
||
Net increase (decrease) in cash held |
(31,182) |
(31,182) |
||
|
|
|
||
1.20 Cash at beginning of quarter/year to date |
182,329 |
182,329 |
||
1.21 Exchange rate adjustments to item 1.20 |
(3,173) |
(3,173) |
||
1.22 Cash at end of quarter |
147,974 |
147,974 |
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 $US'000 |
|
|
1.23 Aggregate amount of payments to the parties included in item 1.2 |
326 |
|
|
1.24 Aggregate amount of loans to the parties included in item 1.10 |
- |
1.25 Explanation necessary for an understanding of the transactions
- Mr C Cowden, a non-executive director, is also a director and shareholder of Cowden Limited, which provides insurance broking services to the Company. All dealings with Cowden Limited are on normal terms and conditions. Cowden Limited was paid A$8,706 during the three months ended 30 September 2008 (30 September 2007: A$3,400). In addition, amounts of A$61,103 (30 September 2007: A$30,141) were paid to Cowden Limited to be passed on to underwriters for premiums during the three months ended 30 September 2008. |
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 fro an understanding of the position.
|
Amount available $US'000 |
Amount used $US'000 |
|
|
|
3.1 Loan facilities |
- |
- |
|
|
|
3.2 Credit standby arrangements |
- |
- |
Estimated cash outflows for next quarter
|
$US'000 |
|
|
4.1 Exploration and evaluation |
3,200 |
|
|
4.2 Development |
52,000 |
|
|
Total |
55,200 |
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 $US'000 |
Previous quarter $US'000 |
|
|
|
5.1 Cash on hand and at bank |
4,125 |
5,212 |
|
|
|
5.2 Deposits at call |
- |
- |
|
|
|
5.3 Bank overdraft |
- |
- |
|
|
|
5.4 Term deposits |
143,849 |
177,117 |
|
|
|
Total: cash at end of quarter (item 1.22) |
147,974 |
182,329 |
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 Interest in mining tenements relinquished, reduced or lapsed |
|
|
|
|
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) |
Amount paid up per security (see note 3) |
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 |
878,519,163 |
878,519,163 |
|
|
7.4 Changes during quarter (a) increases through issues/ options exercise (b) decreases through returns of capital, buy-backs |
1,100,000 |
1,100,000 |
(see 7.9 below) |
(see 7.9 below) |
7.5 +Convertible debt securities (description) |
|
|
|
|
7.6 Changes during quarter (a) increases through issues (b) decreases through securities matured, converted |
|
|
|
|
7.7 Options (description and conversion factor) |
Employee Option Plan 2002 1,500,000 Employee Option Plan 2006 1,700,000 2,165,000 500,000 250,000 3,500,000 250,000 Other Unquoted Options 1,070,000 Broker Warrants 3,393,678 613,582 5,600,000 |
Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil |
Exercise Price A$0.4355 A$0.7106 A$1.0500 A$1.1636 A$1.4034 A$1.7022 A$1.1999 A$0.3500 C$0.8600 C$0.8600 C$1.2000 |
Expiry Date 08 Dec 08 31 Jan 10 24 May 10 25 Jun 10 15 Oct 10 16 Apr 11 25 Aug 11 31 Oct 10 11 Apr 09 20 Apr 09 23 Nov 09 |
7.8 Issued during quarter |
Employee Option Plan 2006 250,000 |
Nil |
Exercise Price A$1.1999 |
Expiry Date 25 Aug 08 |
7.9 Exercised during quarter |
Employee Option Plan 2002 250,000 Employee Option Plan 2006 250,000 Other Unquoted Options 600,000 |
250,000 250,000 600,000 |
Exercise Price A$0.6566 A$0.7106 A$0.3500 |
Expiry Date 30 Aug 09 31 Jan 10 31 Oct 10 |
7.10 Expired/lapsed during 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:
Print name: Heidi Brown, Company Secretary Date: 31 October 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.
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