TIDMBGL
30 April 2012
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 MARCH 2012
HIGHLIGHTS
Corporate
- Australian-registered Bullabulling Gold Limited is the successor company
following the merger between Auzex Resources Limited ( Auzex) and GGG
Resources plc (GGG). Both GGG and Auzex are now wholly owned subsidiaries of
Bullabulling Gold Limited. The Company now has a 100% interest in the
Bullabulling gold project located 65 kilometres south-west of Kalgoorlie in
Western Australia.
- Shareholders of GGG approved the acquisition of GGG by Bullabulling Gold
Limited on 9 January 2012.
- On 23 January 2012, 4,400,000 warrants in GGG were converted to shares at
12.6 pence each. These warrants were held by two institutional shareholders as
part of the July 2010 financing of GGG The total number of Ordinary Shares on
issue in GGG following this exercise was 170,680,298. The whole share capital
of GGG was subsequently exchanged on a one-to-one basis with the shares of
Bullabulling Gold Limited.
- In March the Company announced the appointment of Brett Lambert as the new
Managing Director of Company effective from 1 May 2012. Brett has held the
position of Chief Executive Officer of three mining companies over a thirteen
year period, and has been a director of companies listed on the Australian
Securities Exchange, Toronto Stock Exchange and the Stock Exchange of
Thailand. He is an Australian mining engineer and senior executive with over
30 years' experience in project development and the operation of resources
companies, including several mines based in the Coolgardie region of Western
Australia where the Bullabulling project is located.
- The final approval of the acquisition of GGG Resources plc by Bullabulling
Gold Limited was granted by UK Court on 15 March 2012 and the shares of
Bulabulling Gold (in the form of CDI's) were admitted for trading on AIM
(BGL:AIM) on 16 March 2012 and on 23 March 2012 the shares of Bullabulling
Gold were admitted for trading on ASX (BAB:ASX).
- On 15 March 2012 the ratio for the acquisition of Auzex Resources Ltd by
Bullabulling Gold Ltd was announced at 0.909 shares in Bullabulling Gold for
every one share in Auzex Resources.
- On 22 March 2012 the merger between GGG Resources plc and Auzex Resources
Ltd was approved by Auzex shareholders and on 27 March 2012 the final approval
by Australian Court was granted.
- The merger between Bullabulling Gold Limited and Auzex by Scheme of
Arrangement became effective on 28th March 2012. In accordance to the Merger
Implementation Agreement, Peter Ruxton, Michael Short, Paul McGroary and
Ciceron Angeles resigned as directors of the Company. Jeff Malaihollo, David
McArthur and Nigel Clark continued as Directors of Bullabulling Gold Ltd.
Chris Baker and John Lawton ( Directors of Auzex) were appointed to the board
as Non-Executive directors. Chris Baker and Nigel Clark acted as Co-Chairmen
of the Company until such time that a new Chairman was appointed, at which
time Nigel Clark would resign from the Board and Chris Baker will continue as
a Non-Executive Director.
- On 30 March 2012, the Audited accounts of Bullabulling Gold Limited and GGG
Resources plc for the period ending 31 December 2011 were published.
Post quarter end
- Bullabulling Gold Limited Shares were issued to Auzex shareholders
completing the final step in the merger between Bullabulling Gold and Auzex,
and taking the number of Bullabulling Gold Limited Shares on issue to
289,002,949.
- On 12 April the Company appointed Peter Mansell as its Chairman, and Nigel
Clark resigned as a Director.. The Board of Bullabulling Gold Limited now
comprises Brett Lambert (Managing Director), Peter Mansell (Chairman), Chris
Baker, John Lawton and Jeff Malaihollo as the Non-Executive Directors, and
David McArthur as an executive director.
Exploration
- On 11 January 2012 Auzex and GGG reported the completion of a Phase II
infill drilling programme totalling 425 holes for 74,452 metres with
approximately 99% of the drill holes intersecting gold mineralisation. This
brings total development programme drilling to 110,544m in 672 holes since the
acquisition of Bullabulling in May 2010.
- In January 2012, Auzex , GGG and Bullabulling Gold announced they had
entered into an option agreement to acquire a 100% interest in the Geko Gold
Project, located approximately 17km north of the Bullabulling Gold Project.
- Drill results from the Phase II drilling programme over the Bullabulling
Trend were announced on 29 February 2012, which included new higher grade
intersections such as: 8m at 5.7 g/t Au, 1m at 73.1 g/t Au, 17m at 3.4 g/t Au,
8m at 3.3 g/t Au, 1m at 27.7 g/t Au, 9m at 3.5 g/t Au and 1m at 19.3 g/t Au.
- On 29 February 2012 an updated JORC estimate, based on Phase II
infill drilling, was announced. The new JORC global estimate is 3.2 million
ounces of gold (102.8 Mt at 0.96g/t Au) of which 2.1 million ounces is in the
Indicated category.
- Initial exploration drilling at Gibraltar totalling 2,805m in 14 holes has
been completed. On 6 March 2012, the first assay results were announced,
including new higher grade intersections of 13m at 2.87g/t Au, 7m at 3.12g/t
Au, and 5m at 11.98g/t Au. The Gibraltar zone is not included in the 3.2
million ounces resource announced on 29 February 2012.
- During the quarter, data has been received from the recently
completed 2 D seismic survey that enhances the prospectivity of high grade
mineralisation at depth along the Bullabulling Trend. Recent detailed airborne
magnetic and gravity surveys will be combined with the seismic data to provide
a 3D geological model of the Bullabulling gold deposit.
Maps and graphics ("Figures") referred to in this announcement are
available on the version of the release available on the Company's website
www.bullabullinggold.com.
EXPLORATION
The Bullabulling Gold project is located near Coolgardie and
approximately 65km south-west of Kalgoorlie, Western Australia. A small
portion of the deposit has been previously mined producing 371,000 oz of gold
in the 1990's.
Exploration by the Company at Bullabulling has subsequently defined
a large tonnage, low-grade deposit associated with the regional Bullabulling
shear zone, which extends over tens of kilometres. The mineralised structure
is up to 800m wide, consisting of multiple west dipping, stacked zones with
narrow high grade mineralisation.
The current programme focuses on the 6km portion of the shear zone known as
the Bullabulling Trend where previous operations were concentrated. The near
term focus for the Company is to establish a mining inventory that would
support a large scale mining operation with an initial 10 year mine life to
commence production in 2015.
GEKO
Exploration drilling at Geko undertaken during the 1990's by
Newcrest and others successfully intersected gold mineralisation that can be
correlated with the same sequence of lithologies which host the Bullabulling
gold deposit. The Joint Venture considers the transaction to offer significant
exploration potential for gold mineralisation that may be complimentary to a
future mining operation currently under pre-feasibility at Bullabulling.
Recently acquired airborne magnetic data and proprietary structural
interpretation of the regional geology has provided the impetus for this
development.
The key terms of the Sale and Purchase agreement are summarised as
follows:
- 100% acquisition of Mining Lease M15/621
- Option Fee: $200,000 (paid)
- Option Period: six months from the date of the agreement
- Purchase price: $3.0 million composed of:
- $0.5 million cash
- At the election of Bullabulling Gold - paying the remainder in
cash or Bullabulling Gold scrip based on a 5 day VWAP immediately prior to the
purchase
- Production royalty of $10 per ounce for all gold sold from the tenement
There is a considerable database available from previous explorers,
who defined a body of gold mineralisation at Geko that is not JORC compliant.
During the option period the Company is compiling the historic data ahead of a
drilling program that will be designed to upgrade current mineralisation to
JORC compliance and evaluate potential for expansion. Based on existing data,
the Company considers that there may be potential to define significant gold
resources which can be mined and hauled to Bullabulling for processing.
DRILLING RESULTS
- During the quarter the following drilling results were announced:
- 12m at 1.97g/t Au from 58m in BJ0045,
- 8m at 5.73g/t Au from 44m in BJ0103,
- 34m at 0.66g/t Au from 138m in BJ0143,
- 14m at 1.94g/t Au from 44m in BJ0261,
- 4m at 5.34g/t Au from 125m in BJ0261,
- 8m at 3.35g/t Au from 5m in BJ0347,
- 14m at 2.41g/t Au from 21m in BJ0381,
- 26m at 0.83g/t Au from 62m in BJ0381,
- 19m at 1.31g/t Au from 123m in BJ0384,
- 16m at 1.44g/t Au from 96m in BJ0394,
- 3m at 7.50g/t Au from 42m in BJ0526,
- 1m at 27.70g/t Au from 180m in BJ0571,
- 16m at 1.27g/t Au from 43m in BJ0644,
- 28m at 1.03g/t Au from 113m in BJ0662,
- 47m at 0.74g/t Au from 76m in BJ0686,
- 13m at 1.87g/t Au from 39m in BJ0694,
- 13m at 2.22g/t Au from 190m in BJ0697,
- 29m at 0.87g/t Au from 179m in BJ0698,
- 25m at 0.98g/t Au from 28m in BJ0718,
- 29m at 0.95g/t Au from 60m in BJ0719,
- 19m at 1.46g/t Au from 128m in BJ0721,
- 41m at 0.90g/t Au from 26m in BJ0732,
- 26m at 0.81g/t Au from 149m in BJ0736,
- 9m at 2.15g/t Au from 29m in BJ0769,
- 34m at 1.12g/t Au from 94m in BJ0772,
- 1m at 19.30g/t Au from 100m in BJ0774,
- 31m at 0.75g/t Au from 36m in BJ0791,
- 17m at 3.37g/t Au from 182m in BJ1297,
- 16m at 1.75g/t Au from 63m in BJ1297,
- 32m at 0.66g/t Au from 144m in BJ1844,
- 9m at 3.52g/t Au from 113m in BJ1945,
- 1m at 73.10g/t Au from 18m in BJ1979,
- 14m at 1.54g/t Au from 35m in BJ1996,
- 18m at 1.60g/t Au from 146m in BJ2070,
- 17m at 1.15g/t Au from 42m in BJ2106,
- 17m at 1.27g/t Au from 144m in BJ2113,
- 25m at 1.06g/t Au from 153m in BJ2340,
- 12m at 2.12g/t Au from 179m in BJ2341,
- 8m at 2.44g/t Au from 37m in BJ2349,
- 19m at 1.16g/t Au from 72m in BJ2361 and
- 17m at 2.24g/t Au from 189m in BJ2414.
As in the previously announced holes, there are generally several
intersections per drill hole relating to the multiple stacked lodes defined by
the structural mapping. High grade mineralisation continues to be intersected
within the broad low grade halo, with such intersections providing additional
encouragement for targeting high grade ore shoots within the Bullabulling
Trend beneath the currently mineralised stratigraphy.
RESOURCE ESTIMATION
The mineral resource estimate for the Bullabulling Gold Project
been upgraded to include results from the Phase Two infill drilling programme
(totalling approximately 75,000m) which was completed in December 2011. The
resource estimate for the Bullabulling Trend (Table 1) is now 102.8 Mt at 0.96
g/t Au (3.2 million ounces contained gold) using a 0.5 g/t Au cut-off grade
(Indicated and Inferred). The proportion of Indicated resource has increased
approximately threefold to 72.1 Mt at 0.92 g/t Au (2.1 million ounces
contained gold) using a 0.5 g/t cut-off compared to the previous resource
estimate (711,700 ounces see announcement dated 15 August 2011). The total
global resource from the Bullabulling Trend (excluding Gibraltar and Laterite
Dumps) has also increased by 800,000 ounces from the August, 2011 estimate.
The resource remains open at depth and to the south.
The mineral resource was estimated over a similar area to the Phase
One resource estimate announced on 15 August, 2011, and to a maximum depth of
100mRL, approximately 350m below surface. However the average depth of the
resource is only 346mRL, approximately 100m below surface. The resource is
fully contained on tenements in which the Company has a 100% interest (Figure
1). This estimate does not include the Gibraltar resource or the historic
laterite dumps and stockpiles. It also excludes mineralisation defined only by
RAB drilling or RC/diamond drilling where hole spacing is considered too broad
for resource estimation.
The August 2011 Mineral Resource estimate for the Bullabulling Gold
Project was 78.84 Mt at 1.03 g/t Au (2.60 million ounces contained gold) using
a 0.5 g/t cut-off (Indicated and Inferred). This estimation included resources
at Gibraltar and the Laterite Dumps.
The new resource, is a significant increase in contained gold,
given the new drilling only in-filled areas of known mineralisation along the
Bullabulling Trend. The Bullabulling mineral resources as of February, 2012
are listed in Table 1 and the August, 2011 resources are provided in Table 2
for comparison. Full details of the resource estimate were released to the ASX
and AIM on 29 February 2012.
Table 1 Bullabulling Trend Mineral Resource (February, 2012) at a 0.5 g/t cutoff (JORC, 2004)
Mineralisation Type Cut off Class Tonnes (Mt) Gold grade g/t Contained
(g/t Au) Ounces
Bullabulling Laterite 0.5 Inferred 1.7 0.90 45,800
Bullabulling Fresh 0.5 Indicated 72.1 0.92 2,132,000
0.5 Inferred 29.0 1.08 1,026,000
*Bullabulling Trend Total 102.8 0.96 3,204,000
*Note: The Bullabulling Trend resource is quoted for blocks with a grade of
greater than 0.5 g/t and the impact of barren pegmatite dykes has been
modelled geologically, with 35Mt of pegmatite dykes excluded from the resource
estimate.
Table 2 Bullabulling Trend Mineral Resource (August, 2011) at a 0.5 g/t cutoff (JORC, 2004)
Mineralisation Type Cut off Class Tonnes (Mt) Gold grade g/t Contained
(g/t Au) Ounces
Bullabulling Laterite 0.5 Inferred 1.6 0.89 45,700
Bullabulling Fresh 0.5 Indicated 21.0 1.01 691,000
0.5 Inferred 50.9 1.03 1,683,900
*Bullabulling Trend Total 73.8 1.02 2,420,600
*Note: The Bullabulling Trend resource is quoted for blocks with a grade of
greater than 0.5 g/t and the tonnage figures for the fresh mineralisation have
been discounted by 7% to allow for the impact of barren pegmatite dykes.
Resource Reconciliation with Previous Estimates and Historic Mining
The February 2012 resource estimate used assays from all the
drilling carried out by the Joint Venture (both RC and diamond; Figure 2),
historic reverse circulation (RC) and diamond drill hole data, but excluded
RAB drilling data, over a 9 km2 area covering the Bullabulling Trend (Figure
1). Barren pegmatite dykes were also excluded from the resource estimate with
a total of 35 million tonnes of pegmatite material classified as waste, which
accounts for about 4% of the total volume of the resource estimate.
The February 2012 estimate was compiled using a combination of
Ordinary Kriging (OK) and Multiple Indicator Kriging (MIK) used to interpolate
the resource estimate, after the data was unfolded, using Datamine and GSLIB
software (post processing the MIK results). The ranges used to design the
primary search ellipse dimensions used in the modelling were 75m along strike,
35m down dip and 10m across strike. The variography reconciles well with the
orientations of mineralised shoots derived from the structural studies. The
main differences between the August 2011 resource estimate and this estimate
are:
- The interpolation techniques have been constrained by interpreted
0.1 g/t Au mineralised wireframes to minimise smearing of low grade blocks
into areas of known waste and reduction of higher grade blocks by low values
in waste blocks.
- The barren pegmatite dykes which cut the mineralisation were
interpreted and modelled to deplete the mineralisation. This was not done for
the August 2011 estimate, instead the tonnage was reduced by 7% based on the
percentage of pegmatite dyke intercepted in the recent drilling.
The resource estimate was reviewed statistically and checked on
plan and section. The statistical analysis and visual inspection confirms the
block grades in the model reconcile well with grades in the drilling. A grade
tonnage table was also created to check the distribution of gold at a variety
of cut off grades.(Table 3).
Table 3 Grade tonnage table for both Indicated and Inferred resources from the
Bullabulling Trend (February 2012 resource estimate)
Cut off Category Tonnes (MT) Au g/t Ounces Au
0.7 Ind+Inf 57 1.25 2,310,000
0.6 Ind+Inf 75 1.11 2,686,000
0.5 Ind+Inf 102 0.96 3,169,000
0.4 Ind+Inf 143 0.82 3,745,000
0.3 Ind+Inf 203 0.68 4,416,000
A final check was made by the Joint Venture comparing the estimate
against historic production from the Bacchus pit (Figure 2). This was also
done to review the effect of using mineralising constraints on block grades in
an area not affected by later infill drilling. The subsets of the August 2011
estimate, February 2012 estimate and historic mine production are summarised
in Table 4. The reconciliation against the ore mined for the February 2012
model is excellent with 3.48 Mt at 1.58 g/t Au predicted by the estimate
compared to 3.04 Mt at 1.59 g/t Au reported as mined. The difference in tonnes
is largely due to the different block sizes used for mining compared to the
resource estimate and the grades of both compare well. The grade differences
between the August 2011 and February 2012 estimates confirms that the
constraining wireframes have increased the grade by 0.2 g/t Au at a 0.7 g/t Au
cut off or by 0.12 g/t Au at a 0.5 g/t Au cut off in the Bacchus pit area. The
overall effect on the global estimate will have increased the grades of blocks
within the wireframes and decreased the tonnes of low grade material in areas
of known waste.
Table 4 Subsets from the February 2012 and August 2011 resource estimates
compared to the historic mine production from the Bacchus pit
Cut off Subset Tonnes (MT) Au g/t Ounces Au
0.7 Historic Mined 3.04 1.59 156,000
0.7 February 2012 Estimate 3.48 1.58 177,000
0.5 February 2012 Estimate 5.31 1.24 212,000
0.7 August 2011 Estimate 3.68 1.39 165,000
0.5 August 2011 Estimate 5.53 1.12 200,000
In summary the increase from 2.4 million ounces to 3.2 million
ounces is the result of a combination of new zones of mineralisation
intersected, particularly north of the Phoenix Pit, and an increase in block
grades by using constrained mineralised wireframes, which has increased the
block grades at all cut-offs. The new resource estimate supports the Scoping
Study scenario of an operation with an initial Life of Mine production of 2.0
to 2.5 Moz gold over a ten year mine life with potential to expand the current
resource in the future.
Exploration Potential
An infill drilling programme is currently being planned to target
zones of unclassified mineralisation that has potential to expand the initial
mining inventory.
The areas, especially to the south at Gryphon and Edwards, where
RAB drilling has intersected significant mineralisation could still provide
additional resources and exploration, and infill drilling will continue in
these areas.
The recent signing of the option agreement to acquire the Geko Gold
project, together with Gibraltar and the remaining potential along the
Bullabulling Trend, provide the Company with confidence that the resources at
the Bullabulling Gold project will continue to grow into the future.
GIBRALTAR AND EXPLORATION DRILLING
The first phase of exploration drilling for higher grade mineralisation along
the regional Gibraltar trend has been completed with 14 holes drilled for a
total of 2,805m. Gibraltar is located approximately 7km south-east of the
Bullabulling Trend. Results have been returned for the first ten holes drilled
beneath the pit at Gibraltar ,where a significant zone of mineralisation was
intersected in an area where previous drilling had apparently closed off the
mineralisation. These included 25m at 1.68g/t Au from 166m in BJ5066
(including 13m at 2.87g/t Au from 166m), 2m at 2.62g/t Au from 114m in BJ5068,
7m at 3.12g/t Au from 169m in BJ5009, and 5m at 11.98g/t Au from 120m in
BJ5082. These intersections may be from a new zone beneath the lode mined to
date or is from a faulted down dip continuation of existing mineralisation.
With either scenario there is the potential to increase the resource at
Gibraltar, which has higher grade continuity in the near surface than
mineralisation along the Bullabulling Trend.
After the completion of the initial Gibraltar drilling, the focus then moved
to South Bullabulling where a review of the soil geochemistry database, using
historical soil data in combination with photo-mapping of regolith, identified
six regional scale targets that have not been tested to date with drilling.
The aim of the exploration drilling is to test for regional extensions to
known mineralisation and to better define the geology, especially in the
south. This programme has now been completed with results pending.
DEEP EXPLORATION
Preliminary results from the Deeps Exploration Programme geophysics have been
received and are currently being reviewed. The new data is significantly more
detailed than previously available data and is leading to a better
understanding of the geology and structure of the Bullabulling region. The
most interesting data received to date that has the potential to change the
understanding of the geology, and consequently the potential of the
Bullabulling Trend for high grade shoots, is the seismic data (Figure 3 and
Figure 4). This is one of the first times that this technique, which is
routinely used in the oil industry, has been used in exploration for gold
mineralisation in the Eastern Goldfields of Western Australia. The preliminary
images confirm the controls on mineralisation in the near surface, but, more
importantly, suggest the presence of feeder structures beneath the current low
grade disseminated mineralisation that forms the current resource. The seismic
data, when combined with the detailed magnetic data and gravity data, will
provide new targets for exploration and even at this early stage have
increased the potential for new discoveries to be made, especially to the east
and directly beneath the current resource.
A gravity data acquisition programme has been completed, and is expected to
provide complimentary information to the magnetic and seismic data. This data
will then be analysed to produce a number of filtered geophysical images,
unconstrained inversions over the Bullabulling Trend and a 3D geological and
structural interpretive model of the Bullabulling Trend. The detailed magnetic
data will be used in combination with 2D seismic data and gravity data to
develop a detailed 3D prospectivity model of the Bullabulling Trend to target
mineralisation at depth.
FUTURE WORK PLAN
Work is continuing as planned on the Bullabulling Project with the
following work expected to be carried out this calendar year:
- Complete Phase Two exploration drilling at Gibraltar and other prospects
- Update resource estimation based on Gibraltar and exploration drilling
- Completion of Pre-Feasibility Study,comprising:
- Finalise variability metallurgical test work
- Finalise engineering design
- Finalise mining studies
- Develop a life of mine schedule
- Optimisation and reserve estimation
- Complete geophysical studies to target high grade deep exploration
- Review results from the high grade deeps exploration project
- Drilling of potential high grade targets.
COMPETENT PERSON STATEMENT
The information in this letter/report that relates to the Exploration results
is based upon information compiled by Dr. Jeffrey Malaihollo who is a
full-time employee of the Company and Fellow of The Australasian Institute of
Mining and Metallurgy and a Fellow of the Geological Society of London. He is
qualified as a Competent Person under the Code for the Reporting Mineral
Exploration Results, Mineral Resources and Mineral Reserves, 2004 ("The
Reporting Code") prepared by the Australasian Institute of Mining and
Metallurgy and the Australian Institute of Geoscientists. Jeff Malaihollo
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Contacts:
Brett Lambert
Bullabulling Gold Ltd
41 Stirling Highway
Nedlands, WA, 6009, Australia
Tel: +61 8 9386 4086
Cannacord Genuity (Broker) Westhouse Securities Limited
John Prior / Adam Miller (UK Nominated Adviser)
Tel: +44 20 7523 8350 Tom Price / Martin Davison
Tel: +44 20 7601 6100
Neil Boom David Brook
MD, Gresham PR Ltd (UK media) Professional Public Relations
Tel: +44 7866 805 108 (Australia Media)
Email: david.brook@ppr.com.au
Tel: +61 8 9388 0944 / +61 433 112 936
1. Appendix 5B
2. Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 01/06/10, 17/12/10
Name of entity
BULLABULLING GOLD LIMITED
ABN Quarter ended ("current
quarter")
50 153 234 532 31 MARCH 2012
3. Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A'000 (3 months)
$A'000
1.1 Receipts from product sales and
related debtors
1.2 Payments for (a) exploration and (1,291) (1,291)
evaluation
- -
(b) development
- -
(c) production
(1,282) (1,282)
(d) administration
1.3 Dividends received - -
1.4 Interest and other items of a 100 100
similar nature received
1.5 Interest and other costs of finance - -
paid
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
(2,473) (2,473)
Net Operating Cash Flows
Cash flows related to investing
activities
1.8 Payment for purchases of: (a) - -
prospects
(4,886) (4,886)
(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) - -
(4,886) (4,886)
Net investing cash flows
1.13 Total operating and investing cash (7,359) (7,359)
flows
(carried forward)
1.13 Total operating and investing cash (7,359) (7,359)
flows
(brought forward)
Cash flows related to financing
activities
1.14 Proceeds from issues of shares, 853 853
options, etc.
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 - capital raising costs - -
Net financing cash flows 853 853
Net increase (decrease) in cash (6,506) (6,506)
held
1.20 Cash at beginning of quarter/year 11,427 11,427
to date
1.21 Exchange rate adjustments to item (243) (243)
1.20
1.22 Cash at end of quarter 4,678 4,678
4. Payments to directors of the entity and associates of the directors
5. 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 262
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
1.23 - Includes salaries paid to directors, as well as
superannuation paid on behalf of directors. Also includes corporate
and accounting services paid to a company associated with one of
the directors.
6. 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
None
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
None
7. Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
8.
9. Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 1,775
4.2 Development -
4.3 Production -
4.4 Administration 450
Total 2,225
10. Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related $A'000 $A'000
items in the accounts is as follows.
5.1 Cash on hand and at bank 2,270 11,427
5.2 Deposits at call 2,408 -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter 4,678 11,427
(item 1.22)
11. Changes in interests in mining tenements
Tenement Nature of interest Interest Interest
reference at at end
(note (2)) beginning of
of quarter
quarter
6.1 Interests in
mining tenements
relinquished,
reduced or
lapsed N/A
6.2 Interests in
mining tenements
acquired or N/A
increased
12. 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 Amount paid
price per up per
security security
(see note (see note
3) (cents) 3) (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 289,033,871 289,033,871
securities **
7.4 Changes during
quarter
(a) Increases
through issues 118,353,573 118,353,573
(b) Decreases 170,680,298 170,680,298
through
returns of
capital,
buy-backs
7.5 +Convertible
debt
securities
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options 10,858,681 10,858,681 N/A N/A
(description
and conversion
factor)
7.8 Issued during Exercise Expiry date
quarter price
8,695,000 8,695,000 Various
Various
1,776,162 1,776,162 21 October
11c 2013
387,519 387,519
22c 28 October
2014
7.9 Exercised
during quarter
7.10 Expired during
quarter
7.11 Debentures
(totals only)
7.12 Unsecured
notes (totals
only)
13. 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 5).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here: D M McARTHUR Date: 30 April 2012
Director
Print name: David M McArthur
14. 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 6: Exploration for
and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows
apply to this report.
5 Accounting Standards ASX will accept, for example, the use of
International Financial Reporting Standards for foreign entities. If the
standards used do not address a topic, the Australian standard on that topic
(if any) must be complied with.
== == == == ==
END
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