Company News1-15 August, 2000 |
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All Ords | 3283.8 |
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Dow Jones | 11,067.0 |
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ASX200 | 3323.1 | +8.2 | S&P 500 | 1484.43 | -7.13 | |
All Resources | 1355.1 |
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Nasdaq | 3851.66 |
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All Mining | 707.1 |
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Gold - spot/oz | US$274.40 |
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All Gold | 748.3 |
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Silver - spot/oz | US$4.83 |
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AGC Explorers | 893.67 | +1.53 | Platinum - spot | US$570.0 | +12.0 | |
Energy | 1547.2 |
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Palladium - spot | US$770.0 |
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All Industrials | 5727.6 |
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Bridge CRB Index | 218.69 |
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FTSE 100 | 6475.5 | +55.6 | Crude Oil (NYMEX) | US$30.96 | -0.12 | |
Nikkei | 16,298.29 | +144.38 | Copper (spot $US/tonne) | US$1866 | +4 | |
Hang Seng | 17,463.53 | +465.47 | Lead (spot $US/tonne) | US$480 | +1 | |
A$ = US58.3c |
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Zinc (spot $US/tonne) | US$1195 |
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A$ = 63.63yen |
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Nickel (spot $US/tonne) | US$8080 |
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A$ = 0.639Euro |
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Aluminium (spot $US/t) | US$1538 |
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US 30-Year Bond |
5.713% | +0.014 | Tin (spot $US/tonne) | US$5280 |
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NEW ISSUE ANNOUNCEMENT
Ashton Mining Limited has reaffirmed its advice to shareholders to take no action on the conditional takeover bid by South African diamond conglomerate De Beers until receipt of Ashton's Target's Statement.
De Beers Australia became a substantial shareholder in Ashton Mining Limited on 10/08/2000 with a relevant interest in the issued share capital of 64,130,520 ordinary shares (19.9%).
Robert T Boyd, President and CEO of Ashton Mining of Canada Inc (AMCI) reports microdiamond results from the second sample collected from kimberlite K252 on the Buffalo Hills property in Alberta during March 2000. As reported on July 19, 2000, analysis of the initial 65.5 kg sample returned 101 microdiamonds and five macrodiamonds.
The second sample was recovered from one vertical and one inclined core hole and weighed 41.6 kg. It contained 34 microdiamonds and three macrodiamonds. A microdiamond is a stone greater than 0.1 mm and less than 0.5 mm in all dimensions while a macrodiamond is greater than 0.5 mm in at least one dimension. One of the macrodiamonds from this sample exceeds 0.5 mm in two dimensions. All diamonds were recovered by caustic dissolution at the AMCI laboratory in North Vancouver.
Australian Worldwide Exploration Limited has completed the sale of three of its non-core exploration interests in the onshore Perth Basin, Western Australia for a consideration of A$1.23 million to Ausam Resources NL. The consideration comprised A$0.75 million in cash with the balance in Ausam shares.
AWE, through its wholly owned subsidiaries, sold the following interests to Ausam:
PERMIT AWE EQUITY (%)
EP 321 25.00
EP 407 25.00
EP 414 29.745
In unrelated transactions, AWE has also agreed to assign its interests in EP 359 and EP 325 in the Carnarvon Basin, Western Australia to Victoria Petroleum NL for a nominal consideration, and has received government approval for the relinquishment of EP 323.
Bligh Oil & Minerals NL advises that the Rimu B-1 appraisal well has been drilled to a depth of 3,560 metres. The current operation is running wireline logs prior to a decision to drill deeper.
The Rimu B-1 well is being drilled 2.4 kilometres south-southeast of the Rimu A-1 discovery well, which tested 1,600 barrels of oil and 5 million cubic feet a day of gas perforations in the Tariki formation, at a depth of 3,607-47 metres. The well is designed to test a subordinate fault block on the Rimu structure, to gain additional information on the areal extent of the Tariki sands, and the possible height of the pay column on the feature. It is defined as a long range step-out, or appraisal well. It is anticipated that the well will be drilled to a depth of 3,750 metres and that drilling will take approximately 24 days.
The Terry Ewing No 1 well intersected the deeper Cotton Valley zone between 11,940 and 12,002 feet. The gross interval of 62 feet contained good gas shows. The well will be logged tomorrow to determine the net pay over this interval.
The Cotton Valley section was intersected forty (40) feet structurally higher than the O'Quinn offset well with a better drilling break and stronger gas shows suggesting better porosity. The O'Quinn well recorded an initial production rate of 5 million cubic feet of gas per day without any stimulation.
Earlier logging of the well confirmed a number of gas pays higher in the wellbore within the Hosston Sands.
The Company announces that it has accepted a $5,650,000 financing offer from the Commonwealth Bank of Australia.
This will cover more than 100% of the remaining cost to develop Stage I of the Ardlethan Tin Project, including the mining equipment, treatment plant, bonds, infrastructure, commissioning and contingency. It is expected that detailed design and construction for Stage I of this project will commence in October 2000.
Marlborough lodged its Environmental Impact Statement last week and it is currently on public display. Strong support is expected from the local community for this project, which will provide additional employment in the area during construction and operations.
Fourth Quarter Activities
HIGHLIGHTS
ARDLETHAN TIN PROJECT
There was major progress on the Ardlethan Tin Project, including:-
* a further 85 hole drilling programme has defined increased resources, grade and extensions of the Yithan ore body;
* a significant portion of the resources have now been classified as proved and probable reserves;
* a mining plan has been developed to optimise revenue, cash flow and profits over the first three years of operations;
* it is now estimated that a positive cash flow of about $10 million will be generated over the first three years of full operations (compared with $6 million previously estimated), before interest and tax;
* proposals have been received from three smelters to treat tin concentrate from the Ardlethan project. Tin price in Australian dollars has risen since the Feasibility Study;
* financing discussions are well advanced with several groups;
* the final Environmental Impact Statement has been lodged and support is expected from statutory bodies and the local community; and
* work has been proceeding rapidly on pilot plant test work, water studies and other technical aspects of the project.
In summary, negotiations are progressing well with all the key groups for developing the Ardlethan Tin Project. The target is to achieve full operations within the next twelve months.
CORPORATE
The Company had cash on hand of $592,676 at 30 June 2000, which is sufficient to progress the next stages of seeking approvals,commencing design and test work, which are planned for the next quarter.
Talon wholly-owned subsidiary Supersorb Minerals NL (Supersorb) has continued its move into environmental technology projects with commencement of testwork aimed at treating stored water on site to provide additional supplies for the Ardlethan Tin Project owned by Marlborough Resources NL (Marlborough). Future mine revegetation requirements will also be addressed in the testwork.
The testwork is centred on application of zeolite technology after Supersorb's recent commissioning of its zeolite production plant and the securing of technology and consulting agreements previously announced. The initial testwork programs for Marlborough have been developed following a recent site visit to the Ardlethan mine by Supersorb technical personnel, with a view to a future agreement with Marlborough if the testwork proves successful and Marlborough commences operations at Ardlethan.
RESPONSE TO ASX QUERY
The Company is not aware of any information that has not been announced, which if known, would be an explanation of recent trading of the securities in the Company.
The likely change in control in the Australian diamond sector (ie De Beers bid for Ashton Diamond Mining Company) could be an explanation for the increased activity in the Company's securities. Majestic anticipates commencing diamond mining in the last quarter of this year
Rio Tinto Investment Two Pty Ltd increased its relevant interest in North Limited on 14/08/2000, from 574,216,688 ordinary shares (77.46%) to 629,761,745 ordinary shares (84.95%).
Notice is given that a general meeting of the shareholders of Petroz NL will be held at the Stamford Plaza Brisbane (formerly Heritage Hotel), Cnr Edward and Margaret Streets, Brisbane, Australia at 9.30am on Thursday, 14 September 2000.
Arrow Energy was admitted to the official list of ASX on Monday, 14 August 2000.
Official quotation of the following securities will commence on Thursday, 17 August 2000.
Quoted Securities: 28,466,005 ordinary shares each fully paid
12,500,000 options exercisable at 20 cents each on or before 28 June 2002.
ASX Code: AOE
AOEO
The Company confirms receipt of a Bidder's Statement and Offer by De Beers Australia Holdings Pty Ltd in relation to Ashton Mining Limited.
Anzoil announces that Mr Paul Ford has been appointed Company Secretary, replacing Mr Edward Munks who resigned from the position effective 11 August 2000.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back -19,662,326.
Contact Energy has announced the sale of power plant from its decommissioned Stratford power station to a US-based buyer for around $23 million.
NEW ISSUE ANNOUNCEMENT
Federation Resources NL advise that the following announcement has been released on the Canadian Venture Exchange by it's subsidiary Vanteck (VRB) Technology Corp.
* New Tripartite agreement with TSI/Eskom and Highveld Steel and Vanadium Corporation
* First large scale VRB installation for Africa - Largest VRB installation outside of Japan
* 250 kW - 520 kW hour VRB-UPS to be installed for ESKOM in Cape Town, South Africa
RESPONSE TO ASX QUERY
The Company is not aware of any information concerning it that has not been announced which if known, could be an explanation for recent trading in our securities.
However, you will be aware that the Company closed an entitlement issue on 11 August and announced to the Exchange on 8 August that it has commenced a major drilling programme. At the date hereof, no drilling results are available.
For company information, click here
RESPONSE TO ASX QUERY
1. There are no matters of importance concerning the company which have not been announced to the market, which may provide explanation for recent trading in the securities of the company.
3. The company does not have an explanation for the price change in the securities of the company.
4. The company confirms that it is in compliance with the continuous disclosure requirements of the listing rules and, in particular, listing rule 3.1.
AMP Limited became a substantial shareholder in Henry Walker Eltin Group Limited on 11/08/2000 with a relevant interest in the issued share capital of 8,335,576 ordinary shares (5.07%).
RESULTS FOR THE YEAR TO 30 JUNE 2000
MAIN FEATURES
* Total revenue up 31% to $1106.9 million from $847.8 million
* EBITDA up 39% to $126.5 million from $91.0 million
* Earnings before interest and tax up 16% to $52.5 million from $45.1 million
* Profit before tax of $39.2 million up 12% from 1999 profit before tax and abnormal items of $35.1 million
* Profit to shareholders of $26.4 million up 18% from $22.4 million
* Final dividend of 5.25 cents fully franked compared with 5.0 cents per share fully franked in 1999
* Total dividend up 5% to 10.5 cents per share fully franked compared with 9.75 cents per share fully franked in 1999
* Work on hand up 3% to year-end record of $1785 million
NEW ISSUE ANNOUNCEMENT
The Company advises that the unaudited net tangible asset backing (excluding equity accounting adjustments) of Lion Selection Group Limited as at 31 July 2000 was $1.16 per share.
Michelago announces the placement of 40,000,000 fully paid ordinary shares, at a price of 3.2 cents per share, to raise approximately $1.2 million after costs.
The shares have been placed to clients of Taylor Collison Limited, Grange Securities Limited, Morgans Stockbroking Limited and to a professional investor.
The issue is made pursuant to approval obtained at a general meeting of the Company on Monday, 31 July 2000. Once the issue is complete, the Company shall have on issue 150,397,506 quoted, fully paid ordinary shares and 992,000 unquoted employee options.
The funds raised shall be directed towards:
* Ongoing capital requirements of the Company.
* Assessment of the Company's IT investments, E4fax Limited and Inventory Management Systems Pty Limited (IMS).
* A review of new business opportunities.
* Reviewing and maximising the value of the Company's existing mineral portfolio.
APPOINTMENT OF A DIRECTOR
Concurrent with the capital raising outlined above, the Directors announce the appointment of Mr Alan Phillips to theBoard.
The Board of Michelago now comprises:
Mr John Horan - Chairman
Mr Brian Currie - Managing Director
Dr Chris Baker - Non Executive Director
Mr Alan Phillips - Non Executive Director
Macmin proposes to issue up to 29,250,000 million New Shares at an issue price of seven cents ($0.07) per New Share together with an equivalent number of free Options. The New Options will have an expiry date of 20 September 2005 and an exercise price of 12 cents ($0.12). Shareholders will receive an entitlement to one New Share with one free attaching option for every 7 shares held. The issue is non renounceable and there will be no rights trading.
The issue will raise up to $2.05 million before costs.
MACMIN proposes to use the funds raised for:
* Pre-development work at the Texas Silver Project prior to expected cash flow in mid 2001;
* Costs of other exploration projects;
* Developing a strategic alliance in environmental metals clean up technology with Metals Treatment Technologies LLC; and
* Working capital
For further information, click here
NEW ISSUE ANNOUNCEMENT
For further information, click here
NEW ISSUE ANNOUNCEMENT
Maple-Brown Abbott Ltd ceased to be a substantial shareholder in North Limited on 09/08/2000.
UBS Nominees Pty Ltd ceased to be a substantial shareholder in North Limited on 11/08/2000.
Rio Tinto Investments Two Pty Ltd increased its relevant interest in North Limited on 10/08/2000, from 402,165,075 ordinary shares (54.25%) to 574,216,688 ordinary shares (77.46%).
As a result of a delay by the Australian Securities and Investments Commission in processing the Company's application for change of name, the Directors have been advised that the name change to "IPT Systems Ltd" will now occur at midnight on 18th August 2000.
The Directors also advise that the Company will soon after 18th August 2000 move to the industrial board of Australian Stock Exchange Ltd and the Company's security codes will be as follows:
ISY
ISYO
ISYOA
Placer Dome Inc. reports a continued strong operating performance in the second quarter of 2000, bringing first-half production to 1.5 million ounces of gold at record-low cash and total costs of $156/oz and $225/oz respectively, down from costs of $166/oz and $236/oz respectively in the year earlier period. The Corporation's share of gold production in the second quarter was 715,000 ounces at cash and total costs of $163/oz and $230/oz respectively, compared to 1999 second quarter production of 821,000 ounces of gold at cash and total costs of $168/oz and $237/oz.
On 19 July 2000, Petroz announced a proposed share placement to Fletcher Challenge Energy Limited, to be followed by a 3:5 rights issue underwritten by FCE. The Shareholders Meeting to approve the placement and underwriting is to be held on Thursday, 14 September 2000. The Explanatory Memorandum and Independent Experts Report was mailed to Shareholders on Monday, 14 August.
Notice is hereby given that a General Meeting of shareholders of Ramsgate Resources Limited will be held at The Duxton Hotel, 1 St George's Terrace, Perth, Western Australia on Tuesday 19 September 2000 at 10:00am.
RESOLUTION 1 - CHANGE OF COMPANY NAME
To consider and, if thought fit, to pass the following resolution as a special resolution:
"That the Company change its name from Ramsgate Resources Limited to Internet Solutions Australia Limited."
RESOLUTION 2 - RE-ELECTION OF R SMITH AS A DIRECTOR
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
"That Roderick James Hollas Smith, a Director appointed during the year by the Directors in accordance with the Company's Constitution, retires and is hereby re-elected a Director of the Company."
RESOLUTION 3 - SALE OF MINING INTERESTS
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
"That pursuant to Listing Rule 11.2 of the Listing Rules of Australian Stock Exchange Limited the shareholders of the Company hereby approve the disposal by the Company of its mining interests as part of its shift in focus to the technology industry."
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 479,390.
Notice is hereby given that a general meeting of the members of Rand Mining NL will be held at Suite 1, 49 Melville Parade, South Perth on 8th September 2000 commencing at 9am.
The purpose of the meeting is to:
1. Approve the acquisition by the Company from Trans Global Trust doo of a 20% interest in certain technology the subject of patents granted or under application. Shareholder approval is required under listing rule 10.1 because Trans Global has a beneficial interest in approximately 12% of the issued capital in the Company. The proposed transaction therefore involves the Company purchasing a substantial asset from a related party. Details of the transaction are set out in the attached copy of the ASX announcement previously made by the Company.
2. Pursuant to Section 611 of the Corporations Law approve the issue to Trans Global Trust doo of the shares and options to be issued as consideration for the acquisition to above.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 2,968,978.
Sons of Gwalia Ltd. advises that Professor Malcolm Richmond has been appointed as a Non-Executive Director to the Board of Directors of the Company.
Prospectus for an Issue of up to 15,000,000 fully paid ordinary shares at an issue price of 12.0 cents per share.
DETAILS OF THE ISSUE
DATE OF SHAREHOLDER APPROVAL
This Issue has been approved by Shareholders at a General Meeting held on 14 August 2000.
PURPOSE OF ISSUE
The purpose of the Issue is to raise funds for:
(a) further exploration of the Company's petroleum properties;
(b) investigation, acquisition and exploration of additional prospects which are considered by the Directors to have special merit; and
(c) providing additional working capital and meeting administration costs of the Company and its subsidiaries.
THE ISSUE
Applications are invited for a total of up to 15,000,000 fully paid ordinary shares at an issue price of 12.0 cents per share.
The Issue if fully taken up will raise up to $1,800,000 before deduction of the expenses of the Issue.
NEW ISSUE ANNOUNCEMENT
The only resolution put to the members of Sun Resources NL at the General Meeting 14 August 2000 at 9.00am was passed.
Tap Oil NL provides the following update on Lotte-1 exploration well which spudded on 4 August 2000.
LOCATION
The well is located in EP 363, 30 kilometres north-east of Varanus Island at latitude 20 deg 31'03.00"S and longitude 115 deg 49'40.30"E.
PROGRESS
The Lotte-1 well has been drilled to a total depth of 2,226 metres measured depth.
No significant hydrocarbon shows were encountered and the well was plugged and abandoned as a dry hole.
TAP COMMENT
The Lotte-1 well was drilled to intersect three target zones.
* Lower Cretaceous sandstones - minor oil shows were recorded in M.australis sandstones at a depth of 960 metres to 965 metres measured depth.
* Athol Formation - minor oil shows were also recorded in finegrained sandstones at a depth of 1,440 to 1,455 metres measured depth.
* North Rankin/Triassic - no shows were recorded.
The lack of trapping of hydrocarbons is interpreted by Tap to result from inadequate scaling across the bounding fault to the structure.
However, the presence of minor oil shows indicates that hydrocarbons have migrated through the structure towards the shelfal areas to the east where Tap also has permit interests.
This result does not in Tap's opinion, downgrade the potential for this play type elsewhere in the area.
Tap Oil NL advises that the Clementine-1 exploration well spudded at 09.00 hours on 13 August 2000.
LOCATION
The well is located in EP 403, 35 kilometres northeast of Varanus Island at latitude 20deg 28'22.95"S and longitude 115deg 51'20.89"E.
PROGRESS
As at 6.00am today, the well has drilled ahead to 427 metres measured depth and will continue to drill ahead to the planned total depth of 1,434 metres measured depth.
TAP COMMENT
PLAY TYPE
The Clementine prospect is a north-south trending tilted fault block with closure on the southern flank interpreted to be controlled by a southwest trending Base Cretaceous canyon. The Clementine-1 well will be drilled to test Jurassic aged Athol and Triassic Mungaroo sandstones. The well is expected to take 5 days to reach its projected total depth of 1,434 metres measured depth. Should it be successful, mean reserves are estimated at 17 mmbbls with an upside of 47 mmbbls.
FARMOUT
Apache has farmed into EP 403 to acquire a 65% equity from Tap leaving Tap with 35%. As a result of this farmin, Tap will not be required to contribute to the dry hole drilling cost of this well or the next well in the block namely, Carolina-1.
Notice is hereby given that a general meeting of the members of Tribune Resources NL will be held at Suite 1, 49 Melville Parade, South Perth on 8th September 2000 commencing at 9.30am.
The purpose of the meeting is to:
1. Approve the acquisition by the Company from Trans Global Trust doo of a 20% interest in certain technology the subject of patents granted or under application. Shareholder approval is required under listing rule 10.1 because Trans Global has a beneficial interest in approximately 10.7% of the issued capital in the Company. The proposed transaction therefore involves the Company purchasing a substantial asset from a related party. Details of the transaction are set out in the attached copy of the ASX announcement previously made by the Company.
2. Approve the issue to Trans Global Trust doo of the shares and options to be issued as consideration for the acquisition referred to above.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 24,803,050.
All Ords
3275.9
Dow Jones
11,176.14
ASX200
3314.9
+5.8
S&P 500
1491.56
+19.72
All Resources
1360.0
Nasdaq
3849.69
All Mining
712.3
Gold - spot/oz
US$274.30
All Gold
750.8
Silver - spot/oz
US$4.86
AGC Explorers
892.14
-2.59
Platinum - spot
US$558.0
-7.0
Energy
1547.1
Palladium - spot
US$740.0
All Industrials
5708.0
Bridge CRB Index
220.01
FTSE 100
6419.9
+35.4
Crude Oil (NYMEX)
US$31.08
+0.5
Nikkei
16,153.91
+36.41
Copper (spot $US/tonne)
US$1850
+9
Hang Seng
16,998.06
-216.36
Lead (spot $US/tonne)
US$480
no ch
A$ = US58.16c
Zinc (spot $US/tonne)
US$1179
A$ = 63.67yen
Nickel (spot $US/tonne)
US$7755
A$ = 0.641Euro
Aluminium (spot $US/t)
US$1525
US 30-Year Bond
5.699%
-0.008
Tin (spot $US/tonne)
US$5250
The Australian Gold Council is releasing June quarter gold production levels from Australian mines on its website and results indicate an increase in production and a reduction in cash costs by producers, on the March quarter.
For details, click here
HIGHLIGHTS FOR THE QUARTER
Gindalbie Gold NL has announced that the Company had commissioned a bankable feasibility study into the development of the Minjar Project and that Macquarie Bank Ltd has agreed, subject to the finalisation of formal documentation, to provide up to $1M in credit approved finance to assist with the financing of the study.
The study is expected to be completed within 6 months and will include the selection of a suitable gold treatment plant for purchase and relocation to site.
All Ords
3270.1
Dow Jones
11,027.80
ASX200
3309.1
-6.2
S&P 500
1471.84
+11.59
All Resources
1349.0
Nasdaq
3789.47
All Mining
700.7
Gold - spot/oz
US$274.80
All Gold
743.9
Silver - spot/oz
US$4.89
AGC Explorers
892.14
-2.59
Platinum - spot
US$565.0
-18.0
Energy
1539.9
Palladium - spot
US$778.0
All Industrials
5704.0
Bridge CRB Index
220.02
FTSE 100
6384.5
-2.80
Crude Oil (NYMEX)
US$31.02
-0.32
Nikkei
16,117.50
+141.85
Copper (spot $US/tonne)
US$1847
-13
Hang Seng
17,214.42
-118.79
Lead (spot $US/tonne)
US$479
+3
A$ = US57.93c
Zinc (spot $US/tonne)
US$1168
A$ = 62.97yen
Nickel (spot $US/tonne)
US$7745
A$ = 0.642Euro
Aluminium (spot $US/t)
US$1520
US 30-Year Bond
5.707%
+0.033
Tin (spot $US/tonne)
US$5245
Titan Minerals Pty Ltd became a substantial shareholder in Admiralty Resources NL (formerly known as Thunderbolt Resources NL) on 06/08/2000 with a relevant interest in the issued share capital of 11,137,222 ordinary shares (8.12%).
Ausdrill proposes to make an issue of approximately 38,551,685 Converting Preference Shares by way of a non-renounceable Entitlement Issue to the holders of Ordinary Shares at an issue price of 20 cents, to raise approximately $7.7m before the costs of the issue.
Under this Prospectus, each Shareholder is being offered one Converting Preference Share for every two Ordinary Shares held by the Shareholder at 5.00pm on 22 August 2000. Fractional entitlements to Converting Preference Shares will be rounded up to the nearest whole number.
The funds raised from the issue will be applied as follows:
Australian Worldwide Exploration Limited announces that a Declaration of Commerciality has been made for its 15%-owned Las Bases and Estancia el Colorado gas fields in the CNQ-16A block, Neuquen Basin, Argentina.
The Operator of CNQ-16A, Chevron San Jorge, has made the Declaration to the Argentine Government's Secretary of Energy and requested an Exploitation Concession be granted to allow gas production from the area.
The Declaration of Commerciality is the first of several steps that need to be undertaken prior to achieving first gas production, currently planned for mid 2002.
Brandrill announced at its General Meeting held at 11.00 am on 11 August 2000 that Impala Platinum Holdings Limited had obtained approval from the Exchange Control Authorities of South Africa to complete a placement of 6,000,000 shares to raise A$6,900,000. This will give Impala a 7.5% shareholding in Brandrill.
The placement is expected to be completed early next week.
The Company advises that all resolutions were passed at the General Meeting held at the offices of Clayton Utz, 108 St George's Tce, Perth, Western Australia.
Cooper Basin blocks released in South Australia for new exploration offer strong prospects for shallow oil discoveries, according to Beach Petroleum NL.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back -19,893,395.
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 10/08/2000, from 86,623,652 ordinary shares (80.64%) to 88,635,528 ordinary shares (80.65%).
On 30 September each year up to and including 30 September 2005, and the Maturity Date (31 March 2006), Convertible Redeemable Preference Shareholders may elect to convert their CRP Shares into Ordinary Shares.
Gold and Resource Developments NL wishes to notify the Exchange and CRP Shareholders of the following timetable in relation to the forthcoming conversion election date on 30 September 2000.
ITEM / ACTIVITY
Dispatch of Conversion Election Notices (and Tax File Number Notification Forms for Australian resident taxpayers)
DATE: 11 August 2000
Last day for depositing Conversion Election Notices
DATE: 14 September 2000
Record Date for allotment of ordinary shares as a result of conversion notices received DATE: 30 September 2000
Statements dispatched to new ordinary shareholders (post conversion)
DATE: 9 October 2000
Application to ASX of quotation of additional securities
DATE: 16 October 2000
The Reefton Gold Project optimisation study continues to progress positively with the first round of infill drilling complete.
Phase 1 drilling covered the Globe-Progress Pit, General Gordon area and Souvenir, all of which are on the same line of strike. Best intersections were:
GLOBE-PROGRESS GENERAL GORDON SOUVENIR
6m @ 10.18g/t 24m @ 5.01 g/t 5m @ 2.13g/t
3m @ 27.34g/t 11m @ 5.34g/t 3m @ 6.71 g/t
7m @ 2.63g/t 7m @ 2.97g/t 20m @ 2.28g/t
24m @ 2.6g/t
The Phase 2 drilling program currently underway will better define the more promising mineralised zones in Globe and General Gordon. Additional drilling will be undertaken at Souvenir to follow up the success of Phase 1.
Souvenir, which is located adjacent to the planned pits, would have less pre-strip requirement than Globe. This would assist to minimise initial capital requirements of the project.
NEW ISSUE ANNOUNCEMENT
The Company has dispatched an information memorandum (including a notice of general meeting) to shareholders which deals with the following matters:
1. consolidating the Company's capital on a 1 for 4 basis;
2. changing the Company's name to "Oriel Communications Limited";
3. acquiring an initial 50% interest in Automatic Communications Limited (ACL), with options to acquire up to a further 35% of ACL (and related issues of shares in the capital of the Company as part consideration for the acquisition);
4. placing 80 million ordinary shares at 20 cents each and 40 million options (to be issued for no consideration on the basis of 1 option for every 2 ordinary shares issued) to raise $16 million;
5. issuing 2O million options to Investa AG in part Consideration for underwriting $14 million of the placement referred to above;
6. approving the acquisition of greater than 20% relevant interest in the voting share's of the Company by ACL Holdings Limited, the vendor of ACL;
7. issuing 12 million options to Mr Mark Blanchard (or his nominees) for introducing to the Company the opportunity to acquire ACL;
8. ratifying the appointment of Mr Hans Rudi Moser and Mr Craig Burton as directors of the Company; and
9. subject to the completion of the acquisition of ACL, appointing Mr Robert Green and Ms Marilyn Shein as a directors of the Company.
These matters will be dealt with at a shareholders meeting to be held 10.00am on Monday 11 September 2000.
The Company advises that the following appointments and resignations of officers of the Company were approved by the North Limited Board.
APPOINTMENTS:
Ian David Bauert - Chairman/Director
Thomas Albanese - Managing Director
Barry Lionel Cusack - Director
Mark Andrew Hughes - Director
Christopher John Stewart Renwick - Director
Ian Leslie Falconer - Secretary
RESIGNATIONS:
Christopher Michael Deeley - Chairman/Director
Malcolm William Broomhead - Managing Director
Michael Ernest Beckett - Director
Alex Carmichael - Director
Richard Knight - Director
Timothy James Knott - Director
Sydney Maxwell Richards - Director
Ian Lee Salmon - Director
Nora Lia Scheinkestel -Director
Kim Graves - Assistant Secretary
Rio Tinto Investments Two Pty Ltd increased its relevant interest in North Limited on 10/08/2000, from 287,447,298 ordinary shares (38.78%) to 402,165,075 ordinary shares (54.25%).
Rio has extended the offer period for its takeover bid to 28 August 2000.
Rio Tinto's share holding in North Limited, as at 9.30pm on 10 August 2000, was 54.2%.
As this level exceeds 50%, Rio Tinto's offer for North shares is now automatically extended by 14 days from 11 August 2000, under Section 624(2) of the Corporations Law.
However, in order to give North shareholders sufficient time to accept the offer, Rio Tinto intends to extend the offer close date by a further three days to 7:30 pm AEST Monday 28 August 2000.
Rio Tinto intends to pay North shareholders within three business days of receipt of a valid acceptance.
As announced on 3 August 2000, Rio Tinto's stamping fee offer to Participating Organisations of ASX is due to expire at 7.00pm on 14 August 2000.
The Directors of Pima Mining NL announce that its 80% owned subsidiary SAMAG Limited, has signed a Mining Native Title Agreement (MINTA) with the Kuyani People Incorporated, Native Title claimants.
The agreement covers the proposed mining of magnesite from the Mt Hutton mine and includes the construction of a haul road from the mine site to the Telford rail siding at Leigh Creek.
It also includes provisions for employment opportunities, administration payments, environmental protection, local business opportunities and a once only, up-front, payment in-lieu of ongoing royalty payments.
The Supreme Court of Victoria has fixed 2 November 2000 as the date for the hearing of Pasminco's application to dismiss the proceedings which relate to a class action involving smelter operations at Cockle Creek in NSW and Port Pirie in South Australia.
The company is questioning the validity of the Court rules that relate to group proceedings - or class actions - and the appropriateness of a Victorian court to make a judgement in a matter where the applicants do not reside in the State. Pasminco also maintains that even if the rules are valid, it cannot be established that people in Cockle Creek and Port Pirie have experienced the similar circumstances necessary to establish a class action.
Thiess Pty Ltd changed its relevant interest in Portman on 29/06/2000, from 27,631,715 ordinary shares (15.27%) to 27,147,169 ordinary shares (15.38%).
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back -484,390
Rimfire have completed an excluded placement with Intersuisse Limited.
The CAPITAL RAISING resulted in the Company receiving eight hundred and twenty four thousand dollars ($824,000), with the issue of 4,120,000 ordinary fully paid shares at a price of twenty cents (0.20c) per share.
The capital raising provides the Company with additional working capital.
DRILLING OPERATIONS
SALTFLEETBY-5 (ROC: 100%)
As of 4pm on 10 August (UK time) the Saltfleetby-5 well was drilling ahead in 8(1/2) inch hole at a depth of 2,352 metres (2,235 metres TVD) in the Westphalian Coal Measures. Subject to continuing satisfactory progress, the well is expected to have penetrated the Namurian target by early September.
THE KYLE NORTHEAST APPRAISAL WELL (ROC: 12.5%)
As of 7am on 10 August (UK time) the Kyle 29/2C-13 appraisal well (otherwise known as the Kyle Northeast well) had drilled the 12(1/4) inch hole to a depth of 9,202 ft and had intersected the top of Chalk, the main reservoir target. Formation tops drilled were found to be close to the seismic predictions.
Some hydrocarbon shows were encountered in Palaeocene sands immediately above the Chalk and some mud losses were recorded in the Chalk. The rig is currently circulating and conditioning the hole before preparing to pull out to run Pipe Conveyed Logs. 9(5/8) inch casing will then be run and cemented at a high angle (73 deg) into the top of the Chalk.
Logging, running and cementing the casing is expected to take 7-8 days. After setting the 9(5/8) inch casing drilling will continue, taking a core of Chalk soon after drilling out of the 9(5/8) inch shoe.
Union advised that the following share issues have been completed.
United Energy advised that a Prospectus for an Initial Public Offering of shares in the company's wholly owned subsidiary Uecomm Limited, has been lodged today (11 August 2000), with the Australian Securities & Investments Commission.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 25,603,050.
SUMMARY
* Geological interpretation continued on the Ben Hur/King of Creation, Perseverance and Windsor Well/Kismet tenements
* Company invests in BMS Solutions Pty Ltd
CORPORATE
The Board of West Australian Metals NL announced on 13 March 2000 that the Company had entered into an agreement to acquire up to 40% of the issued capital of BMS Solutions Pty Ltd for a total cost of $1,500,000. That agreement provides for a staged acquisition of BMS. An initial subscription of $500,000 acquires 13.33% of BMS and two further subscriptions of $500,000 each will acquire a further 26.67%, subject to BMS achieving certain revenue and market expansion targets.
The Company announces the appointment of Mr Rick Crabb as non-executive Chairman of the Company following the resignation of Mr Charles MacKinnon from the board of Directors. Both changes are effective as of Thursday, 10 August.
The Company has obtained an Option to acquire the Chandler Potash / Alumina project located 45km north of Merredin in Western Australia.
The project comprises two granted Mining Leases 77/22 (360 ha) and 77/77 (25 ha) plus Exploration Licence Application 77/326 (150sqkm).
The Chandler Project hosts a major resource of alunite clay suitable for the production of sulphates of potash and alumina. The ore occurs from surface to a depth of approximately six metres in the bed of Lake Chandler. It is easily mined with no over burden. The current resource estimate is 4.7 million tonnes grading 6.1% potassium oxide and 27.0% alumina. It is believed that the resource base can be considerably enhanced with further exploration. For the proposed development scenario, the current resource is adequate for over twenty years production.
The Company advises that it has obtained from Curacel International Pty Ltd (CIPL) the right to evaluate and commercialise an anti cancer agent discovered and developed by Dr BE Cham the principal of CIPL.
The agent (labelled BEC) which is extracted from a native Australian plant, has been found to be very effective against many cancer cell types with low toxicity to normal cells.
A cream formulation based on the extract has been found very effective in the treatment of certain types of skin cancer and has been approved for use by the Australian Therapeutic Goods Administration. Laboratory testwork undertaken to date suggests that the agent may be effective in the treatment of internal cancers if suitable means of administering and monitoring of the agent in the body can be established.
Zurick Bay Holdings P/L's relevant interest in Croesus Mining NL on 27/07/2000, was 5,810,598.
The Directors of Energy Equity Corporation Ltd (EEC) provide the following update:
1. SENGKANG GAS AND POWER PROJECT, INDONESIA
Agreement has been reached with PLN (the Indonesian Electricity Authority) to extend the Interim Power Purchase Agreement from 31 July 2000 to 30 September 2000. The parties have continued to negotiate in good faith and EEC is confident an acceptable outcome will be reached during this Interim period.
The Project Lenders have also agreed to extend their Interim Agreement to 30 September 2000 to accommodate the negotiating period with PLN under its Interim Agreement.
2. EXTRAORDINARY GENERAL MEETING (EGM)
Further to our advice of a proposed EGM on 7 September 2000, Shareholders are advised that this meeting has been deferred to October 2000 in order to incorporate the audited accounts to 30 June 2000 which the Company wishes to conclude during the month of August.
The Company's ultimate parent entity, North Limited (which has beneficial ownership of 68.4% of the issued ordinary shares of the Company) has released its financial results for the year ended 30 June 2000. Those results contain references to the Company's performance for the year ended 30 June 2000. This information is available on the website of North Limited: www.north.com.au.
The Board of Energy Resources of Australia Ltd will meet in the near future to finalise, approve and release the Company's financial results.
The High Court has ruled that Contact Energy cannot appeal a recent arbitration award made substantially in Fletcher Challenge Energy's favour.
Fletcher Challenge Energy purchases gas from Contact for on-sale to the Taranaki Combined Cycle Station in Stratford. As a result of power outages the station was unable to take gas during certain periods in August 1998 to July 1999. Contact Energy argued that Fletcher Challenge Energy was still obliged to pay for the gas under the terms of their agreement whether they used it or not. The arbitrator ruled that the outages at the power station constituted force majeure, relieving Fletcher Challenge Energy of its purchase obligations.
Notice is hereby given that a general meeting of the shareholders of Gawler Gold and Mineral Exploration NL will be held at 10.00 am on Tuesday, 12 September 2000 at the following address:
The Boardroom of the Company
Level 11, 500 Collins Street
Melbourne Vic 3000
"That:
(a) the status of the Company be changed from a no-liability company to a company limited by shares;
(b) the Constitution of the Company be modified by adopting the Constitution contained in the document tabled at the Meeting and signed by the Chairman of the Meeting for the purposes of identification in substitution for and the exclusion of the existing Constitution of the Company which is hereby repealed by this resolution; and
(c) the name of the Company be changed to Gawler Gold and Mineral Exploration Limited."
For further information, click here
Glengarry Resources announce that a drill program, designed to test high grade gold mineralisation at the Sandpiper deeps, is scheduled to commence on 10 August 2000. This program will comprise two (2) RC holes for a total of about 650 metres.
The Sandpiper deposit is located within the Larranganni Project in the Western Australian Tanami region. The Project is a joint venture between Glengarry Resources NL and Tanami Gold NL with Glengarry as manager and operator. Both companies are contributing to the budgeted work program.
Previous drilling at Sandpiper has returned intersections up to 59 metres @ 5.5 g/t Au from 170m (150m vertical). There has been little follow up drilling around the high grade intersection and a recent interpretation by the joint venture partners indicates the potential to outline further mineralisation at depth. The planned drilling will probe the deeps from 150 to 250 metres vertical. Results are expected by the end September 2000.
A 3000 metre geochemical RAB/air core drill program is currently in progress around the Finch prospect located 5km south of Sandpiper and 30km north of AngloGold's Coyote Au deposit. This program is designed to provide further detail on widespread anomalous Au and alteration, under cover, that was indicated from previous wide spaced drilling this year. Results are expected by mid September 2000.
Kimberley Diamond Company NL advises that pursuant to its Prospectus dated 6 June 2000, further shortfall applications in the sum of $609,240 have been received, which brings the total funds raised under this issue to $3,274,089.60.
The directors are continuing discussions with parties and are confident the remaining shortfall of $381,863.40 will be subscribed in the near future.
Multiplex and Monto Minerals have agreed to extend the Heads of Agreement by five months to 4 January, 2001. This extension will allow Monto Minerals to investigate and refine various technical issues including:
* confirmation of a reliable water supply; and
* construction and trialing of a small pilot plant, utilising a deep cone thickener, for rehabilitation within the Crater Mining Lease.
Monto Minerals is also completing investigations into the commerciality of the additional products apatite, plagioclase feldspar and olivine during this period.
The North Board has announced a net profit after tax, minority interests and abnormals for the year of $424.5m. In light of the takeover bid from Rio Tinto, no final dividend was declared. The fourth quarter NPAT contribution was $52.5m.
The annual net profit, after tax and minority interests but before abnormals, for 1999/2000 is $163.8m compared with $115.0m for 1998/1999.
The prior year annual consolidated results included contributions from both Warman and Kanowna Belle (KB) which were sold in September 1999 and October 1999 respectively. Excluding the Warman and KB contributions, the earnings before interest and tax for the year represented a 26% increase over the previous corresponding period primarily due to substantial improvements at IOC and North Forest Products.
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 10/08/2000
QUEENSLAND
WELL: Stokes 9
TYPE: SWQ Unit Gas Development
LOCATION: PL 84, Total 66 Block, 0.8km S of Stokes 1, 1.8km NW of Stokes South 1 and 130km SW of the Ballera Gas Centre.
STATUS AT 10/08/2000 0600 HOURS: Conducting short wiper trip prior to drilling ahead. Current depth and progress for the week is 2255m. The well spudded on 4/8/00.
PLANNED TOTAL DEPTH: 2638m
WELL: Challum 17DW1
TYPE: SWQ Unit Gas Development
LOCATION: PL 59, Aquitaine B Block, 1.5km SE of Challum 16, 0.7km NNE of Challum 8, and 20km W of the Ballera Gas Centre.
STATUS AT 10/08/2000 0600 HOURS: Drilling ahead in the upper lateral (DW1). Current measured depth is 2803m, with 106m progress for the week. Challum 17DW is designed as a high angle well with two sub-horizontal lateral wellbores designed to drain separate reservoirs in the Permian age Toolachee Formation. Challum 17 DW2 is designated the lower lateral wellbore while Challum 17DW1 is designated the upper lateral wellbore.
PLANNED TOTAL DEPTH: DW1 3029m MD
WELL: Roti West 1
TYPE: SWQ Unit Gas Development
LOCATION: APT 259, Naccowlah Block, 2.3km W of Roti 1, 4.1km NE of Windigo 1 and 30km E of the Ballera Gas Centre.
STATUS AT 10/08/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 1488m. The well spudded on 3/8/00.
PLANNED TOTAL DEPTH: 2576m
WELL: Merivale 10
TYPE: Gas Development
LOCATION: PL 44, Denison Trough, 690m SSE of Merivale 8, 680m SW of Merivale 5, and some 140km N of the township of Roma.
STATUS AT 10/08/2000 0600 HOURS: Merivale 10 has been suspended as a future gas producer from the Early Permian Reids Dome Beds. An open hold flow test over the interval 1674m to 2103m flowed gas at a rate of 2294 cubic metres per day (81000) cubic feet per day) through a 9.5mm (3/8") surface choke. The well reached a total depth of 2300m with no progress for the week. The rig was released on 3/8/00, and moved to Maintop 2, an ATP 337P gas appraisal well.
PLANNED TOTAL DEPTH: 2300m
WELL: Maintop 2
TYPE: Gas Appraisal
LOCATION: ATP 337P, Denison Trough, QLD, 0.625km SW of Maintop 1 and some 140km N of Roma.
STATUS AT 10/08/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 140m. The well spudded on 9/8/00.
PLANNED TOTAL DEPTH: 2083m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 10/08/2000
SOUTH AUSTRALIA
WELL: Meranji 22
TYPE: Gas Development
LOCATION: PPL 35, Merrimelia-Innamincka Block, 0.4km ESE of Meranji 1, 0.6km SW of Meranji 17, and some 30km NNW of the Moomba Gas Plant.
STATUS AT 10/08/2000 0600 HOURS: Running in hole with new bit to drill ahead. Current depth is 2771m, with 1826m progress for the week.
PLANNED TOTAL DEPTH: 3010m
WELL: Moomba 115
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 1.1km N of Moomba 90, 1.0km NW of Moomba 90, 1.0km NW of Moomba 6, and approx 1km NNW of the Moomba Gas Plant.
STATUS AT 10/08/2000 0600 HOURS: Moomba 115 has been cased and suspended as a future Permian gas producer. The well reached a total depth of 2633m, with 128m progress for the week. The rig was released on 6/8/00 and is moving to Moomba 122, a PPL 7 gas development well.
PLANNED TOTAL DEPTH: 2637m
WELL: Moomba 117DW
TYPE: Oil Development
LOCATION: PPL 7, Moomba Block, 0.1km N of Moomba 24, 0.8 km NNE of Moomba 104, and some 6km S of the Moomba Gas Plant.
STATUS AT 10/08/2000 0600 HOURS: Directionally drilling ahead. Current measured depth and progress for the week is 1739m. The well spudded on 4/8/00. Moomba 117DW is a high angle oil development well designed to drain reserves from the Jurrasic aged Hutton Sandstone oil pool, recently discovered by Moomba 104 oil exploration well.
PLANNED TOTAL DEPTH: 2414m
Merivale No 10, a gas appraisal well situated approximately 690 metres south-south-east of Merivale No 8, latitude 25 deg 33 min 38.85 sec south, longitude 148 deg 20 min 13.68 sec east, was spudded at 23:30 hours on July 10, 2000. Surface casing was set at 250.1 metres RT. Intermediate casing was set at 1672.4 metres RT. A total depth of 2,300 metres RT was reached at 12:30 hours on August 1, 2000. The well was suspended as a future gas producer. The rig was released at 10:00 hours, on August 3, 2000. Progress for the week was nil metres.
Queensland Metals Corporation Limited (QMC) has changed its name to Australian Magnesium Corporation Limited (AMC). The Australian Securities and Investment Commission registered the change of name on 9 August 2000.
In consultation with the Australian Stock Exchange, AMC has requested a new share code, ANM.
Trading in the Company's shares on a post-consolidation deferred settlement basis ceased Thursday 10 August.
The Company's shares will continue to trade under the ASX code QMC on a T+3 basis until Thursday 17 August 2000 when the new ANM code takes effect.
Australian Magnesium Corporation has 111,003,447 shares on issue and 5346 registered shareholders.
The Directors announce that the Company has placed on the 9th August 2000 250,000 ordinary shares in the capital of the company at an issued price of Fifty (50) cents each.
The shares rank equally with the Company's existing issued shares.
The proceeds of $125000.00 from the issue will be applied to exploration and administration expenses.
NEW ISSUE ANNOUNCEMENT
The World Gold Council has predicted gold prices to rise modestly by the years end due to steady demand and reduced speculator interest. This years physical demand is on track with 1999's when a full-year record was set, sparked by a buying frenzy leading up to the new millenium.
Declining speculator interest - a contributing force in Golds reduced value, central bank sales increasing significantly, and the traditional Asian and Indian consumer purchases of gold leading up the holiday season in the second half of the year, all point toward an optimistic few months ahead for gold prices.
The Company announces that Asarco Exploration Inc has fulfilled the necessary expenditure requirement pursuant to the Re-organisation Agreement executed between Yamarna and Asarco in January 1999 and has now earned a Participating Interest of 70% in the Yamarna Project. As at 30 June 2000 Asarco had expended in excess of $3 million on exploration and development directly attributable to the Yamarna Project leaving Yamarna Goldfields Limited with a current 30% direct interest.
As announced in the Company's recent quarterly report consultants are presently undertaking an upgraded resource estimation for the project which will include a re-estimation of the Attila resource. The outcome of this work will in part determine the direction of further exploration in the short to medium term.
All Ords
3275.0
Dow Jones
10,908.76
ASX200
3315.3
+5.5
S&P 500
1460.25
-12.62
All Resources
1342.5
Nasdaq
3759.99
All Mining
709.3
Gold - spot/oz
US$271.7
All Gold
736.6
Silver - spot/oz
US$4.85
AGC Explorers
894.73
-2.27
Platinum - spot
US$583.0
+9.0
Energy
1514.5
Palladium - spot
US$785.0
All Industrials
5718.5
Bridge CRB Index
219.52
FTSE 100
6387.3
-26.7
Crude Oil (NYMEX)
US$31.34
+0.99
Nikkei
15,975.55
-58.95
Copper (spot $US/tonne)
US$1860
no ch
Hang Seng
17,333.21
+151.22
Lead (spot $US/tonne)
US$476
no ch
A$ = US58.19c
Zinc (spot $US/tonne)
US$1133
A$ = 63.38yen
Nickel (spot $US/tonne)
US$7440
A$ = 0.640Euro
Aluminium (spot $US/t)
US$1506
US 30-Year Bond
5.674%
-0.052
Tin (spot $US/tonne)
US$5245
Further to the Company's announcement of 9 August 2000 regarding the priority entitlement of AMPL shareholders under the proposed Initial Public Offering of shares in Goldex Resources NL, the issue price of shares to the public under the Goldex prospectus will be 25 cents per share. Accordingly, the issue price of shares applied for by AMPL shareholders under the priority will be 20 cents per share, being at a 20% discount to shares offered to the public.
Conquest Mining NL has sought and received a waiver from ASX Listing Rule 14.7 to the extent necessary to permit Conquest to issue 20,000,000 ordinary shares and 20,000,000 options (as approved by shareholders in a general meeting held on 15 May 2000), by no later than 15 September 2000.
Half Yearly Report
* Eastern Aluminium Limited and its controlled entities own a 10% interest in the Portland aluminium smelter. Attached is a summary of financial performance for the half year to 30 June 2000.
* The company achieved a net profit after income tax of $8,066,000 in the first half of 2000 compared with the 1999 first half profit of $3,765,000 and the 1999 full year profit of $13,086,000.
This result reflects a combination of a higher aluminium price and lower A$:US$ exchange rate partially offset by higher operating costs and slightly lower production and sales.
* The company's share of production in the 2000 first half was 17,139 tonnes, which was slightly lower than the 17,223 tonnes produced in the comparative 1999 period. Accordingly, sales were also slightly lower at 17,074 tonnes (17,209 tonnes previously).
* Sales revenue was $10,878,000 or 33% higher than in first half 1999. This increase was due to a significant increase in US dollar selling prices, combined with a weaker Australian dollar exchange rate.
* The company sold its aluminium at an average price of US$1,622 per tonne, compared with US$1,295 in the prior comparative period.
* The market average Australian dollar exchange rate in the first half of 2000 was approximately A$:US$0.61 compared with approximately A$:US$0.64 in the corresponding period of 1999. After allowance for matured historical hedging contracts, the company realised an average Australian dollar exchange rate of A$:US$0.63 in the first half of 2000 compared with A$:US$0.67 in the first half of 1999. No new hedging has been undertaken in 2000.
* Costs were higher in the first half of 2000 compared with the same period last year due to the following factors:
- higher electricity and alumina costs, mainly due to the operation of contractual metal price and exchange rate links; and
- increased corporate costs associated with takeover bids made for the company, together with provisions for employee redundancy as a result thereof.
* Subsequent to Eastern becoming a controlled entity of Alcoa of Australia Limited ("Alcoa") on 3 May 2000, Mr R J Fynmore and Mr G A Austin retired as directors of the company. At Alcoa's request, the Board appointed Mr B M Baltzell, Mr R P Huber and Ms S E In't Veld as Directors. Mr Baltzell was also appointed as Chairman and Managing Director of Eastern.
* As at 9 August 2000, Alcoa had an 81% shareholding in Eastern. Alcoa has recently advised shareholders that in light of the level of acceptances received by Alcoa under its takeover bid and the resulting limited number of Eastern shareholders, that it intends, following the close of the offer on 15 September 2000, to seek to procure the delisting of Eastern from the Australian Stock Exchange. Following such delisting, Eastern shares would cease to be able to be traded on the ASX.
* As previewed by the Chairman at the company's annual general meeting on 5 May 2000, the Board has reviewed dividend policy having regard to Alcoa's takeover bid and has determined not to declare an interim dividend in respect of the half year to 30 June 2000.
* The Board re-iterates its previous recommendation that remaining shareholders should accept Alcoa's offer of $1.60 cash per Eastern share.
FLETCHER CHALLENGE ENERGY
DRILLING SUMMARY REPORT (CONTINUED)
FOR THE WEEK ENDING 09/08/2000
Country : Canada
Block Area: Hatton
or Prospect
Well Name : 4-19-15-27 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 04/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 06/08/2000.
Block Area: Hatton
or Prospect
Well Name : 12-19-15-27 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 03/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 04/08/2000.
Block Area: Hatton
or Prospect
Well Name : 12-4-15-27 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 07/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 08/08/2000.
Block Area: Veteran North
or Prospect
Well Name : 16-25-35-9 W4M
or Location
Objective : A Development well testing Viking Oil.
Current Status : * Spud: 08/08/2000.
* Prepare to run casing.
Block Area: Riverbend
or Prospect
Well Name : 7-28-36-9 W4M
or Location
Objective : A Development Well testing Colony/Viking Gas.
Current Status : * Spud: 02/08/2000.
* Cased for Colony/Viking Gas.
* Rig Released: 05/08/2000.
Block Area: Marsden West
or Prospect
Well Name : 7-36-44-1 W4M
or Location
Objective : An Exploration Well testing Sparky Oil.
Current Status : * Spud: 02/08/2000.
* Cased for Sparky Oil.
* Rig Released: 05/08/2000.
Block Area: Brownfield
or Prospect
Well Name : 6-21-38-14 W4M
or Location
Objective : A Development well testing Viking Gas.
Current Status : * Spud: 08/08/2000.
* Run and cement surface casing.
Block Area: Marsden
or Prospect
Well Name : 85-8-45-27 W3M
or Location
Objective : An Exploration well testing Sparky Oil.
Current Status : * Spud: 05/08/2000.
* Cased for Sparky Oil.
* Rig Released 07/08/2000.
FLETCHER CHALLENGE ENERGY
DRILLING SUMMARY REPORT (CONTINUED)
FOR THE WEEK ENDING 09/08/2000
Country : New Zealand
Block Area: PML381012
or Prospect
Well Name : MB-7
or Location
Objective : Deviated development well primarily targeting the Maui B D1.10L oil reservoir with multiple secondary objectives.
Current Status : * Drilled in 8(1/2)" hole from 2689m to 3322m.
* Current operation @ 0600hrs 10th August, drilling
ahead at 3409m.
* Plan to set 7" liner at 3580m.
Block Area: PML381012
or Prospect
Well Name : MB-6
or Location
Objective : Horizontal development well in the Maui B D 1.10 oil reservoir.
Current Status : * Suspended well with stuck 4(1/2)" liner pending evaluation of side-track or completion options while operations proceed on MB-7.
FLETCHER CHALLENGE ENERGY
DRILLING SUMMARY REPORT (CONTINUED)
FOR THE WEEK ENDING 09/08/2000
Country : Canada
Block Area: Hatton
or Prospect
Well Name : 4-30-15-27-W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 02/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 03/08/2000.
Block Area: Hatton
or Prospect
Well Name : 14-15-15-26 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 01/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 02/08/2000.
Block Area: St Albert
or Prospect
Well Name : 103/12-25-53-26 W4M
or Location
Objective : A Development well testing Basal Belly River/ Glauconite Gas.
Current Status : * Spud: 02/08/2000.
* Cut Core#1. Drill ahead to TD.
Block Area: Veteran North
or Prospect
Well Name : 14-25-35-9 W4M
or Location
Objective : A Development well testing Viking Oil.
Current Status : * Spud: 05/08/2000.
* Cased for Viking Oil.
* Rig Released: 08/08/2000.
Block Area: Hatton
or Prospect
Well Name : 11-31-18-28 W3M
or Location
Objective : A Development well testing Milk River Gas.
Current Status : * Spud: 04/08/2000.
* Cased for Milk River Gas.
* Rig Released: 05/08/2000.
Block Area: Hatton
or Prospect
Well Name : 7-23-18-28 W3M
or Location
Objective : A Development well testing Milk River Gas.
Current Status : * Spud: 03/08/2000.
* Cased for Milk River Gas.
* Rig Released: 04/08/2000.
Block Area: Hatton
or Prospect
Well Name : 10-8-18-29 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 05/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 07/08/2000.
Block Area: Hatton
or Prospect
Well Name : 4-8-18-28 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 03/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 04/08/2000.
Block Area: Hatton
or Prospect
Well Name : 12-4-15-27 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas.
Current Status : * Spud: 07/08/2000.
* Cased for MR/MH Gas.
* Rig Released: 08/08/2000.
NEW ISSUE ANNOUNCEMENT
Fletcher Challenge
Drilling & Production Testing Report
For the week ending 09/08/2000
Country : Canada
Block Area: Galahad
or Prospect
Well Name : 14-26-40-15 W4M
or Location
Objective : An Exploration well testing Basal Quartz Gas
Current Status : * Spud: 27 Jul 00.
* Cased for Viking Gas
* Rig Released: 02 Aug 00.
Block Area: Hatton
or Prospect
Well Name : 14-16-15-26 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 01 Aug 00
* Cased for MR/MH Gas
* Rig Released: 02 Aug 00
Block Area: Hatton
or Prospect
Well Name : 10-25-17-29 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 31 Jul 00
* Cased for MR/MH Gas
* Rig Released: 01 Aug 00
Block Area: Hatton
or Prospect
Well Name : 4-32-17-28 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 01 Aug 00
* Cased for MR/MH Gas
* Rig Released: 02 Aug 00
Block Area: Hatton
or Prospect
Well Name : 10-8-16-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 02 Aug 00
* Cased for Milk River gas
* Rig Released: 03 Aug 00
Block Area: Hatton
or Prospect
Well Name : 2-8-18-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 01 Aug 00
* Cased for Milk River gas
* Rig Released: 02 Aug 00
Block Area: Hatton
or Prospect
Well Name : 2-8-18-28 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 02 Aug 00
* Cased for MR/MH Gas
* Rig Released: 03 Aug 00
Block Area: Hatton
or Prospect
Well Name : 4-32-17-28 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 01 Aug 00
* Cased for MR/MH Gas
* Rig Released: 02 Aug 00
Notice is hereby given that the Annual General Meeting of members of Ghana Gold Mines Limited will be held at Level 6, Griffin Centre, 28 The Esplanade, Perth, Western Australia on Monday 11 September 2000 at 8.30 am.
DAIRI PROJECT, NORTH SUMATRA
DRILLING UPDATE TO AUGUST 8, 2000
ON SOPOKOMIL ZINC-LEAD PROSPECT
Assay results from hole SOP27D, on section 9900N are now to hand.
The main ore horizon (MOH) was intersected between 210.34m and 225.23m for 14.9m, grading
14.35% Zn, 6.07% Pb and 5.6 g/t Ag. An upper ore horizon (UOH) was intersected between 194.6m
and 197.67m for 3.1m, assaying 4.33% Zn, 1.77% Pb and 4.5 g/t Ag.
Hole SOP28D drilled on the same section (9900N) but down dip of SOP27D failed to deliver any
significant mineralised intercept.
For further information, click here
Notice is hereby given that an Annual General Meeting of the shareholders of Hillcrest Resources NL will be held at Royal Kings Park Tennis Club, Kings Park Road, West Perth, Western Australia on Thursday, 14 September 2000 at 9.30 am.
APH Investment Corporation ceased to be a substantial shareholder in Kingstream Steel Limited on 13/01/2000.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
Metex Resources NL herewith advises that a placement of 7.8 million fully paid ordinary shares in Metex, coupled with 3.9 million free options to acquire ordinary shares exercisable at 20 cents per share on or before 30 June 2004, has been placed to clients of Hartley Poynton at an issue price of 9 cents per share.
The gross proceeds of $702,000 will be primarily utilized in funding the Company's continuing resource exploration efforts at Laverton, coupled with expanded activity at the Company's 100% owned "Roe Project" in the North Eastern Goldfields of Western Australia. These funds will be augmented by the Drilling Pool of $252,000 (previously announced) with Grimwood Davies Drilling, and give Metex a strong base upon which to enhance its resource activities and promote the expansion of its exploration efforts.
Mosaic Oil NL has served a sole risk notice in PL 119 (Downlands) for the drilling of the Downlands East Prospect. The well location is situated within 300 meters from a pipeline connection point where a T junction has already been installed. The gas potential of the prospect is between 3.6 and 6.7 BCF recoverable.
Zurich Bay Holdings Pty Ltd increased its relevant interest in Mineral Commodities Ltd on 08/08/2000, from 4,000,000 ordinary shares (5.33%) to 4,500,000 ordinary shares(6.0%).
Rio Tinto Investments Two Pty Ltd increased its relevant interest in North Limited on 09/08/2000, from 171,599,574 ordinary shares (23.20%) to 287,447,298 ordinary shares (38.78%).
To address consumer and business concerns of privacy and trust in the Internet space MTIC Corporate has successfully secured a partnership with e-security company, RSA Security Inc www.rsa.com
Oil Company of Australia Limited on behalf of the PL44 Joint Venture advises that:
Maintop No 02 a gas exploration well situated approximately 625 metres noth-east of Maintop no 01, Latitude 25 deg, 40 min, 26.62 sec south, longitude 148 deg, 22 min, 30.01 sec east, was spudded at 20:00 hours on August 09, 2000. At 06:00 hours today the rig was drilling ahead in the 311 mm surface hole section. Progress for the week was 140 metres.
The primary targets of the well are the staircase, Moorooloo, Riverstone and Reids Dome Sandstones. The secondary target is the Lower Aldebaran Sandstone.
NEW ISSUE ANNOUNCEMENT
By Prospectus, QOP offers for subscription to shareholders up to a maximum of 34,882,003 Shares to raise up to $1,741,100.15. The Shares are offered on a pro-rata non-renounceable basis of one Share for every two Shares held in QOP (rounded down to the nearest whole number) at 5pm EST on 21 August 2000.
The purpose of the capital raising is reduce debt levels, fund the initial investment in Benitec Ltd and provide ongoing working capital.
NEW ISSUE ANNOUNCEMENT
Sipa announces that the Company has been notified by Outokumpu Zinc Australia Limited that they are commencing a Feasibility Study on the Sulphur Springs Zinc-Copper deposit within Sipa's Panorama Project in the Pilbara Region of Western Australia.
The Feasibility Study is budgeted at $3.9 million and is planned in two stages:
* STAGE 1: costing $1.4 million is due for completion by 3l March 200l; and
* STAGE 2: costing $2.5 million is due for completion by 7 December 2001. (we have been informed that Stage 2 is contingent on the success of Stage 1)
Sipa's agreement with OZA is such that OZA may earn a 60% interest in the Panorama Project by providing Sipa with a completed bankable-standard Feasibility Study by 7 June 2002.
NEW ISSUE ANNOUNCEMENT - QUOTATION OF SECURITIES
Tap Oil NL provides the following update on the Linda-1 exploration well.
LOCATION
The well is located in TL/1, 17.5 kilometres north-east of Varanus Island at latitude 20deg 32'54.13"S and longitude 115deg 41'48.36"E.
PROGRESS
As previously reported a sidetrack hole was drilled into the upper 53 metres of the 91 metre thick Biggada sandstone reservoir for open hole testing.
The well was opened for testing of this zone at 06.09 hours on 9 August 2000.
As at 4.00 pm an 9 August, the well was flowing gas at a rate of 15.3 mmcf/day and 507 bbls/day of 48 API gravity condensate on a 1/2 inch choke, with a flowing pressure of 3,036 psi.
FORWARD PROGRAMME
It is planned the well will be shut in overnight for pressure buildup analysis and reopened on 10 August for determination of maximum flow rate. These data will enable reservoir parameters and potential deliverability to be determined.
On completion of this test it is planned that this sidetrack hole will be cemented and a second sidetrack hole drilled to enable further evaluation of the formation.
TAP COMMENT
As previously reported, the small diameter of the sidetrack hole limited the options for conventional testing of the well, and therefore to evaluate the nature and extent of the discovery, a two stage approach is being undertaken.
The first stage is now complete which confirms that the upper part of the Biggada reservoir contains gas and condensate. However the lower part of the reservoir which has a different MWD log response to that above cannot be analysed by flow testing. In order to fully evaluate the entire 91 metres of intersected Biggada reservoir, a second sidetracked hole will be drilled through the entire Biggada sandstone reservoir. Core will be obtained over the entire section. Fluid samples and pressure readings will also be taken over the entire reservoir to establish the fluid type and extent of the discovery. From this data the type and extent of the resource can be more fully evaluated. This second stage of the programme will be conducted over the next week.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back -26,514,154.
The Directors of Zimbabwe Platinum Mines Limited (Zimplats) announce the appointment of Stephen Geoffrey Gemell (46) as an Executive Director of the company with effect 8 August 2000.
Basin Minerals Limited formerly Craton Resources NL advises that Inferred Resources for the Douglas Project Area have been increased from 12.7 million tonnes of concentrate to 20.8 million tonnes of concentrate containing 11.31 million tonnes of ilmenite (inc leucoxene), 1.26 million tonnes of rutile and 1.62 million tonnes of zircon. The Douglas Project Area is now a major mineral sands field of global significance.
The company advises that following approval by members at a general meeting held on Monday the 7th August 2000 that the company's name will change from Australian Mineral Processors Limited to Maxe-tec Australia Limited.
The ASX have advised that the new trading code for the company will be MXA and that trading should occur under this new code soon on or after Monday the 21st of August 2000.
The company has made previous announcements in the market in relation to a proposed rollout of the Company's gold-related assets into a separate corporate entity by the name of Goldex Resources NL.
The shareholders in the Company as at 15 March 2000 received a special free allocation of shares in Goldex and each of those members have been notified of that entitlement by the Goldex Share Registry.
The Company advises the market that shareholders in the Company (and registered as such) as at 18 August 2000 will be entitled to a 20% discount on the Goldex shares that they apply for under the prospectus.
A minimum of 10,000 shares will be issued to qualifying shareholders who apply. Any shares applied for over and above this minimum will be allocated at the discretion of the Goldex directors, depending on the overall number of prospectus application received.
Ballarat Goldfields recently acquired technology business, Oztrak Group Pty Ltd, has now been substantially restructured. Prime objectives of the reorganisation have been to expand Oztraks opportunities for delivery of technical solutions to business customers and to strengthen the sales focus.
For full report, click here
Peabody Resources plan to sell their Australian coal assets by the end of the year to capitalise on resurging interest in the sector. The world's biggest coal miner fuels 9 per cent of the US supply of electricity each year, and its five NSW and Queensland mines annually produces around 20 million tonnes of coking and thermal coal.
Peabody's Australian assets incorporate:
Anglo American, who aim to expand their Australian coal portfolio, will be contested for the Peabody interests by Japanese steel makers, Nippon Steel, Mitsubishi and Misui who all have direct interests in the Moura, Warkworth and Bengalla mines, with other companies interested in bulding their Australian coal portfolios including Wesfarmers and Rio Tinto and Germany's RAG Coal group.
QMC Directors Mr Roger North and Dr Alan Reid have retired from the Board and joining the Company as a Non-Executive Director is Mr David Hillier, the Group Executive Finance of Normandy Mining Limited, effective immediately.
Preliminary Final Report
BALANCE SHEET:
Total net assets have increased by some $18 million from 30 June 1999. This movement reflects the $36 million equity raising, the operating loss for the year of $3 million and the provision for a foreign exchange hedge book write down of $15 million.
Significant movements in the balance sheet for the year include:
RECENT DEVELOPMENTS:
NOTIFICATION OF SHARE CANCELLATION
Number of Shares: 464,719
Class of Shares: Ordinary
Consideration (Total): $957,405
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back -564,390.
Rio Tinto Investments Two Pty Limited increased its relevant interest in North Limited on 08/08/2000, from 131,566,141 ordinary shares (17.75%) to 171,599,574 ordinary shares (23.20%).
NEW ISSUE ANNOUNCEMENT
Issue of Prospectus for a non-renounceable issue of Shares and Options on the basis of one new Share and one free attaching Option for every 8 shares or participating options held as at the Record Date at a subscription Price Of 3 cents per share.
This issue is fully underwritten by Peregrine Corporate Limited.
The Issue will raise approximately $960,058 before allowing for costs associated with the issue. The funds raised from the issue will be predominantly applied for working capital purposes.
All Ords
3269.6
Dow Jones
10,905.83
ASX200
3309.8
+7.4
S&P 500
1472.87
-9.93
All Resources
1333.4
Nasdaq
3853.5
All Mining
710.4
Gold - spot/oz
US$271.3
All Gold
739.8
Silver - spot/oz
US$4.85
AGC Explorers
901.78
-1.81
Platinum - spot
US$574.0
-4.0
Energy
1502.0
Palladium - spot
US$779.0
All Industrials
5713.9
Bridge CRB Index
218.69
FTSE 100
6414.0
+55.9
Crude Oil (NYMEX)
US$30.35
+1.23
Nikkei
16,034.6
+214.49
Copper (spot $US/tonne)
US$1860
+13
Hang Seng
17,181.99
-29.85
Lead (spot $US/tonne)
US$476
-2
A$ = US57.84c
Zinc (spot $US/tonne)
US$1141
A$ = 62.42yen
Nickel (spot $US/tonne)
US$7485
A$ = 0.642Euro
Aluminium (spot $US/t)
US$1509
US 30-Year Bond
5.726%
-0.006
Tin (spot $US/tonne)
US$5250
Maple-Brown Abbott Ltd ceased to be a substantial shareholder in Aurora Gold Limited on 12/07/2000.
AMX Resources, in the process of changing its name to THIRD RAIL LIMITED
NOTICE OF GENERAL MEETING
NOTICE IS HEREBY GIVEN that at a general meeting of AMX Resources Limited will be held at Exchange Square, Ground Floor, 10 Bridge Street, Sydney, New South Wales on Monday, 11 September 2000 at 5.00pm.
AMX Resources Ltd has been exclusively engaged in gold exploration since the Company's incorporation in 1986. However, due to a general market disinterest in the traditional activities of the Company, the resulting difficulty in raising equity funds and the uncertainty surrounding the future direction of the gold price, the Board of AMX decided to seek an alternative direction for the Company.
The emerging market for broadband delivery of "last mile" services was identified as an appropriate opportunity for the Company and in January 2000, the Company announced that it had entered an agreement to acquire 100% of the issued capital of Semaphore Telecommunications Pty Ltd. Semaphore holds 52 licences which cover all capital cities and major regional centres throughout Australia. The licences permit Semaphore to operate Wireless Local Loop and Internet access equipment in the 3.4 GHz spectrum in Australia.
Subsequently, AMX announced on 21 July 2000 that it had entered into agreements to purchase 100% of the issued capital of Third-Rail Wireless Services Inc a company based in New Hampshire, USA and also 100% of the issued capital of Amalgamated Network Systems a company base in Ghana, West Africa. These acquisitions will strengthen AMX's position as a global leader in broadband delivery.
Centennial Coal Company Limited announces the confirmation of Dr Ken Moss' appointment as Director of the Company with effect from 9 August 2000.
Dr Moss will assume the role of Chairman of the Board of Directors later this month and the current Chairman, Mr Paton, will, in order to ensure a smooth transition, remain as a Non-Executive Director until the conclusion of the AGM.
Drillsearch Energy NL advises progress by its Canadian subsidiary, Circumpacific Energy Corporation, in drilling of the Lambert well, Alberta, Canada.
WELL NAME:
TLM Oiltech Lambert 5-4-52-22 W5M.
AREA LOCATION:
Lambert approximately 180 km west of Edmonton, Calgary, Canada
REPORT:
The operator, Talisman Energy Inc, reported that at 4.00 pm 8th August 2000, (AEST), after setting surface casing and blow our preventers, the well was drilling ahead with an air drill at 1,000 metres KB (Kelly Bush).
PROPOSED TOTAL WELL DEPTH:
4,799 metres. Anticipating to terminate in the Cambrian system.
Alcoa of Australia Limited, AFP Pty Ltd increased its relevant interest in Eastern Aluminium Limited on 08/08/2000, from 88,611,532 ordinary shares (80.63%) to 88,623,652 ordinary shares (80.64%).
Goldfields Kalgoorlie Limited will be removed from the official list of Australian Stock Exchange Limited as from the close of trading on 9 August 2000, following implementation of the selective reduction of capital approved by shareholders on 28 June 2000.
Security Codes: GKL
The Company releases a Prospectus for HeartLink Ltd, and shareholder's personal Entitlement Form.
The issue is underwritten by Hogan & Partners - Stockbrokers.
Intermin shareholders have a priority over the public to subscribe for HeartLink Shares (and Options) on a pro-rata basis, and will also receive an additional share for every five subscribed for, at no charge. This benefit is only available to Intermin shareholders registered as shareholders on 4 August 2000.
We urge shareholders to carefully read the Prospectus, and if it is shareholders intention to take up their entitlement to do so without delay - expressions of interest have been received from more than 600 potential investors and it is anticipated that HeartLink Directors will close the issue early.
The Company lodges a Prospectus for a 1 for 4 Non-Renounceable pro rata issue of Shares at an issue price of $0.15 each together with 1 attaching Option granted free for every 2 Shares subscribed for and issued to raise up to $1,453,531 to be used to fund the continued development of the Batchelor Magnesium Project in the Northern Territory and to augment working capital.
The Entitlements Issue is underwritten by D J Carmichael Pty Limited
Activities for the quarter ended 30 June 2000.
BATCHELOR MAGNESIUM PROJECT
Rum Jungle District - Northern Territory
(Mt Grace subsidiary Savanna Mineral Resources Pty Ltd 100%)
The Company has completed an update of the resource estimate of the Winchester magnesite deposit near Batchelor. Approximately 75% of the 16.6 million tonne deposit is now classified as an Indicated Resource. (See Table 1). The increased confidence in the database will afford the opportunity to plan for future mining efficiencies. This resource is sufficient for over 60 years production at the projected rate of 50,000 tpa of magnesium metal. The potential to increase this resource through further exploration is considered excellent. Such exploration may be undertaken at a future time.
Commercial production has been declared for the Enterprise copper mine at Mount Isa from 1 July 2000.
Located beneath existing workings, Enterprise is the new copper ore source for MIM's Mount Isa operation.
Commercial production signifies that consistent operating performance is now being achieved, and brings to an end the capitalisation of the development costs of the Enterprise integrated ore handling system, including internal shaft, conveyor and mine development.
Fourth Quarter Activities Report
PRODUCTION SUMMARIES BY OPERATION:
COPPER
MOUNT ISA
The benefits of MIM's investment programme and operational improvements were reflected in a record annual copper smelter production of over 222,000 tonnes, 40% ahead of the previous year.
Anode output increased to almost 60,000 tonnes for the quarter, 5% higher than for the previous June quarter and the highest quarterly output recorded from Mount Isa. Monthly anode and refined copper output exceeded 21,000 tonnes during May, the highest recorded monthly output for both the expanded smelter and refinery operations. The improved smelter performance and lower concentrate stocks led to a reduction in copper in other products compared with the previous June quarter.
Copper smelter performance improved as seasonal air quality control (AQC) interruptions reduced. AQC is generally lower during the June and September quarters. Little benefit in reduced AQC was gained from gas collection, as delays in WMC Fertilizers' Phosphate Hill project caused their acid plant to be off-line during most of the quarter due to full acid tanks. Total copper output for the year rose by 7% compared with the previous year.
An improved mill performance lifted ore treated 12% ahead of the previous June quarter. This combined with higher copper grades, as the proportion of Enterprise mine ore rose, increased concentrate output by 22% compared with the previous June quarter.
Performance targets for the new Enterprise copper mine automated ore handling system were achieved during the quarter and commercial production was declared from 1st July. Annual ore output from Enterprise mine will increase to approximately 3.5 million tonnes over the next three years as additional stopes are brought on line. Approximately $312 million had been committed on the project by the end of the June quarter.
ALUMBRERA (MIM 50%)
Scheduled lower copper and gold grades of ore mined and processed, lower gold recovery and lower mill availability, as maintenance issues were addressed during plant shutdowns, kept metal output below that of the previous June quarter.
Although ahead of the March quarter, mill throughput remained below target due to shutdowns for maintenance aimed at improving the plant's reliability. Following this, mill utilisation improved in June lifting production. An increased proportion of harder ore also affected mill throughput rates though the proportion declined late in the quarter. Concentrate, copper and gold output increased month by month through the quarter.
Further plant improvements will be completed during the September quarter.
ERNEST HENRY (MIM 51%)
As a result of a strong mill performance throughput was 14% ahead of the previous June quarter and was the highest quarterly throughput achieved by the operation. Copper in concentrate output was marginally below that for the previous June quarter. The scheduled lower average copper grade for the quarter was offset by improved recovery rates compared with the previous June quarter which had been adversely affected by the presence of near surface weathered ore. Improved gold recovery combined with increased throughput lifted gold in concentrate by 30% compared with the previous June quarter.
ZINC-LEAD-SILVER
MOUNT ISA
Mill throughput and metal output were in line with the previous June quarter. Lower lead and zinc grades of ore mined and processed were offset by improved metallurgical recoveries resulting from upgrades to the processing plant circuit made earlier in the year as part of the George Fisher project.
Output of ore from the Isa lead mine continued to be constrained by high maintenance activity as life extension refurbishment work progressed.
The George Fisher project construction was 83% complete by the end of the quarter and the project remains within budget and on schedule for commissioning during September/October 2000. Approximately $178 million had been committed on the project by the end of the June quarter. Refurbishment of the Mount Isa lead smelter commenced in early July and is scheduled to be completed in early August.
McARTHUR RIVER (MIM 70%)
Strong mine and mill performances continued. Mill throughput and zinc in concentrate output achieved for the quarter were the highest recorded by the operation. Zinc in concentrate production increased as mill throughput increased, despite the processing of lower grade ore from the 3 and 4 orebodies.
The higher zinc grade of concentrate produced increased product value. The lower lead recovery compared with the previous June quarter is consistent with a focus on improving higher value zinc recovery and concentrate grade.
EUROPE
At Northfleet, total lead output was in line with the previous June quarter. As forecast, refinery performance continued to be constrained by the low availability of lead bullion supplies from Mount Isa and Avonmouth.
At Avonmouth, low furnace utilisation continued to adversely affect refined zinc output which was below that for the previous June quarter. Utilisation was limited by the forecast planned shutdown during April to repair refractory brickwork, and high maintenance requirements of peripheral plant.
At Duisburg, refined zinc output was in line with that for the previous June quarter. Refurbishment of one of the three refinery columns during the quarter limited refined zinc output.
COAL
OAKY CREEK (MIM 75%)
A strong June quarter performance capped an outstanding production year for Oaky Creek. Annual output from the No 1 mine was the highest in the mine's history.
An outstanding performance from the Oaky North longwall helped lift washed coal output 13% ahead of the previous June quarter. Oaky North ROM coal output for April (over 772,000 tonnes) was the highest recorded monthly output by an Australian longwall operation.
A longwall panel change for the Oaky North longwall commenced during June. The longwall recommenced production in early July.
NEWLANDS-COLLINSVILLE-ABBOT POINT (MIM 75%)
While Newlands and Collinsville coal output increased compared with the March quarter, output continued to be managed in response to the weak market. Tonnages from both operations were below those for the previous June quarter. The market outlook has improved and production levels were increased towards the end of the quarter in line with increased sales anticipated during the September quarter.
Coal exports through Abbot Point (100% basis) totalled 2.54 million tonnes for the quarter.
GOLD
RAVENSWOOD (MIM 50.1%)
A stronger mill throughput combined with higher gold grade of ore mined and processed and improved gold recovery increased gold output to a quarterly record, 16% ahead of the previous June quarter resulting in the mine's highest annual gold production. Screening and stockpiling of oversize run-of-mine ore from the mill feed resulted in improved throughput rates.
MACMIN has entered into a strategic alliance with USA company Metals Treatment Technologies LLC (MT2) to develop a joint business relationship in Australasia to apply their environmental metals treatment and stabilisation technologies. This new business entity will be owned by MACMIN 80%, and MT2 20%. MACMIN considers that the agreement with MT2 is an excellent opportunity to develop a high growth technology business in Australia which will complement the proposed silver mine development at Texas, in SE Queensland.
MACMIN will also acquire a 10% interest in Metals Treatment Technologies LLC, with an option to acquire a further 10%, allowing immediate exposure to the North American market.
For further information, click here
The primary exploration focus of the company in years 2000/2001 will remain the development of a silver mine at Twin Hills within the Texas Silver Project, however, the company has advanced exploration projects for both gold and copper in Papua New Guinea and gold in Tasmania. Considerable funds have already been expended on these projects by Macmin or joint venture partners, and in the opinion of the directors, they represent a valuable asset for the company. Every effort will be made to retain these projects.
The Board believes that it is not possible for Macmin to internally finance substantial further exploration and pre-development on these projects in the light of the present market conditions. Accordingly, joint venture discussions have been held with several companies, but to date no agreement has been reached. The combination of low gold price, relatively negative perception of Papua New Guinea (by others) and much smaller exploration budgets for major mining companies have proved insurmountable to date. The Board is not hopeful of attracting suitable joint venture partners in the near term.
At present we believe the best approach is a public float of the Papua New Guinea and Tasmanian projects into two or more companies which would then apply for listing on the ASX. Macmin would retain a significant shareholding in all companies. The Papua New Guinea float or floats would also apply for listing on the POMSOX (PNG Exchange), would concentrate on developing a cash flow from Normanby and Sinivit, and exploration of world class targets such as Crater Mountain and the copper projects in New Britain.
The Board is investigating this strategy and Shareholders will be advised further in due course.
For further information, click here
Rio Tinto Investments Two Pty Limited increased its relevant interest in North Limited on 08/08/2000, from 131,566,141 ordinary shares (17.75%) to 171,599,574 ordinary shares (23.20%).
Petroz advises that, following completion of remedial work on the Elang-2 and Kakatua North-1 wells, total production from the Elang, Kakatua and Kakatua North Oil Fields is approximately 20,000 barrels of oil per day (BOPD).
Problems were experienced in Elang-2 and Kakatua North-1 with the control umbilicals between the wellheads and the Floating Production Storage and Offloading vessel (FPSO). The wells were shut-in for approximately 5 and 3 months respectively.
NEW ISSUE ANNOUNCEMENT
Preliminary Final Report
OVERVIEW
FINANCIALS:
* Sales revenue for the year was $71.7 million - up 37%.
* Magnesia sales volumes for the year were 175,337 tonnes - up 42.9%.
* Magnesite sales volumes for the year were 47,819 tonnes - up
113.3%.
* Operating loss for the year was $3.0 million down from a loss of
$4.9 million.
* Abnormal item reflecting FX hedge book provision was $14.8 million (1999 nil).
* QMAG debt facility reduced by $2 million to $44.1 million.
* QMC corporate facility of $15 million repaid in full.
* October 1999 Rights Issue raising of $35.7 million.
* Cash balance of $14.6 million after contributions to AMC of some
$15.4 million.
MAJOR EVENTS DURING THE YEAR:
STANWELL MAGNESIUM PROJECT:
* Magnesium metal produced from AM process.
* Feasibility Study completed:
- Confirmation of AMC's economic and technical attributes.
- Project capital costs estimated at A$1.13 billion.
- Confirmation of AMC's potential as a world-class, low cost
producer.
- Demonstration of significant underlying value in AMC.
* AMC ownership optimised under QMC.
* Environmental approvals received.
* Funding finalisation and commercialisation decision targeted for
around 3rd quarter 2000.
MAGNESIA OPERATIONS:
* Record sales and production volumes.
* Ten year sales contract for magnesite confirmed.
* New lease area KG(3) approved ensuring greater mining flexibility.
* KG(2) mining operations commenced in high yielding ore.
* AMC feasibility incorporates a major magnesite supply arrangement
with AMC.
CORPORATE/OTHER:
* Dr Roland Williams appointed Chairman of QMC; Mr Rod Sharp appointed CEO of AMC.
* Establishment of Advisory Committee to assist AMC commercialisation.
* Flamemag - piloting completed - progression to Feasibility Study Phase.
National Australia Bank Limited Group ceased to be a substantial shareholder in Queensland Metals Corporation Limited on 02/08/2000.
NEW ISSUE ANNOUNCEMENT
The Directors announce that the company has placed on 8th August 2000 500,000 ordinary shares in the capital of the Company at an issue price of Thirty (30) cents each.
These shares rank equally with the Company's existing issued shares.
The proceeds of $150,000 from the issue will be applied to exploration and administration expenses.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 26,614,154.
KEY POINTS
* Zeolite Australia Limited has developed another breakthrough environmental technology in ZELamm.
* ZELamm complements existing technologies and provides a cost-effective reduction in ammonia/nitrogen discharged to the environment.
* This new technology also has the potential to reduce capital expenditure for other types of wastewater treatment plants.
NEW ISSUE ANNOUNCEMENT
Notice is given that a General Meeting of Members of Australian Mineral Processors Limited is to be held at Level 14, 145 Eagle Street, Brisbane on 7 August 2000 at 10:00 am (Brisbane time).
AGENDA
ORDINARY BUSINESS
To consider and, if thought fit, pass the following resolutions, with or without amendment, as ordinary resolutions:
1. That in accordance with the Company's Constitution the appointment of Hans-Rudolf Moser as a Director of the Company be hereby approved.
2. That in accordance with the Company's Constitution the appointment of David Glenn Brown as a Director of the Company be hereby approved.
3. That in accordance with Rule 7.4 of the Listing Rules of the Australian Stock Exchange Limited, and for all other purposes, the previous issue of 36,000,000 ordinary shares at an issue price of four cents ($0.04) each to the persons listed below ("the Placement Shares") be hereby ratified.
Letter to Shareholders - Takeover Offer by De Beers
De Beers, the South African diamond conglomerate, is proposing to make a conditional offer for shares in Ashton at a price of $1.62 per share.
It is in shareholders best interests not to do anything in respect of their shareholding in Ashton at this stage.
Ashton has not received the formal offer document from De Beers.
When received, shareholders will be informed of Directors response and will also receive formal advice in response to the bid, including Directors' recommendations, as soon as practicable after receipt of the formal offer document.
Ashton has appointed KPMG Corporate as independent experts to value Ashton as part of its response to the unsolicited takeover bid by De Beers.
KPMG will be advised on technical matters by Australian Mining Consultants and Anderson & Schwab.
Notice is given that a general meeting of the members of Boulder Steel Ltd will be held at the Company's head office, Suite 3, 25 Anderson Street, Chatswood, NSW, Australia on Thursday, 7 September 2000 AT 11:00am.
Beach Petroleum NL announces that its bid for Block C02000-C, offered in the latest round of Cooper Basin gazettals, has been successful. Beach has been offered the block with its 50% joint
venturer, Magellan Petroleum (Southern) Pty Limited.
The block is located on the northeastern flank of the SA sector of the Cooper Basin just north of Santos' Keleary and Telopea oil fields.
Due to heavy oversubscriptions to the recent issue the directors enlarged the number of shares issued in the recent placement pursuant to their ability to place a further 15% of the issued capital. The director considered all 521 applications individually and gave priority to all existing shareholders and reduced the allocations by 38.5% to non shareholders who had applied for in excess of 50,000 shares.
The company has consequently allotted 27,692,647 shares at 23c and received the gross amount of A$6,371,371.00 which will be utilised for the drilling of the 100,000,000 barrel recoverable Northright Oil prospect in the offshore Gippsland Basin, this summer and possibly another well in the same permit immediately after Northright.
Directors advise that individual notification of share allocation and the return of unallocated funds should occur by Monday, 14 August 2000. Commission of 5% will be paid to those brokers who introduced applications totalling $200,000 or more.
Oaktel Investments Pty Ltd decreased its relevant interest in Energy Developments Limited on 21/12/1999, from 9,070,139 fully paid ordinary shares (11.38%) to 8,020,191 fully paid ordinary shares (8.63%).
NEW ISSUE ANNOUNCEMENT
Giants Reef Mining Limited, as a continuous disclosing entity, advises that it has commenced a major drilling programme targetting a minimum of 24 anomalies with high grade gold and gold-copper potential, within its 100% owned tenements in the Tennant Creek goldfield.
The drilling is planned to continue for the next 18 months, except for normal field and Christmas breaks.
For further information, click here
Kidston Gold Mines Limited announces the completion of a study into the grade variability of Eldridge ore and its effect on the mine's reserves and gold production estimates.
The study, which was referred to in the company's second quarter report, has resulted in a significant reduction in the company's ore reserves and consequent gold production for the remaining mine life.
The revised geological model was established for the Eldridge ore body taking into account operational experience to date and a reconciliation between the previous model and actual grades achieved during mining.
After taking into account depletion through mining, approximately 120,000 ounces of gold has been deleted from the reserve principally as a result of lower expected grade.
Minerals Corporation Limited announces its agreement to place 6,000,000 fully paid ordinary shares at an issue price of 25 cents per share with private investors to raise $1,500,000 for the group's business development and working capital purposes.
NEW ISSUE ANNOUNCEMENT
In accordance with the terms of the Murchison United NL Employee Share Option Plan the Company advises that it issued 200,000 options with an exercise price of $1.14 on 8 August 2000. The options expire on 8 August 2005 and cannot be exercised until after 8 August 2002.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 525,316.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 572,204.
All Ords
3262.4
Dow Jones
10,976.89
ASX200
3302.3
-2.7
S&P 500
1482.8
+3.48
All Resources
1331.9
Nasdaq
3848.55
All Mining
713.1
Gold - spot/oz
US$272.9
All Gold
737.0
Silver - spot/oz
US$4.86
AGC Explorers
903.59
-0.04
Platinum - spot
US$578.0
+12.0
Energy
1509.5
Palladium - spot
US$762.0
All Industrials
5700.4
Bridge CRB Index
218.9
FTSE 100
6358.1
-29.7
Crude Oil (NYMEX)
US$29.12
+0.21
Nikkei
15,820.11
-182.6
Copper (spot $US/tonne)
US$1853
-2
Hang Seng
17,211.84
-515.41
Lead (spot $US/tonne)
US$477
+3
A$ = US58.33c
Zinc (spot $US/tonne)
US$1151
A$ = 63.35yen
Nickel (spot $US/tonne)
US$7510
A$ = 0.646Euro
Aluminium (spot $US/t)
US$1526
US 30-Year Bond
5.732%
-0.019
Tin (spot $US/tonne)
US$5265
Preliminary Result 30/06/00/1:2 Entitlement Issue
HIGHLIGHTS
* $10.0m loss after tax and abnormals for the year ended 30 June 2000 including $5.1m of assets, stock and future tax benefits writeoffs.
* A 1 for 2 entitlement issue to raise $7.2m for expansion of aims and the acquisition of a telecommunications contracting business.
* Net tangible assets of 64 cents per share before the entitlement issue
* Forecasting profit for 2001 of $6.3M after tax being an earnings per share of 5.5 cents.
Bligh Oil & Minerals NL advises that the Rimu B-1 appraisal well is currently drilling ahead at a depth of 2,882 metres.
The Rimu B-1 well is being drilled 2.4 kilometres south-southeast of the Rimu A-1 discovery well, which tested 1,600 barrels of oil and 5 million cubic feet a day of gas perforations in the Tariki formation, at a depth of 3,607-47 metres. The well is designed to test a subordinate fault block on the Rimu structure, to gain additional information on the areal extent of the Tariki sands, and the possible height of the pay column on the feature. It is defined as a long range step-out, or appraisal well. It is anticipated that the well will be drilled to a depth of 3,750 metres and that drilling will take approximately 24 days.
BULK SAMPLING PLANT ON SITE
Significant field operations commenced on the company's Bow River tenements during July with the mobilisation, set-up and commissioning of the mobile Heavy Media Separation (HMS) Mk II plant on site. The plant used in bulk sampling processing for the separation of diamonds from alluvial gravels arrived on site on July 17th. An initial density bead test was undertaken on the 26th July which indicated that the heavy media cyclone was achieving good separation and a full bead test was carried out on the 28th July. A 100% recovery was achieved on the 3.30 and 3.53 g/cm(3) density beads (the density of diamonds =3.5 g/cm(3)).
A number of sites identified by geophysical work and detailed ground mapping carded out by Conquest's Farmin and Joint Venture partner Astro Mining NL will be bulk sampled. It is anticipated that this sampling will be commencing in early September and with approximately twenty-one samples totalling 1500 tonnes currently planned.
In addition, geological mapping has been carried out over a 20km length of the Bow River gravels with an additional 30km of mapping to be completed by the end of September. Significantly, new areas of high terrace gravels have been located on both sides of the Bow River. Those had not been previously identified and will be targeted for sampling.
Further geophysical work involving a detailed helicopter borne magnetic and electro-magnetic (EM) survey is currently being undertaken to assess the technique for assistance in sample site selection.
NEW ISSUE ANNOUNCEMENT
Drillsearch Energy N.L. advises that its Canadian subsidiary, Circumpacific Energy Corporation, has commenced drilling of the deep Devonian gas well previously announced.
Some details of the well are as follows:
Well Name: TLM Oiltech Lambert 5-4-52-22 W5M.
Spud Date: 1st August, 2000
Operator: Talisman Energy Inc., Calgary ("Talisman")
Area Location: Lambert approximately 180 km. west of Edmonton in the Rocky Mountains foot hills.
Objective:
The primary objective of the Lambert well is to test the Leduc Formation ("Leduc") forming part of the Devonian system. The well is targeting a 3D seismic defined anomaly which is similar to and off setting the 1-3-52-22 W5 Leduc well drilled by Talisman in late 1998 and which has produced 15 billion cubic feet of raw gas in 22 months at rates of up to 30 million cubic feet per day. The Lambert well has other significant multi zone objectives.
Total Well Depth: 4,799 metres anticipating to terminate in the Cambrian system.
Drilling Time: Anticipated to be approximately 100 days from spud date.
The 2000 Annual General Meeting of Golden West Refining Corporation Limited will be held on Wednesday, 4 October 2000 in Sydney commencing at 10 am.
The venue for the AGM will be confirmed in due course.
MT GARNET INFILL DRILLING UPDATE
Kagara Zinc Ltd announces the results of the last drill holes completed at the Mt Garnet deposit in Northern Queensland.
The details of holes completed are contained in Table 1 and some of the more significant assays are listed below:
GTD 77 27.7 metres @ 8.83% Zn from 130 metres
GTR 62 12.0 metres @ 7.54% Zn from 105 metres
GTR 63 75.0 metres @ 6.70% Zn from 80 metres
GTR 64 76.0 metres @ 4.26% Zn from 123 metres
Horizontal widths of all intersections approximate 60% of drilled widths except for GTR 63 and GTR 64 which approximate 40%. GTR 64 was terminated in 7% zinc mineralisation, due to rig capacity.
As previously announced infill drilling has now been completed and ore resource compilation has now commenced. It is anticipated that a new resource statement will be available in 4-6 weeks.
Bajo de la Alumbrera is a large, low operating cost copper-gold mine operated by Minera Alumbrera Limited (MAA), a joint venture company in Argentina owned by MIM Holdings Limited (50%), and ultimately by North Limited (25%) and Rio Algom Limited (25%) of Canada.
MAA has announced changes to its management structure.
The Alumbrera project will be led by Charlie Sartain as General Manager. He will take over from Karen Field who, having completed her two year contract as President, has advised the Board that she will be returning to Australia.
Vince Gauci, MIM's Group Executive Operations, will join the MAA Board as Chairman and Charlie Sartain will be reporting to the Board through him.
Molopo Australia NL, has announced that it has successfully completed the drilling of the LW-L3 well. Coal seam 8, the primary coalbed methane target, was intersected at 661m and measured 8m thick. During open-hole testing, LW-L3 flowed water to the surface at an average of 10.1 litres per minute, which is indicative of a highly permeable interval.
With the successful drilling of LW-L3, this concludes the drilling phase of the pilot production programme. Encouragingly, all three new wells flowed gas to the surface following the intersection of seam 8 prior to stimulation. These wells flared gas with 30-50 cm flames until they were extinguished when the wells were cased.
Over the next 4-6 weeks, the three new wells will be fracture stimulated along with a fourth well, HW-LIB, which will be stimulated by fracture or cavity completion.
Together these four wells will comprise Molopo's pilot production test which, on completion of fraccing operations, will run for 3-6 months to enable a preliminary assessment of the long-term production potential and reserves at Liulin.
Rio Tinto Investments Two Pty Limited increased its relevant interest in North Limited on 07/08/2000, from 106,894,910 ordinary shares (14.5%) to 131,566,141 ordinary shares(17.75%).
JUNE 2000 QUARTERLY UPDATE
HIGHLIGHTS
* Nine well drilling programme announced
* Net operating cashflow from production of $1.16 million
* Oil stock held with value of $1.5 million
Australian Worldwide Exploration Limited announces its second-half 2000 exploration drilling campaign started on August 4, 2000 with the spudding of Lotte-1 in Exploration Permit No 363, in the Carnarvon Basin, Western Australia.
As at August 8 the well had progressed to a depth of 1265 metres. Current operations are preparing to drill ahead after setting 9(5/8) inch casing.
AWE holds a 16% interest in EP 363. The Operator of the drilling activities, Apache Energy, has prognosed drilling to 2,400 metres over approximately 10 days to test Cretaceous, Jurassic and Triassic aged objectives.
The prospect is a tilted fault block similar in style to other successful fields in the basin, and has been mapped on good quality 1999 vintage 3D seismic data.
Minivale Pty Ltd became a substantial shareholder in Triton Corporation Limited on 11/07/2000 with a relevant interest in the issued share capital of 16,133,340 ordinary shares (7.25%).
NEW ISSUE ANNOUNCEMENT
Preliminary Final Report
Wesfarmers Limited has announced a record after-tax profit (before abnormal items and goodwill amortisation) of $201.8 million for the financial year ended 30 June 2000, nine per cent higher than last year's comparative result of $184.8 million. On a post-goodwill amortisation basis, the year 2000 after tax profit before abnormal items was $194.5 million compared with $177.5 million in 1999, a 10 per cent increase.
Half Yearly Report
HIGHLIGHTS
* Nickel and alumina generate big profit increases
* Copper Uranium now producing at rated capacity, 200,000 tonnes a year copper
* Fertilizer ready for 80% production as planned from August to December 2000
* Sales higher for copper (77%), uranium (70%), nickel (40%), alumina (8%)
* Unit costs substantially lower for nickel, alumina, copper
* Capital expenditure down 64.7% to $243.3 million
* $247.8 million of debt repaid
* 5% share buy back. 2.7% purchased ($219.6 million) as at 8 August.
Woodside Petroleum Ltd, Operator of the WA-33-P Joint Venture, reports that the Brecknock South-1 exploration well located in the Browse Basin spudded on 3 August 2000 at 1430 hrs (WST). At 0600 hours (WST) on 8 August the well was at a depth of 2191 metres and the present operation is running blow-out preventers and preparing to drill the 8(1/2) inch hole section.
The Sedco 703 rig is drilling the well. The location is approximately 390 kilometres south-east of Broome. Water depth at the location is 423.7 metres.
AKD has entered into an agreement with Canadian diamond explorer Black Swan Resources Ltd to develop a prospective alluvial diamond area called "Abaete" located in the State of Minas Gerais in Brazil.
The Abaete area has had a long history of alluvial diamond mining by local artisanal miners. In 1994, a 16 carat pink stone recovered from Abaete was reported to have sold for US$500,000. About 18 months ago, a spectacular 79 carat rough pink diamond was found upstream from the Abaete property by local miners operating a dredge in the Abaete River. According to Black Swan, this stone was independently valued by WWW Diamonds International of London, at between US$8 and $14 million.
NEW ISSUE ANNOUNCEMENT
In addition following shareholder approval the Company has issued the following options:
* 5,500,000 director options exercisable at $0.32 on or before 3 May, 2005
* 1,500,000 options exercisable at $0.20 on or before 1 May, 2003
The Company advises that Mr Douglas 0 McKinnon and Mr Dennis J Graham have accepted invitations to join the board of Indian Mining Corporation NL.
Maiden Gold NL advises that subject to completion of documentation and receipt of remaining funds it proposes to issue 7,500,000 fully paid ordinary shares at an issue price of 4.5 cents per share.
The shares are to be issued by way of private placement to local and overseas investors.
The $337,500 (less costs) raised will provide working capital to fund the company's ongoing exploration efforts.
The new shares will rank pari passu with existing ordinary fully paid shares from the date of allotment and application will be made for quotation of the shares. The proposed issue is not subject to shareholder approval.
Zurich Bay Holdings Pty Ltd became a substantial shareholder in Mineral Commodities Ltd on 03/08/2000 with a relevant interest in the issued share capital of 4,000,000 ordinary shares (5.33%).
NEW ISSUE ANNOUNCEMENT
The Company has allotted a total of 13,946,419 fully paid shares and 6,973,209 options (exercisable at 15 cents on or before 31 May 2003) resulting from acceptances received in relation to the recent 1:5 entitlement issue. The shortfall in relation to the issue of 9,175,728 fully paid shares and 4,587,864 options is currently being placed by D J Carmichael, underwriters to the issue.
APPOINTMENT OF DIRECTOR
Mr Graeme Alan Menzies was appointed director and chairman of the Company prior to the meetings of members held 7 August 2000, in order to enable him to chair all of the meetings; at the close of the last of such meetings Mr Menzies resigned as a director.
OUTCOME OF RESOLUTIONS PUT TO MEETINGS OF MEMBERS ON 7 AUGUST 2000
At three meetings of members held on 7 August 2000, all resolutions put to shareholders were passed by the requisite majorities. The proxy votes information required to be disclosed by section 251AA of the Corporations Law is attached.
APPOINTMENT OF DIRECTOR
Mr Simon Donald Mackay was appointed a director by members.
ISSUE OF SHARES
Pursuant to the resolutions passed today by members, the following fully paid ordinary shares have been issued:
To directors of the company on exercise of options issued pursuant to the Senior Executives and Officers Option Plan, 952,250 shares at an issue price of 20 cents and 537,200 shares at an issue price of 25 cents; and
To David B Hill, secretary of the Company, 3 shares, to facilitate the consolidation and subdivision of the Company's shares.
CALL ON SHARES
The Company has called in full and received the amount outstanding on 375,000 ordinary shares paid to 4 cents per share.
At the meeting, members approved Schemes of Arrangement to reflect a demerger of Natural Gas Australia Ltd from the Company, to establish a Trustee Stock Scheme, as well as to approve the acquisition of e-Estate.Net Pty Ltd and various other matters related to each of these items of business. There are certain conditions to be met before these transactions become absolute.
NEW ISSUE ANNOUNCEMENT
All Ords
3265.2
Dow Jones
10,867.01
ASX200
3305.0
+27.8
S&P 500
1479.32
+16.39
All Resources
1338.7
Nasdaq
3862.99
All Mining
721.1
Gold - spot/oz
US$273.0
All Gold
741.6
Silver - spot/oz
US$4.89
AGC Explorers
903.59
-0.04
Platinum - spot
US$566.00
+2.00
Energy
1502.0
Palladium - spot
US$732.00
All Industrials
5701.3
Bridge CRB Index
218.28
FTSE 100
6387.8
+24.3
Crude Oil (NYMEX)
US$28.91
-1.05
Nikkei
16,002.71
+335.35
Copper (spot $US/tonne)
US$1850
+1
Hang Seng
17,727.25
+301.55
Lead (spot $US/tonne)
US$470
no ch
A$ = US58.74c
Zinc (spot $US/tonne)
US$1144
A$ = 64.06yen
Nickel (spot $US/tonne)
US$7465
A$ = 0.647Euro
Aluminium (spot $US/t)
US$1531
US 30-Year Bond
5.751%
+0.04
Tin (spot $US/tonne)
US$5272
The company announces that all resolutions put to members at a meeting of shareholders held Monday, 7 August at 10am were approved.
1. Confirmation of board's May 2000 appointment of Hans-Rudolf Moser as a director of the company.
2. Confirmation of board's May 2000 appointment of David Glenn Brown as a director of the company.
3. Approval for the June 2000 placement of 36,000,000 fully paid ordinary shares at an issue price of $0.04.
4. Approval for the issue of 8,000,000 31 March 2003 options to the following directors of the company:
David Adams 2,000,000
Terrence Harbort 2,000,000
Hans-Rudolf Moser 2,000,000
David Brown 2,000,000
8,000,000
5. Change of company name to Maxe-tec Australia Limited.
Tap Oil NL advises that the Lotte-1 exploration well spudded at 10.00 hours on 4 August 2000.
LOCATION
The well is located in EP 363, 30 kilometres north-east of Varanus Island at latitude 20deg 31'03.00"S and longitude 115deg 49'40.30"E.
PROGRESS
As at 6.00am Monday, 7 August the well had reached a depth of 1,265 metres measured depth and will be drilled to the planned total depth of 2,408 metres measured depth.
FORWARD PROGRAMME
The Lotte prospect is designed to test a tilted fault block along the eastern margin of the Carnarvon Basin. The Lotte-1 well will be drilled as a deviated well down the bounding fault, to test objectives at the Lower Cretaceous Mardie Greensand, Middle Jurassic Athol Formation, Lower Jurassic North Rankin Formation and Triassic Mungaroo Formation level.
The well is expected to take 7 days to reach its projected total depth of 2,408 metres measured depth. Should it be successful, mean recoverable reserves are estimated at 17 mmbbls.
Ashton has appointed KPMG Corporate as independent experts to value Ashton as part of its response to the unsolicited takeover bid by De Beers.
KPMG will be advised on technical matters by Australian Mining Consultants and Anderson & Schwab.
The Capital Group Companies, Inc increased its relevant interest in BHP on 28/07/2000, from 145,173,503 ordinary shares (8.21%) to 164,724,163 ordinary shares (9.21%).
ICE Interactive Limited (BKS 40%) has announced Australia's first 'connected' (two-way) interactive television (iTV) pilot programme, to be conducted in Orange, New South Wales.
Burdekin believes that the pilot will be the first of its kind in Australia in two important respects. Firstly, the technology platform, which is based on Oracle, Java and Liberate Enhanced iTV software, includes a return path or backchannel. This will provide users with true on-demand access to a variety of online, real-time information, communication and entertainment services previously only possible in a more complex PC environment.
Secondly, the pilot aims to demonstrate that access to a range of Internet services can be achieved at a low cost to consumers who may not yet have the Internet at home, through a familiar household appliance - the television set - delivering a service and value proposition that will be very attractive to a much broader market than just historical PC users. Participants in the pilot will have access to a range of ICE's iTV services including an interactive program guide; ISP services; picture and video-email; real time information channels (news, weather, sport) and the World Wide Web, all at the cost of a local telephone call.
During the past three years, Bligh Oil has been pursuing a policy of high risk, high reward exploration in Tunisia, Papua New Guinea and New Zealand. While several prospective plays were drilled, only two of these - Stanley #1 on PPL 157 in Papua New Guinea and Rimu A-1 on PEP 38719 in New Zealand - yielded commercially significant discoveries. Two others - Huinga #1 on PEP 38716 in New Zealand, an
the Chott Fejaj #3 well on the Fejaj permit in Tunisia - failed to reach their primary objectives, and are to be deepened during the next eighteen months.
This program involved substantial expenditures which have reduced the Company's working capital position, to levels at which the Company must re-finance its efforts and the investment strategy is being modified including:
* a reduction in the Company's exposure in the high risk high reward frontier areas such as Papua New Guinea and Tunisia. This has been achieved through a combination of sale and farmout,
* a re-entry into the lower risk arena of the Gulf Coast of the United States, through the acquisition of majority control and operatorship of the Bayou Choctaw project in Louisiana.
* a successful bid for the highly prospective Block 22/12, Beibu Gulf, Offshore People's Republic of China.
* increased emphasis on the prospective trend acreage which Bligh Oil controls in the Eastern Taranaki Basin in New Zealand.
To partially finance the program described herein, the Board has authorised the Rights Issue described in this prospectus and recognise the fact that Bligh Oil's share price is trading near all time lows. The issue is being made as attractive as possible to our existing shareholders, and to stage the calls for funds to match the pace of the Company's program.
Bligh Oil is making a 1 for 2 renounceable Rights Issue. The New Shares will be issued for $0.12 per Share. $0.06 is payable upon acceptance, and the remaining $0.06 is payable on or before 15 February 2001. The Rights Issue is expected to raise approximately $8 million (assuming that the second instalment on the New Shares is paid in full).
Each New Share issued pursuant to the Rights Issue will be accompanied by one (1) Option to subscribe for a second Share, exercisable at $0.15 on or before 15 February 2002.
UNDERWRITTEN BY Morgan Corporate Limited to the extent of the first instalment for the New Shares
NEW ISSUE ANNOUNCEMENT
Fourth Quarter Activities
EXPLORATION AND EVALUATION
No exploration and evaluation activities were carried out during the quarter under review.
During the quarter the company completed the acquisition of the Gabanintha Vanadium Project ("the Project"). The consideration for the acquisition was the allotment and issue of 18,900,000 shares and 9,496,000 31 October 2002 options exercisable at 20 cents each, together with a cash payment of $250,000.
CORPORATE MATTERS
During the quarter the company:
* Completed a placement of
* Continued to pursue and review potential investment opportunities.
Notice of Meeting:
Special Meeting of the Shareholders in Vancouver, British Columbia on October 5, 2000.
TEXAS SILVER PROJECT, QUEENSLAND, RESOURCE UPGRADE
For full announcement, click here
Metex Resources NL advise that it has entered into an agreement with the drilling Company Grimwood Davies Pty Ltd, to undertake exploratory drilling programs for a total of $252,000.
Metex, will satisfy payment for these drilling services by the issue of 2.8 million fully paid ordinary shares in Metex coupled with 1.4 million free options to acquire ordinary shares exercisable at 20 cents on or before 30 June 2004. The terms and conditions of these securities will be the same as those for existing securities on issue. These issues will be subject to shareholder approval, which will be sought at the Annual General Meeting of Shareholders scheduled for October/November 2000. Application for listing of these securities on the ASX will follow the approval by shareholders.
Previous exploration completed by Metex successfully delineated anomalous gold results in RAB drillholes in the Goat Dam East area. The follow up to these results will provide an immediate focus for the additional drilling to be provided by these drilling funds.
At Laverton RC drilling on the new discovery 7AR at Red Flag (announced in the June 2000 Quarterly) has commenced. Meanwhile, the individual resamples reported from Dream/Brian's Patch have returned encouraging results from the single RAB drillhole traverse completed. The results include 5m @ 2.07g/t between 47-52m in BPRB015 and 3m @ 1.94g/t between 52-55m in BPRB017. RC drilling to test these results will follow immediately after the program at 7AR.
Rio Tinto notes the announcement from Anglo American that it is not to proceed with its offer for North Limited.
Rio Tinto also notes the earlier announcement by the Directors of North Limited recommending acceptance of the Rio Tinto offer of A$4.75 per share, in the absence of a higher bid. Given the withdrawal of Anglo American, Rio Tinto is confident that its bid will succeed.
Anglo American plc has announced that it will not proceed with its takeover offer for North Limited.
On 3 August, Rio Tinto announced a revised takeover bid for North Limited of $4.75 cash per share.
The revised offer by Rio Tinto is unconditional and is a significant improvement on its original offer of $3.80 and is within the expert's range of $4.34 to $5.09.
NEW ISSUE ANNOUNCEMENT
Notice is hereby given that a Annual General Meeting of shareholders of Pelsart Resources NL will be held at the Hyatt Regency Hotel Perth on 1st September 2000 at 11:00am.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 597,390.
Firestar Holdings Pty Ltd became a substantial shareholder in Range Resources Limited on 02/12/1999 with a relevant interest in the issued share capital of 3,945,438 ordinary shares (9.6%).
National Australia Bank Limited Group ceased to be a substantial shareholder in Tap Oil NL on 03/08/2000.
Further to the Company's announcement on 31 July 2000 and a recent press report, Tap Oil NL advises that neither Edward Jacobson nor any of his associated companies have sold any shares in the Company in the last 12 months.
In fact, as announced to the market on 31 July 2000, on Friday, 28 July 2000 Mr Jacobson acquired an additional 12,840 shares in his superannuation fund.
The directors of Tectonic Resources NL advise that the Company has made a private placement of 9,450,000 fully paid shares at an issue price of 18 cents per share together with the issue of 9,450,000 options to subscribe for shares at an exercise price of 20 cents per share exercisable on or before 30 June 2004. The options are issued for no consideration.
The proceeds from this placement will assist Tectonic Resources test the exploration potential of the RAV 8 nickel sulphide project that is currently being commissioned. As previously announced early grade control drilling identified economic grade ore outside of the initial planned ore body. This drilling did not close off the potential strike of the mineralisation and it is planned in the near future to test the strike extension of this mineralisation as well as to test for additional nickel sulphide resources on the tenement.
The directors advise that mining and commissioning of the crushing and flotation plant are proceeding according to the anticipated schedule and low grade ore has been processed through the plant as part of the commissioning process. The concentrate produced by this low-grade ore has exceeded expectations.
It is anticipated that processing of high-grade ore will commence in the next day or so and production of the first deliverable nickel concentrate will occur shortly after.
Fourth Quarter Activities
HIGHLIGHTS
* Grade control drilling identifies significant resource increase at RAV 8.
* Process Plant construction and Mining at RAV 8 on Target.
* Tectonic to manage Feasibility Study on Trilogy deposit following agreement being reached with Homestake Gold of Australia Limited.
All Ords
3238.5
Dow Jones
10,767.75
ASX200
3277.2
+2.1
S&P 500
1462.93
+10.37
All Resources
1312.3
Nasdaq
3787.36
All Mining
713.5
Gold - spot/oz
US$272.20
All Gold
746.1
Silver - spot/oz
US$4.88
AGC Explorers
904.03
-2.44
Platinum - spot
US$564.00
+3.00
Energy
1487.0
Palladium - spot
US$774.00
All Industrials
5665.4
Bridge CRB Index
219.35
FTSE 100
6363.50
+46.40
Crude Oil (NYMEX)
US$29.96
+1.30
Nikkei
15,667.36
-147.08
Copper (spot $US/tonne)
US$1851
no ch
Hang Seng
17,425.70
+151.42
Lead (spot $US/tonne)
US$472
+8
A$ = US58.48c
Zinc (spot $US/tonne)
US$1143
A$ = 63.46yen
Nickel (spot $US/tonne)
US$7480
A$ = 0.644Euro
Aluminium (spot $US/t)
US$1545
US 30-Year Bond
5.711%
-0.021
Tin (spot $US/tonne)
US$5287
Three African countries - Tanzania, Ghana and South Africa - showcased their combined mining mettle on Thursday, 3 August, 2000 at the official opening of the Geita Gold Mine in Tanzania, a joint venture between Ghanaian-based Ashanti Goldfields Limited and South African-based AngloGold Limited .
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
AuDAX, the holder of the right to acquire 80% for Hot Holdings Pty Ltd is pleased and relieved by the decision handed down by the Full Court of the Supreme Court of Western Australia in relation to the Bronzewing South ground.
The Court validated the original application by Hot Holdings Pty Ltd and found the Minister had acted in accordance with the law in making his decision.
There is accordingly no legal impediment to the grant of EL36/215 to Hot Holdings Pty Ltd.
The Court did however find that the recommendation of the Department of the Minister may be perceived to contain bias. It therefore quashed the Minister's original determination on the basis that "the recommendation is such as to give rise to a reasonable apprehension of bias".
Accordingly the Hot application is to be referred back to the Minister to be determined again according to law.
Australian Sandstone Industries has allocated 6,552,260 ordinary shares at a price of 5.5 cents per share. The $360,374.35 raised will be used for additional working capital and further reduction of debt.
NEW ISSUE ANNOUNCEMENT
AWE Australia Pty Limited and Australian Worldwide Exploration Limited increased their relevant interest in Omega Oil NL on 11/07/2000, from 100,474,244 ordinary shares (94.6%) to 101,825,832 ordinary shares(95.8%).
NEW ISSUE ANNOUNCEMENT
BRIEFING / PRESENTATION PAPER
Basin Minerals Ltd's commitment to the development of a major mineral sands industry in the Western Victorian Murray Basin, with first production expected by 2004, has received a substantial boost from an important joint government/industry mineral sands infrastructure planning study on the basin.
The Federal Government and three state governments on Thursday, August 3 released the study, which estimates the region currently hosts at least 60 million tonnes of heavy mineral sands products worth about $13 billion, a large part of which is on Basin Minerals' properties.
Over the past three years, Basin Minerals has spent over $4.2 million on exploration in the basin that has included over 5,000 holes totalling more than 200,000-metres of drilling.
Basin Minerals Limited (formerly Craton Resources NL) is one of 10 principals (The Commonwealth, New South Wales, South Australian and Victorian Governments and six active mineral exploration and mining Companies) that banded together to conduct a Murray Basin Infrastructure Planning Study under the Commonwealth's Regional Minerals Programme. The report and its finding were delivered at a principals meeting in Mildura on Thursday, 3 August. Following this meeting on Friday, 4 August, Basin Minerals Limited is conducting a press briefing in Melbourne on its advanced Douglas Mineral Sands Project, in the West Wimmera region of Victoria. The project is nearing completion of Pre-Feasibility and is expected to move into Final Feasibility in fourth quarter 2000.
Cambridge advised that its wholly owned subsidiary, Midbank Pty Ltd, has sold 11,900,211 shares in St Barbara Mines Limited for a consideration of $1,763,327.
C P Mostert has resigned as director and chief financial officer of the company with effect from 31 July 2000.
I L Murray, previously alternate director, has been appointed director and chief financial officer of the company with effect from 31 July 2000.
In response to an increase in Fletcher Challenge Energy's share price over the past two days, the Chief Executive Officer of Fletcher Challenge Limited, Michael Andrews, advised the New Zealand Stock Exchange Friday, 4 August that the Company knew of no reason for the movement.
NEW ISSUE ANNOUNCEMENT
Fletcher Challenge Announces Acceptance of Tenders for the Outstanding 6.75% Notes due 24 March 2005, 7.75% Notes due 20 June 2006, 7.5% Notes due 24 March 2007, 6.875% Notes due 24 March 2008, 8.25% Notes due 20 June 2016 and 7.875% Notes due 24 March 2017 of Fletcher Challenge Capital Canada Inc.
Perpetual Trustees Australia Limited became a substantial shareholder in Goldfields Limited. on 04/08/2000 with a relevant interest in the issued share capital of 13,918,221 ordinary shares (7.37%).
NEW ISSUE ANNOUNCEMENT
Kimberley 0il announced that the Company has today signed a heads of agreement under which a KBO subsidiary is to acquire the rights to an innovative technology concerning oil spill remediation (Technology).
The Company believes the Technology to be significant with respect to oil spill clean-up processes. The Technology claims to operate by converting spilt hydrocarbons into inert, buoyant solids using reagents which are non-toxic to living organisms. These solids may then be harvested and later recycled to recover the oil and the reagents.
On 3 August 2000 Rio Tinto announced that it was increasing the offer consideration in respect of its takeover bid for North Limited to $4.75 cash per share.
North Limited's Directors do not know what Anglo American will do in response to the revised Rio Tinto Offer.
Rio Tinto's revised offer represents a 25% increase in Rio Tinto's original offer of $3.80 cash per share and a 12% increase on Anglo American's offer of $4.25 (including a $0.05 dividend) cash per share. The offer price is within the independent expert's range of $4.34 to $5.09 and Rio Tinto has announced that it has removed all conditions from its offer.
North Limited's Directors recommend that shareholders accept the revised Rio Tinto offer, in the absence of a higher offer. The Rio Tinto offer is due to close at 7.30pm on Monday 14 August 2000.
North Limited shareholders should consider whether, and how long they wait to see if Anglo American increases its offer price, before accepting the offer by Rio Tinto prior to the closure of the Rio Tinto bid.
AWE Australia Pty Limited and Australian Worldwide Exploration Limited increased their relevant interest in Omega Oil NL on 11/07/2000, from 100,474,244 ordinary shares (94.6%) to 101,825,832 ordinary shares(95.8%)
Oxiana Resources advises on Wednesday 2nd August 2000 it completed the acquisition of 80% of the sepon copper and gold project from Rio Tinto. A drilling programme for reserve definition and metallurgical testwork has commenced.
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 528,996.
The Board of Platgold Pacific Limited announces a rights issue of share to shareholders which will raise approximately $4.4m if fully subscribed.
The issue will be non renounceable and will be made on a 1:3 basis resulting in the issue of approximately 44m new shares. The issue price will be 10 cents per share.
Patrick Edward & Lorraine Ryan became a substantial shareholder in Range on 16/03/2000 with a relevant interest in the issued share capital of 4,139,756 ordinary shares (10.1%).
Rio became a substantial shareholder in Western Australian Diamond Trust on 30/06/2000 with a relevant interest in the issued share capital of 63,016,248 ordinary units (96.95%).
1. DRILLING OPERATIONS
1.1 SALTFLEETBY-5 (ROC: 100%)
As of 6 pm on 3 August (UK time) the Saltfleetby-5 well had reached a depth of 1,909 metres (1,867 metres TVD) and was changing the bottom-hole assembly in preparation for directional drilling towards the reservoir sequence. The 3,200 metre well, including, if warranted, a 300 metre horizontal section, is designed to test the gas potential of the Namurian which underlies the field's main Westphalian reservoir and which has not been tested to date. Subject to continuing satisfactory progress, the well is expected to have penetrated the Namurian target by early September.
1.2 THE KYLE NORTHEAST APPRAISAL WELL (ROC: 12.5%)
As of 7 am on 3 August (UK time) the Kyle 29/2C-13 appraisal well (otherwise known as the Kyle Northeast well) was drilling ahead at 1,562 metres (1,359 metres TVD). The well is expected to have penetrated the two main reservoir objectives by mid August.
1.3 IRWES-1 WILDCAT EXPLORATION WELL, MONGOLIA (ROC: 100%)
Preparations are underway for the drilling of the Irwes-1 wildcat well in ROC's acreage in the Gobi Desert in Southern Mongolia. The well is expected to commence drilling on schedule in the latter part of August and it is anticipated that it will have penetrated the main potential reservoir objectives by early September.
ROC's second exploration wildcat in Mongolia, Temee-1, will be drilled immediately after Irwes-1 is completed.
2. PRODUCTION TESTING
2.1 KEDDINGTON-2 (ROC: 100%)
On 2 August, 2000, Keddington-2 started pumping oil with anticipated levels of associated gas. It is expected that oil production will stabilise over the next few days as the gas associated with the higher oil rates is regulated. The longer term potential of the Keddington-2 well cannot be assessed until a reliable production history has been established.
2.2 KYLE EXTENDED WELL TEST (EWT) (ROC: 12.5%)
This EWT continues to perform very satisfactorily. An expected increase in the gas-oil ratio has been stabilised by reducing the oil rate to around 10,000 BOPD to ensure that total gas and oil production from the EWT remains within the guidelines defined by the UK Department of Trade and Industry (DTI).
2.3 MONGOLIAN OPERATIONS
ROC's combined oil production from its three producing wells in the East Gobi Basin in southern Mongolia continues to average approximately 120 BOPD.
The fourth transhipment of export oil to China for calendar 2000 is in the process of being completed, subsequent to which ROC will have exported a total of 30,000 barrels of Mongolian oil to China since the current transhipment program commenced in June 2000. Subsequent to the current batch of oil being exported, ROC will have approximately 8,500 barrels of oil in storage at its field facility at Zuunbayan.
Midbank Pty Ltd ceased to be a substantial shareholder in St Barbara Mines Limited on 03/08/2000.
The Directors of Talon Resources NL announce that the share issue to raise $1.26 million has closed fully subscribed. Share allocations will be made as soon as is practicable, and it is anticipated that share statements will be mailed from the share registry within two business days.
The Directors are particularly encouraged by the amount of support by the existing shareholders of the company, and the introduction of approximately 120 new shareholders of the company through support received from a number of stockbrokers.
Triton Corporation has announced that it has raised $3,120,000 through the placement of shares for working capital for its wholly-owned subsidiary, Yost Technologies Limited. Yost was acquired by Triton Corporation in July.
Triton Corporation placed 26 million shares at an issue price of 12 cents per share, to raise $3,120,000. The placement was handled through D & D Tolhurst, Melbourne, to institutional and professional investors.
Yost Technologies is a cabling/telecommunications engineering company which provides specialised design and installation services to the telecommunications industry through a design centre in Canberra, facilities in Sydney, Melbourne and Brisbane and an expanding network of Yost trained, franchised contractors in eastern Australia.
NEW ISSUE ANNOUNCEMENT
The directors of Tectonic Resources NL advise that the Company has made a private placement of 9,450,000 fully paid shares at an issue price of 18 cents per share together with the issue of 9,450,000 options to subscribe for shares at an exercise price of 20 cents per share exercisable on or before 30 June 2004. The options are issued for no consideration.
The proceeds from this placement will assist Tectonic Resources test the exploration potential of the RAV 8 nickel sulphide project that is currently being commissioned. As previously announced early grade control drilling identified economic grade ore outside of the initial planned ore body. This drilling did not close off the potential strike of the mineralisation and it is planned in the near future to test the strike extension of this mineralisation as well as to test for additional nickel sulphide resources on the tenement.
ASX MARKET RELEASE
The securities of Audax Resources NL will be placed in pre-open pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Tuesday 8 August 2000 or when the announcement is released to the market.
Security Codes: ADX
ADXO
Antaeus has appointed each of Messrs David E Bird and David L Ogg as directors with immediate effect. The present board of Antaeus now comprises Messrs Peter M Edwards, David E Bird and David L Ogg. Each of Messrs Richard DiNitto, Peter Frawley and William Walker has resigned. My DiNittos and Mr Frawley's resignations were effective 28 September 1999 and Mr Walker's resignation was effective 27 September 1999. We are unaware as to whether these resignations have previously been advised to ASX.
The Capital Group Companies Inc increased its relevant interest in BHP on 25/07/2000, from 145,173,503 ordinary shares (8.21%) to 163,246,419 ordinary shares (9.21%).
We advise that due to the elapsing of time, options to acquire 9,000,000 shares in Cambridge Consolidated NL (formerly Cambridge Gulf Exploration NL) have expired. Although the validity of these options has been under dispute for some 2 years, they now expired on 31 July 2000 and no consideration was received due to the fact that they were not exercised.
Croesus Mining NL has announced that Rotary Air Blast (RAB) drilling has reported extensive gold anomalism in the Mulline area which is located 5 kilometres north of the Giles prospect at Davyhurst. The Giles shear is interpreted to extend into the Mulline area.
Substantial near surface and bedrock gold results were returned from 2 separate zones and an initial 4,000 metres of followup reverse circulation (RC) drilling will commence as soon as possible, increasing the number of rigs on site at Davyhurst to four.
The drilling results from the Mulline area include:
MERB06 - 5m @ 1.15 g/t gold from 20m
MERB65 - 5m @ 4.21 g/t gold from 40m
MERB95 - 5m @ 3.21 g/t gold from 40m
MERB109 - 10m @ 0.90 g/t gold from surface
The potential for further discoveries in this area, similar to Giles is considered excellent.
Owing to significant enquiries received by the company regarding our announcement released to the market on 2nd August, 2000 we wish to clarify details stated in the announcement.
1) The company's Environmental Coal Gasification Project (EnviroStar Energy Facility) in Dalian in the Peoples' Republic of China (PRC).
This project will produce clean gas from coal for the use of furnaces by the Dalian Iron and Steel Group (DISG) which is a listed company on the Shenzhen Stock Exchange (PRC).
DISG produces specialised steel for use in the manufacture of components utilised by the telecommunicatons, medical and aeronautical industries.
The EnviroStar Energy Facility in Dalian will also produce town gas to be consumed by over four million (4,000,000) residents of Dalian City.
NEW ISSUE ANNOUNCEMENT
The Company announces that the first shipment of concentrate from the Cosmos Nickel Project departed Esperance Thursday, 3 August for Canada. The shipment contained 8,800 wet (8,000 dry) tonnes at a grade of 16.26% nickel, exceeding the forecast of 5,500 tonnes at 15% nickel.
Stemcor UK Ltd has issued proceedings in the Supreme Court of Western Australia against Kingstream Steel Ltd in relation to guarantees for the sum of $US2 million plus interest purportedly given by KSM in favour of Stemcor in respect of the supply of steel by Stemcor to An Feng Steel Co Ltd pursuant to a toll treatment contract and which guarantees were allegedly signed by a former Taiwanese director of KSM. KSM denies that the company gave any such guarantee and claims that Stemcor's claim is without merit, and in consequence KSM brought an application to have Stemcor's action summarily dismissed. KSM's application was made on advice from its solicitors that Stemcor's claim was unarguable in a number of significant respects.
On 2 August 2000 Master Bredmeyer of the Supreme Court of Western Australia refused to summarily dismiss Stemcor UK Ltd's claim and ruled that the matter should be determined in the normal Court process. Despite Master Bredmeyer's decision KSM's solicitors remain of the opinion that Stemcor's claim is unlikely to succeed.
KSM is considering whether it should lodge an appeal against Master Bredmeyer's decision or whether to allow the matter to be determined by the courts in the normal manner.
FMR Corp became a substantial shareholder in Murchison United NL on 27/07/2000 with a relevant interest in the issued share capital of 6,286,600 ordinary shares (8.03%).
Rio Tinto will pay a stamping fee to Participating Organisations of Australian Stock Exchange Limited in respect of valid acceptances received from retail shareholders in connection with its takeover offer for North Limited.
The Directors of North Limited have received notice that Rio Tinto has increased the offer of consideration in respect of its takeover bid to $4.75 cash per share.
The Directors of North will meet as soon as practicable to consider the revised Rio Tinto offer.
Rio Tinto intends to pay accepting shareholders within three business days of valid acceptances being received. The Offer is due to close at 7.30pm Australian Eastern Standard Time on Monday, 14 August 2000.
The Offer of $4.75 represents a 62 per cent premium over the price at which North shares were trading on the day prior to Rio Tinto announcing its first Offer and is well within the valuation range assessed by North's independent expert, Grant Samuel. Accordingly, Rio Tinto expects to receive the endorsement of the North Directors.
NEW ISSUE ANNOUNCEMENT
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 03/08/2000
QUEENSLAND
WELL: Stoke 8
TYPE: SWQ Unit Gas Development
LOCATION: PL 84, Total 66 Block, 1.9km NNW of Stokes 1, 1.5km SSE of Stokes 3 and 130km SW of the Ballera Gas Centre
STATUS AT 03/06/2000 0600 HOURS: Stockes 8 has been cased and suspended as a future Permian gas producer. The well reached a total depth of 2519m with 55m progress for the week. The rig was released on 01/08/2000
PLANNED TOTAL DEPTH: 2492m
WELL: Challum 17 DW1
TYPE: SWQ Unit Gas Development
LOCATION: PL 59, Aquitaine B Block, 1.5km SE of Challum 16,
0.7km NNE of Challum 8, and 20km W of the Ballera Gas
Centre.
STATUS AT 03/08/2000 0600 HOURS: Preparing to set whipstock for upper lateral (DW1). The current measured depth is 2697m, with 509m progress for the week.
Challum 170W is designed as a high angle well wit two sub-horizontal lateral wellbores designed t drain separate reservoirs in the Permian age Toolachee Formation. Challum 17 DW2 is designated the lower lateral wellbore while Challum 17 DW1 is designated the upper lateral wellbore.
PLANNED TOTAL DEPTH: DW 1 3029m MD
WELL: Wippo East 1
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259, Naccowlah Block, 3.1km ESE of Wippo 1,
6.6km NNE of Wippo South 2, and some 30 km NE of the
Ballera Gas Centre.
STATUS AT 03/08/2000 0600 HOURS: Wippo East 1 has been cased and suspended as a Permian gas producer. The well reached a total depth of 2602m, with no progress for the week. A Drill Stem Test of the Permian Patchawarra Formation over the interval 2495m-2504m flowed gas to surface at a rate of 10,480 cubic meters per day (0.37 million cubic feet per day) through a 13mm surface choke. The rig was released on 31/7/2000, and is moving to Roti West 1, a gas exploration well in ATP 259P.
PLANNED TOTAL DEPTH: 2637m
WELL: Merrivale 10
TYPE: Gas Development
LOCATION: PL 44, Denison Trough, 690m SSE of Merivale 8,680m SW of Merivale 5, and some 140km N of the township of Roma.
STATUS AT 03/08/2000 0600 HOURS: Preparing to install wellhead. Merivale 10 reached a total depth of 2300m, with 626m progress for the week. The well is to be suspended as a future Permian gas producer. The rig is expected to be released, and will move to Maintop 2, a gas appraisal well in ATP 337P.
PLANNED TOTAL DEPTH: 2300m
OFFSHORE WESTERN AUSTRALIA
WELL: Stag 15H L2
TYPE: Oil Development
LOCATION: WA-15L, Barrow Basin, NW Shelf, Offshore WA, 25km
SW OF Wandoo, 64km NW of Dampier.
STATUS AT 03/08/2000 0600 HOURS: Stag 15H L2 has been cased as an oil producer and is being brought on line. The well reached a total measured depth of 3221m with 440m progress for the week. The rig was skidded to Stag II for workover operations on the 31/7/00.
PLANNED TOTAL DEPTH: 3400m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 03/08/2000
SOUTH AUSTRALIA
WELL: Meranji 20
TYPE: Gas Development
LOCATION: PPL 35, Merrimelia-Innamincka Block, 0.5km ESE of Meranji 4, 0.6km NNE of Meranji 17, and some 30km NNW of the Moomba Gas Plant.
STATUS AT 03/08/2000 0600 HOURS: Meranji 20 has been cased and suspended as a future Permian Gas producer. The well reached a total depth of 2881m, with no progress for the week. The rig was released on 27/07/2000 and has moved to Meranji 22.
PLANNED TOTAL DEPTH: 3010m
WELL: Meranji 22
TYPE: Gas Development
LOCATION: PPL 35, Merrimelia-Innamincka Block, 0.4km ESE of Meranji 1, 0.6km SW of Meranji 17, and some 30km NNW of the Moomba Gas Plant.
STATUS AT 03/08/2000 0600 HOURS: Drilling ahead. The current depth and progress for the week is 954m. Meranji 22 was spudded on 30/07/2000.
PLANNED TOTAL DEPTH: 3010m
WELL: Moomba 115
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 1.1km N of Moomba 90, 1.0km NW of Moomba 6, and approx 1km NNW of the Moomba Gas Plant.
STATUS AT 03/08/2000 0600 HOURS: Drilling ahead. The current depth is 2505m with 1585m progress for the week.
PLANNED TOTAL DEPTH: 2637m
WELL: Moomba 118 DW
TYPE: Oil Development
LOCATION: PPL 7, Moomba Block, 0.3km ENE of Moomba 104, 0.7km SSE of Moomba 24, and some 6km S of the Moomba Gas Plant.
STATUS AT 03/08/2000 0600 HOURS: Moomba 118 DW has been cased and suspended as a future Jurassic oil producer. The well reached a total measured depth of 2385m, with 210m progress for the week. The rig was released on 01/08/2000 and is moving to Moomba 117 DW.
Moomba 118 was a high angle oil development well designed to drain reserves from the Jurassic aged Hutton Sandstone oil pool, recently discovered by Moomba 104 oil exploration well.
PLANNED TOTAL DEPTH: 2414m
LETTER TO SHAREHOLDERS
Update on developments regarding the litigation commenced against Pasminco by claimants representing residents near our Cockle Creek and Port Pirie smelters.
The claimants allege emissions from our facilities have caused damage to property, impacted property values and in some cases adversely affected the health of residents. You can be assured that Pasminco has operated these facilities within the framework of government permits and licenses and will vigorously defend the claim.
There is no denying that there has been historic ground contamination surrounding these facilities, each of which has been in operation for more than 100 years. To address this, Pasminco continues to actively support remediation programs in the local communities of Port Pirie and Cockle Creek and invests significant capital in new technology to continue to reduce emission levels. The Pasminco Environment Report clearly outlines our approach to environmental management at Cockle Creek, Port Pirie and all of our other sites.
The initial action, which was filed in the Federal Court in Sydney under the Trade Practices Act, was subsequently dismissed as 'doomed to fail'. The claimants' solicitors promptly lodged a similar claim under common law in the Victorian Supreme Court. This action has been listed for a directions hearing on 11 August 2000 to set a timetable. Unfortunately, it may take many months to resolve even preliminary issues. For example, it is not clear that this action has satisfied the Victorian Supreme Court's requirements for the commencement of a class action.
As part of the Federal Court judgement, costs were awarded in Pasminco's favour against the individual claimants. We will retain to the Federal Court on 3 August to argue that it is more appropriate that their solicitors, rather than the individual claimants, pay those costs.
With both of these matters returning to court, the action can be expected to attract further media and community attention. Shareholders should also understand that the issue is unlikely to be resolved this year.
On 27 June 2000, the Company issued a prospectus for a non-renounceable options issue on the basis of 1 option for every 1 share held in the company at an issue price of 2(1/2) cents per option to raise up to A$1.37M before expenses. The offer has now closed with acceptances received for 20,873,744 options, raising $521,843. The directors at their discretion can place the balance of 33,832,782 options over the next three months.
Half Yearly Report
RIO TINTO EARNINGS UP 33 PER CENT
* 2000 first-half net earnings of $677 million, up 33 per cent on the same period last year.
* Strong growth in demand boosted prices for most products.
* Continued strong cash flow from operations at more than $1.5 billion for the half year.
* Successful acquisition of the remaining public shares in Comalco.
* Offer to acquire North Limited.
* Interim dividend up 27 per cent in Australian dollar terms and 22 per cent in sterling terms.
NOTIFICATION OF SHARE CANCELLATION
SHARES CANCELLED UNDER WHICH PROVISION:
ss.257H(3) Shares a company has bought back
DETAILS OF SHARES CANCELLED
Number of Shares: 5,083,441
Class of Shares: Ordinary
Consideration Paid (total): $38,811,303
Period of cancellation from: 05/07/2000 to 26/07/2000
NEW ISSUE ANNOUNCEMENT
All Ords
3235.8
Dow Jones
10,706.21
ASX200
3275.1
+4.8
S&P 500
1452.56
+13.86
All Resources
1311.5
Nasdaq
3759.88
All Mining
708.3
Gold - spot/oz
US$273.0
All Gold
757.6
Silver - spot/oz
US$4.94
AGC Explorers
906.47
-0.51
Platinum - spot
US$561.00
-39.0
Energy
1486.4
Palladium - spot
US$783.00
All Industrials
5660.5
Bridge CRB Index
219.35
FTSE 100
6317.1
-74.2
Crude Oil (NYMEX)
US$28.66
+0.40
Nikkei
15,814.44
-391.75
Copper (spot $US/tonne)
US$1851
no ch
Hang Seng
17,274.28
-3.11
Lead (spot $US/tonne)
US$464
-1
A$ = US58.53c
Zinc (spot $US/tonne)
US$1141
A$ = 63.41yen
Nickel (spot $US/tonne)
US$7550
A$ = 0.645Euro
Aluminium (spot $US/t)
US$1531
US 30-Year Bond
5.732%
-0.032
Tin (spot $US/tonne)
US$5250
The Directors advise that the Full Bench of the Supreme Court of Western Australia is expected to hand down its findings in relation to the Bronzewing dispute on Friday 4th August 2000 at 9.15am.
Ashton Mining Ltd became a substantial shareholder in Western Australian Diamond Trust on 30/06/2000 with a relevant interest in the issued share capital of 63,016,248 ordinary units (96.95%).
Notice is hereby given that the annual general meeting of Auiron Energy Limited will be held at 3pm on Friday, 8 September 2000 in the Heritage Room of the Intercontinental Hotel, 117 Macquarie Street, Sydney.
In the light of the strong palladium and platinum prices in recent months and the positive exploration results being achieved at the Stillwater Complex exploration leases held by Boulder Steel, directors have been reviewing the Company's option regarding a restructuring of the platinum and palladium interests. The Company has been approached by several parties with a view to either selling the interests or floating them off in a separately listed vehicle.
Beach announces that it has moved all of its investment and cheque accounts to the Commonwealth Bank of Australia from the Westpac Banking Corporation.
SECOND QUARTER HIGHLIGHTS
* Produced 3.0 million ounces of silver, a 42% increase as compared to the second quarter of 1999.
* Produced 35,849 ounces of gold, an 11% improvement over the first quarter of 2000.
* Cash costs at primary silver operations declined to $4.03 per ounce, 3.5% lower than the second quarter of 1999 and a 13% decline from the first quarter of 2000.
* Cash costs at primary gold operations were $316 per ounce compared to $278 per ounce in the second quarter of 1999. However, cash costs were $13 per ounce lower than the first quarter of 2000.
* Repurchased $7 million of the Company's 6% Convertible Subordinated Debentures due in 2002.
* Sold the Company's 20 percent net income royalty on Pan America Silver Crop's Quiruvilea silver mine in northern Peru for total consideration of $0.7 million, comprised of 140,000 common shares of Pan American, 100,000 share purchase warrants and $50,000.
* Completed the first phase of a major drilling program at Coeur's Rochester mine to delineate additional reserves and resources.
* Commenced the first phase of the year 2000 exploration drill and expansion program at Coeur Silver Valley.
DAVYHURST PROJECT
GOLD RESULTS FROM GILES PROSPECT
Croesus Mining NL announce that reverse circulation (RC) drilling has reported additional high-grade results from shallow depths at the Giles prospect.
These results further extend the mineralised zone to the north and south of Giles and initial resource calculations are being completed.
Feasibility studies have commenced towards the fast track development of Giles.
The level of drilling activity has increased at Davyhurst and three drilling rigs are now operating. RC and RAB drilling is continuing at Giles.
Of particular significance, is the intercept of 19m @ 17.4 g/t gold that extends the high-grade zone a further 50 metres north than previously known. Drilling further along strike continues. The existence of a possible parallel mineralised zone is also becoming evident.
The shallow and high-grade ore defined so far should provide for a very lost cost operation. The area is heavily weathered to 50 metres below surface and no groundwater has been encountered in the drilling.
NOTICE OF GENERAL MEETING
Notice is hereby given that a General Meeting of the Members of Duketon Goldfields Limited is to be held at Sydney IVF Seminar Room, Level 2, 4 O'Connell Street, Sydney on Tuesday 29 August 2000 at 11:00 am.
For further information, click here
The board of Dioro Exploration NL advise that the current drilling program at its 49% owned Frog's Leg project was completed on 31 July 2000. A total of 8,525 metres was drilled.
This target lies immediately south and adjacent to the Gilt-Edged Mining gold project. During January 3,190 metres of aircore drilling was completed. In early February a follow up program of 1,386 metres of aircore and 729 metres of reverse circulation drilling was completed. In late February 3 diamond holes were drilled and during March a 4,000 metre reverse circulation drilling program was completed. Significant intersections from this drilling are detailed below:
4m @ 81.18g/t, 2m @ 50.91g/t, 27m @ 34.29g/t, 10m @ 23.78g/t,
9m @ 10.68g/t, 30m @ 7.16g/t, 5m @ 27.83g/t, 6m @ 23.59g/t,
13m @ 7.14g/t, 5m @ 15.13g/t, 2m @ 30.86g/t, 1m @ 26.33g/t,
1m @ 31.0g/t, 7m @ 8.99g/t, 8m @ 17.11/t, 5m @ 15.14g/t,
3m @ 9.70g/t, 20m @ 7.51g/t and 18m @ 6.56g/t.
ISSUE PROSPECTUS
For a pro-rata non-renounceable 1 for 2 entitlements issue of up to193,050,230 Shares at an issue price of 5.5 cents per Share together with up to 193,050,230 free attaching Options exercisable at $0.20 on or before 31 January 2004 on the basis of one free attaching Option for every Share taken up ("the Issue")
GROUP HIGHLIGHTS:
- Cash operating profit up 121% to R 49.7 million (US$7.4million)
- Gold production increase up 9 104 kg (292 698 oz)
- Gold revenue received up 5% to R 58 048/kg (US$263/oz)
- Cash operating cost decreased to R 52 590/kg (US$239/oz)
- Net capital expenditure of R 28.2 million (US$4.1 million)
SOUTH AFRICAN OPERATIONS:
- Cash operating profit up 80% to R 39.0 million (US$5.7 million)
- Gold production down 5% to 8 550 kg (274 887 oz)
- Cash operating cost of R 53 162/kg (US$241/oz)
- Net capital expenditure of R 21.3 million (US$3.1 million)
AUSTRALASIAN OPERATIONS:
- Cash operating profit of R 10.7 million (US$1.7 million)
- Gold production of 554 kg (17 811 oz)
- Cash operating cost of R43 764/kg (US$198/oz)
- Net capital expenditure of R 6.9 million (US$1.0 million)
Fletcher Challenge
Drilling & Production Testing Report
For the week ending 02/08/2000
Country : Canada
Block Area: Disko Bay
or Prospect
Well Name : 7-3-49-7 W5M
or Location
Objective : An Exploration well testing Glauconite Gas
Current Status : * Spud: 23/07/2000
* Ran abandonment plugs
* Rig Released: 01/08/2000
Block Area: Hatton
or Prospect
Well Name : 4-14-14-27 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 26/07/2000
* Cased for MR/MH Gas
* Rig Released: 27/07/2000
Block Area: Hatton
or Prospect
Well Name : 4-23-17-28 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 26/07/2000
* Cased for MR/MH Gas
* Rig Released: 27/07/2000
Block Area: Hatton
or Prospect
Well Name : 12-17-17-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 25/07/200
* Cased for Milk River Gas
* Rig Released: 26/07/2000
Block Area: Hatton
or Prospect
Well Name : 4-13-17-27 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 26/07/2000
* Cased for Milk River Gas
* Rig Released: 27/07/2000
Block Area: Hatton
or Prospect
Well Name : 16-15-14-27 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 28/07/2000
* Cased for MR/MH Gas
* Rig Released: 29/07/2000
Block Area: Hatton
or Prospect
Well Name : 4-20-17-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 27/07/2000
* Cased for Milk River Gas
* Rig Released: 28/07/2000
Block Area : Galahad
or Prospect
Well Name : 14-26-40-15 W4M
or Location
Objective : An Exploration well testing Basal Quartz Gas
Current Status : * Spud: 27/07/2000
* Prepare to log
Block Area : Hatton
or Prospect
Well Name : 10-17-17-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 29/07/2000
* Cased for Milk River Gas
* Rig Released: 30/07/2000
Block Area : Hatton
or Prospect
Well Name : 2-20-17-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 28/07/2000
* Cased for Milk River Gas
* Rig Released: 29/07/2000
Block Area : Hatton
or Prospect
Well Name : 4-11-17-29 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 29/07/2000
* Cased for MR/MH Gas
* Rig Released: 30/07/2000
Block Area : Hatton
or Prospect
Well Name : 12-1-17-29 W3M
or Location
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 28/07/2000
* Cased for MR/MH Gas
* Rig Released: 29/07/2000
Block Area : Hatton
or Prospect
Well Name : 2-8-17-28 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 27/07/2000
* Cased for MR Gas
* Rig Released: 28/07/2000
Block Area : Hatton
or Prospect
Well Name : 6-15-14-27 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 30/07/2000
* Cased for Milk River Gas
* Rig Released: 31/07/2000
Block Area : Hatton
or Prospect
Well Name : 16-16-14-27 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 29/07/2000
* Cased for Milk River Gas
* Rig Released: 30/07/2000
Block Area : Hatton
or Prospect
Well Name : 16-15-14-27 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 28/07/2000
* Cased for Milk River Gas
* Rig Released: 29/07/2000
Block Area : Hatton
or Prospect
Well Name : 10-17-17-26 W3M
or Location
Objective : A Development well testing Milk River Gas
Current Status : * Spud: 29/07/2000
* Cased for MR Gas
* Rig Released: 30/07/2000
Fletcher Challenge
Drilling & Production Testing Report
For the week ending 02/08/2000
Country : New Zealand
Block Area: PML381012
or Prospect
Well Name : MB-7
or Location
Objective : Horizontal development well in the Maui B D1.10 oil reservoir
Current Status : * Commenced sidetrack from 9 5/8" casing
* Drilled in 8 1/2" hole from 2570m to 2689m
* Current operation @ 0600hrs 3rd August,
drilling ahead at 2699m
Block Area: PML381012
or Prospect
Well Name : MB-6
or Location
Objective : Horizontal development well in the Maui B D1.10 oil reservoir
Current Status : * Suspended well with stuck 4 1/2" liner pending evaluation of sidetrack or completion options while operations proceed on MB-7
The AGC Explorers Index will now be calculated daily by Merrill Lynch. The Index, launched in April this year, consists of some 200 exploration companies listed on the ASX with approximately 80% of these being gold explorers.
Goldfields Limited announces that it has completed a successful placement of 24.6 million ordinary shares to a broad range of domestic and overseas investors. The placement did not require shareholder approval and represents just under 15% of the Company's issued share capital. The placement was made at a price of $1.35 per share and raised gross proceeds of $33 million on the back of strong demand. The new shares will be listed on the Australian Stock Exchange and will rank pari passu with existing shares. Following the placement, Goldfields has an expanded capital base of 188.8 million shares on issue.
NEW ISSUE ANNOUNCEMENT
RESPONSE TO ASX QUERY
1. Nido Petroleum Ltd is not aware of any information concerning the company that could explain recent trading in securities.
2. Nido Petroleum Ltd does not have any other explanation for the price change in the securities.
3. Nido Petroleum Ltd confirms that it is in compliance with the listing rules and of Section 3.1.
Novus announce that it has successfully completed the syndication of a US$100m Revolving Credit Facility, arranged and underwritten by ANZ Investment Bank and Barclays Capital.
A group of leading domestic and international banks have committed to the facility, which provides Novus with an excellent group of relationship banks to support the future development and growth of the company.
Merivale No 10, a gas appraisal well situated approximately 690 metres South-South-East of Merivale No 8, Latitude 25 deg. 33 min. 38.85 sec. South, Longitude 148 deg. 20 min. 13.68 sec. East, was spudded at 23:30 hours on July 10, 2000. Surface casing was set at 250.1 metres RT. Intermediate casing was set at 1672.4 metres RT. A total depth of 2,300 metres RT was reached at 12:30 hours on August 1, 2000. At 06:00 hours today the rig was being prepared to suspend the well. Progress for the week was 626 metres.
The Directors of Pima Mining NL advise that the company has entered into an agreement with KTM Capital Pty Ltd ("KTM") for the underwriting of the exercise at 20 cents each of 54.2 million options expiring on 30 September 2000 to raise $10.8 million.
Progress Report
1. FUTURE MINING AT KENMARE MINE, SOUTH BLACKWATER
A number of unstable strata incidents have severely impacted longwall mining of the first C seam block at South Blackwater's Kenmare underground mine since its commencement in the first quarter of the 1999/2000 financial year. Extended delays and increased costs of removal of the longwall equipment have further impacted longwall mining in this seam. All longwall equipment has now been successfully recovered from the C seam.
A review of the performance of longwall mining in the first block creates uncertainty that the C seam at South Blackwater can be mined using longwall technology currently available to the company, at current coal prices.
2. AMORTISATION OF MINING RIGHTS AND COAL RESERVES AT JOINT VENTURE MINES
The amortisation rates applied to mining rights and coal reserves at the Central Queensland Coal Associates (CQCA) and Gregory Joint Venture mines have been reassessed following completion of the assessment of the coal resources and reserves of the Joint Ventures as at 30 June 2000. This reassessment of amortisation rates results in a reduction in amortisation expense by approximately $8 million per annum after tax, commencing in 1999/2000.
NEW ISSUE ANNOUNCEMENT
Union Capital Limited advises the issue of the following securities in the Company.
1. The "Put & Call" option agreement contained in Union's Stock Exchange Announcement of 31 July 2000 has been exercised by the major shareholder of Jab Creative.com Pty Ltd.
Accordingly, Union Capital Limited is required to issue four (4) million ordinary fully paid shares to Gwyneth Margaret Wolton as trustee to the Wolton Family Trust in exchange for 250 shares in Jab Creative.com Pty Ltd which represents 25% of the existing capital of Jab. Union is also subscribing for a further $3 million in new shares over 6 months and upon completion, Union will hold a total equity position of 53.125% of the enlarged share capital in Jab.
2. A placement of seven (7) million ordinary shares in Union Capital Limited has been agreed to Vibrant Link Sdn Bhd of Malaysia for a total consideration of $1.75 million (or 25 cents per share).
These funds are to assist with working capital of the Company.
3. The Directors have agreed to issue up to 8.5 million options to employees, under the terms of the Company Directors and Employees Share Option Plan approved 8 July 1999.
The final number, pricing and exercise terms will be confirmed shortly via a further ASX announcement.
The directors of Aquarius Platinum Limited advise of the issue and allotment of 60,000 ordinary fully paid shares in the company following the exercise of unlisted options detailed below.
UNLISTED OPTIONS
50,000 exercisable at $0.82 per share.
10,000 exercisable at $0.5575 per share.
The shares issued will rank equally with existing ordinary shares.
Following the issue of the above shares, the Company has 48,261,234 ordinary shares quoted on the Australian Stock Exchange.
Bligh has extended the closing date for its rights issue to Friday 8 September 2000.
Accordingly, the timetable for completion of the issue has been varied as follows:
* Last day of rights trading 1 September 2000
* Issue closes - last day for
acceptances and payment of 8 September 2000
application monies
* New shares and options allotted
and holding statements 20 September 2000
despatched (unchanged)
The Company announces the recovery of a further 369 diamonds weighing 37.70 carats from 310 tonnes mined from the Monte Christo Mine at Bingara, NSW. The stones were recovered from the poorly sorted gravel about two metres thick on the south western side of the pit. Mining is continuing in that direction. The average grade recovered was 12.2 carats per hundred tonnes, which is higher than the grades reported from recent excavations.
Reinstatement to Official Quotation
The suspension of trading in the securities of Duketon Goldfields Limited (the "Company") will be lifted before the commencement of trading tomorrow, following compliance by the Company with Chapters 1 and 2 of the listing rules. For additional information, click here.
The invitation to subscribe finished on Monday, 31 July 2000 and the issue has closed oversubscribed. Applications have been received for 29,056,561 shares accompanied by $6,629,894 in cash. Directors will meet next week to make allotments which will be completed by Friday, 11 August 2000.
The issued has received support from current shareholders, new investors and stockbrokers and the Directors thank all of these parties for their support.
The purpose of the capital raising is to provide funding for first drilling of the "Northright" oil prospect in the Bass Strait offshore Gippsland basin. The "Northright" structure has been independently assessed to have the potential to hold 100 million barrels of oil recoverable.
Negotiations are progressing to tender for a suitable offshore drilling rig, with other users to share mobilisation costs.
NEW ISSUE ANNOUNCEMENT
LETTER TO SHAREHOLDERS
This quarter has seen the culmination of 12 years work in Thailand with the announcement of the granting of four mining leases by the Thai Ministry of Industry and the move to 100% ownership of the Chatree Project.
Construction of the mine and plant will commence soon and is expected to take twelve months to complete.
The mine, when completed, will be one of the lowest cost gold producers in the world, but it is the potential for extensions and other deposits in close proximity and surrounding areas that makes this such an exciting project. This will be the first mine in a completely new gold province.
The Company announces that it has accepted a $5,650,000 financing offer from the Commonwealth Bank of Australia.
This will cover more than 100% of the remaining cost to develop Stage I of the Ardlethan Tin Project, including the mining equipment, treatment plant, bonds, infrastructure, commissioning and contingency. It is expected that detailed design and construction for Stage I of this project will commence in October 2000.
Marlborough lodged its Environmental Impact Statement last week and it is currently on public display. Strong support is expected from the local community for this project, which will provide additional employment in the area during construction and operations.
During the next few months, until the necessary approvals are obtained, Marlborough is accelerating work on:
* recommissioning the water supply line;
* finalising the treatment plant flowsheet;
* selecting mining, processing and other equipment,
* arranging services for the project.
AMP Limited became a substantial shareholder in Oil Search Limited on 31/07/2000 with a relevant interest in the issued share capital of 29,185,117 ordinary shares (5.05%).
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 544,640.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 614,390.
Tap Oil NL advises progress and interpretative results of the Linda-1 exploration well.
LOCATION
The well is located in TL/l, 17.5 kilometres north-east of Varanus Island at latitude 20 deg 32 feet 54.13 inches S and longitude 115 deg 41 feet 48.36 inches E.
PROGRESS
Since the last report the well has undergone stabilisation procedures to control overpressuring difficulties and to determine the depths at which circulation losses were occurring. As at 6.00 am Wednesday morning the well was stabilised, with minimal circulation losses.
FORWARD PROGRAMME
The hole is in good condition and preparations are being made to set a cement plug at the current total depth of 2,775 metres measured depth ("MD") of the well. A liner will be run to tag the cement plug thus cementing off all potential losses. The well will then be sidetracked into the Biggada sandstone and production tested.
Tuart Resources NL was admitted to the official list of Australian Stock Exchange Limited on 1 August 2000.
Official quotation of the following securities will commence on Friday 4 August 2000.
28,374,182 fully paid ordinary shares comprising:
10,899,360 fully paid ordinary shares issued at 20 cents each under a prospectus dated 8 May 2000
17,474,822 fully paid ordinary shares held by existing shareholders
39,850,045 options exerciseable at 20 cents each on or before 30 June 2003
ASX Code: Ordinary shares TRT
The Company also has on issue the following securities which will be classified as restricted securities and not quoted for a period of 24 months from the first date of quotation.
11,585,915 fully paid ordinary shares
3,000,000 options exerciseable at 20 cents each on or before 30 June 2003
The Company also has on issue the following securities which will be classified as restricted securities and not quoted for a period of 12 months from the date of their issue.
607,185 fully paid ordinary shares (Issue date: 31 December 1999)
172,500 fully paid ordinary shares (Issue date: 31 January 2000)
1,425,000 fully paid ordinary shares (Issue date: 31 March 2000)
700,000 fully paid ordinary shares (Issue date: 26 April 2000)
All Ords
3232.3
Dow Jones
10,687.53
ASX200
3270.3
+16.3
S&P 500
1438.7
+0.6
All Resources
1299.9
Nasdaq
3658.46
All Mining
686.2
Gold - spot/oz
US$276.3
All Gold
745.3
Silver - spot/oz
US$4.96
AGC Explorers
901
Platinum - spot
US$600.00
+14.0
Energy
1494.6
Palladium - spot
US$846.00
All Industrials
5661.6
Bridge CRB Index
220.53
FTSE 100
6391.0
+11.7
Crude Oil (NYMEX)
US$28.26
+0.47
Nikkei
16,206.19
+106.52
Copper (spot $US/tonne)
US$1874
+12
Hang Seng
17,277.39
+379.94
Lead (spot $US/tonne)
US$471
+1
A$ = US58.25c
Zinc (spot $US/tonne)
US$1154
A$ = 63.41yen
Nickel (spot $US/tonne)
US$7630
A$ = 0.636Euro
Aluminium (spot $US/t)
US$1558
US 30-Year Bond
5.764%
+0.028
Tin (spot $US/tonne)
US$5240
Natural Gas Corporation Holdings Limited has announced its intention to make a formal takeover offer to all minority shareholders of TransAlta New Zealand Limited.
Proceeding with the takeover is conditional upon Trust acceptance for its 14.6 percent interest following consultation with its beneficiaries, and on the approval of the Overseas Investment Commission. NGC has agreed with the Trust to extend the share acquisition offer on the same price terms to the other approximately 16,000 TransAlta minority shareholders should it be accepted by the Trust.
The Directors of Amadeus Petroleum NL announce that the company has entered into an agreement to act as the Australasian marketing and distribution agent for accounting software packages developed by Texas-based Oil & Gas Information Systems, Inc (OGSYS).
OGSYS is a company based in Fort Worth, Texas who have specialised in the development of accounting software solutions related to the oil and gas industry for over twenty years.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
The company is presenting its Environmental Coal Gasification Project (EnviroStar Energy Facility) at Dalian in China to the Government of the Peoples' Republic of China for consideration of its AIJ (Activities Implemented Jointly) status.
This process is a pre-requisite for the Dalian Project to be approved as a CDM (Clean Development Mechanism) project. Following the full determination of the rules and modalities of the CDM at the upcoming conference of parties to the UNFCCC it is anticipated that forward sales will provide a net yield of about $5,000,000 annually to the company.
This project will be the first Sino-Australian venture undertaken for Australia by EEL that will be submitted to AIJ authorities for approval.
Fletcher Challenge has announced the amount of the total consideration for its tender offers for outstanding 6.75% Notes due 24 March 2005 (the "2005 Notes"), 7.75% Notes due 20 June 2006 (the "2006 Notes"), 7.5% Notes due 24 March 2007 (the "2007 Notes"), 6.875% Notes due 24 March 2008 (the "2008 Notes"), 8.25% Notes due 20 June 2016 (the "2016 Notes") and 7.875% Notes due 24 March 2017 (the "2017 Notes")(together, the "Notes") of the Company.
Second Quarter Report
- Loss from continuing operations of $2.7 million ($0.01 per share),
compared to income from continuing operations of $0.8 million ($0.00
per share) in 1999. The loss from continuing operations included
primarily non-cash pre-tax foreign exchange charges of $7.8 million
compared to $17.4 million of pre-tax gains recorded in the 1999
second quarter.
- Net loss of $16.5 million ($0.06 per share) compared to net income
of $0.1 million ($0.00 per share) in the second quarter of 1999,
including losses of $13.9 million ($0.05 per share) and $0.7 million
($0.00 per share) in the 2000 and 1999 second quarters, respectively,
from the new discontinued sulfur operations.
- Cash flow from operations of $42.1 million, compared to $15.2
million in the second quarter of 1999, reflecting lower average total
cash costs, higher realized gold prices and changes in working
capital.
- Total attributable gold and equivalent production of 589,100
ounces, approximately 38,200 ounces less than in the second quarter
of 1999.
- Average total cash cost of $185 per ounce, $10 per ounce lower than
in the same quarter of 1999.
- A 71% increase in the amount of gold contained in mineralized
material at Veladero.
NOTICE is hereby given that a General Meeting will be held at the Offices of the Company, level 4, 19 Arbour Court, Robina Town Centre, Qld, on Friday, lst September, 2000, at 11.30 am.
For full details, click here
NEW ISSUE ANNOUNCEMENT
For company information, click here
Rio Tinto has received approval for its proposed acquisition of North Limited from the European Commission. This approval means that condition 2.6(d) of the offer has been satisfied.
Rio Tinto has been advised by the Australian Competition & Consumer Commission that it does not propose to intervene in the offer pursuant to Section 50 of the Trade Practices Act.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
The Company confirmed that the loan of US$11,345,235 from Eddabridge Pty Limited, the major shareholder, had been assigned to Sanfield Holdings Ltd, an associated company, based in Hong Kong. The Company had entered into an agreement with Sanfield to convert the above debt to equity, subject to approval by the non-associated shareholders at the forth coming General Meeting and relisting of the company on the Australian Stock Exchange. The agreement also provides for Sanfield to inject a further A$200,000 through the issue of new shares.
The above two transactions are to be approved concurrently in the Annual General Meeting which will be held on the 1st September 2000 at 11:00 am.
NEW ISSUE ANNOUNCEMENT
Tuart Resources NL was admitted to the Official List of Australian Stock Exchange Limited on Tuesday 1 August 2000.
Official Quotation of the following securities will commence at 1pm EST (11am WST) on Friday 4 August 2000.
28,374,182 ordinary shares fully paid
39,850,045 options exerciseable at 20 cents each on or before 30 June 2003
ASX Codes: Ordinary shares TRT
Options TRTO
United Energy Limited has announced an 11.6% increase in profit after taxation and before abnormal items for the half-year ended 30 June 2000.
Operating profit after taxation and before abnormal items increased $3.8 million to $36.6 million over the previous corresponding period. United Energy also recorded an abnormal profit of $59.6 million, attributable to the sale of its retail electricity business to Pulse Energy. United Energy is a 25% shareholder in Pulse Energy. The group consolidated profit for the half-year after income tax and abnormals was $96.3 million.
The directors declared an interim dividend of 8.25 cents per Stapled Security, fully franked at 34%. Payment will be made on 1 September 2000 to Stapled Security holders registered at the record date of 18 August 2000. Directors indicated, subject to meeting forecast results for the full year, that they expect to maintain a total distribution of 17.25 cents per Stapled Security for the financial year ending 31 December 2000.
Another highlight of the period was an 11.5% increase in earnings per Stapled Security to 8.79 cents. Sales revenue also increased 15% over the previous corresponding period to $381.3 million.
Fourth Quarter Activities
* CORPORATE
Exploration expenditure for the quarter amounted to $31,762.
* GENERAL EXPLORATION
NEW PROJECTS - BASE METALS, GOLD
West Musgrave
AAR has acquired a significant interest in the West Musgrave Complex (Blackstone Region) - see map - of Western Australia. This acquisition follows on from the nickel exploration success recently announced by Western Mining Corporation east of the area of AAR's interest.
AAR and PayLODE Pty Ltd ("PayLODE") have by agreement made joint application for 5 ELA's totalling 957sqkm in the West Musgrave. In addition, AAR has joint ventured with PayLODE a further 2 ELA's totalling 400sqkm in the same area. Each party is entitled to a 50% interest and AAR is to sole fund the first $250,000 of exploration expenditure on each ELA.
All ELA's are located on the Bentley 1:250,000 scale geological series sheet SG 52-5. They are located over a series of magnetic anomalies associated with the flank of a positive gravity anomaly. The gravity anomaly is located approximately 50km north of Warburton. Both geophysical features are considered by PayLODE to be associated with mafic and ultramafic rocks of the Proterozoic Giles Complex. The area is covered by Tertiary and Quaternary sediments.
TASMANIA - GOLD
DENISON GOLDFIELD
The results of 1m splits of anomalous 4m composites >0.2g/t from the RC drilling program carried out at the East Denison prospect during the March quarter were received.
The March quarter program of 12 RC holes for 596m partially tested strike and depth extensions of a 1,250m mineralised zone defined by soil sampling and shallow auger geochemical sampling. Only 400m of the well-defined, continuous, fault-controlled NNE-SSW trending zone which dips shallowly at 15deg - 20deg easterly had previously been tested, albeit only partially, by first pass RC drilling carried out in the March 1998 quarter.
The mineralised intervals encountered in EDRC16, 17 and 18, drilled as down dip extensions to the east of previously drilled EDRC12 (20m @ 1.0 g/t, including 7m @ 2.4g/t Au) confirmed continuation of the flat lying mineralised structure. The most significant intersection of 6m @ 6.38g/t Au occurs in EDRC15, which is located 50m to the south and 60m to the east of EDRC12. A follow-up drilling program has been designed to further test this intersection as the mineralisation in EDRC15 remains open.
EASTERN GOLDFIELDS - GOLD
BULGA DOWNS JV
A RAB/Aircore drilling program partially tested three of five sand-covered targets within a large aeromagnetic low during the quarter. Twenty three holes for 694m were drilled on a variable 200 x 50m pattern. All holes were sampled at 4m intervals with samples submitted to ALS in Perth for aqua regia gold analysis (0.001
detection limit).
Banded iron formation, chert and mafic and ultramafic rocks below Quaternary sands and alluvium (up to 16m thick) were intersected. Although the first pass drilling has assisted in the interpretation of the aeromagnetic feature, no gold assays of significance were recorded. Further testing, however, is required before the full significance of the large aeromagnetic feature is determined.
KIMBERLEY REGION - BASE METALS, GOLD
KOONGIE PARK
No field work was carried out during the reporting period.
Anglo Pacific Group plc advises that the Australian dollar equivalent for its dividend, due on 4 August 2000, of 0.05 pence will be 0.129 cents per share.
DB Group became a substantial shareholder in Ashton Mining Limited on 29/07/2000 with a relevant interest in the issued share capital of 64,130,520 ordinary shares (19.9%).
NEW ISSUE ANNOUNCEMENT
The Directors advise that 500,000 ordinary shares at a price of 13.5 cents each in the capital of the company have been issued to Mr David Racher, a citizen of the United Kingdom, as consideration for his assistance in the procurement of British Borneo International Limited as a farminee of the offshore Mauritania project. Payment of the fee was contingent upon British Borneo committing to drilling a well in the contract area. This contingency was satisfied in December 1999. Mr Racher is not a related party of the company.
The new shares will rank pari passu with the existing issued ordinary fully paid shares in the Company.
No funds will be raised through the issue and a prospectus will not be issued for the shares. The issue does not require shareholder approval however it may be put to shareholders at the Annual General Meeting of the Company, expected to be held in November, to satisfy the requirements of Listing Rule 7.1.
NEW ISSUE ANNOUNCEMENT
Notice of Prospectus for the Offer of up to 25,000,000 Fully Paid Ordinary Shares at an issue price of $0.09, payable in full on application.
The purpose of the Issue is to provide continued funding for completion of a bankable feasibility study for the HiTec Manganese project and to provide additional working capital.
Fourth Quarter Activities
HIGHLIGHTS
MINERAL SANDS
* Imperial One Limited (Imperial) and BeMaX Resources NL (BeMaX) have signed a Share Sale Agreement by which BeMaX will acquire 100% ownership interest in Imperial Mining (Aust) NL. The acquisition will give BeMaX an additional 25% beneficial ownership in the BIP Joint Venture, which owns the Ginkgo heavy Mineral deposit and other strandline prospects in the Murray Basin. Imperial will receive 18.95M fully paid ordinary BeMaX shares and 1.95 million options. This represents 26.6% of the expanded BeMaX issued capital.
* Snowden Mining Industry Consultants independently estimate an Indicated Resource of 252 million tonnes @ 2.8% Heavy Minerals at 1.0% cut-off for the Ginkgo Deposit. Ginkgo is believed to be the largest contiguous Indicated Resource delineated to date in the Murray Basin.
* Following mineralogical testing by MD Mineral Technologies Pty Ltd, of a composite bulk sample from the Ginkgo Deposit, results indicate that the heavy mineral concentrate could be processed into marketable ilmenite, leucoxene, rutile and zircon products.
Effective immediately, the registered office of Kingsgate Consolidated NL will be:
Level 17, 33 Bligh Street
Sydney NSW
Australia 2000
Tel (61 2) 9223 5273 Fax (61 2) 9223 9775
Email info@kingsgate.com.au
Further to the previous indication that the Company was examining the possibility of a "spin off" of its gold assets, the Board has resolved that subject to shareholder and other regulatory approvals, the gold exploration assets, which comprise 5 exploration tenements in the Coolgardie area, will be assigned to a newly formed entity (Newco) in exchange for approximately 5 million shares in Newco and those shares will be distributed pursuant to a selective capital return to shareholders of the Company contemporaneously with and conditional upon the listing of and quotation of shares in Newco.
As the Company's entire focus is now on its mineral sands assets in the Murray Basin, the proposed transaction has been developed with the objective of providing value to shareholders for what are now non-core assets of the Company.
Notice of Prospectus for a 1 for 4 Non-Renounceable pro rata issue of Shares at an issue price of $0.15 each together with 1 attaching Option granted free for every 2 Shares subscribed for and issued to raise up to $1,453,531.
The Entitlements Issue is underwritten by D J Carmichael Pty Limited
NEW ISSUE ANNOUNCEMENT
AMP Limited became a substantial shareholder in Newcrest Mining Limited on 28/07/2000 with a relevant interest in the issued share capital of 12,156,410 ordinary shares/units (5.02%).
We advise that after close of trading on Friday 28 July 2000, the Company executed a non-binding Memorandum of Understanding (MOU) with ServeLink Pty Ltd (ServeLink) and Advantage Telecommunications Limited (AdvanTel) whereby both ServeLink and AdvanTel will become wholly owned subsidiaries of the Company.
The securities of Nugold Hill Mines will be suspended from Official Quotation forthwith, at the Company's request, following the Company's advice that it has executed a non- binding Memorandum of Understanding with ServeLink Pty Ltd and Advantage Telecommunications Limited whereby both of those Companies will become wholly owned subsidiaries of the Company.
Security Code: NGH
Deutsche Australia Ltd ceased to be a substantial shareholder in Oil Search Limited on 28/07/2000.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 547,640.
HIGHLIGHTS
BULONG OPERATIONS
* Successful repair of defective nozzles in the heater and flash circuits
* Improved gypsum control measures implemented
* Cobalt refinery modifications completed.
* Leach plant feed rates exceeded design soon after recommissioning of the plant after the major shutdown in May/June.
Rimfire's directors announce that they intend to raise approximately $4.6 million to accelerate and advance Rimfire's exploration activities for diamonds in the Bingara-Copeton region of North West New South Wales.
The funds will be raised via a 3 for 5 non-renounceable rights issue, underwritten by Intersuisse Limited, to existing shareholders at $0.20 per share together with an attaching option for which the sum of $0.01 each will be payable at time of issue. The exercise price will be $0.20 each and expiry date 30 September 2004.
The Company advises completion of the placement of 30,000,000 ordinary fully paid shares at a price of 14 cents per share raising $4.2 million.
The Board of United Energy announces the proposed initial public offering of shares in its wholly owned subsidiary, Uecomm Limited ("Uecomm"). The IPO will comprise an offer of new shares representing approximately 30 per cent of the issued capital of Uecomm, following which it proposes to list on the Australian Stock Exchange. On completion of the IPO, United Energy will remain as the majority shareholder in Uecomm.
All Ords
3217.8
Dow Jones
10,606.95
ASX200
3254.0
+2.9
S&P 500
1438.1
+7.27
All Resources
1299.6
Nasdaq
3685.52
All Mining
689.9
Gold - spot/oz
US$276.8
All Gold
747.4
Silver - spot/oz
US$4.97
Energy
1485.4
Platinum - spot
US$586.00
All Industrials
5632.3
Bridge CRB Index
218.67
FTSE 100
6379.3
+14.0
Crude Oil (NYMEX)
US$27.79
+0.36
Nikkei
16,099.67
+372.18
Copper (spot $US/tonne)
US$1847
-6
Hang Seng
16,897.45
+56.47
Lead (spot $US/tonne)
US$472
+4
A$ = US57.88c
Zinc (spot $US/tonne)
US$1158
A$ = 63.07yen
Nickel (spot $US/tonne)
US$7700
A$ = 0.632Euro
Aluminium (spot $US/t)
US$1541
US 30-Year Bond
5.736%
-0.044
Tin (spot $US/tonne)
US$5270
Ashton Mining of Canada Inc (AMCI) reports that its principal shareholder, Ashton Mining Limited of Australia (AML), has received notice that De Beers Centenary AG intends to make a takeover bid for all of AML's issued and outstanding shares at a price of $A1.62 per share. As announced on June 13, 2000, AML holds approximately 24.5 million shares of AMCI's common shares representing 68.2 per cent of the 35.9 million shares which are currently issued and outstanding.
AML has also announced that its largest shareholder, Malaysia Mining Corporation Berhad (MMC) has entered into an agreement under which MMC is obliged to accept De Beer's offer for 19.9 per cent of AML's shares. MMC holds 49.9 per cent of AML's shares.
The transaction is valued at $A522.2 million and is subject to certain terms and conditions established by De Beers. The Chief Executive Officer of AML, Mr Doug Bailey, has described the offer as inadequate and opportunistic, and has urged AML shareholders not to tender their shares.
In announcing the bid, De Beers has stated that it has no obligation to make a follow-up offer to the minority shareholders of AMCI as a consequence of the proposed transaction.
Bendigo Mining has now obtained significant further evidence in support of its Ribbon Repeat Theory by successfully intersecting a predicted new ribbon 6 kilometres to the north of the Swan Decline.
The Company previously intersected unmined ribbons under the Deborah and Sheepshead lines of reef and it has now confirmed by geological modelling and drilling an unmined ribbon 200 meters below previously mined workings on the New Chum line of reef.
NEW ISSUE ANNOUNCEMENT
AUSTRIAN TRADING HOUSE TAKES UP STRATEGIC POSITION
Manganese producer Consolidated Minerals Limited has cemented its strategic alliance with its European marketing agent, DCM Decometal, with the Austrian-based trading house taking up a strategic equity position in the Company and moving to extend its existing sales contracts.
Decometal is a key part of Consolidated Minerals' network of overseas sales channels and was instrumental in its breakthrough into the European market last year.
Consolidated Minerals signed a 5-year contract with Decometal last year to supply 90,000 tonnes of manganese ore per annum for conversion to manganese alloys in Europe.
Drillsearch Energy NL advises that Mr John Armstrong has stepped down as Chairman, as his other business commitments preclude him from devoting the time necessary to the Company's affairs that he has previously been able to do. Mr Armstrong will remain on the Board as a non-executive director.
Mr Michael Silver, a director of the Company since 1995, has been elected Chairman of the Directors.
Mr Olaf O'Duill has been appointed to the Board of Envestra Ltd. The Board now comprises nine Directors as follows:
* Four independent Directors
* Two Directors appointed by Origin Energy
* Two Directors appointed by Cheung Kong Infrastructure
* The Managing Director
Goldfields Limited announces that it will proceed to complete the acquisition of the 49% interest in the Mungari West JV (MWJV) from Mineral Commodities Ltd (ASX:MRC). This follows confirmation by MRC that the pre-emptive right held by Mines & Resources Australia Pty Ltd (MRA) has not been exercised.
GTN Resources Limited announce the appointment of Mr Kerry Heywood as a Director on the Board of Directors of GTN Resources Limited from 1 August 2000.
The Australian Securities and Investment Commission (ASIC) has approved a further extension of time to 31 August 2000 for Golden West Refining Corporation Limited to lodge accounts for the year ended 31 March 2000. The reason for the need for the extension is the current difficulties being experienced by the US subsidiary, Handy and Harman Refining Group.
An application will be made to ASIC to seek deferment of the Golden West Refining Corporation Limited's Annual General Meeting from the previously advised date (31 August 2000) to a date to be advised.
Fourth Quarter Activities
SUMMARY
* As at 30 June 2000, the total Indicated and Inferred Mineral
Resource above a 0.75% Ni cut-off for Goongarrie-Ghost Rocks-Kalpini
and satellite nickel projects is:
182.1 million tonne at 1.07% Ni and 0.08% Co.
* The Indicated and Inferred Mineral Resource above a 0.50% Ni cut-off
for the Goongarrie-Ghost Rocks-Kalpini and satellite nickel projects
is 405 million tonne at 0.8% Ni and 0.06% Co. Fully diluted, the
Inferred Mineral Resource is 474 million tonne at 0.7% Ni and 0.05%
Co, with contained metal being 3.4 million tonne nickel and 0.3
million tonne cobalt.
* During the Quarter, Heron advanced its work towards the Cawse Stage
II Pre-feasibility Study:
* Resource Definition Reverse Circulation drilling continued at
Goongarrie, where 15,752m in 331 holes was completed (average depth
48m), with 7,674 samples submitted;
* A Confirmation Diamond Drilling program was completed, consisting
of 406m in 8 holes;
* Archaeological and ethnographic surveys were completed, and flora,
fauna, photogrammetry, tenement and hydrological surveys were
commenced; and
* Detailed metallurgical evaluation commenced at the Lakefield Oretest
metallurgical laboratory, Perth, with 6 bulk samples currently under
test (very good leaching results to date).
Subject to the Pre-feasibility Study which is currently being
finalised by Centaur, it is apparent that all of Heron's ore
entitlement to Cawse Stage II could be sourced from Goongarrie South
alone. This has favourable implications in respect of centralisation
of Heron infrastructure, and ability for Heron to deal in its other
nickel laterite resources.
NEW ISSUE ANNOUNCEMENT
Fourth Quarter Activities
No additional fieldwork was undertaken on the BHP Mineral Sands Joint
Venture tenements during the June quarter.
EL5473 was relinquished in March 2000 as no significant HM
discoveries were made by drilling 367 holes (12,635m) in 1999.
In the South Pooncarie area (Exploration Licence 5474, Figure 2), no
further regional exploration was carried out as activities were
concentrated on the Ginkgo Deposit in that area. However, several
promising prospects remain to be followed-up by further drilling.
These include:
1. Snapper with 18m @ 6.2% HM.
2. Crayfish with intersections of 34m @ 2.2% HM and 16m @ 3.3% HM.
3. Gallipoli with intersections of 35m @ 2.2% HM and 24m @ 3.3% HM.
4. Laburnum with 22m @ 2.0% HM.
Drill hole density on Snapper, Crayfish, Gallipoli and Laburnum is
currently insufficient to define resources but each prospect has
considerable potential. Further work is planned in the future.
GURINA JOINT VENTURE - EL4428, VICTORIA - 614SQKM
(IMPERIAL MINING NL 50% AND OPERATOR, PROBO MINING PTY LIMITED 50%)
Arrangements were made for a regional follow-up drilling program of
coarse grained strandline-style heavy mineral intersections
previously reported by CRA. At the closed of drilling in mid July, no
shoreline sediments and no significant HM intersections had been
encountered.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
Michelago advises that resolutions 1 to 4 (inclusive) set out below and put to a General Meeting of members at 4.00pm on Monday, 31 July 2000, were carried as ordinary resolutions.
NEW ISSUE ANNOUNCEMENT
The Directors of Portman Limited announce its intention to establish a new Managed Investment Scheme (MIS) Forestry Business alongside its existing iron ore and silicon metal divisions.
The new timber investment division, which aims to launch its first investment project within 6-8 months, is regarded by the Board has having the potential to develop into a highly profitable business for Portman for a relatively modest capital outlay.
Fourth Quarter Activities
HIGHLIGHTS
* Successful fundraising of $1.35 million and completion of indirect investment in ViewInternet.com Pte Ltd.
* An EM geophysical survey over the Fields Find igneous complex identifies bedrock conductors prospective for platinum/palladium and copper/nickel mineralisation. Three EM anomalies selected for RC and diamond drill testing for Lac de Isles style platinum/palladium mineralisation.
ResX advise that the fundraising of $1.35 million, indirect investment in ViewInternet, and other matters approved at the General Meeting of Shareholders on 27 June 2000 have been completed. The fundraising placements of 3.5 million shares at 10c and 5 million shares at 20c include the issue of 8.5 million options exercisable at 20c each expiring 1 June 2003, on the basis of one option for each share subscribed in the placement. Introduction fees of 770,000 shares at 10 cents were also issued.
Resource Exploration Limited advises that Mr Philip G Crabb has resigned as Director of the Company effective 24 July 2000.
RESPONSE TO ASX QUERY
1. The Company is close to finalizing a transaction and share placements at 10c and 20c as detailed in the announcement of 17 July. The Company is also continually evaluating new opportunities for the company, however at this stage no agreement has been concluded.
2. An announcement was released on 17 July 2000.
3. There is no other explanation the Company may have for the price change and increase in volume other than the announcements released on 13 July and 17 July 2000.
Further positive news from ResX proposed indirect investment in ViewInternet.com Pte Ltd, Singapore, was released.
Viewinternet has announced the signing of a Memorandum of Understanding ("MOU") with the Taj Hotels Resorts and Palaces ("TAJ") to be the high speed internet connectivity provider for the group. The Taj MOU gives access to 7,500 guest rooms, in 59 properties located in 9 countries. Viewinternet has also recently reached a similar agreement with the Melia Hotel in Kuala Lumpar Malaysia. Copies of the Viewinternet media releases may be viewed on the Viewinternet website.
Details of the progress of the fundraising and acquisition of the indirect Viewinternet interest, and other matters approved at the General Meeting of Shareholders on 27 June 2000 are expected to be announced soon.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 654,187.
Sons of Gwalia Ltd advises that Mr E M Ross-Adjie has resigned as an Executive Director and employee of the Company due to ill health.
A new Chief Financial Officer will be appointed in due course.
Mr Greg Cheah has been appointed as Manager - Treasury. Mr Cheah has held previous treasury positions with Western Mining Corporation and North Ltd.
Fourth Quarter Activities Report
HIGHLIGHTS OF THE QUARTER'S ACTIVITIES
* Whilst continuing the development phase of the Quest 29 project,
1,120 ounces of gold were produced during the Quarter from the
treatment of ore from the dump leach pads.
* VOD Pty Ltd completed installation and commenced trials of an
interactive Video on Demand service at two Sydney apartment blocks
with its first customers trialling the service in July.
* Visual Networks entered into a Teaming Agreement with Australia's
third largest telecommunications carrier, AAPT Ltd to pursue a number
of Corporate and Government business opportunities.
* Insight Technologies launched its newly developed software
products, the Intellego Suite and XMLMATE and continues to
experience significant revenue growth.
* Insight Technologies formed a strategic partnership with the HCL
group, one of Asia's premier systems integrators, for HCL to
distribute Insight's products and solutions in the Malaysian, Indian
and Singapore markets.
* The company is also continuing to evaluate further acquisition and
investment opportunities in the resource and non-resource sectors.
* Development funding provided to its investee companies is enabling
them to take advantage of significant new business opportunities.
* Intention to restructure the company's mining and technology
businesses into separately listed vehicles within the next half year.
* Ongoing focus by the company towards expanding the company's
existing gold production and gold resource inventory at the Quest 29
and Tom's Gully projects in the Northern Territory.
* Strong financial position with cash and marketable securities of in
excess of $5 million.
HIGHLIGHTS
EQUITY RAISING BY ACCLAIM URANIUM NL
A meeting of shareholders on the 14th April approved the raising of A$2.8 million, which has now been successfully completed.
These funds were raised to:
(a) strengthen the financial position of the company, allowing it to take advantage of investment opportunities as they arise, including investment in non-mining activities, and
(b) provide working capital for the conduct of the company's current and future activities. This will include funding the Definitive Feasibility Study for the Langer Heinrich Uranium Project and the Australian expenditure commitments.
LANGER HEINRICH URANIUM PROJECT
FINANCE
The Industrial Development Corporation of the Republic of South Africa has offered to cover 25% of third party costs associated with the Definitive Feasibility Study. For Stage 1, Resource and Reserve drilling, this is estimated to be A$200,000 and is in addition to the A$400,000 loan already approved by the Mineral Development Fund of Namibia. In return the IDC will have the right to purchase a 25% equity interest in the Langer Heinrich Project at completion of the Definitive Feasibility Study. Negotiations are protracted and drilling is not expected to commence for some months.
FIELD OPERATIONS
* Low-level radiometric baseline survey over the entire MDRL No. 2236.
* Collection of environmental baseline data for weather, flora and ground water.
* Location of proposed Stage 1 (Feasibility Study) drill-hole sites.
* Experimental radiometric logging on site and at the Pelindaba test-site, South Africa.
Fourth Quarter Activities
HIGHLIGHTS
GAWLER CRATON
MINNIPA GOLD PROJECT
* A drilling program still in progress on the Barns Gold Prospect resulted in the completion of 23 reverse circulation holes totalling 2329 metres in the north-eastern sector of the extensive geochemical anomaly.
* Drilling to date defined a 100 metre wide mineralised corridor over a 300 metre strike. This corridor is open to both the north and south as well as at depth.
* Within the corridor 11 holes drilled to date contain long intersections of strongly anomalous gold containing sporadically distributed intervals between 1 and 16 metres in length exceeding 1g/t gold.
* Examples include 21 metres at 0.75g/t including 1 metre at 5.5g/t, and 16 metres at 1.05g/t.
* These results confirm that there is potential at Barns for altered granite hosted bulk dimension gold mineralisation.
* Exploration to date has been directed at only a limited sector of the extensive geochemical anomaly.
* Ongoing exploration has the objective of locating zones of higher grade gold mineralisation.
WARRAMBOO IRON PROJECT
* Analyses of drill samples from Murphy Target showed 41 metres at 24.2% iron and an additional 53 metres at 21.6% iron.
* These iron grades are demonstrative of a recoverable magnetite content in the order of 30% comparable to the grade of a number of North American iron ore mines where magnetite is produced.
* Promising results from early testwork provide encouragement that premium price magnetite pellets of DRI grade can be produced.
FINANCE
The Company has liquidity of $2.67 million comprising cash and term deposits of $1.93 million and interest bearing investments of $0.74 million.
Fourth Quarter Activities Report
HIGHLIGHTS
Three very important events occurred in the June quarter with respect to the Zeehan Nickel Project.
Firstly, joint venture partner Rio Tinto Exploration Pty Limited elected to convert their 10% interest to a 2% NSR, thereby conferring 100% of the project on Allegiance.
Secondly, in response to the continuing encouraging drilling results, the Board decided to complete a Pre-feasibility study on the Avebury deposits. It is due for completion by end December 2000 at an estimated cost of $1M.
And thirdly, the company made a placement of shares and options to raise $1,729,852 to enable the above programme to be implemented with financial comfort.
Fourth Quarter Activities
HIGHLIGHTS:
* EL MOLINO JV PERU
North Limited has released preliminary results of a drilling programme over Cu-Au targets at AKD's El Molino project in Peru.
* SEPPELT RANGE DIAMOND JV - KIMBERLEY REGION, WA
Rio Tinto has commenced on-ground exploration activities over diamond targets at Seppelt Range.
* WONARAH PHOSPHATE JV - TENNANT CREEK, NT
Rio Tinto has indicated that exploration activities including 1500m of RC drilling will commence in late July/August.
* ECHUNGA DIAMOND JV - ADELAIDE HILLS, SA
AKD has joint ventured out its Echunga diamond project in South Australia to Flinders Diamonds Limited.
* CORPORATE
The Company has changed its name to "AKD Limited" to reflect the Company's diversified asset base.
Alkane Exploration Ltd advise that Mr Henry David Kennedy has been appointed to the Board of the Company as from Friday 28 July 2000.
The Board now consists of Ian R Cornelius (Chairman), D Ian Chalmers, H David Kennedy and Lindsay A Colless (also Secretary).
Fourth Quarter Activities
HIGHLIGHTS
Eloise
* Production commenced at Eloise West;
* Tailings Dam cell number 3 well advanced;
* Exploration drilling intersects 40m wide mineralised zone 20m west of Eloise West.
QUARTERLY REPORT TO SHAREHOLDERS FOR THE PERIOD ENDED 30 JUNE 2000
HIGHLIGHTS
* Amity to drill two attractive gas targets in onshore Turkey in joint venture with the Turkish Petroleum Corporation. Drilling is anticipated to start in September.
* The Whicher Range-5 well to be drilled underbalanced and fracture stimulation will use a non-water based fluid.
CORPORATE
During the quarter, Bogoso Gold Ltd made capital repayments totalling US$730,000 bringing the total of loan repayments to US$4,079,297 to be offset against the acquisition cost, which was financed by Golden Star Resources Ltd on a non-recourse basis to Anvil Mining NL.
Ashton Mining has received notification that De Beers Centenary AG proposes to make a takeover offer for all of Ashton's outstanding capital at a price of $1.62 per share subject to certain conditions.
The Ashton Board believes that the offer is inadequate and urges shareholders not to sell their shares. Ashton has appointed financial and legal advisers to assist the Board in responding to this offer. Shareholders will receive a detailed response from the Board after the formal offer documents have been received and will then have a reasonable period of time to make a decision regarding their shares.
GIRAFFE ONLINE LTD
During the previous quarter the Company announced it had entered into a joint venture with Giraffe Online Ltd to provide working capital to further develop that group's New Media Web Site.
AuDAX is earning a 30% interest in the organisation by providing $1.5 million over a six-month period with an option to increase its interest to 45% at the rate of $100,000 per percentage point above the initial 30%.
Giraffe Online Ltd has in keeping with its programme and budget, launched a vertical portal web site named "bluemanna.com.au" aimed at Australian internet users who are interested in pursuing an active outdoor lifestyle. The first channel on this portal covers a wide range of activities including camping, 4WD, trekking, climbing, diving, fishing, cycling etc.
Over forty contributors working under the control of Editor Robert Taylor, who was previously Chief of Staff at The West Australian newspaper are providing quality content to maintain this exceptional site.
Bluemanna was launched in Sydney on April 28th as a content only site and the e-commerce capacity is to be added on schedule during August.
UNIQUE VISITORS TO THE SITE IN JUNE, ONLY THE SECOND MONTH OF OPERATION, WAS THREE TIMES THE ANTICIPATED NUMBER.
The quality of the site construction, the content and the overall concept of the business model designed by Giraffe have attracted the attention of many of the country's major media and internet players and Giraffe is confident of forming a strategic alliance with one of these in the near future.
The launch of the site and a strategic alliance with a significant player are in keeping with Giraffe Online Ltd's proposed expansion into broadband content and commerce.
MILLROSE
No fieldwork was carried out on Millrose during the quarter due to the continuation of the wet conditions which have restricted access to the prospect.
Mines and Resources Australia Pty Ltd advised that a short aircore drilling programme is proposed for the September Quarter.
BRONZEWING SOUTH
During the quarter the Company continued its battle for the ground immediately south of and adjacent to the operating Bronzewing Goldmine.
The matter which has been in progress for almost 8 years returned to the Full Bench of the Supreme Court on 23 May 2000 and a decision on that hearing is imminent.
As previously reported, the appellants Mark Creasy and Oresearch NL are appealing the decision of the Minister for Mines to grant the title to Hot Holdings Pty Ltd following its ballot win and subsequent recommendation for approval by the Mining Warden.
The Directors remain confident, despite the continued litigation, that Hot and hence AuDAX will be rewarded with a title to this much sought after exploration acreage within the near future.
As advised to shareholders on 11 April 2000, the company is seeking a UK listing to complement the existing listing on the ASX, and right to be traded on the regulated unofficial market on the Frankfurt, Berlin and Stuttgart Exchanges.
We are pleased to advise the following appointments:
* Old Mutual Securities (OMS) as Nominated Financial Adviser ("NOMAD")
* W H Ireland as Sponsoring Broker
* Fox Brooks Marshall as legal advisers to the company.
Documentation and associated due diligence and verification procedures seeking a listing on the Alternative Investment Market ("AIM") in the UK are nearing completion. Subject to acceptance by the AIM authorities we are on track to achieve an AIM listing during August 2000.
An AIM listing is expected to facilitate our many UK shareholders in easier trading in AUY stock.
QUARTERLY EXPLORATION ACTIVITIES REPORT
TO 30 JUNE 2000
EXPLORATION:
INDUSTRIAL:
CORPORATE:
HIGHLIGHTS
* Exploration fieldwork commenced during the quarter on two projects in conjunction with Amplats.
* Due diligence has commenced on a small project that would see cash flow to the company from gold production.
* Review of several grassroots exploration projects in various locations within Australia.
* Re-modelling of the Copper Hills technical data results prior to a potential new programme of exploration.
* Company name changed to Australian Platinum Mines Limited.
The last quarter was a quiet one for the company's drilling activity. However, significant progress was made on rationalising our large exploration portfolio and accelerating appraisal and development activities on the "sweet spots" adjacent to existing markets for our products.
Management is still focussed on optimising the company's production operations and commercialising its substantial static gas resources. The pleasing production performance at Beharra Springs and Ladbroke Grove and the progress on the commercialisation of the Bassgas project are tangible results of this effort.
The second half will see a return to drilling activities. In Q3 we will drill the Lotte-1 well in EP 363 (AWE 16%) and in Q4, five wells are anticipated in the Perth and Carnarvon basins.
The company will seek to continue an active drilling campaign in the most prospective areas close to existing markets and infrastructure. It is also our intention to try and expose shareholders to a "company-maker" project every six to twelve months to provide upside potential to shareholders, while still operating within our means and being mindful of conserving cash resources for future growth opportunities.
The directors of Boulder Steel Ltd announce that they have agreed to place 7.5 million fully paid ordinary shares at 20c each, with attaching options on the basis of 1 option for every two shares placed. The options will be exercisable at 20 cents before 30 November 2002 and shall be of the same class as those currently trading. They will be issued free of charge.
BHP Board has announced a dividend declaration schedule for the Company.
The review of the dividend declaration arrangements follows the announcement by the Directors on 17 December 1999 that the financial year for the BHP Group would change from 31 May to 30 June, with effect from 30 June 2000.
BHP Directors previously announced an unfranked dividend of 26 cents per share for payment on 3 July 2000.
It remains the intention of the Directors to maintain the suspension of the Dividend Reinvestment Plan.
1. TECHNOLOGY INVESTMENTS
* ICE Interactive (BKS 40%) - preparing for interactive television pilot to be launched in September quarter.
* Netline Technologies (BKS 45%)
- alliance with Outblaze of Hong Kong for new email-messaging initiative.
- awarded 'Most Outstanding Wireless Mobile Product' at Internet 2000 in June.
- IPO being appraised.
2. MINING & EXPLORATION
* Anglo Saxon Project - JV with Gutnick Resources lifts gold resource to 170,000 ounces.
* Mt Kasi Limited (BKS 100%) - to continue on care and maintenance.
* McKinnons Gold Plant offered for sale.
3. CORPORATE
* Cash and Deposits at 30 June: $9.8 million.
OPERATIONS
In Canada, the Golden Giant mine performed well during the first half and is expected to be on target for the year. Shaft deepening and additional development for Block 5 is on schedule. At Kori Kollo, production was slightly below plan, and cash operating costs for the period were about 12% over target, primarily due to higher equipment-maintenance and fuel costs. Production from the 84.65%-owned Holloway mine was slightly above plan for the first six months. BMG's 50% joint venture interest in the Vera/Nancy mine at the Pajingo complex in Queensland, Australia, completed the first half above plan in terms of production, with cash costs averaging $99 per ounce for the period.
EXPLORATION
Positive exploration developments for the first half include significant drill results from the Holloway area in Canada, Copper Basin in Nevada, Casposo in Argentina, and Llallagua in Bolivia.
Exploration in Canada during the quarter focused on the Holloway area. East of the Holloway mine, surface drilling continued to expand the Blacktop deposit. Mineralization is open to the west and is currently being drilled. The first drill hole to test this westerly extension assayed .185 opt Au/10.2 ft. This drilling is expected to be completed early in the third quarter and will provide resource information required for an internal study on the viability of developing the Blacktop deposits.
On the western side of the Holloway mine, the first phase of the 505 West exploration drift to evaluate Lightning and Middle zone mineralization west of the current mine limits is nearly complete. In this area, very positive developments have been made in defining Middle zone mineralization. Significant values returned include .616 opt Au/19.4 ft, .228 opt Au/15.1 ft and .229 opt Au/18ft. In addition, the 505 West level has encountered a northeast trending quartz tourmaline vein with high-grade gold values. The vein trend is normal to all other mineralization at Holloway and had not been recognized previously. The vein has been cut by 14 underground holes to-date, and drilling is continuing. The average drill intercept is 5.8 ft wide, grading .415 opt gold. Based on these positive developments, further work will commence immediately. The expectation is that the 505 West exploration program will outline additional reserves equivalent to one year's production (approximately 100,000 ounces).
Aside from the Phoenix development work, exploration drilling at the Battle Mountain Complex during the second quarter of 2000 focused on the Copper Basin area 7 miles to the north of Phoenix. A 16-hole program totaling 7,000 ft is under way at the Surprise area at Copper Basin with the objective of drilling off an indicated resource which has the potential to contain significant amounts of gold and copper.
In Argentina, work focused on the Casposo project. Based on results to date, a preliminary study was completed to determine the general economics of the mineralized zone and to identify areas for significant improvement. Metallurgical test work indicates a total recovery of 98.5% for gold using gravity concentration and 96.7% for silver. At $300 gold, preliminary resource calculations indicate 1.9 million tons of ore grading 0.186 opt gold and 3.358 opt silver, or approximately 350,000 ounces of gold and 6.4 million ounces of silver. Further drilling is planned with excellent potential to expand this resource.
Review of Financial Year 1999-2000
Major drilling campaign is underway in still largely unexplored northern margins of the Cooper Basin failed to live up to expectations, with the Taipan-1 and Canterbury-1 wells disappointingly dry. However, renewed thrust along the southern flanks of the Cooper is expected to commence shortly, starting with two development wells at Kenmore at some time during this first quarter of 2000-2001.
After this, the Company plans to drill within the South Australian-based Cooper blocks - Sellicks, Maslins and Henley, previously held by Santos Ltd. Several attractive prospects have also been delineated in our Otway Basin tenements and we aim to drill at least two wells in western Victoria in early 2001. Naturally, the timing of this programme will be subject to such things as resolution of Native Title issues and timetables set by operators and joint venture parties.
The Company is now in a position to direct its focus entirely on oil and gas. The recent placement and rights issue have provided sufficient funds to implement the extensive drilling programme.
QUARTERLY HIGHLIGHTS
* Gold production averages 8,545 ounces per month for the quarter.
* Quarterly gold production, a new record of 25,635 ounces.
* Cash operating costs of US$143 per ounce in the June quarter.
* Heap leach quarterly stacked tonnage was 413,367 tonnes at 2.76 g/t Au head grade.
Fourth Quarter Activities
HIGHLIGHTS
* Cobra has acquired an interest in the Internet based mining information and services portal - Mining e-Trade
* Cobra has been joined by the Singapore based construction and property giant Low Keng Huat (LKH) as shareholders of the Internet Service Provider and telecommunications carrier Global Dial. The LKH association has facilitated the possible entry of Global Dial into the Chinese and Singaporean telecommunications markets. Global has expanded its domestic service for Perth into the Sydney and Melbourne markets.
* A draft of the Chrysoprase Plan of Operations has been prepared. A mining schedule has been prepared and quotes for the mining and processing are being evaluated. A schedule of the projected rehabilitation costs which is used for calculating the Environmental Security to be lodged with the Mines Department has been prepared. A detailed evaluation of the chrysoprase market is also in progress.
* Negotiations with traditional landowners of the company's Musgrave Range tenements for access are well advanced.
* Cobra has changed its status and name to Cobra Resources Ltd.
* Company establishes a web site - www.cobraltd.com
Fourth Quarter Activities
Production for the June 2000 Quarter was lower than the FY99 comparable period, primarily as a consequence of the decision to reduce production at Charbon and Ivanhoe Collieries to meet market requirements.
When compared with the previous year, the lower annual production also reflects the one-off Charbon highwall mining campaign conducted in the middle Of FY99.
Centennial's final quarter sales were affected by the timing of certain export shipments which have slipped into the next quarter.
Second Quarter Activities
HIGHLIGHTS
* 531 Carats of ruby and 330 carats sapphire produced
* 1,748 Diamonds produced from Monte Christo Mine
* Tunnel enters diamond bearing crater rocks
* Share Purchase Scheme raises $1.8 million
The Company announces the recovery of a further 1,094 diamonds weighing 114.05 carats from 1,192 tonnes mined from the Monte Christo Mine at Bingara, NSW. The stones were recovered from the poorly sorted gravel about two metres thick on the south western side of the pit. Mining is continuing in that direction. The average grade recovered was 9.6 carats per hundred tonnes.
210 tonnes of the overlying overburden sands were also processed, yielding 30 stones weighing 3.6 carats.
Second Quarter Activities Report
OPERATIONS
STRATFORD MINE (100%)
The current quarter results show a number of changes from those of the March quarter. The major ones being:
* Deliveries of coking coal to the Japanese Steel Mills reverting to close to previous levels after the price reductions became effective on 1 April 2000.
* Changes to the specifications of thermal coal produced by Stratford for the domestic market resulting in significantly higher yields.
* Commencement of deliveries of thermal coal to Delta Electricity and Macquarie Generation under the terms of the contracts secured during 1999.
* The mining contractor, Henry Walker Eltin, reconfiguring the Main Pit to achieve increased productivity.
REPORT FOR THE QUARTER ENDING 30 JUNE, 2000
KEY ACTIVITIES
* Options issue raises $1.43 million.
* 380 tonnes of typical sulphide ore mined from Browns sample pit and transported to Adelaide. Actual values again exceed the resource model.
* Major flotation prototype programme nearing completion.
* Ausmelt potscale smelting testwork completed.
Fourth Quarter Activities
PHILIPPINES
DIDIPIO FTAA
DIDIPIO PROJECT - GOLD, COPPER
CLIMAX INTEREST: 92%
OPERATOR: CLIMAX MINING LTD
DINKIDI DEVELOPMENT
During the quarter under review, negotiations continued with the bankers to the project and resolution was achieved on the major issues that remained outstanding ahead of final application for credit approval.
Meetings were held with the preferred joint venture partners, in both Seoul and in London with the European multilateral funding group, to resolve a number of key features including overrun support, working capital provision, contingency issues and dilution arrangements. These meetings were successful and it was agreed to proceed with the remaining stage of the negotiations.
Additional to the financing initiative, the other area of significant activity during the quarter has been the ongoing negotiations with a major Australian engineering group. The tendering process for the underground development resulted in a very strong expression of interest from an Australian engineering Company. The expression of interest has now crystallised into offers to undertake all aspects of the development; both underground and at surface.
The underground work encompasses the development of the 2.4 kilometres long decline, to be developed by conventional drill and blast methods, and a 6.6 kilometres long drainage tunnel to be developed using a tunnel boring machine. The underground work also includes the development of the draw points, ore passes, crusher chamber and the undercut for the block cave. It is currently proposed that this aspect of the project will be undertaken by means of a "partnering" style of contract whereby Climax and the engineering group will share both the benefits and the costs, equally either side of an agreed target price for the work.
Fourth Quarter Activities Report
Continental's major asset continues to be its shareholding in Consolidated African Mines Limited. The Company advises that Randgold Resources Limited, in which CAM has a significant shareholding has recently announced the sale of an effective 40% of the Morila gold mining project in Mali to AngloGold for US$132 million in cash, valuing the Morila project at US$330 million.
The Board of Continental understands that CAM/JCI is aggressively pursuing the sale of Western Areas Limited in order to facilitate a more adequate return on equity for stakeholders.
Continental also understands that the Board of CAM is consulting with Randgold & Exploration Company Limited, the major shareholder in RRL, the potential to distribute the proceeds of the Morila sale.
Fourth Quarter Activities Report
1. CORPORATE
During the quarter the Board of Directors of the company advised that it was (a) considering a consolidation of capital by reducing the number of securities on issue, and (b) was seeking business opportunities in the high technology related field in order to enhance shareholder value.
On 21 June 2000, the company announced, that consistent with this new initiative, it had taken up 5,000,000 ordinary shares together with 5,000,000 attaching options in Bambuu Ltd (Bambuu) at an issue price of A$0.25 per share. The options are exercisable at A$0.20 on or before 31 March 2002. Cue's shareholding is currently approximately 17.45% of the issued capital of Bambuu and Cue is the largest single shareholder.
2. PRODUCTION
Cue's oil production revenue received during the quarter from the SE Gobe oil field in PNG was US$937,862 and equated to 34,121 barrels. During the quarter 20,000 barrels of oil were sold forward at an average of US$28.47 per barrel. Production revenue received, after hedging payments in the quarter was US$868,917.
CHANGE OF COMPANY STATUS FROM "NL" TO LIMITED
The Company has received final notification of completion of its change of status from NL to Limited, effective from the 9th of June 2000.
Accordingly, the name of the Company is now Cullen Resources Limited.
For full report, click here
CARNARVON BASIN (WESTERN AUSTRALIA)
EP 395
(CARNARVON 11.61%)
This permit is located offshore approximately 26km to the southeast of the Harriet Field, and 22km from the Varanus Island oil and gas production facility.
Apache drilled the Boyd-1 well to a total depth of 673 mRT on 3 January 2000. The hole was then logged, sidewall cores taken and finally plugged and abandoned.
Sidewall cores taken recorded oil shows of between 40% and 100% fluorescence. These oil shows may have implications for the possibilities of an updip oil accumulation at a location approximately 2km to the east. This will require further evaluation by the EP 395 Joint Venture.
HIGHLIGHTS
* Heads of Agreement has been executed with Barminco Pty Ltd in respect of the Kookynie Gold Project.
* Excellent shallow gold grades, up to 28m @ 4.1g/t from 2m depth, were intersected at four prospects at Kookynie in the first drilling programme.
* Field investigations are in progress on three diamond projects.
The directors of Defiance Mining NL present the quarterly report for the period ending 30 June 2000.
HIGHLIGHTS
Mathinna Joint Venture
* An indicated and inferred resource of 212,000 tonnes at 5.5g/t gold for 37,800ozs has been calculated at the New Golden Gate mine at Mathinna.
* Defiance has notified joint venture partner, Connemarra Gold that they have incurred expenditure in excess of $1.0 million and therefore have earned 50% equity in the joint venture.
* Barminco is currently assessing development options at Mathinna.
Fourth Quarter Activities Report
HIGHLIGHTS
NATURAL GAS
* At the end of the quarter Drillsearch was in the process of finalising the acquisition of a large natural gas property at Talbot Lake, Northern Alberta, Canada. The property is classed as a development and exploration property with proven gas reserves, minor production and significant exploration up side.
* Drillsearch anticipates that gas production will increase during the coming three (3) quarters as a result of development drilling at Talbot Lake.
* Circumpacific Energy Corporation ("Circumpacific") continued preparation with Talisman Energy Inc. to drill a high impact deep multi zone gas well at Lambert in west central Alberta, Canada. Drilling will commence on 3rd August, 2000 and if successful this well has the capacity to add 10 to 20 BCF of proved producing reserves to the Drillsearch group.
* Drillsearch's total net revenue from gas operations was only $15,373 (last quarter $16,404) but with development and production operations at Talbot Lake commencing, this revenue will be adjusted upwards during the September and coming quarters.
CRUDE OIL
Australia
* Drillsearch has entered an in principle agreement with a major Australian company to acquire oil production and interests in exploration tenements located in Queensland. This will lift Drillsearch's Australian sales to close to A.$3 million per annum. Documentation for that contract is being prepared.
Canada
* Circumpacific's Canadian oil sales volumes averaged 277 BOEPD during the quarter (Last quarter: 266 BOEPD).
* Circumpacific's Canadian oil equivalent net sales revenues for the quarter ended 30th June, 2000, were A.$760,896 (Last quarter: A.$689,701).
* As a result of its regional data review programme in the north and central Alberta region, Circumpacific acquired additional 100% owned exploration lands. Assessment of a number seismic anomalies on these lands indicates that they carry attractive drilling targets and data review is continuing.
REPORT ON ACTIVITIES FOR THE QUARTER ENDED 30TH JUNE 2000
HIGHLIGHTS
* Pressure oxidation test work confirms Sappes gold production process
* Zarmitan pre-feasibility study confirms viability of project in Uzbekistan
* Share placement raises A$1.74 million
* Gold production performance improves at Suzdal
Fourth Quarter Activities Report
HIGHLIGHTS
EXPLORATION PROJECTS
* Ghana
A 455,000 ounce gold resource has been estimated for the Homasi Main Zone. Diamond drilling of this Main Zone will commence in August.
* South West Yilgarn Project
A major gold mineralised structure is indicated by the definition of continuous bedrock gold anomalism over at least 11 kilometres strike at Bullock Pool. Deeper reverse circulation drilling to begin testing anomalous areas will commence this quarter.
A regional ground holding totalling over 9,000 square kilometres has
been established.
* Gawler Joint Venture
An airborne electromagnetic survey was flown over the area of the magnetic anomaly at Yumbarra. Results are pending. Ground exploration is expected to be underway this quarter.
DEVELOPMENT PROJECTS
* Decision made to withdraw from the farm in agreement with Western Metals Limited on the Hellyer Tailings project.
CORPORATE
* Cash balance at end of June $21.9 million.
Fourth Quarter Activities Report
HIGHLIGHTS
Production achieved during this quarter GOLD EQUIV 20,405 OZ
GOLD 19,582 OZ
SILVER 45,800 OZ
Average Cash Production Cost this Quarter* AUD 375/OZ
Average Cash Production Cost 12 Months to AUD 317/OZ
30 June 2000 *
* Cash Cost per oz of Gold Equivalent
The cash cost of refined production for this quarter was AUD 375/oz of gold equivalent and for the twelve months to 30 June 2000 was AUD 317/oz of gold equivalent. These costs include all mine site cash costs, royalties, PNG mining levy, dispatch and refining expenses in PNG Kina. The cash costs have been calculated by converting the Kina costs for each month into AUD at the average of the opening and closing rate for each month.
June Quarter cash costs were reduced relative to March Quarter cash costs (AUD 428/oz). Following a full review of operations during the quarter, strategies are in place to further reduce cash costs in the coming year.
Fourth Quarter Activities Report
HIGHLIGHTS
* Final results from air-core drilling programs indicate twenty one positive targets at Upper Beta Creek;
* Test marketing program of gemstone collection underway in USA.
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 28/07/2000, from 87,868,211 ordinary shares (79.95%) to 87,918,811 ordinary shares(80.0%).
Energy Developments Limited decreased its relevant interest in Energy Developments Limited on 24/04/2000, from 30,944,076 ordinary shares (38.34%) to 30,113,056 ordinary shares (32.41%).
Paul Anthony Whiteman decreased his relevant interest in Energy Developments Limited on 24/11/1999, from 8,489,445 ordinary shares (10.65%) to 7,218,031 ordinary shares(7.77%).
This report summarises the Company's activities for the 3 months ended 30 June 2000.
HIGHLIGHTS
* Record gold production at the Dalgaranga project for the fifth consecutive quarter of 38,082 ounces (Equigold share 19,079 ounces) at a cash cost of $250 per ounce. This production was 62% higher than the previous highest quarterly production of 23,570 ounces.
* At Equigold's average gold delivery price of $500 per ounce for the quarter the Dalgaranga project generated a cash surplus of $12.67 million of which Equigold's share was $6.35 million.
* Positive mining reconciliation to reserve at Western Queen for the quarter of 4,527 ounces (19%).
* Preliminary independent resource/mineability studies at Mt Rawdon in Queensland following recent drilling indicate potential to increase mineable gold ounces by in excess of 30%.
* Further drilling at Mt Rawdon continues to gain potentially economically significant results.
* Development of the Mt Rawdon project proceeding on schedule and within budget. First gold production forecast for late December 2000. No drawdown on the project loan facility of $22.5 million was required during the quarter.
* Drilling on the Bassawa permit in Cote D'Ivoire is confirming the presence of low-moderate grade gold mineralisation with downhole widths up to 32 metres. The area was previously undrilled.
HIGHLIGHTS
OPERATIONS
MINERAL PARK - ARIZONA USA (100%)
Mineral Park produced 612 metric tonnes (1.350 million pounds) of cathode copper for the Quarter. On 1 June 2000 the Company announced the signing of a conditional agreement by Equatorial Mining North America Inc for the sale of Mineral Park to Silver Eagle Resources Ltd. It is anticipated that the completion of the sale will occur early in the fourth quarter of the year.
TONOPAH - NEVADA, USA (100%)
Construction of the Tonopah Copper Project was substantially completed during the Quarter, although testing and commissioning as required by the EPC contract have yet to be performed as a result of delays experienced in respect of the construction of the Project. Cathode copper production for the Quarter was 1,582 metric tonnes (or 3.487 million pounds).
Production forecasts for the year to 30 June 2001 are lower than originally forecast mainly due to construction delays and to the fact that the PLS grade is expected to be lower than that per the Feasibility Study. It is now expected that full production will be achieved by third quarter 2001.
CONSTRUCTION PROJECT
EL TESORO - REGION II, CHILE (39%)
Construction of the El Tesoro Project continued during the Quarter, with construction progress amounting to 39.1% as at 30 June 2000. Total cumulative Project expenditure as at 30 June 2000 was US$105.40 million, with expenditure of US$45.06 million incurred during the quarter. Construction and start-up is projected to be completed by mid 2001.
CORPORATE
At the Annual General Meeting of the Company held on 28 April 2000, shareholders were advised that delays in completion and production at Tonopah have resulted in a significant increase in working capital requirements and will inevitably affect the future funding requirements of the Company. This has resulted in the Company being required to fund its short term cash flow requirements by means of the issue of preference shares with an subscription value of US$l0 million by Equatorial Mining North America Inc to AMP Nominees Pty Limited (a wholly owned subsidiary of the major shareholder AMP Life Ltd). The proceeds of the issue were received on 26 July 2000. The Company will require further funding and is in the process of assessing those requirements.
Fourth Quarter Activities
HIGHLIGHTS
* Exodus enters biotechnology field through Multiple Sclerosis Project at Murdoch University.
* Laverton Joint Venture with Delta executed, exploration to commence soon.
* Large mineralised system with drill values up to 24g/t gold outlined on Exodus-Metex-Delta Joint Venture at Laverton.
Fourth Quarter Activities
HIGHLIGHTS
- Listing of Vanteck VRB Technology Corp on the Canadian Stock Exchange (CDNX) on 28th July, 2000.
- Acquisition of 50% of SLE (Australia) Pty Ltd by issuing 100,000 Federation Resources NL ordinary shares. Commercial contract signed on 21 June, 2000 by SLE (Australia) Pty Ltd.
- Sale of ownership interest in Publicdebate.com.au Pty Ltd for the consideration of 12 million ordinary shares to New Holland Mining NL and $80,000 cash. Total value of approximately $440,000.
- Takeover offer to Pinnacle shareholders and option holders.
- Underwriting of options expiring 31 August, 2000 to William Noall Limited, ensuring further injection of $860,100 into the Company.
- Notice of Meeting was lodged with the ASX and despatched to shareholders on 26 July, 2000 for meeting to be held 23 August, 2000 to consider resolution to change the Company name to "Federation Group Limited" the type of company to a company limited by shares, the adoption of a new constitution and ratification of previous placements.
- Placement to William Noall Limited, raising $230,000.
- First Licence fee paid to Pinnacle VRB Limited for continent of Africa.
Fourth Quarter Activities
ACTIVITIES FOR QUARTER
1. RESTRUCTURE OF QUARRYING ACTIVITIES
During the quarter the Fraser Range group sold their building stone quarry assets on the Southern Hills Pastoral Station in Western Australia. The assets sold consisted of the Southern Hills Station Pastoral Lease together with the mining tenements and associated plant and equipment located thereon.
At the same time the Directors decided to re-open the Mungari quarry which had been closed down late in 1999.
Mungari was re-opened to satisfy the growing demand for its grey granite - particularly from Singapore.
2. PROPOSED EQUITY RAISING
On 11 July 2000 Directors announced that they intended to seek shareholder approval in General Meeting for the following issues of securities:-
I. SHARE PLACEMENT
Up to 60 million fully paid ordinary shares at 2.5 cents per share with a free attaching option exercisable on or before 31 December 2005 at an exercise price of $0.10 each.
II. RIGHTS ISSUE OF OPTIONS TO SHAREHOLDERS
Up to 85,533,274 options at 2.5 cents each exercisable on or before 31 December 2005 at an exercise price of $0.10 each. The basis of entitlement to be one option for every two ordinary fully paid shares held following completion of the Share Placement in I above.
III. OPTIONS PLACEMENT
Up to 25,000,000 options at 2.5 cents each exercisable on or before 31 December 2005 at an exercise price of $0.10 each.
The issues are expected to raise up to $1,776,333.18 with the funds to be used for working capital purposes and to take advantage of investment opportunities as and when they arise.
UBS Nominees Pty Ltd ceased to be a substantial shareholder in Fletcher Challenge Limited-Paper Division on 31/07/2000.
The purchase of Fletcher Challenge Paper by Norske Skog was completed overnight New Zealand time with the transfer of funds from Norske Skog to Fletcher Challenge at 10 am July 28 US Eastern Standard Time.
Fourth Quarter Activities
AUSTRALON ACQUISITION
Gawler Gold is investigating a variety of investment opportunities in the "hi-tech" related arena. On 10 April 2000, the Company executed a Heads of Agreement
pursuant to which Gawler would acquire a 100 percent interest in a Melbourne-based technology company named Australon Enterprises Pty Ltd ("Australon"), subject to the satisfactory completion of various matters, including the presentation of an acceptable independent expert report, incorporating a valuation of both Gawler and Australon, and the prior approval of the Shareholders.
The Gawler Gold shares have remained suspended since that time pending on-going technical and legal due diligence with respect to Australon. Should the outcome of these investigations be satisfactory, the proposed acquisition will be submitted to the Gawler Shareholders for approval.
EXPLORATION ACTIVITIES
* DINGO RANGE GOLD PROJECT - WESTERN AUSTRALIA GOLD
E 37/0204, 0273, 0321, 0328, 0329, 0446, 0483, 0489, 0567;
M 37/0108, 0517, 0518, 0519, 0520
(GAWLER GOLD: 50 PERCENT; JULIA CORPORATION LIMITED, MANAGER: 50
PERCENT)
The second major Dingo Range Joint Venture exploration program commenced in April 2000. The program, with a total estimated expenditure of $1.0 million over a twelve month period to be funded by the partners pro-rata to equity, is designed to further evaluate the gold resource at the Boundary Prospect and to investigate geochemical and geophysical targets associated with structural complexities located within the project area.
BOUNDARY PROSPECT
Drill testing for lateral and depth extensions of the Boundary gold resource is continuing. During the reporting period, 14 RC holes (aggregate 2,207 metres), including 3 holes with diamond cored extensions (aggregate 354 metres), were completed. The most recent drilling examined gold distributions within the eastern Banded Iron Formation (BIF) units and another BIF unit located on the western margin of the central resource mineralisation.
For full report, click here
Fourth Quarter Activities
HIGHLIGHTS
* MENZIES NICKEL PROJECT: OFFERS RECEIVED FROM LEADING NICKEL LATERITE INDUSTRY EXPLORERS/PRODUCERS. MORE EXPLORATION PLANNED.
* EZYIMAGE LIMITED: DUE DILIGENCE COMPLETED, FIRST COMMERCIAL WEBSITE
NEARS COMPLETION. IPO PLANNED FOR 2000.
* REFER To OUR WEBSITE FOR MORE DETAILS; www.goldenstate.com.au.
Fourth Quarter Activities
HIGHLIGHTS
* LARRANGANNI PROJECT (TANAMI GRANITES WA)
Regional RAB/air core drilling around the Finch area, located 25 km north of Anglo's Coyote discovery, has intersected wide-spread alteration with anomalous zones of up to 5 metres @ 220 ppb Au. The structural setting and anomalous geochemistry over an area of some 20 sqkm makes this a priority target area for further drilling.
* BALWINA JOINT VENTURE (TANAMI GRANITES WA)
R C drilling at the Camel prospect, located 40 km WSW of Coyote, has intersected up to 50 metres @ 0.4 g/t Au within a 7 km long structure that is anomalous in Au and As.
* CHARTERS TOWERS PROJECT (QLD)
Soil sampling at the Water Bore North prospect, located 6 km north west of Charters Towers, has outlined an anomalous zone with a strike length of over 1.2 km. Soil values returned up to 190 ppb Au whilst rock chips assayed up to 6.0 g/t Au.
* HARVEST HOME JOINT VENTURE QLD)
MPI Gold Ltd are currently drilling a 6000 metre air core program at the Harvest Home prospect located 30 km south east of the high grade Vera/Nancy gold mine. Previous reconnaissance drilling by MPI returned up to 5 metres @ 2.6 g/t Au from this area. No results from the current drilling have been received to date.
* THEIL WELL SALE (WA)
The Theil Well property, located 60 km north west of Kalgoorlie, has been sold to Centaur Mining and Exploration Ltd for a cash sum of $150,000.
Fourth Quarter Activities
HIGHLIGHTS COWRA - NEW SOUTH WALES
* Work during the quarter has confirmed the potential for gold-skarn style mineralisation at the Nasdaq and Little Point prospects. The prospects are located within a 16 square kilometre area identified by stream geochemical sampling that also includes the Fox Tank, Fox Tank South and Yards anomalies.
* Ground magnetic and soil sampling geochemical results continue to provide encouragement at Nasdaq. Mapping and rock chip sampling has identified skarn or calc-silicate hosted replacement style copper-gold mineralisation over an area of up to 1.25 x 2.50 kilometres, this represents a large area of potentially productive host rocks. Soil sampling has confirmed copper-gold-bismuth target zones that warrant drill testing. Rock chip samples returned up to 0.80 g/t gold, 0.17% copper, 0.22% zinc and anomalous arsenic and bismuth.
* At Little Point sampling has identified skarn or calc-silicate hosted replacement style copper-gold mineralisation located in several pods within skarns over a semi continuous zone of up to 900 metres in length.
GIDGEE PROJECT - WESTERN AUSTRALIA
* The company completed 4040 metres of drilling during the quarter. Rotary airblast drilling (RAB) continued at numerous prospects whilst reverse circulation drilling tested significant mineralisation identified in previous (RAB) drilling at the Transit and Legendre prospects.
* At Twopees, RAB drilling has confirmed a broad anomalous gold trend that extends for at least one kilometre. Results included 30 metres @ 0.12g/t gold reported from drillhole GRB739.
* At Transit, shallow rotary airblast drilling results reported previously have confirmed gold mineralisation over a strike length of 200 metres, including 10 metres @ 3.20 g/t. Drilling during the quarter tested the zone on 50 metre centres over a length of 200 metres. Eight holes totalling 1,025 metres penetrated down to a maximum vertical depth of 100 metres. All holes successfully intersected the trend outlined by the previous RAB drilling. Drilling intersected narrow (1-6 metres) shallow westerly dipping quartz veins, however hole CRC 002 intersected quartz veinlets and minor sulphides over a 40 metre zone.
Second Quarter Activities Report
HIGHLIGHTS
EXPLORATION
* Life of oxide reserves at Furtei has now been extended, by recent
drilling and mine development, by 16 months from original Feasibility
Study.
* Re-estimation of the Stratabound resource using 0.5g/t cut-off has
added 100,000oz making this 304,000oz gold. This mineralisation
remains open to North, South and East.
* Redefinition of the resources at Osilo, at the request of GMS
management as part of mine planning and verified by SRK Consulting UK
Ltd, now show 1.66Mt @ 7.02g/t gold at a 3g/t cut-off.
* Regional exploration at Siliqua, Illorai and the Eastern Paleozoics
has returned positive indications. Additional exploration and
drilling as required is planned.
* Stream sediment samples from the Posada-Asinara suture zone in
north-east Sardinia have been sent for sampling in the platinum group
metals evaluation process.
* GMS personnel reported very positively on their visit to the gold
exploration and production properties of Navan Mining (10.07% owned
by GMS and now listed on the Official List in London).
FURTEI MINE
* Production from oxides produced 6,983oz of gold for quarter.
* Average realised gold price received US$289/oz, which compares with
average cash operating costs of US$191/oz.
* Go-ahead given for the construction of the sulphide circuit and
mining of sulphide ores started.
* Test-work on bacterial extraction advanced from bench scale
laboratory tests in South Africa to small scale heap leach trials on
site. South African test work continues.
OSILO TRIAL MINE
* Land acquisitions near completion and final approvals from the
competent authorities expected in late August.
* Rod Jacobs, formerly of Coeur d'Alene in New Zealand, appointed
Osilo Project Manager.
* Independent consultants report recommends mining methods and mine
designs.
CORPORATE
* Annual General Meeting confirmed Homestake strategic alliance and
appointment of new directors. A visit by Homestake's exploration team
is scheduled for early August 2000.
* Acquisition of 6,500,000 ordinary shares in Navan Mining. This
strategic stake has been the subject of a number of inquiries from
third parties following a successful road show conducted by the
company. A leading London broker has recently issued a "strong buy"
recommendation for Navan shares.
* Group Treasury, including cash on hand, marketable securities,
grants received and applied for, and State-backed low interest loan
offered and net of bank debt repayable in 2000 exceeds A$14 million.
*More than 1,300 people attended the open day at Furtei. This, and the
locally produced video, has greatly improved the understanding among
Sardinians of what Gold Mines of Sardinia is accomplishing on their
island. Sardinian domestic public relations have been and remain a
high priority. Fortunately there have been no further repercussions
of the bombing incident and a recent independent review of security
shows this to have been aberrational in nature.
* With the help of SG Securities and the Banco di Sassari in Cagliari
trading facilities have been put in place whereby it is possible for
local residents to buy and sell GMS shares. It is hoped that this
will encourage greater Sardinian shareholding.
Fourth Quarter Activities
HIGHLIGHTS
REVIEW OF OPERATIONS
EXPLORATION AND EVALUATION
No exploration and evaluation activities were carried out during the
quarter under review.
During the quarter the company completed the acquisition of the
Gabanintha Vanadium Project ("the Project"). The consideration for
the acquisition was the allotment and issue of 18,900,000 shares and
9,496,000 31 October 2002 options exercisable at 20 cents each,
together with a cash payment of $250,000.
CORPORATE MATTERS
During the quarter the company:
* Completed a placement of
* 60,000,000 shares, together with one free attaching option for
every two shares subscribed for and issued at an issue price of 4
cents per share and option package, raising an amount of $2,400,000
(before expenses of the issue); and
* Shares and options for the acquisition of the Gabanintha Vanadium
Project, as described above.
* Continued to pursue and review potential investment opportunities.
Fourth Quarter Activities
HIGHLIGHTS
NEWBRAIN TECHNOLOGIES PTY LTD
As previously announced during the quarter, the company entered into an agreement to purchase a 35% interest in Newbrain Technologies Pty Limited.
Concurrent with software development, the company is pursuing a number of strategic alliances with major participants in these sectors. Negotiations are progressing well and the company hopes to be able to announce progress in this area during the current quarter.
SOUTH AUSTRALIA
Five reverse circulation drill holes (totalling 680 metres) were drilled to investigate a range of ironstone-copper-gold targets in the Peela/Ealbara area within EL 2510 approximately 25 kilometres northeast of Tarcoola.
Four of the holes encountered the high level Ealbara volcanic suite comprising rhyolite to rhyodacite overlying a thick basalt sequence. Two of these intersected approximately 120 metres of pervasively (hematite, carbonate, pyrite) altered magnetic (oxidised) basaltic rock with weakly elevated copper (800ppm), lead (1,700ppm) and low level gold anomalism (140ppb). Similar, but less well developed alteration was observed in the other two holes. While no significant mineralisation was encountered in this initial reconnaissance drilling, the rocks and their associated alteration strongly support the conceptual basis for magmatic associated FE-oxide-Cu-Au deposits and the results are viewed as encouraging.
The fifth hole further tested the geochemically anomalous, zoned magnetic feature at MB. Assay results were again encouraging, with strongly elevated As (76ppm), Cu (130ppm), Pb (150ppm), Ni (79ppm), Fe (24.3%), Mn (500ppm), V (340ppm) and P (1,200ppm) supporting the multi-element nature of the surface geochemistry.
For full report, click here
Fourth Quarter Activities
HIGHLIGHTS
* Sapphire production at Subera above planned levels;
* Sapphire production at Warrandah continues to increase above planned levels;
* Australian Sapphire Joint Venture (50% GTN) continues to obtain good exploration results and expects the new Weean mine on stream during December quarter;
* Additional exploration ground under negotiation in NSW and Tasmania;
* Strong rough sapphire markets enable significant price increases to be achieved.
* Tohono copper project evaluation suspended due to an environmental permitting issue. Discussions underway with Phelps Dodge concerning extension to transaction closing date.
Fourth Quarter Activities
REVIEW OF ACTIVITIES
SUMMARY
Development of the E-Commerce ventures continued during the quarter with Dark Horizon and Videcom both passing significant benchmarks.
QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2000
HIGHLIGHTS
* The Company listed on the Australian Stock Exchange on 17th May after raising $4 million through the issue of 20 million 20 cent shares. In addition, approximately 12.3 million shares were issued "in specie" to shareholders of Stuart Petroleum NL on a 1 for 5 basis as consideration for the divestiture of Stuart's minerals assets into the Company. Just over 3.6 million shares had been traded up to the end of the quarter.
* Drilling on the Coburn mineral sand project commenced in early July with 131 holes completed to date. The drilling has indicated extensive mineralised zones above the 5 metre, 35 metre and 50 metre strand lines, with considerably better grades in some basal strand zones than in previous scout drilling.
* Two nickel sulphide exploration projects have been acquired since listing, following a study of the regional geological controls of the new WMC West Musgrave nickel discovery. Both projects lie on a major northerly trending discontinuity known as the Mundrabilla Fault, which runs from the north coast to the south coast of Australia, through the West Musgrave prospect and Argyle diamond mine.
* A two hole drilling programme at the Mount Gunson copper project did not reveal significant mineralisation. Further drilling is planned later this year following a review from the results of the first two holes.
QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2000
HIGHLIGHTS
* Group Consolidated Profit - For the 12 months to June 30, 2000, unaudited profit before interest, depreciation, amortisation and income tax increased by 12% to $13.42 million (1999 $11.94 million).
Interest costs were down $1.01 million from the previous year to $0.09 million while amortisation and depreciation charges were up $2.85 million to $7.24 million. Unaudited profit before tax was $6.09 million (1999 $6.45 million). Income tax payable in respect of the 1999/2000 year will be substantially mitigated by the recoupment of prior years' tax losses.
At July 31, 2000, Haoma has no bank debt and has cash funds on deposit of $2.5 million.
For the Quarter to June 30, 2000 profit before tax was $1.98 million (1999 $1.62 million) after interest of $nil (1999 $0.18 million) and depreciation and amortisation of $3.19 million (1999 $1.02 million).
* Nolan's Joint Venture Gold Production (50.1% MIM/49.9% Haoma) - Production for the Quarter ended June 30, 2000 was 42,100 ounces (including 2,482 ounces of heap leach gold). Gold production for the same quarter in the previous year was 36,381 ounces (including 1,980 ounces of heap leach gold). Haoma's 49.9% share was 21,008 ounces (1999: 18,154 ounces).
* Nolan's Cost Per Gold Ounce Produced - In the 3 months to June 30, 2000 Haoma produced 21,008 ounces of gold at a cost per ounce produced of $217 (including $8 per ounce sustaining capital). The 1999/2000 full year cost per gold ounce produced was $268 (including $10 per ounce sustaining capital). The 1999/2000 budgeted cost per ounce produced was $271 (including $14 per ounce sustaining capital). The 2000/2001 budgeted cost per ounce is $337 (including $39 per ounce sustaining capital).
* Pilbara, WA - Haoma / Stockdale Prospecting Pty Ltd (a De Beers company) Joint Venture - Fieldwork commenced in May with follow-up and reconnaissance stream sampling over Pilbara Joint Venture tenements. Preliminary results from two areas in the Hillside Joint Venture tenements have found kimberlitic type spinel. Full results are pending. The Pilbara Joint Venture has been extended to cover twenty-one tenements in the Nullagine and North Shaw regions.
* Bamboo Creek, WA - During the Quarter test work continued at Bamboo Creek using the Elazac Process on low grade Bamboo Creek ore. It is anticipated that production of gold will commence in the September Quarter.
ACTIVITIES REPORT
FOR THE QUARTER ENDED 30 JUNE 2000
HIGHLIGHTS
* Ramu, Special Mining Lease issued.
* Kainantu, high-grade gold interesections continue.
RAMU PROJECT
(HIG 68.5% Interest)
PERMITTING
* All project approvals have been received.
* The Special Mining Lease (SML) was issued following the execution of the Mining Development Contract (MDC).
* The Ramu MDC features two significant provisions:
- The State guarantees fiscal stability for a period of 10 years after commercial production commences.
- The project is structured as mining & manufacturing operation, reducing the effective project tax rate from 35% to 27%.
JOINT VENTURE STRUCTURE
* Issue of SML triggers State's right to purchase 30% contributing equity in Ramu. Acquisition price will be 30% of project expenditure to date.
* Equity structure, should the State's exercise its option, will be Highlands Pacific 47.95%, Orogen 22.05%, State 25% and Landowners 5%.
EQUITY PARTICIPATION
* The process of securing an additional equity participant will now be stepped up, with a number of major mining companies showing interest.
ENGINEERING
* JV partners Kvaerner Metals and Baulderstone Hornibrook finalised outstanding components of Phase 1 A FEED program.
* Program finalised definition of process flow sheet, equipment lists, design parameters, process control philosophies and project implementation strategies.
KAINANTU JOINT VENTURE
(HIG 100%, NM&M earning 50%)
IRUMAFIMPA STRUCTURE
* Bonanza grades continue to be intersected:
- 5m @92.3 g/t gold
Incl. 2m @ 227.7 g/t gold
- 5m 12.7 g/t gold
Incl. 2m @ 25.3 g/t gold
* 2,060m of a planned 6,000m diamond drill program completed.
* Drilling confirms mineralisation is continuous over strike and depth.
* Mineralisation remains open in all directions.
CORPORATE
CHEMIST CLUB PTY LTD
During the quarter Hallmark amended its agreement to acquire Chemist Club Pty Ltd, which owns the Chemist Club loyalty business. Under the amended Agreement, Hallmark was entitled to acquire 100% of the issued capital of Chemist Club Pty Ltd for the consideration of $625,000 and the issue of 5 million ordinary fully paid shares, together with the obligation to provide working capital funding of $500,000. Shareholders approved the acquisition on 30 June 2000 and settlement was completed in July 2000.
Chemist Club has established a new office at:
Level 5, Suite 506
Westfield Shopping Town
East Gardens
PAGEWOOD NSW 2036
Phone: (02) 9314-3822
Fax: (02) 9344-0616
The web page is located at www.chemistclub.com.au
GENERAL MEETING OF SHAREHOLDERS
A Meeting of Shareholders was held on 30 June 2000 to consider the Chemist Club acquisition and ancilliary resolutions, and all resolutions were approved.
OPERATING PERFORMANCE
Horizon's only investment is its 25% interest in the Loy Yang Power partnership ("LYP"). LYP's key operating results for the period are shown in the table below:
3 MONTHS TO 3 MONTHS TO
30 JUN '00 30 JUN '99
Generation revenue $120.2 m $113.0 m
Other revenue $11.1 m $16.1 m
Total revenue $131.3 m $129.1 m
Available Capacity Factor ("ACF")(1) 95.6% 93.8%
Capacity Factor ("CF")(2) 94.8% 90.4%
Generation Sent-Out 3,734 GWh 3,554 GWh
(1) ACF represents the proportion of nameplate plant capacity which was available to meet demand over the period.
(2) CF represents the proportion of nameplate plant capacity which was actually utilised over the period.
The key observations to be noted are:
* LYP's total revenue for the June 2000 quarter of $131.3 million was 1.7% higher than the previous corresponding period. Generation revenue increased 6.4% compared to the corresponding period, reflecting both increased generation sent out and higher electricity prices. However, the increased generation revenue was offset by a reduction in other revenue, in part due to reduced coal sale to the Loy Yang B power station from mid-May.
* Whilst LYP's generation revenue for the June 2000 quarter had benefited from exposure to substantially higher pool prices (refer Electricity Markets Development below), a high proportion of LYP's generation revenue for the quarter was committed to vesting contracts and hedge contracts which essentially fixed the electricity sales price LYP received regardless of prevailing pool prices.
* LYP continues to achieve very high levels of ACF and CF, both indicating LYP is operating in line with world's best practice. The gap between ACF and CF reduced compared to the previous corresponding period reflecting increased plant utilisation and therefore greater electricity sales.
Fourth Quarter Activities
HIGHLIGHTS
The bankable feasibility study to produce EMD will be complete in August 2000. Pilot plant testwork during the final phase of the study has consistently produced high quality EMD.
Feasibility results show that HiTec Energy's EMD project has a number of competitive advantages that should lead to it being the lowest cost producer in the world.
International marketing results during the quarter conclusively demonstrate that the market for high quality EMD - which is growing at 10% per annum - is currently in shortfall.
HiTec Energy is the only company in the world primarily dedicated to the production of EMD - Electrolytic Manganese Dioxide.
The phrase Electrofuel(TM) for Portable Energy(TM) (trademarks pending) describes HiTec's unique and important position in the world's consumer markets.
EMD can best be described as the "electrofuel" that gives portable batteries their power.
It is the primary component of alkaline batteries that are used to power devices such as CD Players, digital cameras, mobile phones, etc.
Batteries are an important consumer market - over 60 billion alkaline batteries were consumed worldwide in 1999. The overall market for EMD is growing at 10% or more per annum and there is a worldwide shortage of high qualtiy EMD which HiTec will produce.
Construction of EMD plant is planned for commencement in March 2001.The process flowsheet is sufficiently flexible to allow a number of construction alternatives.
Fourth Quarter Activities
1. COBALT PROJECT (AUSTRALIA)
THACKARINGA
Results from a composite drill hole sample of ore grade material are expected soon from EMR Microwave Technology Corporation, the Canadian firm undertaking testwork using microwave technology.
Heritage has 33% equity in Broken Hill Cobalt Ltd (formerly Thackeringa Mining Company Ltd), the holder of the Thackaringa Cobalt Project. Heritage may, by cash payments or further share issues, increase its equity in Broken Hill Cobalt in stages up to 100%.
Broken Hill Cobalt holds 2 mining leases and has an option to purchase a surrounding exploration licence for $A100,000 by 31 May 2001 from Western Metals Copper Ltd.
The present resource of 10.6M tonnes at 01% cobalt lies within 100m of the surface, including 5M tonnes at 0.14% cobalt. The property has potential for a much larger resource which could support a long life, large tonnage, low cost operation,
2. GOLD PROJECTS (NEW ZEALAND)
ONEMANA
At the end of the first term of the Onemana permit Heritage made application for a reduced area to cover the main zones of interest.
Landowner negotiations for access to the reduced area were progressed during the quarter.
WAIHI NORTH
The Department of Conservation approved the work programme for the Waihi North permit, which extends north from the Waihi gold mine boundary to the former Golden Cross mine.
Areas of hydrothermal alteration and gold mineralisation, confirmed by geochemical sampling and mapping, may represent the upper levels of hydrothermal systems within the permit.
KARANGAHAKE
The Department of Conservation approved the work program for the Rahu permit and an application was made to extend the Talisman permit after a 50% reduction in area. The relinquished portion of the Talisman permit was applied for as a new exploration permit called Dominion Knoll, which also included some prospective zones outside the original permit area.
During the quarter work commenced on improvements to access in the old Talisman mine workings.
OTUREHUA (CENTRAL OTAGO REGION)
Results of previous exploration were reviewed to assist planning of the current programme. The permit includes an area of old mine workings on a prominent shear zone, about 40km northwest of the Macraes gold mine.
AMP Limited ceased to be a substantial shareholder in Henry Walker Eltin Group Limited on 27/07/2000.
Pursuant to listing rule 3.16.1, I advise that with effect from 31 July 2000 Mr Edmund John Dailey resigned as a director of Henry Walker Eltin Group Limited.
Fourth Quarter Activities
KANOWNA TECHNOLOGY LIMITED & DIAMOND RIVER CORPORATION LIMITED
KANOWNA TECHNOLOGY LTD
SPOT-ON TECHNOLOGY
On July 4th, Spot-On Technology signed a $25 million contract with
USA based laser tool manufacturer CHECKPOINT Professional. This
contract is for the supply of Inclinometers, a product designed,
developed and protected by Spot-On Technology.
The contract is based on a minimum purchase of 500,000 Inclinometers
during a 3-year period and is due to commence in September 2000. The
CHECKPOINT Professional contract has been defined for the tool sector
only and Spot-On Technology will continue to develop other supply
opportunities in sectors such as Mining, Automotive, Aviation &
Transport.
SPOT-ON LASER & TOOL
Spot-On Laser & Tool has continued to expand its sales force
nationally with the latest additions being Regional Sales Managers in
Adelaide, Melbourne and Brisbane. The recent Interbuild trade show
(held at the Melbourne Exhibition Centre) demonstrated a customer
enquiry response greater than expected.
DIAMOND RIVER CORPORATION LTD
Diamond River Corporation has continued to develop its import and
wholesale strategy and will continue to visit off shore product
vendors, engage and secure marketing rights for building and
construction tools for the Australian industry.
A large percentage of the existing Diamond River Corporation dealers
are currently engaging into agreements with Spot-On Laser & Tool,
this will provide them with a larger range of product, combined with
a national sales marketing program.
CYRA-AUSTRALIA (3D GREEN LASER SCANNING)
Formed as a division of Diamond River Corporation Ltd, the
Cyra-Australia (3D Green Laser Scanner) has seen immediate
recognition as the most accurate scanning and measurement system
available. The Cyra-Australia (3D Green Laser Scanner) was recently
separated from Diamond River Corporation to allow the new image and
marketing program to commence.
Cyra-Australia has appointed a new national manager who will monitor
the day to day operation, including the co-ordination of marketing
agents. Cyra-Australia will continue to establish its presence both
here in Australia and New Zealand via a list of certified marketing
agents, whose sole direction will be to establish the rental program
for Cyra.
Fourth Quarter Activities
CHATREE GOLD PROJECT MINING LEASES GRANTED
KINGSGATE MOVES TO 100% OWNERSHIP OF CHATREE PROJECT DEBT FUNDING OF US$35M CAPITAL COST ARRANGED
CHATREE GOLD PROJECT THAILAND
1. GRANT OF MINING LEASES
The Thai Ministry of Industry granted the 4 mining leases covering the proposed Chatree Gold Mine in June. (ASX release 22 Jun 00). This development consent marked a watershed moment in the history of the project and for Kingsgate.
The leases are for a period of 20 years and are renewable.
2. KINGSGATE MOVES TO 100% OWNERSHIP OF CHATREE GOLD PROJECT
In June, agreement was reached with Kingsgate's Thai partner in the Chatree Project to purchase their remaining 10% equity in Akara Mining Ltd the 100% owner of the project. (ASX release 03 Jul 00).
The consideration for the purchase was the issue to Ban Pu Public Company Ltd of 560,000 fully paid Kingsgate shares and the extinguishment of amounts owing by Ban Pu to Akara.
The Kingsgate shares will be escrowed under a voluntary Restriction Agreement for 12 months.
Akara is licenced to be a foreign controlled gold mining company in Thailand.
Akara has been independent of its Thai shareholder for a number of years with its own Bangkok and field offices, staff and equipment so there will be no effect on its operations due to this development.
Fourth Quarter Activities
FIRST IN MAIL PTY LTD
Kanowna Lights has a 30% interest in First in Mail Pty Ltd ("Finmail").
Progress of Finmail to-date is summarised below:
* The systems were successfully installed in FINMAIL's Sydney
premises during March 2000.
* The Finmail messaging system was fully operational by the 4th April
and was successfully launched at the Now 2000 computer show.
* A marketing and PR campaign has been launched. Coverage has already
been obtained in major trade publications as well as consumer
magazines.
* Finmail has followed a strategy of providing software as well as a
backbone to support small, medium and large corporations, as
opposed to marketing to the end user.
* This strategy will allow these companies to utilise, market and
resell the Finmail system under a software and/or private label
agreement.
* The corporate reseller approach has already proven to be successful
for Finmail having signed its first major private label agreement
with Phoneware Limited, an Australian listed company. Phoneware
conducted extensive research on competitive products and other
messaging alternatives, before choosing Finmail to be their UM
provider.
* Finmail has since concluded deals with:
* Strathfield Car Radio
* MidLink Enterprise
* Stationary Depot
* Link Telecommunications
* Skill Master.
ARTHUR RIVER/BERYL HILL
The company advises a reverse circulation percussion drill programme
has commenced at the Arthur River Tantalum/niobium project in the
Gascoyne region of Western Australia.
A total of 53 holes for 2440 metres will be drilled in this first
stage.
The programme is designed to test a large zoned pegmatite along a 450
strike length where previous bulk sampling and drilling has indicated
high grade niobium and tantalum mineralisation.
The previous exploration was undertaken spasmodically between 1980
and 1994 and was of insufficient quality or quantity for resource
estimation.
Results from the programme are expected by mid to end August.
Kanowna Lights has the option to acquire up to a 100% interest in the
Arthur River/Beryl Hill project areas which cover a large portion of
the highly prospective Yinnetharra rare metal bearing pegmatite
complex.
PINNACLES NICKEL PROJECT (KANOWNA 95%)
No field work was carried out during the quarter.
KANOWNA LIGHTS GOLD PROSPECT (KANOWNA 100%)
No field work was carried out during the quarter.
GREAT WESTERN PROSPECT (KANOWNA 100%)
No field work was carried out during the quarter.
Fourth Quarter Activities
HIGHLIGHTS
Kings Minerals N.L.'s Director, Geologist Mr Michael Seed visited
South Africa during this Quarter, for the purpose of supervising the
Company's Offshore Exploration and Dimond Recovering Operations and
also to investigate and pursue other diamond related projects.
Michael Seed remained in South Africa for two months. During this
period he was able to fine tune our Offshore Diamond Exploration
Operations and spend time in assessing and inspecting other Onshore
Diamond Prospects. Mr Seed negotiated the increase of our Concession
areas with Transhex with the inclusion of Concession 3b. This
Concession lies 1km off Port Nolloth, our Vessels home port. He was
also able to re-negotiate the increase of our percentage production
of revenue on Concession 6a from 57% to 65%.
The Exploration Vessel was sidelined for the majority of the Quarter
due to the failure of the Jet Propulsion Gear. These problems have now
been recified and the Company reports the Exploration and Recover
Vessel is now in a fully operational mode, again awaiting favourable
sea conditions.
Early this Quarter the Company completed a fund raising placement of
1.55 million fully paid shares @ 6.5 cents to raise $100,750. These
funds are to be used for part payment of debt and for ongoing
Exploration and Administration.
Fourth Quarter Activities
CORPORATE
As announced to the Australian Stock Exchange Ltd on the 30th June 2000 the Company has entered into an agreement with Rivkin Discount Stockbroking Pty Limited and the shareholders of that company to acquire the whole of the shareholding in that company.
The agreement is subject to a number of conditions including:
Shareholders approving the acquisition of Rivkin Discount Stockbroking Pty Ltd by the Company in accordance with the Corporations Law and the Listing Rules of the ASX;
the Company becoming a Participating Organisation of the ASX and obtaining, pursuant to the Corporations Law, a dealer's licence to conduct a stockbroking business.
The date and location of the meeting of shareholders to consider the transaction will be advised in due course.
Shareholders will receive with the notice of the meeting seeking approval of the acquisition of Rivkin Discount Stockbroking Pty Limited an explanatory memorandum and an independent experts report on whether the proposed transaction is fair and reasonable to existing shareholders.
KURNALPI PROJECT TENEMENTS
Following the withdrawal of North Limited (North) from the Kurnalpi Joint Venture the company has been actively seeking substantial farm in partners that may wish to manage and explore the portfolio of Kurnalpi tenements. Several parties are presently completing their reviews and are expected to advise the company shortly.
The company has taken charge of its project data and has concurrently undertaken a complete technical review of its exploration tenements. This has facilitated the assessment and evaluation of the work carried out by North.
This, together with statutory reporting and tenement maintenance, comprised the sum total of exploration work during the quarter.
OTHER PROJECTS
No field work was carried out on the company's other projects during the quarter.
Longreach Gold Oil Ltd has entered into a conditional agreement to acquire a five percent (5%) interest in an internet commerce company.
If Longreach decides to acquire the interest, following the completion of a due diligence study, the amount of investment would be in the region of $125,000 which would be satisfied by an issue of shares.
Fourth Quarter Activities
GIPPSLAND BASIN
* PEP 135 - Onshore, Victoria
(Lakes Oil Group, Operator: 100 percent interest)
There was no activity undertaken on this permit during the June 2000
quarter.
* PEP 136 - Onshore, Victoria
(Lakes Oil Group, Operator: 100 percent interest)
There was no activity undertaken on this permit during the June 2000
quarter.
* PEP 137 - Onshore, Victoria
(Lakes Oil Group, Operator: 100 percent interest; 5 percent royalty
applicable)
During the quarter under review, the North Seaspray-3 well was drilled to a total depth of 1,170 metres. Drilling of the well commenced on May 28th, and the rig was subsequently released on June 16th. As expected, formations were intersected slightly higher than at the nearby North Seaspray-1 well.
Gas flows were encountered whilst air drilling the pre-Latrobe Formation target sands and a flow test yielded a hydrocarbon flow measured at 150,000 cubic feet per day. At a depth of 1,155 metres, it became necessary to switch to mud drilling, and this continued to total depth, which was reached on June 16th.
After running wireline logs, a drill stem test was run over the interval from 1,100 to 1,170 metres. This flowed gas to surface at a rate of 20,000 cubic feet per day on a (1/4)" choke. The lesser flow is attributed to the back pressure provided by a mud column of over 300 metres produced from the over gauge hole. The well was subsequently plugged and suspended.
A review of the information obtained from the well and existing seismic data is continuing in order to assess the possibility of additional plays within the pre-Latrobe section in the general area.
* PEP 138 - Onshore, Victoria
(Lakes Oil Group, Operator: 100 percent interest; 5 percent royalty applicable)
The Yarram Seismic survey has confirmed the "Yarram" prospect closure at Latrobe Formation level. Work is continuing, aimed at assessing the potential of the pre-Latrobe Formation section.
For full report, click here
Second Quarter Activities
HIGHLIGHTS
DEVELOPMENT (EMILY ANN DEPOSIT - 100% OWNED)
* In April, the Company reached agreement with Inco Limited in
relation to a long term nickel off-take contract and financing for
the construction of a concentrate treatment plant at Emily Ann.
* Financial arrangements with a project financier for pre-production
mine development expenditure is nearing finalisation.
* Subsequent to quarter end, approval of the Notice of Intent (NOI)
for the Emily Ann concentrator and tailings dam has been received.
* Tenders related to initial surface construction works have been
assessed and preferred tenderers notified. The decline development
and initial stoping tenders were received during the quarter and are
under evaluation.
* A development decision is expected to be made during the September
quarter.
DEVELOPMENT (MAGGIE HAYS DEPOSIT - 31% OWNED)
* During the quarter, a successful in-fill drilling programme was
completed on the massive sulphide zone of the Maggie Hays resource.
Results are being incorporated into a re-estimation of the massive
sulphide zone resource and will form the basis for continued
optimisation and economic evaluation of the Maggie Hays deposit.
REGIONAL EXPLORATION
* Exploration during the quarter was primarily focussed on completing
the Maggie Hays massive sulphide zone in-fill drilling programme.
CORPORATE AND FINANCE
* $0.23 million remains to be sole funded by QNI in respect of
exploration in the Lake Johnston region (100% basis).
Fourth Quarter Activities Report
PRODUCTION
Mereenie and Palm Valley Natural Gas - The Company's share of natural
gas produced for sale from the two Amadeus Basin fields (Mereenie and
Palm Valley) during the quarter ended 30 June 2000 increased by 8.4
percent from the previous corresponding period.
The total amount of Amadeus Basin sales gas produced for sale for the
June 2000 quarter increased by 12.2 percent from the June 1999
quarter.
Mereenie Crude Oil/Condensate - The Company's share of crude oil and
condensate produced for sale from the Mereenie Field during the
quarter was 7,777 kilolitres. This equates to approximately 48,916
barrels or a daily average of 538 barrels. Total oil/condensate
produced for sale from the field was 139,761 barrels (1,536 barrels
per day), a decrease of 7.6 percent from the June 1999 quarter.
Fourth Quarter Activities Report
HIGHLIGHTS
MWAGI MAGI PROSPECTIVITY INCREASES
A review of exploration activity within and adjacent to the Mwagi
Magi project in Tanzania suggests that there is significant potential
for economic gold mineralisation within the licence boundaries.
FARM-OUT PROGRESSES
A number of major international gold mining companies have expressed
strong joint venture interest in the Tanzanian licences, and,
negotiations in progress are expected to result in substantial
farm-out deals during the next quarter.
Fourth Quarter Activities Report
HIGHLIGHTS
The Board of Directors was successfully restructured in May 2000 (see
"Corporate", below).
Michelago's wholly owned subsidiary, Inventory Management Systems Pty
Limited (IMS) has seen a pleasing improvement in orders, sales and
growth over the last month (see "Technology Investments", below).
Forecast gross revenue for the September quarter is in the range of
$350,000 to $500,000 compared with $32,000 in the June quarter.
CORPORATE
RESTRUCTURING OF THE BOARD OF DIRECTORS
On 26 May 2000, Mr Brian Currie was appointed Managing Director of
Michelago. Mr Currie's appointment coincided with the resignations
from the Board of founding Managing Director Mr Sam Lees, Ms Joan
Lees and Mr Peter Davison.
A meeting of the Company's shareholders will be held at 4.00 pm on 31
July 2000. The Notice of Meeting, Explanatory Statement and Proxy
Form were released on 29 June 2000.
The primary purposes of the meeting are for members to consider:
* A resolution proposing re-election of Mr Currie as a Director.
* A resolution authorising the Directors to issue, on certain
conditions, up to 40 million fully paid ordinary shares in order to
raise further working capital.
* A special resolution to amend the terms of the Michelago Share
Option Scheme (the Scheme), in order to allow the grant of options
under the Scheme without a minimum 20 cent exercise price.
Other resolutions for consideration of members are to approve a
number of previous shares issues and a special resolution to grant a
number of options under the Scheme to the Directors, Messrs Currie,
Horan and Dr Baker.
FOURTH QUARTER PRODUCTION REPORT 1999/00
FOR 3 MONTHS TO 30 JUNE 2000
* Strong June quarter copper production performances at Mount Isa,
Ernest Henry and Townsville - record quarterly and annual copper
smelter and refinery production.
* Outstanding June quarter performance from the Oaky North mine
increases coking coal production from Oaky Creek to its highest
annual level.
* McArthur River zinc-lead-silver and Ravenswood gold mines achieved
record quarterly and annual production.
* Mill maintenance and lower ore grades reduced copper and gold
production at Alumbrera.
* Mount Isa's new Enterprise copper mine entered commercial
production after achieving target performance levels, while the
George Fisher zinc-lead-silver mine is on target for commissioning
within budget in September/October.
Fourth Quarter Activities
HIGHLIGHTS
CORPORATE
* Majestic sells White Range Copper Assets to Matrix Metals for $5
million.
* $10 million rights issue and placement successfully completed.
DIAMOND PROJECTS - SOUTH AFRICA
* Pniel Estate bulk sampling continues to provide excellent results
from bulk sampling. A 16.36 carat white diamond valued at AU$51,333
was discovered on Pniel during the quarter.
* Official valuation of Pniel diamonds averaged an outstanding
AU$1,405 per carat.
* Majestic acquires the rights to purchase the Masons property at
Schutsekama.
* Majestic awards diamond recovery plant and mining contracts for a 2
million ton per annum operation at Schutsekama - to commence last
quarter of 2000.
* Further properties around Kimberley, South Africa under evaluation.
* Klipdam drilling program and evaluation reports completed -
negotiations to conclude in August.
ANGOLA
* Operating companies registered to form 0pala-Majestic partnership
(70% Majestic owned).
* Foreign Investment licence granted.
* Marketing licence anticipated next quarter.
PERSONNEL
* Robert Bell and Manfred Marx join the Majestic board.
* John Baillie joins as Financial Controller and Company Secretary.
* Keith Faulkner joins as Operations Manager to be resident in
Kimberley, South Africa.
Fourth Quarter Activities
HIGHLIGHTS
1. CORPORATE
Shareholder approval will be sought for several interdependent
proposals including:
A. BASE METAL SUBSIDIARY
Minotaur Gold NL (MNG) proposes to:
(1) Sell its base metal assets and its holding in Web Wombat Pty Ltd
to Minotaur Resources Ltd (MRL) for a consideration of 7,157,000
20 cent shares in MRL,
(2) Subscribe $1.37 million cash to MRL for a total consideration of
6,850,000 MRL shares. These 14,007,000 shares will then be
distributed to MNG shareholders, at no cost, on the basis of a 1
for 3 in specie distribution.
MNG optionholders may only participate in the distribution by
converting to shares. Under ASX Listing Rule 7.22.3, the exercise
price of the options not exercised reduces to 13.3 cents.
B. COLLOQUI PURCHASE
In the June quarter, MNG purchased a 20% interest in Colloqui Pty Ltd
for $200,000, and will seek shareholder approval to purchase the
remaining 80% for a consideration of $2.88 million to be satisfied by
the issue of 32 million fully paid shares at $0.09 per share and 32
million free attaching five year options.
The acquisition will give MNG access to a multi-point voice
communication over the Internet, with global potential.
C. FUNDING
A placement to raise $558,000 gross.
2. EXPLORATION
MOUNT WOODS JOINT VENTURE
Minotaur, Billiton Exploration Australia Pty Ltd, Normandy
Exploration, Sons of Gwalia and Mid East Minerals have reached
agreement in principle to form a joint venture over exploration
licences 2483, 2492, 2563 and 2597. The tenements are considered
prospective for large scale copper deposits with earlier exploration
intersecting major mineralized alteration systems (eg drill hole
EN43: 287 metres at 0.23% copper).
Minotaur will be the initial operator of the project which represents
the fourth joint venture between Minotaur and Billiton.
For full report, click here
QUARTERLY ACTIVITIES REPORT
JUNE 2000
HIGHLIGHTS
* Second and final milling campaign of the Granny Venn Ore
completed.
* A ground magnetic survey was undertaken and completed on the Cock
Robin and Oliver Twist Tenements.
* Two soil geochemistry programs are underway on the Oliver Twist and
Cock Robin tenements.
* Rehabilitation works undertaken on the Granny Venn Mine site.
QUARTERLY ACTIVITIES REPORT JUNE 2000
HIGHLIGHTS
* GARNETS
Following the successful application of our anti-skid coarse grade
garnet product on the "red" bus lanes in George Street, Sydney, this
program has been extended to York Street and will be rolled out to
other main roadways including Broadway. The Company has also
commenced marketing anti-skid products to other authorities in
Australia. This newly emerging market is regarded as potentially a
very large market segment but at this point is not yet quantified by
market studies.
* KAOLIN
The acquisition documents covering the Skardon River Kaolin assets
were executed on 29th June 2000. MSC has formed a special purpose
holding company, Queensland Kaolin Limited which is currently owned
30% by MSC and is project managed by MSC. QKL holds 100% of Skardon
River Kaolin Pty Limited which is the operating company. QKL arranged
an equity raising of $3.5 million during the quarter in order to
partly fund the acquisition of the assets, cover initial costs and a
technical geological review and drilling campaign as well as a
product development programme.
* SINOTEL
An underwriting agreement was entered into in July for the raising of
A$2.0 million seed capital in order to commence business operations.
An overall business development plan was established by JADE
Communications LLC, Seattle, USA for the exploitation of the Sinotel
contracts held in China. During the quarter Sinotel executed three
business development contracts which will form the basis of
implementing its China business program. The telecommunication
business revenue will be substantially designated in US dollars
collectible in Los Angeles, USA.
NEW ISSUE ANNOUNCEMENT
SUMMARY OF THE QUARTER
The following is a summary of the exploration and corporate activities of Masmindo Mining Corporation Ltd during the quarter ended 30th June 2000.
Exploration activities continued to be centred on mapping, rock chip sampling and trenching program's designed to identify future drill targets within a 2.5 kilometre radius of the Awak Mas gold deposit. (Masmindo interest 33.33%).
* Geological mapping in conjunction with rock outcrop and float rock sampling, has identified a broad area some 600 metres by 300 metres at the Rutuk Prospect, 700 metres south west of Awak Mas, containing significant mineralised rock outcrop and float material (up to 13.5 g/t Au-RTO13).
* Follow-up trenching and channel sampling on the anomalies at Rutuk has revealed zones of surface mineralisation. Particularly of interest were channel samples RTC010 with 22 metres at 3.26 g/t Au and RTCS001 with 38 metres at 2.65 g/t Au taken from the Loi Rutuk area.
As reported previously the Company announced on the 3rd of December 1999 that it had entered into a Heads of Agreement to take an undiluted 8.3% in Agricultural Trading Systems Pty Ltd (ATS). The payment to secure this initial interest was paid to ATS during the previous quarter.
Due to the fall in technology stocks in April Masmindo decided not to proceed with its option to invest $2.0 million for a further 20% of ATS. Masmindo is currently reviewing its investment in ATS.
UBS Nominees Pty Ltd increased its relevant interest in North Limited on 31/07/2000, from 52,966,793 ordinary shares (7.185%) to 64,547,857 ordinary shares (8.756%).
Fourth Quarter Activities
Nexus Minerals NL has undergone a transformation during the June 2000
quarter with shareholders at general meeting on 23 June 2000
approving the following significant resolutions:
* The acquisition of a further 60% interest in diversified technology
company, MTIC Corporate Pty Ltd ("MTIC"), taking the company's
holding in MTIC to 80%;
* The change of status of the company from a no liability company to
one limited by shares;
* The change of name of the company to IPT Systems Limited;
* The adoption of a new constitution; and
* The change in nature and scale of activities of the company from
mining and exploration to an information technology company.
With the approval of the above resolutions, a subsequent share
placement that raised $915,250 before deducting costs, and after
meeting all ASX admission requirements, Nexus Minerals was reinstated
to the official list of the ASX on July 7, 2000.
To facilitate the transition of Nexus Minerals to a technology
company Mr V Nilkolaenko stood down as Managing Director of the
company on 12 July 2000, and was replaced by Mr Adrian Floate.
Fourth Quarter Activities
SUMMARY OF OPERATIONS
ADVANTAGE TELECOMMUNICATIONS LIMITED (ADVANTEL)
AdvanTel has advised that it has completed the construction of its
international switching facilities site in Hong Kong. The AdvanTel
infrastructure will be directly interconnected to other AdvanTel
wholly owned Points of Presence (POP) located in Shanghai and Los
Angeles and will be the core component of its value added voice and
data wholesale transmission business with joint venture partners in
both locations. The equipment is being tested and this testing
process will lead directly into the operational phase schedule to
commence in July 2000.
COCKATOO ISLAND PROJECT
During the quarter the final 14,361 wet metric tonnes of beneficiated
iron ore concentrate was produced and 97,530 wet metric tonnes of
produce was shipped from the Portman/Angang joint venture concentrate
project.
Construction of the mine and facilities for the 1.6 million tonne
remnant ore mine commenced following completion of concentrate
shipments in May 2000. The first shipment of premium grade sinter
fines to be sold to Asian customers is scheduled for early September
2000.
The company will receive royalty payments from the new project.
XANADU PROJECT
Newcrest Operations Limited, the project operator reported that two
RC percussion holes were drilled during the quarter. Both holes
intersected the south dipping Stynes alteration zone. Assay results
are awaited.
WYLOO PROJECT
Goldfields Exploration Pty Limited, the operator, reported that at
the Three Corner Bore prospect, follow-up sampling yielded further
anomalous results. Four samples taken over a 60 metre strike length
of a pyritic quartzite horizon returned values in excess of 1 g/t
gold with the highest value of 30.6 g/t gold. The mineralisation
appears to be stratabound in nature and localised between two
northeast striking faults. There is potential for a tabular body of
mineralisation.
SUNSHINE GOLD PROJECT PHILIPPINES
The Exploration Permit over the Sunshine project, located on the east
side of the Island of Mindanao, Philippines has been issued and the
company has commenced exploration drilling.
Stratigraphic drilling is in progress and to date about 300 metres of
diamond drilling has been completed. The holes have intersected the
anticipated alteration with silicification and quartz carbonate
stockworks and breccia zones mapped at surface. The diamond drill
core is being logged and cut with half core being submitted for gold
and silver assay.
The deposit is a significant high grade low sulphidation, epithermal
gold silver deposit. The bonanza style quartz vein stockworks are
worked by hand by small scale miners. This is the first time that the
deposit will be drill tested.
TRADING HALT
The securities of Nugold Hill Mines Limited will be placed in pre-
open pending the release of an announcement by the Company. Unless
ASX decides otherwise, the securities will remain in pre-open until
the earlier of the commencement of normal trading on Wednesday 2
August 2000 or when the announcement is released to the market.
Security Code: NGH
HIGHLIGHTS
MONEYGURU WEB SITE GROWING AND CORPORATE FINANCE ACTIVITIES IN PROFIT
NEWLAND TO SELL BULGARIAN FARM INTERESTS
NEWLAND TO APPLY FOR EUROPEAN LISTINGS
HIGHLIGHTS
* Eleven well drilling programme over next year
* Average oil price for June quarter NZ$51 per barrel
* Net operating cashflow from production of NZ$2.8 million
HIGHLIGHTS:
Highlights during the quarter are:
* New Royal 7 in PL 22 brought on stream at approximately 400 bopd.
* Gas supplied to Energex for use at Queensland Nitrates under a new
contract from the company's coal seam gas Dawson Valley (Moura)
project (PL 94).
* High gas flow rates from Challurn 16 DW, a SWQ Gas Unit development
well.
* A new round of appraisal/development drilling commenced in the
Denison Trough (Bowen Basin) areas.
* Successful dewatering programme in Dawson Valley (Moura) project
with wells coming on stream at gas rates above expectation.
* Infrastructure construction to bring the Peat coal seam gas field
(PL 101) into production on schedule.
* Heads of Agreement signed with Bass Petroleum Holdings NL for
farmin by that company in Surat Basin permits.
* Farmin Agreement signed with Queensland Gas Company on farmin to
ATP 525P.
* Completion of a 31,000 km aeromagnetic survey in ATP 564P.
* Proposed sale of a selection of Cooper/Eromanga assets.
* Vic/P35 permit in offshore Otway Basin cancelled.
* Commissioning gas commenced for Queensland Clean Fuels Project at
Bulwer Island.
HIGHLIGHTS
* Ladbroke Grove gas field (Omega 24.2857%) now in full production
and exceeding budget forecast
* Retention Licence granted (Omega 15.00%) over the Elevala and Ketu
gas and condensate fields in PNG
Highlights during the quarter are:
* Commissioning of the Ladbroke Grove Power Station was completed
during the 2nd quarter of 2000. The Ladbroke Grove Gas Plant was also
commissioned to supply gas under Long term contract to the gas fired
turbines. Gas production to the two turbines is anticipated to be up
to 24 TJ/day.
* Origin and co-venturers completed acquisition of the Balnaves 3D
Seismic Survey in PEL 32 during the 2nd quarter.
* Origin and co-venturers completed the 77 km Spring Creek 2D Seismic
Survey in PEP 101 during the quarter. This was followed by 2D seismic
recording of 23 km in PEP 152 and 21 km in PEL 66.
* Origin and Essential Petroleum Resources signed Farmin Agreements in
relation to farmins by Essential to earn 25% equity in both PEL 72
and VIC/099(1). Essential Petroleum Resources also now has the option
to farmin to earn 15% equity in PEL 57.
* Farmin Agreements were executed and registered whereby Essential
Petroleum Resources earns 50% equity in PEP 101 and 25% equity in PEP
152 (previously called PEP111).
* New Royal 7 in PL 22 brought on stream at approximately 400 bopd.
* Gas supplied to Queensland Nitrates under a new contract from the
company's coal seam gas Dawson Valley (Moura) project (PL 94).
* High gas flow rates from Challum 16 DW, a SWQ Gas Unit development
well.
* A new round of appraisal/development drilling commenced in the
Denison Trough (Bowen Basin) areas.
* Successful dewatering programme in Dawson Valley (Moura) project
with wells coming on stream at gas rates above expectation.
* Infrastructure construction to bring the Peat coal seam gas field
(PL 101) into production on schedule.
* Heads of Agreement signed with Bass Petroleum Holdings NL for farmin
by that company in Surat Basin permits.
* Farmin Agreement signed with Queensland Gas Company on farmin to ATP
525P.
* Completion of a 31,000 km aeromagnetic survey in ATP 564P.
* Proposed sale of a selection of Cooper/Eromanga assets.
HIGHLIGHTS
SEPON PROJECT - LAO PDR
* In July Oxiana received Lao PDR endorsement for the Sepon
transaction. Completion with Rio Tinto is now scheduled for Monday
31st July.
* As part of the Bankable Feasibility Study drilling for Resources
Confirmation and Mining Reserve Estimation is scheduled to commence
in early August.
EUROPE
* At HCM in Cyprus, volumes and costs continue to improve, along with
the copper price.
* The current phase of EMM exploration drilling was completed with
encouraging results especially at Tourounja prospect where an
extensive gold mineralised zone has been discovered.
CORPORATE
* Oxiana is proceeding to offer a new option to holders of those OXRO
Options which expired on 30 June 2000.
* At the EGM on 30 June 2000 resolutions were unanimously approved by
Shareholders enabling funding for the Sepon Bankable Feasibility
Study.
* During the quarter Oxiana shares were listed on the Frankfurt Stock
Exchange.
Pacific Energy Limited announce that it has entered into an agreement with Strategic Minerals Corporation NL ("Strategic") whereby Pacific subscribed for an unsecured zero coupon converting note with a face value of $320,000.
Subject to the terms of the converting note, Strategic will issue 4,000,000 fully paid ordinary shares in the capital of Strategic ("Conversion Shares") to Pacific upon conversion of the note on 10 September 2000.
The issue of the Conversion Shares to Pacific will result in Pacific increasing its voting power in Strategic to 24.33%.
Pacific has been advised by Strategic that the funds raised by the converting note issue will be utilised by Strategic to conduct a deep diamond drilling program on its Woolgar gold project in Queensland and that preparations are underway for the drilling program to commence in August 2000.
CORPORATE
During the fourth quarter Platgold's 100% subsidiary Startrack
Communications Limited ("Startrack") made substantial progress in the
installation of its satellite communications system and successful
transmissions of the first messages occurred.
RESOURCE ASSETS
RICHIE, WESTERN AUSTRALIA (PLATGOLD 100%)
The joint venture manager, Anaconda Nickel Limited, has identified a
low-grade resource on the Richie property. The resource is understood
to be sub economic but will be considered in the future for treatment
at an existing facility. Platgold retains rights to the gold
exploration.
ROTIFUNK, SIERRA LEONE (PLATGOLD 100%)
The Mining Lease documents is with the Government of Sierra Leone and
may be granted prior to the end of 2000. Platgold will defer work on
the property subject to Force Majeure provisions.
WESTERN LENNONVILLE, WESTERN AUSTRALIA (PLATGOLD 30%)
The managers of the West Lennonville Joint Venture report that no
fieldwork was done on the joint venture tenements during the quarter.
GERRY WELL, WESTERN AUSTRALIA (PLATGOLD 25%)
The joint venture manager has reported no fieldwork on the
properties.
HIGHLIGHTS
* Successful listing on the Australian Stock Exchange raising $4
million.
* Completion of the sale of Maud Creek oxide to Anglo Gold raising
$1.175m.
* Repayment of the $3.25 million loan to Access 1 Limited leaving the
Company entirely debt free.
* Exploration continued by WMC on the Yamarna Joint Venture.
HIGHLIGHTS
CORPORATE
* Pilbara Mines Ltd (Pilbara) increased its equity in RequestDSL Pty
Ltd (RequestDSL) from 80% to 95% for the consideration of $2.35
million. Pilbara's total investment in RequestDSL is now $2.85
million. Funds for this total investment were raised by placement of
Pilbara shares, post listing of Pilbara on the Australian Stock
Exchange (ASX) on 10 January 2000.
* Pilbara announced the intention to proceed with the Initial Public
Offering (IPO) and listing on the ASX of shares in RequestDSL (95%
Pilbara), to raise in the vicinity of $20 million, with a priority
allocation to Pilbara shareholders. Pilbara intends to retain its
current share equity in RequestDSL.
* RequestDSL was granted a Carrier Licence by the Australian
Communications Authority (ACA), which forms the basis for the ongoing
roll-out of the Digital Subscriber Line (DSL) network as planned.
* At the April 2000 General Meeting shareholders approved the "Change
of Status" of Pilbara to a company limited by shares, in line with
Pilbara's investment in RequestDSL, and hence as of 13 May 2000, the
Company is now Pilbara Mines Limited.
* The consolidated cash balance of Pilbara at 30 June 2000 was $5.40
million, and with no debt.
Fourth Quarter Activities
HIGHLIGHTS
* Official opening of the Windimurra Vanadium Mine - 8 May
2000
* Production ramp-up continues to build
* $4.3 million raised in new Entitlements Issue
For company information, click here
JUNE 2000 QUARTERLY UPDATE
HIGHLIGHTS
* Nine well drilling programme announced
* Net operating cashflow from production of $1.16 million
* Oil stock held with value of $1.5 million
Fourth Quarter Activities
OVERVIEW
During the quarter under review considerable time and effort was
devoted towards what became a much publicised contest for control of
the board of directors of the Company.
Subsequent to the end of the quarter a meeting of shareholders voted
to support a new board of directors and consequently an undertaking
to bring new opportunities to the Company.
The current board of directors now comprises; Bryan Frost, Richard
Revelins, Adi Trikarso with Mr Fehlberg and Mr Chng retiring as
directors prior to the shareholders meeting convened on 12 July 2000.
The new board has resolved to evaluate its existing interest in the
Ellendale diamond tenements and does not intend, at this point in
time, to acquire any additional diamond exploration tenements or
projects.
Subject to a proper evaluation of the Ellendale tenements it is the
board's intention to provide new opportunities for the consideration
of the Company's shareholders. At this point in time nothing specific
has been identified although a number of opportunities are under
consideration. The Company has a relatively tight capital structure
which makes it appealing from the perspective of new opportunities
and the board has already been approached by a number of investment
bankers and brokers who have submitted proposals in relation to
potential new activities. The board is hopeful that a proposal can be
submitted for the consideration of shareholders in the near future.
EXPLORATION ACTIVITIES
No new exploration activities were undertaken during the quarter
under review.
Fourth Quarter Activities
Oil and gas production was 23% higher than the March 2000 quarter,
due mainly to four wells being brought into production - Grand Isle
45 #2, Mustang Island 883s #1ST, Main Pass 90 #1, Main Pass 93 #1.
DRILLING
The Grand Isle 45 #2 and Mustang Island 883s #1ST wells which were
completed in the March quarter, were brought into production.
CORPORATE
On 13 April, 2000 the Company's wholly owned US subsidiary Petsec
Energy Inc ("PEI") filed a voluntary petition under Chapter II of the
US Bankruptcy Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the Western District of Louisiana, Opelousas
Division (the "Bankruptcy Court"). After filing the bankruptcy case,
PEI continued discussions with the holders of its US$100 million
9(1/2)% senior Subordinated Notes due 2007 (the "9(1/2)% Notes"). On
June 16, 2000 an agreement was reached between and among PEI, its
shareholder Petsec (USA) Inc ("PUSA" a wholly owned US subsidiary of
the Company), certain senior management of PEI, the Official
Committee of Unsecured Creditors in the bankruptcy case and certain
holders of the 9(1/2)% Notes to sell PEI or all of its assets, and
for an agreed distribution of the sale proceeds to the creditors,
PUSA, as the equity owner, and certain of PEI's senior management
team in the USA. The distribution to PUSA will be based on a
percentage of distributions received by the holders of the 9(1/2)%
Notes in connection with the sale of PEI and its assets, however the
actual receipt of the distribution is subject to contingencies in the
bankruptcy process. Substantially all of the proceeds from the sale
of PEI's assets will be distributed to the noteholders and other
creditors of PEI until these creditors are paid in full. On 30 June,
2000 PEI filed, with the Bankruptcy Court, a Plan of Reorganisation
which contemplates the sale of PEI or its assets and the agreed
distribution scheme.
EXPENDITURES
Production and Development Expenditure A$ 3,856,317
Exploration Expenditure A$ Nil
Total A$ 3,856,317
Fourth Quarter Activities
HIGHLIGHTS
* On 27 June 2000 the Company issued a prospectus for the pro-rata
issue of one option at a price of 2.5 cents per option for each share
held in the Company. This issue closed at 5.00pm on 28 July with
final acceptances currently being determined. The directors will
place any shortfall from the issue.
* The Company has continued to carry out due diligence on the
possible purchase of the Timbarra Gold Project in northern New South
Wales. If a purchase is proceeded with, this would provide the
Company with a second operating centre and almost immediate
production and cash flow.
* Total gold production at Fosterville was 3,572 ounces. Cash costs
of production at Fosterville in the June quarter were A$386 per
ounce, excluding costs associated with the Daley's Hill compensation
action.
* The EES process that is considering proposals for mining to the
north and south of the mining lease at Fosterville continued, with
the EES report expected to be compiled by October. A planning permit
from the City of Greater Bendigo was received to give the final
approvals to mine extensions to the O'Dwyer's deposits.
* A successful trial of 21,000 tonnes of low grade ROM ore was
carried out on the Robbin's Hill heap. The balance of the low grade
stockpile of 518,000 tonnes at 0.43 Au g/t will now be treated as ROM
ore.
* The next section of the Goulburn Valley Highway duplication, the
A$94M Murchison East deviation, to the north of the Nagambie mine
will require 0.15M cubic metres of Class 4 material and 1.5M cubic
metres of select fill, or approximately 4,000,000 tonnes of rock. The
material at the mine is suitable for both of these classes of rock.
This section of the highway is expected to go out to tender in
September 2000.
* Mr Wayne Kernaghan has been appointed to the position of Chairman
and has resigned as Company Secretary. Mr Martin Bouwmeester has been
appointed as the new Company Secretary. Messrs Willie McLucas and
Peter Wicks resigned as directors of the Company on 3 May 2000.
* A total of $713,563 was raised by the placement of 7,135,633
shares, equivalent to 15% of the issued capital of the Company on 2
June 2000. This issue was subsequently ratified by shareholders at a
general meeting held on 18 July 2000
Fayara Securities Pty Ltd became a substantial shareholder in
Queensland Opals NL on 28/07/2000 with a relevant interest in the
issued share capital of 4,000,000 ordinary one vote/share (5.7%).
Fourth Quarter Activities
HIGHLIGHTS
* Successful fundraising of $1.35 million and completion of indirect
investment in ViewInternet.com Pte Ltd.
* An EM geophysical survey over the Fields Find igneous complex
identifies bedrock conductors prospective for platinum/palladium and
copper/nickel mineralisation. Three EM anomalies selected for RC and
diamond drill testing for Lac de Isles style platinum/palladium
mineralisation.
Fourth Quarter Activities
HIGHLIGHTS
BROKEN HILL ACQUISITIONS
* Agreements reached on principal terms to acquire mining leases,
equipment and plant at Broken Hill.
* Opportunity for early cash flow from existing silver-lead-zinc open
cut resources and stockpiles.
* Significant potential for large tonnage resources in parallel lodes
and at depth beneath the central Broken Hill orebody.
ORANGE SOLUTIONS PTY LTD
* Agreement reached with Telstra for Orange Solutions to provide
Broadband Wireless applications to Telstra customers with focus on
wireless LAN.
* A further Nokia Distribution Agreement concluded that gives Orange
Solutions distribution rights to Nokia's xDSL products.
CORPORATE
* Change of status from NL to Ltd company.
* Corporate structure under review to maximise the value for
shareholders of the mineral and technology assets.
Fourth Quarter Activities
EAST KUNDANA JOINT VENTURE
At the East Kundana Joint Venture (EKJV) RC and diamond drilling
commenced on the ABC line between existing resources at Rubicon,
Pegasus and Hornet. RC drilling commenced on the southern extension
of Goldfields' prospect. Results are pending with the exception of
the second RC hole at Raleigh South returning 5m @ 10.9g/t Au. The
Raleigh laminated quartz vein was intersected in every section for
120m to the south and still going strong; visible gold is reported
from every section drilled to date.
EXPLORATION REPORT
Work this month concentrated on the East Kundana JV tenements with RC
and diamond drilling on the ABC line between the known limits of
mineralisation at Pegasus, Rubicon and Hornet, and RC drilling of the
southern strike extent of Raleigh. Most results from both programs
are pending however intersections of the Raleigh South vein contain
visible gold in holes up to 120m south of the previous limit of
mineralisation, including 5m @ 10.9g/t Au from 52m in hole SIRC002
40m south of the northern tenement boundary. It appears the strike of
the mineralisation near surface is now at least 120m and is open
south and down-plunge.
Fourth Quarter Activities
SUMMARY
Robust sales revenue topping $20 million - driven by Saltfleetby's
outperformance, high UK gas prices and first production from Kyle -
combined with an after tax, abnormal profit of at least $18 million
from the sale of non-core assets, deliver a record month and a
landmark quarter.
HIGHLIGHTS
June was ROC's best ever month for revenue, with sales revenue
hitting $9.1 million. This result is all the more noteworthy because
it was achieved subsequent to the 1 March 2000 sale of oil production
associated with the Welton Oil Field (the "Welton Sale"), which was
previously 100% owned by ROC.
Even without the Welton assets - which generated $5.7 million of
ROC's $25 million previous quarter's sales revenue - the Company was
still able to record $20.8 million sales revenue for the Quarter
under review.
ROC has been able to set a new monthly sales revenue record and
maintain its robust quarterly sales revenue performance because of a
number of factors including the successful start-up of the Extended
Well Test ("EWT") at the Kyle Oil Field in the North Sea and
unseasonably strong gas prices in the UK.
The other important factor which has driven ROC's revenue performance
this Quarter is the Saltfleetby Gas Field which stayed on production
plateau rates throughout the Quarter despite the expectation that
natural field decline would occur before the end of the previous
quarter.
The Welton Sale allowed ROC to realise a minimum abnormal $18 million
after tax profit on the sale of non-core production assets, which
effectively had been held for only seven months. Importantly, the
sale was structured so that ROC continues to be exposed to the
benefits of strong oil prices over the next two years, subject to the
Welton Field meeting realistic production targets, due to the
provision for the payment to ROC of up to GBP5.2 million ($13.2
million at current exchange rates) as additional bonus payments.
The profit from the Welton Sale puts ROC on a trajectory that
suggests that it will outperform the 2000 profit forecast contained
in its mid-1999 Prospectus. Importantly, ROC's revenue performance
during the second quarter of 2000 suggests that, even without the
benefits of the Welton production and without reference to the profit
from the Welton Sale, the Company's 2000 after tax profit before
abnormals will still approach Prospectus forecast, providing that
Saltfleetby continues to outperform and UK gas prices remain strong.
ROC's acquisition of interests in the deep water Rio Muni Basin,
offshore Equatorial Guinea, and areas covering most of the deep water
plays offshore Mauritania, provides shareholders with the opportunity
to participate in the exploration of a regional hydrocarbon trend
that, during the last few years, has been identified as one of the
world's great exploration arenas.
On 18 July 2000 ROC announced that the Kyle Joint Venture had signed
a Heads of Agreement ("HOA") for a full, life-of-field, development
of the Kyle Oil Field in the North Sea via the nearby Curlew
Production Facility. This announcement partly reflects the Joint
Venture's satisfaction with the initial results of the Kyle EWT,
which commenced on 24 May 2000. The early EWT results also prompted
the Joint Venture to start drilling another appraisal well on the
Kyle Oil Field after the end of the Quarter.
ROC's high activity level since publicly listing and the tangible
progress it has made on many fronts, ranging from strong UK revenue
growth to the acquisition of high potential international exploration
acreage, ensures that the Company and its shareholders will be
exposed to a number of opportunities, any one of which could have a
significant and very positive impact upon the value of the Company.
Fourth Quarter Activities
ERONGO BASE METALS, GOLD, TANTALITE PROJECT (NAMIBIA)
The seven exploration licences collectively cover approximately 7,000
square kilometres of an important segment of an infracratonic rift
zone within the Southern African Copper Belt. The area has produced
gold, silver, copper, lead, zinc, tin and tantalite. A number of
structural breaks called auriferous megashears traverse the project
area and have particular associations with gold and tin-tantalite
mineralisation.
SKELETON COAST DIAMOND PROJECT - NAMIBIA
Notice of progress of the Environmental Contract has been received
from the Ministry of Environment and Tourism. Access to enable
drilling of the known diamond bearing terraces is expected within the
next few months
COOLGARDIE GOLD PROJECT - WESTERN AUSTRALIA
Work conducted on the Bonnievale JV during the second quarter of
2000 was limited to field checking and mapping. Additionally, a
programme of 2800 metres of RAB drilling was designed to test the
offset in the Powder Sill and the Kunananlling Shear Zone, both of
which occur in the north of the Bonnievale Project".
Also during the quarter Reefton entered an agreement with Goldfields
whereby they may earn a 90% interest in the Star of Fremantle
tenements (P16/1410-1412, P15/3037) (51% Reefton). The retained 10%
interest is free carried to mining feasibility.
KANOWNA WEST GOLD PROJECT - WESTERN AUSTRALIA
No work was reported during the quarter.
ONTEL COMMUNICATIONS PTY LTD
Ontel Communications Pty Lid ("Ontel") revenue stabilised during the
June 2000 quarter, finishing marginally higher than the March period.
Fourth Quarter Activities
As reported on July 25th 2000 the Company has continued to work
closely with Standard Bank London Limited on the Debt Restructuring
Agreement and to date progress has been made with regard to various
Russian assets of the Company.
The Board has also continued to review a number of potential projects
for the Company which will provide shareholder value in suitable
growth markets, when a decision has been reached a meeting will be
called to seek shareholder approval to progress the preferred
project.
In view of the ongoing negotiations and the current position of the
Company no exploration activities were carried out during the current
quarter.
Fourth Quarter Activities
HIGHLIGHTS
A summary of significant events for the quarter ended 30 June 2000 is
as follows:-
* Government recognises the significance and states its support for
SGC's gas project in the Western Sydney Budget Statement.
* Agreement reached for AGL to project manage the construction of the
pipeline to connect the Johndilo field to the AGL gas networks at
Camden.
* Application lodged for an Assessment Lease within PEL 2.
Fourth Quarter Activities
SUMMARY
* Revenue of $24.78 million for the quarter and $51.13 million for
the half year, up 9.3% on the corresponding half year in 1999.
* Total mine production of copper cathode was 7,129 tonnes for the
quarter and 15,348 tonnes for the half year, up 9.1% on the
corresponding half year in 1999.
* Attributable copper cathode sales of 5,581 tonnes for the quarter
and 12,292 tonnes for the half year, up 28% on the corresponding
half year in 1999.
* Total mine cash cost of production averaged US$0.41 cents per pound
of copper cathode for the June Quarter.
* Coal production of 407,000 tonnes for the quarter and 740,000 for
the half-year, up marginally on the corresponding half-year in 1999.
Coal sales of 401,000 tonnes for the quarter and 768,000 tonnes for
the half-year, up a corresponding margin on the previous period.
* Steady progress maintained on the expansion of production capacity
at Nifty to 25,000 tonnes per annum. Progressive commissioning of
new facilities between August and December is forecast to lift
copper production by 30% during the second half.
* Sale of 50% interest in the Tritton Copper Project for $9 million
completed.
Further information can be obtained from our website:
www.straits.com.au
Fourth Quarter Activities
(A) PETROLEUM
Samson Exploration NL holds a 19.7% interest in Kestrel Energy Inc
("Kestrel"), a US Nasdaq listed oil and gas company, which holds a
large land position of approximately 35,000 acres in the Green River
Basin in Wyoming USA, one of the most prolific gas producing regions
in the Rocky Mountains.
During the quarter, Kestrel announced that it had successfully
fractured the Second Frontier Formation in the GC#1 Well, Green
Canyon Project, with more than 225,000 pounds of high-strength
bauxite proppant. Management reports the initial flowback from the
well was excellent, with 43% of the stimulation liquids recovered in
the first 24 hours and strong gas flows in excess of 2MMCFD (million
cubic feet per day).
(B) MINERALS
1. EUNGELLA GOLD PROJECT
The Company previously made application for an exploration permit
over an area centred approximately 70 kilometres west of Mackay in
Queensland. The permit covers an area of approximately 310 sq km.
Grant of the permit is being delayed due to native title issues.
No field activity was undertaken during the quarter.
2. MURRIN MURRIN - WESTERN AUSTRALIA
(Samson 25%, Equinox Resources NL 75%, Manager)
No field activity was undertaken during the quarter.
(C) FINANCIAL
Cash at bank and on deposit as at 30 June 2000 amounted to $1.58
million, and the value of current investments in equities, valued at
the lower of cost market value, was $7.3 million.
Fourth Quarter Activities
EAST KUNDANA JOINT VENTURE
At the East Kundana Joint Venture (EKJV) RC and diamond drilling
commenced on the ABC line between existing resources at Rubicon,
Pegasus and Hornet. RC drilling commenced on the southern extension
of Goldfields' prospect. Results are pending with the exception of
the second RC hole at Raleigh South returning 5m @ 10.9 g/t Au. The
Releigh laminated quartz vein was intersected in every section for
120m to the south and still going strong; visible gold is reported
from every section drilled to date.
Exploration Report
Work this month concentrated on the East Kundana JV tenements with RC
and diamond drilling on the ABC line between the known limits of
mineralisation at Pegasus, Rubicon and Hornet, and RC drilling of the
southern strike extent of Raleigh. Most results from both programs
are pending however intersections of the Raleigh South vein contain
visible gold in holes up to 120m south of the previous limit of
mineralisation, including 5m @ 10.9 g/t Au from 52m in hole SIRC002
40m south of the northern tenement boundary. It appears the strike of
the mineralisation near surface is now at least 120m and is open south
and down-plunge.
Evaluation of previous exploration data north of the Kundana Mine
tenements has identified three immediate targets requiring follow-up
RC drilling: Cochranes, Wards and West Kundana. Further evaluation
will be completed early in July to allow the finalising of the RAB
drilling program, which will aim to identify further RC drilling
targets in this area.
Fourth Quarter Activities
HIGHLIGHTS OF THE JUNE 2000 QUARTER
MINERAL RESOURCES DIVISION:
Northwest Copper Exploration - Iran(Union 100%)
* Union's geologists have identified copper mineralisation at surface
during exploration of the Hazy Kandy area in NW Iran. A broad zone of
sub-economic to weakly economic grades of up to a maximum of 1.33% Cu
has been located. In addition, grades in excess of 2000ppm Cu (up to
4.36% Cu) have been returned over 150m from an area 700m away,
thought to be part of the same major system.
Mehdiabad Zinc Project - Iran (Union 25%)
* Union expects to commence diamond drilling at its Mehdiabad Zinc
Project in Central Iran in August 2000 to help establish the mining
reserves for the first 10 years and to extend the known resource. The
total drilling program is expected to cost in the vicinity of US$3
million and will take about one year to be completed. Work is
underway on the Pre-feasibility study due for completion in January
2001.
UtiliCorp United and United Energy Limited announces that their consortium has been successful in bidding for the 45 per cent cornerstone shareholding in the Western Australian gas utility, AlintaGas.
The Western Australian State Government named the UtiliCorp-United Energy consortium as the successful cornerstone investor, with a bid price of $319.5 million.
The remaining 55 per cent of the AlintaGas equity is intended to be
sold through a public float. The Government has advised it plans to
list the Company on the Australian Stock Exchange in October 2000.
Activities during the quarter have concentrated on attracting joint
venture partners. Field work has been reduced to conserve funds.
MT HOPE (South Australia)
(Werrie Gold 100%)
BHP Minerals have recognised the prospectivity of the Western Eyre
Peninsula (Mt Hope) project and have joined with Werrie Gold in a
joint venture to explore the area. BHP Minerals can earn up to 70%
interest in the project by spending $2.3 million with a minimum
expenditure of $150,000 before they can withdraw. BHP Minerals will
earn a 50% interest by spending $800,000.
BENAGERIE JOINT VENTURE
(Pasminco 70%, Werrie Gold option to acquire 30%)
No field activity was carried out during the quarter.
MT TERRIBLE PROJECT NSW
(Werrie Gold 100%)
A sale agreement was concluded with Bacome Pty Ltd during the quarter
whereby Bacome has the option to purchase EL3522 (Currabubula West)
and EL5610 (Currabubula East) for $50,000. The Hillside gold resource
is excluded from the agreement. Werrie Gold retains the right to earn
a 15% interest in any resource development or alternatively can elect
to receive a 3% net profits royalty.
Fourth Quarter Activities
SUMMARY
* Geological interpretation continued on the Ben Hur/King of
Creation, Perseverance and Windsor Well/Kismet tenements
* Company invests in BMS Solutions Pty Ltd
CORPORATE
The Board of West Australian Metals NL announced on 13 March 2000
that the Company had entered into an agreement to acquire up to 40%
of the issued capital of BMS Solutions Pty Ltd ("BMS") for a total
cost of $1,500,000. That agreement provides for a staged acquisition
of BMS. An initial subscription of $500,000 acquires 13.33% of BMS
and two further subscriptions of $500,000 each will acquire a further
26.67%, subject to BMS achieving certain revenue and market expansion
targets.
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