Half Yearly Report and Accounts
Perth, Mar 14, 2012 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) Directors submit their report, together with the financial report of Rum Jungle Resources Limited, for the half-year ended 31 December, 2011 and the independent auditor's review report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:
Directors
The names of the Directors in office at any time during or since the end of the period and until the date of this report are as below.
-----------------------------------------------------------------------------Name: Status Period of Directorship-----------------------------------------------------------------------------John Roberts Chairman Director since 31 May, 2007David W Muller Managing Director Director since 13 October, 2006Robert J Annells Non-Executive Director Director since 10 October, 2006-----------------------------------------------------------------------------
Review of Operations
During the six months to 31 December 2011, Rum Jungle Resources Ltd continued its strategic work of minerals exploration, resource definition and evaluation, and project acquisition. The Company incurred a net loss after tax of $584,376 during the period, compared with a net loss after tax of $155,192 during the same period in the preceding year.
HIGHLIGHTS
Phosphate
- The 2011 campaigns of resource definition and extensional RC drilling and diamond core drilling were completed at Barrow Creek 1 phosphate deposit
- Infill drilling confirmed thick zones of high grade mineralisation in excess of 20% P2O5
- The Barrow Creek 1 total resource (JORC Inferred and Indicated) was increased to 253 million tonnes at an average grade of 15% P2O5 using a 10% P2O5 cut-off
- Five new Exploration Licences were applied for to the northwest of Barrow Creek 1; this adds to a strategic holding of the most prospective phosphate ground closest to the railway
- Reconnaissance phosphate exploration was undertaken on four ELs
- Additional regional phosphate exploration and further intensive resource definition drilling is being planned for Barrow Creek 1 and Ammaroo 1 deposits
Potash
- Eight vibracore drill holes and four sonic core drill holes were completed at Karinga Creek potash project during the reporting period
- The highest potassium, magnesium and sulfate values yet recorded in Karinga lakes brine were measured during pump testing
- Work is in progress to determine a JORC resource for potassium sulfate in the Karinga Creek potash project
To view the complete Rum Jungle Resources Half Year Finanical Report including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-370746.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
| ||
|
