Full Year Accounts
Darwin, Sep 28, 2012 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) present their report on the consolidated entity (hereinafter referred to the Group) consisting of Rum Jungle Resources and its controlled entities for the year ended 30 June, 2012.
Review of Operations:
The following provides a summary of the activities of the Group during the course of the financial year under review:
Corporate:
The Company's continuing drilling program at its major phosphate tenement at Barrow Creek 1 resulted in the significant announcement to ASX on 5 December, 2011 of an inferred JORC resource amounting to 253,000,000 tonnes at 15% P2O5 with a 10% cut-off. Consequently the Company approached Spinifex Uranium Pty Ltd to acquire the adjoining tenement to the west of the existing project. An agreement was reached on 20 April 2012, whereby Spinifex was granted 1,876,250 fully paid ordinary shares in the capital of the Company as consideration for the transfer of 100% of its interests in EL 26196.
On 15 December, 2011 Washington H Soul Pattinson and Company Limited negotiated an agreement with Westgold Resources Ltd, to acquire the shares owned by its fully owned subsidiary, Aragon Resources Ltd, thereby becoming the Company's largest shareholder.
On 30 March, 2012, the Company announced the placement of a further 20,000,000 ordinary shares at $0.33 per share to sophisticated and institutional clients of BW Equities Pty Ltd. The placement raised $6.6 million, and after costs, resulted in $6,237,000 being available to the Company.
On 13 April, 2012 Washington H Soul Pattinson and Company Limited furthered its shareholding in the Company by jointly with Farjoy Pty Ltd, underwriting the exercise of the options held by the Directors of the Company at $0.30. The subsequent issue of 16,000,000 shares to the underwriters, in equal proportions, on 31 May, 2012 resulted in the Company receiving a net amount of $4,640,000.
On 29 May, 2012, a further $1.25 million was received after Lion Selection Group successfully negotiated with the Liquidator of GBS Gold Holdings Pty Ltd to acquire, and subsequently exercise, the options held by that Company as part satisfaction for the exploration rights over land formerly held by GBS Gold in the Mt Bundey area.
These funds were considered vital to the Company's capacity to further develop its exploration program on both its phosphate and potash projects in the Northern Territory. On 30 March, 2012, an application was made to the Department of Resources in the Northern Territory for a Mineral Lease over its phosphate project at Barrow Creek 1.
Financial:
During the financial year under review, the Group incurred an operating loss of $1,280,752. The Group received interest on funds held on term deposit and other interest bearing accounts amounting to $0.21 million.
Commercial Opportunity
The Group has been active in researching, and, where considered appropriate, pursuing other exploration opportunities in the Northern Territory and western Queensland.
Significant changes in the nature of activities:
Other than as otherwise disclosed in this report, there were no other changes in the nature of activities that occurred during the course of the financial year under review.
Matters subsequent to the end of the financial year:
No matter or circumstance has arisen since the end of the financial year that has significantly affected, or may significantly affect the Group's operations, the results of those operations or the Group's state of affairs, in subsequent financial years other than as disclosed in note 26 in the accompanying financial report.
Likely developments and expected results of operations:
The Group proposes to continue its exploration programmes and investment activities. Further information in relation to likely developments and the impact on the operations of the Group has not been included in this report, as the Directors believe it would result in unreasonable prejudice to the Group.
Environmental Regulation:
The Group is required to carry out its activities in accordance with regulations determined by statute and regional entities in the areas in which it undertakes its exploration activities. The Group is not aware of any matter which requires disclosure with respect to any significant environmental regulation in respect of its operating activities.
View the complete Rum Jungle Resources Annual Report at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-379694.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.
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