Latest News
Last Updated: 01/05/2012
March 2012 Quarterly Report
Secured Convertible Note Debt Repaid
Completion of Small Parcel Program
Financial Report for the Half-Year ended 31 December 2011
Chairman's Address at AGM
- Although 2010-11 was a difficult year for the Company, we did achieve our objective of developing the Western ore zone, which is now generating strong cash flows.
- The Board is confident of being able to repay all convertible notes as they fall due and of generating significant additional cash.
- Based on current projections, underground mining at the Tasmania Mine is expected to be completed in mid- 2012, and the Board is considering further near-term developments. Upon completion of underground mining, the Company expects to have a net asset valuation that is significantly greater than its current market capitalisation.
- In the longer term the Board looks forward to re-utilising its major asset, the Beaconsfield Process Plant, by leveraging into an undeveloped refractory deposit. The Company is involved in confidential discussions with the owners of such deposits.