TRAKA RESOURCES LTD (A.B.N )

Transcription

1 TRAKA RESOURCES LTD (A.B.N ) Quarterly Activity Report for the three months ended 30 th June 2008 Suite 2 Ground floor, 43 Ventnor Avenue, West Perth Western Australia 6005 Telephone: (+61) Facsimile: (+61)

2 The Musgrave Project: The formalities relating to Access Agreements and Clearance Surveys have been successfully concluded for 5 of Traka s 13 exploration licences within the Musgrave Project. As a result of this it is now expected that geochemical and geological surveys will commence on these tenements within the next month (Figure 1). The 5 tenements cover a very substantial package of ground (2670 square kilometres) straddling a number of highly prospective Proterozoic aged geological terrains. Four styles of mineralisation will be explored for as follows: NickelCopper PGE mineralisation. Potential is recognized in association with the mafic and ultramafic intrusive rocks of the Giles Complex. The Babel Nebo discovery and the Halley s Prospect are examples of this potential. Sediment hosted copper, lead and zinc mineralisation, The southern contact margins of the Musgrave Complex rocks and the sedimentary rocks of the Officer Basin offer scope for the discovery of this style of mineralisation. A number of aeromagnetic targets and sedimentary horizons have been identified for follow up investigation. Iron Oxide Copper Gold ( IOCG ) mineralization The Musgrave Complex, being on the margins of a triple point junction of three major continental blocks, is an ideal geological setting for IOCG Type deposits like that found at Olympic Dam. A number of gravity and aeromagnetic features, which are characteristic features of this style of mineralisation, have been highlighted within the tenements. Gold mineralisation The presence of large deep seated structures and a cauldron subsidence structure offer good potential for the discovery of gold. Some gold anomalies have been located close to Traka s land holding, which is positive confirmation of the potential, but for the most part access difficulties in the past have prevented any previous exploration for gold. Traka Resources Ltd Report on activities for quarter ended 30 th June 2008

3 Figure 1. Aeromagnetic image showing Traka s tenements and nearby prospects The Ravensthorpe Nickel Project: (The Independence Group IGO Earning 51% excluding Nickel Laterite, Iron and Pyrite) The data and assays obtained from a helicopter borne Electromagnetic survey ( VTEM ) and a drill hole on the MS7 nickel target was collated during the quarter (Figure 2 and 3). Five VTEM targets have been selected for follow up field work in the Gap Area of the Ravensthorpe Nickel Project. Geological mapping and geochemical sampling of these targets will determine the ongoing nature of follow up work. A drill hole on the MS7 target in the Carlingup area returned low tenure copper and nickel mineralisation and consequently no further work on this target is now considered to be merited Traka Resources Ltd Report on activities for quarter ended 30 th June 2008

4 Figure 2. The Ravensthorpe Nickel Project.. Traka Resources Ltd Report on activities for quarter ended 30 th June 2008

5 Figure 3. VTEM survey area in the Ravensthorpe Nickel Project. The Ravensthorpe Pyrite Project: A study which commenced last quarter to indentify the primary considerations for an operation which exploits the known pyrite bodies at Ravensthorpe for the production of elemental sulphur and/or sulphuric acid and iron has been completed (Figure 4). The study concluded that at the current very high prices and demand for sulphuric acid and/or elementals sulphur a very profitable operation could be established at Ravensthorpe. The study also showed that the capital costs of a project of this nature are high and as a consequence the long term security of a market and price was a prime consideration. Traka Resources Ltd Report on activities for quarter ended 30 th June 2008

6 A number of parties with particular expertise and interest in the elemental sulphur and sulphuric acid market are currently being consulted with a view to determining a development strategy. Figure 4. Pyritic iron formations in The Gap area of Traka and Galaxy s tenements. The Hopetoun and Lort River Projects. No work was carried out on these projects during the quarter period (Figure 5). Traka Resources Ltd Report on activities for quarter ended 30 th June 2008

7 Figure 5. Geological setting of the Lort River and Hopetoun Projects.. Mr Patrick Verbeek Managing Director 30 July 2008 The information in this report that relates to Exploration Results is based on information compiled by Mr. P. A. Verbeek the Managing Director of Traka Resources Ltd. Mr. P, A Verbeek is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. P. A. Verbeek consents to the inclusion in the report of the matters based on his information in the form and context in which they appear. Traka Resources Ltd Report on activities for quarter ended 30 th June 2008

8 Appendix 5B Mining exploration entity quarterly report Appendix 5B Rule 5.3 Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001. Name of entity TRAKA RESOURCES LIMITED ABN Quarter ended ( current quarter ) June 2008 Consolidated statement of cash flows Cash flows related to operating activities Current quarter Year to date (9 months) 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) Exploration & evaluation (b) Development (c) Production (d) Administration (167) (148) (486) (527) 1.3 Dividends received 1.4 Interest and other items of a similar nature received Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material): Receipts Net Operating Cash Flows (279) (842) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (35) (154) (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Payment Net investing cash flows (35) (154) 1.13 Total operating and investing cash flows (carried forward) (314) (996) Appendix 5B Page 1

9 Appendix 5B Mining exploration entity quarterly report 1.13 Total operating and investing cash flows (brought forward) (314) (996) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows Net increase (decrease) in cash held (314) (996) 1.20 Cash at beginning of quarter/year to date 1,405 2, Exchange rate adjustments to item Cash at end of quarter 1,091 1,091 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A' Aggregate amount of payments to the parties included in item Aggregate amount of loans to the parties included in item Explanation necessary for an understanding of the transactions Noncash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Appendix 5B Page 2

10 Appendix 5B Mining exploration entity quarterly report Financing facilities available Add notes as necessary for an understanding of the position. 3.1 Loan facilities 3.2 Credit standby arrangements Amount available Amount used Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development 350 Total Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current quarter Previous quarter 5.1 Cash on hand and at bank 886 1, Deposits at call 5.3 Bank overdraft 5.4 Term Deposit Other (Bank accepted bills) Total: cash at end of quarter (item 1.22) 1,091 1,405 Changes in interests in mining tenements 6.1 Interests in mining tenements relinquished, reduced or lapsed Tenement reference nil Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.2 Interests in mining tenements acquired or increased nil Appendix 5B Page 3

11 Appendix 5B Mining exploration entity quarterly report Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price per Amount paid up per security (see security (see note 3) note 3) (cents) (cents) 7.1 Preference + securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions Ordinary securities 44,782,202 44,782,202 Fully Paid 7.4 Changes during quarter (7) Increases through issues (b) Decreases through returns of capital, buybacks Convertible debt securities (description) 7.6 Changes during quarter (7) Increases through issues (b) Decreases through securities matured, converted 7.7 Options (description and conversion factor) 2,000,000 50,000 1,000,000 1,000, , , Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 7.11 Debentures (totals only) 7.12 Unsecured notes (totals only) Exercise price 35 cents 20 cents 20 cents 20 cents 25 cents 25 cents Expiry date 10 October December November December April April 2012 Appendix 5B Page 4

12 Appendix 5B Mining exploration entity quarterly report Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Peter Ruttledge Sign here: (Company secretary) Date: 29 July 2008 Print name:peter Ruttledge Notes 1 The quarterly report provides a basis for informing the market how the entity s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The Nature of interest (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == == Appendix 5B Page 5