Was geht hier ab??? MACARTHUR MINERALS LTD - 500 Beiträge pro Seite

[Kambyses]

+71,91 % (03.12.2007)
Der die das, wiso weshalb warum, wer nicht fragt bleibt Dumm.

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[Kambyses]

http://www.macarthurminerals.com/press/macarthur/20070511-Re…


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Page 1 of 5
MACARTHUR MINERALS LIMITED
Management Discussion and Analysis
(Form 51-102F1)
For the Second Quarter ended September 30, 2007
Information as of November 28, 2007 unless otherwise stated
Note to Reader
The following management discussion and analysis of the Company’s financial condition and results
of operations should be read in conjunction with the Company’s annual audited financial statements
for the year ended March 31, 2007 and the unaudited financial statements for the three months
ended June 30, 2007 and the unaudited financial statements for the six months ended
September 30, 2007, together with the notes thereto, as well as, the Companies previous financial
and MD&A reports. The material herein, as of November 28, 2007 updates the information as of
August 22, 2007 contained in the MD&A of that report. These financial statements have been
prepared by management in accordance with Canadian generally accepted accounting principles.
Forward-Looking Information
This discussion includes certain statements that may be deemed “forward-looking statements.” All
statements in this discussion, other than statements of historical facts that address future
production, reserve potential, exploration drilling, exploration activities and events or developments
that the Company expects, are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include market prices,
exploitation and exploration successes, continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ materially from
those projected in the forward-looking statements.
Overall Performance
Macarthur is a mineral exploration company that has focused its exploration activities in Western
Australia with 42 reverse circulation drill holes completed by the Company from April 2006 to
February 2007 and totaling 7,746 metres. A further fourth stage of drilling commenced in October
2007, with the intention of drilling up to a further 10,000 metres. In excess of 800 metres of this
stage has been drilled as at the date of the report. No results are yet available.
All exploration activities are focused on the Company’s 100% owned Lake Giles project owned by
its wholly-owned subsidiary Internickel Australia Pty Ltd.
Exploration Update
The Company commenced the fourth (4) drilling program in October 2007, and subject to receiving
similar results obtained in the first three (3) stages of drilling, it is expected that a further 10,000
metres of drilling will be carried out. The proposed drilling program was designed to increase the
inferred mineral resource by testing some possible hematite zones as well as work within the Clark
Hill North area. There is considerable near term potential to add resources in the exploration target.
These iron targets and the Stage 4 drilling program have the potential to increase the Lake Giles
resource base to an even greater level. In addition, several Nickel (NI) targets have been identified
and these will be considered for drilling during this program.
Page 2 of 5
Exploration Update (Continued)
During the quarter the Company has focused on rehabilitating areas disturbed during the previous
drilling programs.
The Company has released an independent report (available on www.sedar.com) prepared by
Hellman and Schofield Pty Ltd to ascertain a Mineral Resource Estimate based on the drilling
completed to date. The report estimates an in-situ Inferred Mineral Resource for Lake Giles of
82.5 million tonnes @ 24.6% Fe representing magnetic concentrate of 18.46 million tonnes @
63.1% Fe.
RISKS AND UNCERTAINTIES
The Company is subject to a number of risk factors due to the nature of its business and the present
stage of development. The following risk factors should be considered:
GENERAL
The Company is a junior mineral exploration company listed on the TSX Venture Exchange and
engaged in the acquisition, exploration and development of mineral properties. It has not yet
determined whether its properties contain mineral reserves that are economically recoverable.
Based on the Hellman & Schofield Pty Ltd report, the Company has proceeded to its Stage 4 drilling
program.
The recoverability of the amounts shown for resource assets is dependent upon the existence of
economically recoverable reserves, the ability of the Company to obtain the necessary financing to
complete the exploration and development of its properties, and upon future profitable production or
proceeds from the disposition of the properties. The Company’s ability to continue its operations is
dependent on its ability to secure additional financing, and while it has been successful in doing so
in the past, there can be no assurance it will be able to do so in the future. In order to continue
developing its mineral properties, management is actively pursuing such additional sources of
financing; however, in the event this does not occur, there is doubt about the ability of the Company
to continue as a going concern. The Financial Statements and discussion and analysis of the
financial condition, changes in financial condition and results of operations of the Company for the
periods ended September 30, 2007 and 2006 do not include the adjustments that would be
necessary should the Company be unable to continue as a going concern.
The amount of the Company’s administrative expenditures is related to the level of financing and
exploration activities that are being conducted, which in turn may depend on the Company’s recent
exploration experience and prospects, as well as the general market conditions relating to the
availability of funding for exploration-stage resource companies. Consequently, the Company does
not acquire properties or conduct exploration work on them on a pre-determined basis and as a
result there may not be predictable or observable trends in the Company’s business activities and
comparisons of financial operating results with prior years may not be meaningful.
Trends
The Company’s financial success is dependent upon the discovery of resources on its properties
which could be economically viable to develop. Such development could take years to complete and
the resulting income, if any, is difficult to determine. The sales value of any mineralization
discovered by the Company is largely dependent upon factors beyond the Company’s control, such
as the market value of the products produced. Other than as disclosed herein, the Company is not
aware of any trends, uncertainties, demands, commitments or events which are reasonably likely to
have a material effect on the Company’s sales or revenues, income from continuing operations,
profitability, liquidity or capital resources, or that would cause reported financial information not
necessarily to be indicative of future operating results or financial condition.
Page 3 of 5
Competitive Conditions
The resource industry is intensively competitive in all of its phases. The Company competes with
other mining companies for the acquisition of mineral claims and other mining interests as well as
for the recruitment and retention of qualified employees and contractors. There is significant and
increasing competition for a limited number of resource acquisition opportunities and as a result, the
Company may be unable to acquire suitable producing properties or prospects for exploration in the
future on terms it considers acceptable. The Company competes with many other companies that
have substantially greater financial resources than the Company.
Environmental Factors and Protection Requirements
The Company currently conducts exploration and development activities in Western Australia. All
phases of the Company’s operations are subject to environmental regulation in the jurisdictions in
which it operates. Environmental legislation is evolving in a manner which requires stricter
standards and enforcement, increased fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects and a heightened degree of responsibility for
companies and their officers, directors and employees. There is no assurance that future changes
in environmental regulation, if any, will not adversely affect the Company’s operations. There is no
assurance that regulatory and environmental approvals will be obtained on a timely basis or at all.
The cost of compliance with changes in governmental regulations has the potential to reduce the
profitability of operations or to preclude entirely the economic development of a property.
Environmental hazards may exist on the properties which are unknown to the Company at present
which have been caused by previous or existing owners or operators of the properties. The
Company is currently engaged in exploration with nil to minimal environmental impact.
Risks and Uncertainties
The risks and uncertainties affecting the Company remain unchanged from those disclosed in its
Annual MD&A.
RELATED PARTY TRANSACTIONS
During the periods ended September 30, 2007 and 2006, the Company incurred the following
transactions with directors of the Company:
2007 2006
Management and directors fees $ 24,177 $ 49,524
Geological services $ 33,587 $ 45,033
Investor relations services $ 52,641 $ -
These transactions were measured by the exchange amount, which is the amount agreed upon by
the transacting parties. At September 30, 2007, $59,050 (2006 - $127,179) is owed to directors and
a private Company controlled by a director for accrued management fees and for expenses paid on
behalf of the Company.
COMMITMENTS
The Company has no material commitments at this time.
SUBSEQUENT EVENTS
There are no material subsequent events that have not been disclosed in this document.
Page 4 of 5
ACCOUNT ING POLICIES
Accounting policies are listed in Note 2 to the Financial Statements for September 30, 2007.
RESULTS OF OPERATIONS
Operating activities
Results from Operations reflect the administrative and financing costs related to the Company’s
mineral property acquisitions and mineral exploration activities in Western Australia.
The mineral property acquisitions and mineral exploration activities are focussed on the Company’s
100% owned Lake Giles Project held through its wholly-owned subsidiary, Internickel Australia Pty
Ltd.
The Company incurred a net loss for the three months ended September 30, 2007 of $198,648
(2006: $217,421). This comprises administrative expenses of $251,486 (2006: $223,168), interest
income of $13,375 (2006: $5,747), rental income of $45,618 (2006: nil) and other expenses of
$6,155 (2006: nil). The higher administrative expenses are more than offset by the income from
subletting part of the Vancouver office space. The Company continues to maintain an office in
Brisbane to accommodate shared employees and directors.
Costs directly attributable to the Company’s mineral property acquisition and exploration and
development of mineral properties are capitalised until the commencement of commercial
production. If, after management review, it is determined that capitalized acquisition, exploration
and development costs are not recoverable over the estimated economic life of the property, or the
property is abandoned, or management deems there to be an impairment in value, the property is
written down to its net realisable value.
The timing and value of any resultant income from the above activities is uncertain due to factors
beyond the Company’s control such as the market value of the products produced. In addition, the
costs of these activities may increase due to supply constraints in a competitive market.
SUMMARY OF QUARTERLY INFORMATION
The following table sets forth a comparison of revenues and earnings for the previous eight quarters
ending with September 30, 2007. Financial information is prepared according to GAAP and is
reported in Canadian $.
Dec-31
2005
Mar-31
2006
June 30
2006
Sep-30
2006
Dec-31
2006
Mar-31
2007
June 30
2007
Sep 30
2007
Interest
Income
$250 $450 $2,040 $5,747 $12,800 $10,409 $6,416 $13,375
Net loss $(192,725) $(480,646) $(85,776) $(217,421) $(559,459) $(141,360) $(152,682) $(198,648)
Net loss per
share
$0.04 $0.10 $0.01 $0.02 $0.04 $0.01 $0.01 $0.01
Page 5 of 5
LIQUIDITY AND CAPITAL RESOURCES
The Company has limited financial resources and there is no assurance that additional funding will
be available to allow the Company to acquire and explore mineral properties. Failure to obtain
additional financing could result in delay or indefinite postponement of further exploration. The
Company may, in the future, be unable to meet its obligations under agreements to which it is a
party and the Company may consequently have its interest in the properties subject to such
agreements jeopardised. Furthermore, if other parties to such agreements do not meet their share
of such costs, the Company may be unable to finance the cost required to complete recommended
programs.
The Company is dependent on raising funds by the issuance of shares or disposing of interests in
its mineral properties (by options, joint ventures or outright sales) in order to finance further
acquisitions, undertake exploration and development of mineral properties and meet general and
administrative expenses in the immediate and long term. There can be no assurance that the
Company will be successful in raising their required financing.
The Company’s financial performance is dependent on many external factors. The Company
expects that any revenues it may earn from its operations in the future will be from the sale of
minerals. Both prices and markets for metals and minerals are cyclical, difficult to predict, volatile,
subject to government price fixing and controls and respond to changes in domestic and
international, political, social and economic environments. In addition, the availability and cost of
funds for exploration, development and production costs are difficult to predict. These changes in
events could materially affect the financial performance of the Company.
The Company has a working capital at September 30, 2007 of $1,000,504 compared with $90,603
as at September 30, 2006. The Company has no material income from operations and any
improvement in working capital results primarily from the issuance of share capital.
FINANCIAL INSTRUMENTS
Fair value estimates of financial instruments are made at a specific point of time, based on relevant
information about financial markets and specific financial instruments. As these estimates are
subjective in nature, involving uncertainties and matter of significant judgment, they cannot be
determined with precision. Changes in assumptions can significantly affect estimated fair values.
The carrying value of cash and cash equivalents, sundry receivable, accounts payable and accrued
liabilities approximate their fair market value because of the short-term nature of these instruments.
OUTSTANDING SHARE DATA AS OF NOVEMBER 28, 2007:
Authorized and issued share capital:
Class Par Value Authorized Issued
Common No par value Unlimited 16,338,650
OTHER INFORMATION
Other information relating to the Company may be found on SEDAR at www.sedar.com.
BY ORDER OF THE BOARD
“David K. Barwick” “James Canning-Ure”
David K. Barwick James Canning-Ure
President and Director Director

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Antwort auf Beitrag Nr.: 32.645.373 von Kambyses am 03.12.07 12:40:23

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