Union Capital Quartalbericht - sehr viel Text auf Englisch - 500 Beiträge pro Seite

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HOMEX - Brisbane
-------------------------
Second Quarter Activities & Cashflow Report

DETAILS OF THE QUARTER`S ACTIVITIES
PART A: TECHNOLOGY INVESTMENTS

(a) IDENTIKEY INTERNATIONAL PTE LTD (Union earning a minimum 30%)

During the quarter, Union`s Internet associate, Identikey, announced
that Computer Associates EMEA chose Identikey as its security
delivery platform for e-business initiatives. This agreement, forming
the basis for forecasted projects of US$15 million over the next 12
months, has provided Brisbane-based Identikey with the opportunity to
significantly expand its European presence and to help deliver a
global solution through Computer Associates` networks, part of the
world`s third largest software organisations.

Computer Associates spent over three months evaluating various
security devises on the market including SecureID, various smartcards
and other authentication methods before deciding on Identikey.
Computer Associates believes that Identikey`s technology is the most
sophisticated and secure form of completing transactions currently
available across the Internet. It`s simplicity and ease of use makes
Identikey an effective tool for customer use. Computer Associates
could not move forward without a strong security system at a time
when e-business is a significant growth area for the Company`s
business.

According to Computer Associates, Identikey is a unique product that
addresses Internet security from an application level, and has solved
many of the problems that the e-commerce market is only just
beginning to deal with.

Identikey continues its global expansion and concluded its first sale
in the United States to SouthTrust Bank in Alabama. This sale proves
the global acceptance of Identikey and the possibility of
accelerating entry into the large North American market.

SouthTrust selected Identikey because they required a very high level
of Internet security integrated with their Internet Wire Transfer
application. Using Identikey`s non-repudiation capabilities for
electronic transactions allows both providers and users to have
confidence when performing e-business on the Internet. The use of
Identikey is expected to grow into other areas within SouthTrust`s
electronic banking activities.

Identikey also appointed Q&I (Netherlands) and DMST (UK) as two of
the primary cornerstones in its European distribution strategy. Both
companies are leading distributors in their respective countries. Q&I
have already made a sale to the Netherland`s State University
Groningen for 1,000 users initially, growing to a possible 44,000
users over the next six months.

Identikey is finalising contracts with Telindus and Betech Data to
provide complete coverage of the entire European & Scandinavian
regions. Telindus, as part of the Telinfo group of companies with a
turnover of 240M Euro (A$366M), are one of the largest distributors
in Europe. Betech Data covers the entire Scandinavian region and has
already placed an order to use Identikey for their in-house
applications. Both companies have e-business divisions which selected
Identikey as one of the only application level security products
suitable for commercial e-business deployment.

Identikey is the first Internet security solution to use a digital
key for secure access. The digital key reads a flashing visual signal
on the browser screen and produces an entry code which the user keys
in. Use of the key provides registered users with varying levels of
access within the web site. Identikey can be used on any PC with
Internet and web browser access, including laptops.

Identikey has 10 levels of security to ensure access to restricted
websites is only granted to registered users.

During the quarter, Union concluded negotiations to acquire up to a
further 25% equity interest in Identikey. Under the agreement, Union
can initially increase its equity in Identikey from the previous 20%
level up to a minimum 30% by injecting A$1 million into Identikey
from January to April 2000. This injection is currently in progress.
Then subject to review by either party, Union can subscribe for a
further 15% equity, (thereby bringing the total equity in Identikey
up to 45%) upon payment of A$1.5 million over the period April to
October 2000.

Identikey won the "Best New Internet Application" Award at the 7th
Annual Australian Interactive Multimedia Industry Association (AIMIA)
Awards in November 1999. The AIMIA awards have been held for several
years to showcase new media solutions and in 1999, 21 awards were
given in five major categories.

This award is additional to the previous two awards won by Identikey.
These include the Best of Show Award for the "Best Infrastructure
Product" at Internet World in Sydney, August 1999, and the
prestigious Asia Pacific IT & T Award for "Intelligent Technologies"
in November 1998.

Union is of the view that the success Identikey is now enjoying is a
tribute to the technology, the management and staff at Identikey.

(b) RADIO CITY (25% Union)

During the quarter Union Technologies have taken up a 25% interest in
the equity of Radio City for a cash injection of $250,000. As a
result, Radio City have been able to set up an office (in Brisbane),
purchase capital items and have begun establishing a high calibre
team of professionals.

Radio City operates as an on-line portal to Australian Audio/Visual
content on the Internet, including Radio, Television, Seminars and
Live Events. This provides turnkey solutions that let companies,
conference organisations and individuals effectively operate their
own Television Station, using the Internet as the broadcast medium.

Now the company is established, negotiations have commenced with a
number of potential clients for the delivery of significant ongoing
revenue for content encoding, hosting, web-site development and
e-commerce services.

From reports received, Union expects Radio City to significantly
expand its activities over the next quarter.

MORE TO FOLLOW


HOMEX - Brisbane
-------------------------
Second Quarter Activities & Cashflow Report

PART B: MINERALS INVESTMENTS
(a) MEHDIABAD ZINC PROJECT - CENTRAL IRAN (25% UNION)

During the quarter, a "Basic Joint Venture Agreement" was signed in
Tehran relating to the conduct of advanced exploration drilling, a
bankable feasibility study and subsequent development of the
Mehdiabad Zinc Project in Central Iran. The Joint Venture Agreement
is between Union, Austrian based investment company Itok Gmb-1
(Itok), and the Government owned General Iranian Mining Company
(GIMCO), the current holders of the "Discovery Certificate" for this
deposit.

The "Basic Agreement" follows on from the "Foundation Agreement"
signed between the parties and the Ministry of Mines & Metals in Iran
earlier in the quarter, whereby the Ministry guarantees access to the
deposit for the parties for the feasibility study and if the project
is bankable, then for the development of a mine for the entire "life
of mine", as defined in the feasibility study.

The Mehdiabad Joint Venture is the first mining industry Joint
Venture signed between a Government Company in Iran and a foreign
listed company with respect to equity sharing in the Licences to mine
and process ore, and reflects the very positive way that Iran`s
mineral industry is opening up to foreign investment.

Under the terms of the Basic Agreement, Union and Itok will both
spend US$5 million each to earn a 25% interest in the project. In the
event that either party cannot contribute its share, then the other
party has the first right to make up the funding shortfall and take
up the equity on offer. When Union and Itok between them have spent
US$10 million on the project, then GIMCO has the right to contribute
equally with Union and Itok and maintain their equity at 50% or
dilute to a minimum 35% position.

To date, GIMCO has spent close to US$10 million in exploration at
Mehdiabad. The exploration has involved 66 diamond core holes
totalling 23,555 metres.

Union`s Geologists have calculated the Inferred and discounted
Indicated resources using a manual polygonal method as follows:

AT A 4.0% ZN CUTOFF:

Indicated Resource: 108.5 million tonnes at 7.0% Zn, 2.3% Pb
and 58 g/t Ag
Inferred Resource: 97.0 million tonnes at 8.6% Zn, 1.7% Pb
and 29 g/t Ag
Total Discounted Resource: 205.5 million tonnes at 7.7% Zn, 2.0% Pb
and 44 g/t Ag

These estimates are discounted from the total resource by the
application of a minimum mining thickness of three metres, a minimum
separable waste thickness of three metres and allowance for internal
waste dilution. Intervals containing internal waste thickness of
three metres and allowance for internal waste. A 10% discount has been
applied to compensate for the presence of cavities and voids, the
presence of which has been indicated by the drilling. The inferred
resource has been conservatively determined from extrapolations below
existing drill holes and expected extensions to the ore body.

During the quarter, Union prepared a geological model of the
Mehdiabad deposit using Surpac software, and currently have
geologists on site "fine tuning" the model, completing data
compilation and selecting drill sites. Meanwhile, Baterran
Engineering Pty Ltd (Bateman) have completed a preliminary mine
design and mineralogical assessment of the deposit. Bateman feel
Mehdiabad has an excellent chance of being a major world-class open
cut zinc mine and that most of the ore will be amenable to flotation.
They have determined the NPV of the project as A$770 million with an
accuracy of +/- 30% to 40%.

The Joint Venture parties have lodged an application with the
Department of Economics & Finance of Iran to obtain Government
guaranteed protection for Union`s & Itok`s investment in this project.
This protection will cover the future right to expatriate the
principle investment, profit and to export zinc consumables or metal.
The approval is being sought with the support of the Ministry of
Mines & Metals. The approval may take from 1-6 months to achieve.
Once approved, the Department of Economics & Finance will then take
the project to the Iranian Cabinet for sign off. Union`s Iranian
lawyers are of the view that the signature of the Iranian Cabinet is
the best "security of title" available. Union is of the view that
this security is comparable to that offered by other countries with
modern mining acts. (The Iranian Parliament passed into law a new
mining act in 1999).

Once Department of Economics & Finance investment protection is
obtained, then drilling will commence. The drilling will be designed
to upgrade the current resources to reserve status and to explore
possible extensions of the ore body, particularly to the north.

Union is confident that Mehdiabad will ultimately be one of the
world`s major open cut zinc mines. Furthermore, the confidence the
Ministry of Mines & Metals has placed in Union in awarding the
Company such an outstanding project against competition from major
international mining companies, is a reflection of the
professionalism displayed by Union`s Australian and Iranian staff.

(b) ESKCO JOINT VENTURE - NORTH EAST COPPER-GOLD BELT - IRAN (UNION
EARNING 50%)

During the quarter, the first phase of Union`s exploration programme
covering a prospective geolocical belt 9,800 square kilometres was
completed, with the potential of the area for massive copper
porphyries and low and high sulphidation styles of epithermal gold
systems being confirmed.

Six key areas have been identified from semi-detailed investigation
during the second phase of the exploration programme. Specifically
these are:

* Three separate areas where porphyry style alteration has been
identified below lithocap environments by the location of phyllic
alteration and low grade copper mineralisation.

* One area containing high sulphidation style epithermal
mineralisation anomalous in a senic, antimony and mercury.

* Two separate areas where low sulphidation style epithermal veins
anomalous in copper, base metals, silver and occasionally gold have
been identified. A large area of potential gold bearing alluvials
area located to the south.

The second stage exploration programme is scheduled for commencement
late January 2000 provided the weather conditions are favourable for
ground access. Completion is planned by the end of June 2000 and it
is expected that one or more prospects will be delineated for
detailed exploration work in the ensuing six months of the stage
three programme. It is anticipated that any potentially economic
targets generated by these programmes will be drill tested in early
2001.

Applications for 31 Exploration Licences, of maximum area 40 km2,
were lodged over most of the key areas of interest. Union has also
been advised by ESKCO that Exploration Concession areas totalling
some 1,000 km2 have been granted from the original 9,850 km2 area.

(c) GEOLOGICAL SURVEY OF IRAN JOINT VENTURE - IRAN COPPER-GOLD
EXPLORATION AREAS (UNION IRAN INTERNATIONAL EARNING 80%)

(i) Kerman - 3 Exploration Permits (920 km2)

During the quarter Union applied for four Exploration Licence
Applications covering five key exploration areas within the Kerman
Project and totaling an area of 152 km2.

The five prospects worthy of further examination, contained
significant geological and geochemical anomalies, including the
presence of significant quartz veining considered to indicate
sub-surface copper mineralisation.

Union considers that the areas selected demonstrate real potential
to locate sizeable Cu-Mo porphyry deposits. Once the four Exploration
Licence Applications have been granted, Union will commence further
ground exploration in the five prospective areas on behalf of Union
Iran International, which is owned 83% by Union.

(ii) East Azarbaijan - One Exploration Permit (735 km2)

During the quarter, Phase One exploration was completed in the East
Azerbaijan Area which covers part of the northwest extension of the
Central Volcanic Belt. Two alteration belts were identified, each
containing a number of anomalies consisting of strong intermediate
argillic alteration with widespread sericite-pyrite alteration and
associated malachite staining. Both of these belts are considered to
hold significant potential for "blind" epithermal and porphyry
mineralisation.

The Phase Two exploration programme is being planned and exploration
will commence once weather conditions improve in the East Azerbaijan
area. The areas being explored are located in the vicinity of the
Sungun Copper Deposit which has an indicated and inferred resource of
approximately 860 Mt at 0.6% Cu and 190 ppm Mo.

(d) Hazy Kandy Prospect - Iran (Union 100%)

Union has identified an exciting porphyry copper occurrence to the
northwest of Sungun outside the GSI Joint Venture Area. The
occurrence consists of outcropping potassic altered porphyritic
intrusives, containing veins of quartz-pyrite-bornite. The outcrop
is exposed in a creek bank for some 70 metres, with alteration and
veining noted in other parts of the creek drainage indicating that
the outcrop represents the edge of a large porphyry copper system.
Preliminary grab sampling has revealed analytical values of up to
0.314% Cu and 0.29 g/t Au. The occurrence is considered to offer
considerable potential and an Exploration Licence Application has
been lodged over the area. The outcome of this application is
awaited.

MORE TO FOLLOW


HOMEX - Brisbane
-------------------------
Second Quarter Activities & Cashflow Report

AUSTRALIA - NORTH QUEENSLAND
(a) CROYDON PROJECT (Newcrest Mining earning 70% interest)

During the quarter, Joint Venture Partner Newcrest Mining Limited
conducted a programme of soil and rock chip sampling. 363 soil
samples were collected, with the best 100ppb anomaly, having
dimensions of 400m x 200m, returned from the Carron River grid.

A Au-Pb-As(+/-)Zn association was generated from 95 rock chip samples
taken from a number of historical mine workings in the northern part
of the project area. The five best gold assays ranged between 43.5
g/t Au to 197 g/t Au.

Newcrest is of the view that the Croydon area has the potential for
stacked high grade reefs at depth, which have hitherto not been
tested.

Exploration in the coming quarter will involve a combination of deep
scout RC drilling and shallow drill testing to scope out stacked reef
and shoot potential. Infill soil sampling will be conducted at the
Carron River grid where previous gold-in-soil geochemistry was very
encouraging. In addition, further data will be compiled from previous
exploration data with a focus to identify gold mineralised systems
that might be driven by a large hydrothermal cell in the Croydon
area.

(b) FORSAYTH WEST PROJECT (Kidston earning 90% interest)

During the quarter, Joint Venture partner Kidston Gold Mines obtained
positive results from the costeaning programme at the Buchanan`s gold
anomaly. The results included 100m @ 0.39 g/t Au in costean BCC2 (in
bedrock samples).

On the Carlisle East Grid, gradient array IP geophysical results
indicated two zones of high changeability on the southern half of the
grid. A dipole-dipole traverse has defined a chargeable zone
extending from near surface to 200m within a resistive host rock,
and underlying a 1000 ppb Au soil anomaly. The best geochemical
results from previous soil sampling programmes coincide with an
elongated zone of moderate chargeability along the southern margin of
a rhyolite.

At Glenrowan/Breccia Hill, soil geochemistry on the northern grid
extension showed a continuation of the annular Cu soils anomaly on
the northern margin of Breccia Hill. The anomaly, up to 300m wide,
covers isolated malachite outcrops and a mapped 200m long Cu
mineralised structure where it peaks at 504ppm Au. However, drilling
results of a chargeability target at Breccia Hill were largely
negative.

At Tabletop, 80 soil samples were collected from "A" Grid, returning
an east-west trending +50 ppb Au anomaly that is open to the west. At
"B" Grid 150 samples were collected and a 300m x 200m westerly
trending anomaly (maximum 597 ppb Au) was defined in the northwest
corner of the grid.

Kidston is planning drilling to follow up the Buchanan`s, Carlisle
East and Tabletop Results.

(c) GEORGETOWN PROJECT -VAN HOBOKEN PTY LTD & HYLAND CORPORATION
OPTION

The option to purchase Union`s Georgetown plant and leases assets was
not exercised by Van Hoboken Pty Ltd and Hyland Corporation. Union is
continuing its negotiations with a number of parties to dispose of
the above assets.

VANUATU GOLD AND BASE METAL PROJECT (100% Union)

During the quarter, no exploration was undertaken on Union`s
Pentecost Island Project in Vanuatu. Significant gold and base metal
results have been previously located in three separate prospect areas
(Wali, Walo and Bermu River). A combined airborne
electromagnetic/magnetic survey outlined nine conductive anomalies,
three of which coincide with the anomalous base metal mineralised
float located in the three prospect areas, representing potential
drill targets.

PAPUA NEW GUINEA GOLD PROJECTS (60% Union/40% Yamana Resources Inc -
Yamana earning 51%).

Previous drilling has identified resources at two sites on Fergusson
Island which includes Gameta and Wapolu. Indicated and Inferred gold
resources estimated by the polygonal method for the Project are:

Gameta 4.0 million tonnes @ 2.36 g/t Au 304,400 oz
Wapolu 7.6 million tonnes @ 1.55 g/t Au 378,100 oz

TOTAL INDICATED AND INFERRED RESOURCES 682,500 oz

The future of these projects is very encouraging on a rising gold
price.

PART C: CORPORATE

During the quarter, Union issued 27.5 million shares as placements to
stockbroking and finance houses, raising A$3.2 million. Since 1st
January 2000, a further 27,642,000 shares were issued as placements
and 3,200,000 options converted into shares to raise $A5.03 million,
and in addition, unlisted Convertible Notes of A$2 million were
issued.

Union`s cash position as at the date of this report is approximately
A$10 million dollars which includes these new share issues and
Convertible Notes announcements.

Shareholder approval was granted on 11 January 2000 to issue A$2
million unlisted Convertible Notes which can convert at any time over
two years into 40 million ordinary shares. The interest on the notes
is 10% per annum payable in shares calculated at 90% of the share
trading price at a time when interest is due. Should the Convertible
Note holder not convert within the two year term, then Union can
elect to convert the Notes into shares.

In November 1999, Union also granted 8 million options to subscribe
for ordinary shares to Company Directors and Employees under the
"Union Capital Limited Directors & Employee Share Option Plan"
approved by shareholders in July 1999. These options were issued at
an exercise price of 9 cents per option on the condition that the
options are not quoted and are exercisable within 24 months of date
of issue.

On January 27th the Company started trading over the counter on the
Frankfurt Stock Exchange. This listing is in addition to its current
Berlin listing and is expected to lift the profile of Union to
European Investors.

The information in this Report is based on, and accurately reflects,
information complied by Mr RB Murdoch and Mr KG Chapple who are
Corporate Members of the Australasian Institute of Mining and
Metallurgy. Mr Murdoch is the Managing Director of Union Capital
Limited and Mr Chapple is employed by Union Capital Limited as
Project Evaluation Manager. Mr Murdoch and Mr Chapple have the
relevant experience in relation to the mineralisation being reported
upon to qualify as Competent Persons as defined in the Australasian
Code for Reporting of Identified Mineral Resources and Ore Reserves.

R B Murdoch
MANAGING DIRECTOR

MORE TO FOLLOW


HOMEX - Brisbane
-------------------------
Second Quarter Activities & Cashflow Report

MINING EXPLORATION ENTITY QUARTERLY REPORT
Name of entity
Union Capital Limited

ACN or ARBN Quarter ended ("current quarter")
002 118 872 31/12/1999

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to Current Year to date
operating activities Quarter (6 months)
AUD`000 AUD`000
1.1 Receipts from product sales
and related debtors 8 8
1.2 Payments for
(a) exploration and evaluation (345) (613)
(b) development - -
(c) production - -
(d) administration (158) (355)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 14 27
1.5 Interest and other costs of
finance paid (1) (1)
1.6 Income taxes paid - -
1.7 Other - receipts from exploration partners - 7

Net Operating Cash Flows (482) (927)

Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (3) (3)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - 31
(c) other fixed assets - 5
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - Technology investments (409) (716)

Net investing cash flows (412) (683)

1.13 Total operating and
investing cash flows (894) (1,610)

Cash flows related to financing activities
1.14 Proceeds from issues of
shares, options, etc. 3,613 3,613
1.15 Proceeds from sale of
forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - share issue costs (293) (293)

Net financing cash flows 3,320 3,320

Net increase (decrease) in cash held 2,426 1,710

1.20 Cash at beginning of quarter/
year to date 1,109 1,825

1.21 Exchange rate adjustments to item 1.20 (12) (12)

1.22 Cash at end of quarter 3,523 3,523

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS
PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES

Current Quarter
AUD`000

1.23 Aggregate amount of payments to
the parties included in item 1.2 97

1.24 Aggregate amount of loans to the
parties included in item 1.10 -

1.25 Explanation necessary for an understanding
of the transactions

Salaries, directors fees, consultancy fees and reimbursement of
expenses

NON-CASH 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

(a) Yamana Resources Inc of Canada on PNG Tenements - $15,000
(Cumulative $6.8 million)
(b) Kidston Gold Mines (EPM 9804 & EPM 10295) - $222,214
(Cumulative $715,099)
(c) Newcrest Mining Ltd (Croydon Tenements) - $68,657
(Cumulative $336,309)

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.

Amount Amount
available used
AUD`000 AUD`000

3.1 Loan facilities - -
3.2 Credit standby arrangements - -

ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER AUD`000

4.1 Exploration and evaluation 300
4.2 Development -

Total 300

RECONCILIATION OF CASH

Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD`000 AUD`000
to the related items in the accounts
is as follows.

5.1 Cash on hand and at bank 3,523 1,109
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -

Total: cash at end of quarter (item 1.22) 3,523 1,109

CHANGES IN INTERESTS IN MINING TENEMENTS

Tenement Nature of Interest at Interest
reference interest beginning at end of
(note(2)) of quarter quarter

6.1 Interests in
mining tenements
relinquished,
reduced or lapsed ML7136 Fully own 100% nil
ML7137 Fully own 100% nil
6.2 Interests in
mining tenements
acquired or
increased None

ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.

Category of Number Number Issue Paid-up
securities issued quoted Price value
(cents) (cents)
7.1 Preference
securities
(description) - - - -

7.2 Changes during
current period
(a) increases through
issues - - - -
(b) decreases through
returns of capital
buybacks,
redemptions - - - -

7.3 Ordinary
securities 10,000,000 Quotation 3 3
1,250,000 in 9 9
5,000,000 progress 10 10
22,500,000 12 12

7.4 Changes during
current period
(a) increases through
issues - - - -
(b) decreases through
returns of capital
buybacks - - - -

7.5 Convertible debt
securities
(description and
conversion factor) - - - -

7.6 Changes during
current period
(a) increases through
issues - - - -
(b) decreases through
securities matured,
converted - - - -

7.7 Options (description Exercise Expiry
and conversion factor) price date
(cents)

Listed 1:1 58,380,786 58,380,786 20 31/01/2002
Unlisted Employee 1:1 300,000 - 20 30/01/2001
Unlisted Employee 1:1 6,750,000 - 9 09/11/2001

7.8 Issued during
current period

Directors & Employee
Options 1:1 8,000,000 Nil 9 09/11/2001

7.9 Exercised during
current period - - - -

7.10 Expired during
current period

Unlisted Employee 1:1 160,000 - 20 20/11/1999

7.11 Debentures
(totals only) - -

7.12 Unsecured notes
(totals only) - -

COMPLIANCE STATEMENT

1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Law
or other standards acceptable to ASX.

2 This statement does give a true and fair view
of the matters disclosed.

P Sauerberg Date: 28/01/1999
COMPANY SECRETARY

A full copy of this announcement (includes Schedule of Mining
Tenements) is available for purchase from ASX Customer Service
on 1 300 300 279. Charges apply.

[Brokerteacher]

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