A good high risk punt imo, alot of stock changed hands last...

A good high risk punt imo, alot of stock changed hands last couple days possibly they liked the following announcement:



MEDIA RELEASE
29 November 2005
Share Placement & Activities Update
Highlights
• Re-assessment of Parker Range gold reserves and resources to be undertaken in the light of
the increase in gold price to over A$670/oz.
• New drilling targets identified at Parker Range.
• New uranium exploration prospect acquired in the Ashburton Mineral Field, WA.
• Nine Exploration Licences granted in East Pilbara.
• Share Placement to raise $177,300 (before costs)
Placement of Shares
The Company has made a Placement of 98,500,000 fully paid ordinary shares at a price of 0.18 cents per
share to raise $177,300 before costs of the issue. The Placement was approved by shareholders at the
annual general meeting of the Company held on 5 August 2005.
The proceeds of the Placement will be used to fund the exploration of the Parker Range Gold Project, the
acquisition of new projects, operating costs and working capital.
The shares will rank pari passu with the existing issued ordinary shares of the Company.
In accordance with the resolution of shareholders at the annual general meeting of the Company referred to
above, the directors propose to make a further placement or placements of shares, principally to provide
funds for the Company’s exploration projects and investigate, acquire and fund potential new opportunities.
The directors intend to offer shareholders a priority right to subscribe to a placement and further details will
be announced as soon as possible.
Parker Range Gold Project Update
In its last Quarterly Report, the Company advised that a complete review of the Parker Range Gold Project
was continuing, with a view to (among other things) re-evaluating prospects and re-prioritising targets within
tenements held and under application at Parker Range.
The Company has completed the interim stage of its review and is pleased to advise its exploration plans for
Parker Range Gold Project for the immediate future.
1. Grant of Applications at Centenary
Previous RC drilling at Centenary by the Company has shown highly significant gold mineralisation in
this area. Negotiations with the Native Title claimants in respect of applications (M77/762 and 763)
held over adjacent and nearby ground are well advanced and it is anticipated that the applications will
be granted early in the New Year 2006.
2
2. Priority Gold Targets in M77/762
Two priority targets for the Company lie within application for mining lease M77/762, which is held as
to 100% by the Company The application contains a considerable strike length (about 4.5km) of a
highly prospective package of mafic and ultramafic rocks that encompass the historic McIntosh group
of workings.
(i) McIntosh Prospect:
Located some 300m north of the old Queen of Sheba and Searchlight workings is a highly
prospective gold in soil anomaly of approximate dimensions 900m (NS) by 100m (EW), which
contains gold in soil values of up to 213ppb Au. To date the anomaly has been inadequately
drill tested by three widely spaced lines of drilling.
Nevertheless, this has returned a stand-out intersection of 6m @ 4.7g/tAu from 31m in
QER017, which remains open some 200 and 300m to the south and north respectively.
It is a priority to commence in-fill drilling around QER017 to ascertain the dimensions and
grade of the gold mineralisation, as well as step-out drilling to ensure that the totality of the soil
anomaly is adequately tested.
(ii) Olga Rocks Prospect:
The second target requiring immediate drilling lies in the southern part of the application, and
within the same package of prospective mafic and ultramafic rocks.
Previous drilling of part of a gold in soil anomaly has returned 5m @ 2.0g/t Au from 33m in
PRRC007, and while immediate drilling to the south closes this anomaly it remains open to the
north for at least 400m.
3. Centenary North Prospect - Priority Gold Target in M77/763
An additional stand-out drill target for the Company lies about 1km north and along strike from the
Centenary gold deposit within application MLA77/763, which is held as to 100% by the Company (c).
Here broad spaced drilling across the Parker Range BIF has returned, over two lines 200m apart, 6m
@ 1.9g/t Au from 22m (CTR268) and 6m @ 3.2g/t Au from 27m (CTR115). The mineralisation
appears open in both directions for a total strike of at least 600m.
4. Golden Horseshoe Prospect
(M77/562 and 893 – Gondwana 100%)
A priority for the Company also remains to fully drill-test the prospectivity of the Parker Range BIF that
lies in granted tenements M77/562 and 893, between the Star of the Range workings in the south and
the Buffalo gold deposit in the north, a distance of over 6km.
In particular further drilling will be planned to in-fill around a number of drill holes that returned
anomalous gold intercepts, the best of which include 4m @ 1.9g/t Au from 27m (05GDRB031), 5m @
0.8g/t Au from 16m (WHAC006), 3m @ 2.0g/t Au from 85m (PDC1576) and 3m @ 2.3g/t Au from 44m
(BRC124).
5. Buffalo and Spring Hill Prospects
(Gondwana 70%)
The Company’s current study will also include a thorough review of the resource estimated for the
Buffalo and Spring Hill gold deposits. Work recently conducted to this effect by the Company has
highlighted a number of inconsistencies in the modeling which could adversely affect the resource
estimates.
3
The review will also take into account the fact that the last ore resource and reserve calculations were
carried out when the gold price was A$550/ounce and the price is now over A$650/ounce.
6. Timetable
A detailed program will shortly be developed for drilling the above priority targets as well as the reassessment
of the Spring Hill/Buffalo resources. Work will be commenced as soon as possible and
completed during the first quarter 2006.
Moodong Well
The Company is pleased to advise the acquisition of a prospect in the Ashburton Mineral Field, WA, that is
considered prospective for uranium and other minerals.
The Moodong Well prospect is located near Nanutarra, about 1,250 kilometres north of Perth. The prospect
is contained within application E08/1577, which adjoins E08/1410 held by Vital Metals Limited to the northwest
and adjoins E08/1561 held by Globe Uranium Limited to the south.
The application area covers 19 graticular blocks, including the area of mineral claims once held by Afmeco
Pty Ltd, who carried out an exploration program in 1974-75, reporting¹ a Metamorphic Suite, consisting of
pelitic sediments with some calcareous units, metamorphosed to upper greenschist-lower amphibolite facies
with zones of granulite facies (amphibolites). The suite has been affected by migmatization and retrograde
metamorphism. This sequence is intruded by granitoids and unconformably overlain by Middle Proterozoic
sandstones of the Bangemall Group.
Several anomalous environments were found.
• Yellow products, secondary uranium minerals in granites and migmatites yielded up to 160 ppm
uranium;
• Hematite, magnetite and gossanous veins containing minor barite and malachite had best assays of
1300 ppm uranium, 1.5% copper and 800 ppm lead;
• Silicified shear zones had a best assay of 880 ppm uranium;
• Sheared, weathered ferruginised rocks with up to 140 ppm uranium;
• Mineralized mafic rocks in pegmatite gave 470 ppm uranium and 240 ppm copper.
Review of data will be undertaken by the Company and a preliminary reconnaissance program will be
planned for the first quarter 2006.
¹ Mundong Well uranium exploration, 1974–1975, Afmeco Pty Ltd
East Pilbara Update
The Company is pleased to advise that nine of its exploration licence applications in the East Pilbara, WA,
have been granted.
Montezuma Mining Corporation Limited, a company headed by Mr Terry Grammer, has recently entered into
an agreement to purchase the Company’s East Pilbara tenement interests. The Company expects that the
grant of these nine licences will enable the initial public offering of Montezuma, to proceed at an early date.
Gondwana shareholders will be given a priority invitation to participate in this public offering when the
Prospectus is released.
The new licences contain known occurrences of and are prospective for gold, copper, zinc, diamonds and
tantalum. The licence numbers are as follows:
ABN 72 008 915 311
PO Box 2000, Subiaco, Western Australia 6904
Registered Office: 230 Rokeby Road, Subiaco, Western Australia 6008
Telephone:+61 8 9388 9697 Facsimile: +61 8 9381 1705
Enquiries: [email protected] Web: www.gondwanaresources.com
4
Brockman E45/2412 Western Shaw E45/2460
Coongan E45/2454 Baroona Hill E45/2476
Coongan E45/2455 Nullagine North E46/554
Coongan E45/2456 Copper Hills South E46/555
Coongan E45/2457
Competent Person Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by Mr Bob Annett, who is a Member of The Australasian Institute of Mining
and Metallurgy. Mr Annett is an independent consultant.
Mr Annett 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 Annett consents to the inclusion in the report of the matters based on his information in the
form and context in which it appears.
Contact
For further information, please contact Warren Beckwith on phone (08) 9388 9697 or 0419 838 839 or by
email at [email protected]
Yours faithfully
Warren Beckwith
Director
Gondwana Resources Limited
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 1
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.
Name of entity
Gondwana Resources Limited
ABN
72 008 915 311
We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).
1 +Class of +securities issued or to be
issued
Ordinary shares
2 Number of +securities issued or to
be issued (if known) or maximum
number which may be issued
98,500,000 shares
3 Principal terms of the +securities
(eg, if options, exercise price and
expiry date; if partly paid
+securities, the amount outstanding
and due dates for payment; if
+convertible securities, the
conversion price and dates for
conversion)
Ordinary fully paid shares
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 2 1/1/2003
4 Do the +securities rank equally in all
respects from the date of allotment
with an existing +class of quoted
+securities?
If the additional securities do not
rank equally, please state:
• the date from which they do
• the extent to which they
participate for the next dividend,
(in the case of a trust,
distribution) or interest payment
• the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest payment
Yes
5 Issue price or consideration
0.18 cents
6 Purpose of the issue
(If issued as consideration for the
acquisition of assets, clearly identify
those assets)
Exploration, acquisition and general working
capital.
7 Dates of entering +securities into
uncertificated holdings or despatch
of certificates
29 November 2005
Number +Class
8 Number and +class of all
+securities quoted on ASX
(including the securities in clause
2 if applicable)
1,065,071,791*
72,248,298
(*including the
securities allotted in
this Placement)
Ordinary shares.
December 2007
Options
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 3
Number +Class
9 Number and +class of all
+securities not quoted on ASX
(including the securities in clause
2 if applicable)
Nil
10 Dividend policy (in the case of a
trust, distribution policy) on the
increased capital (interests)
None
Part 2 - Bonus issue or pro rata issue N/A
11 Is security holder approval
required?
12 Is the issue renounceable or nonrenounceable?
13 Ratio in which the +securities will
be offered
14 +Class of +securities to which the
offer relates
15 +Record date to determine
entitlements
16 Will holdings on different registers
(or subregisters) be aggregated for
calculating entitlements?
17 Policy for deciding entitlements in
relation to fractions
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 4 1/1/2003
18 Names of countries in which the
entity has +security holders who
will not be sent new issue
documents
Note: Security holders must be told how their
entitlements are to be dealt with.
Cross reference: rule 7.7.
19 Closing date for receipt of
acceptances or renunciations
20 Names of any underwriters
21 Amount of any underwriting fee or
commission
22 Names of any brokers to the issue
23 Fee or commission payable to the
broker to the issue
24 Amount of any handling fee
payable to brokers who lodge
acceptances or renunciations on
behalf of +security holders
25 If the issue is contingent on
+security holders’ approval, the
date of the meeting
26 Date entitlement and acceptance
form and prospectus or Product
Disclosure Statement will be sent to
persons entitled
27 If the entity has issued options, and
the terms entitle option holders to
participate on exercise, the date on
which notices will be sent to option
holders
28 Date rights trading will begin (if
applicable)
29 Date rights trading will end (if
applicable)
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 5
30 How do +security holders sell their
entitlements in full through a
broker?
31 How do +security holders sell part
of their entitlements through a
broker and accept for the balance?
32 How do +security holders dispose
of their entitlements (except by sale
through a broker)?
33 +Despatch date
Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of securities
34 Type of securities
(tick one)
(a)
Securities described in Part 1
(b)
All other securities
Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing the information or
documents
35 If the +securities are +equity securities, the names of the 20 largest holders of the
additional +securities, and the number and percentage of additional +securities held by
those holders
36 If the +securities are +equity securities, a distribution schedule of the additional
+securities setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 A copy of any trust deed for the additional +securities
√
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 6 1/1/2003
Entities that have ticked box 34(b)
38 Number of securities for which
+quotation is sought
39 Class of +securities for which
quotation is sought
40 Do the +securities rank equally in all
respects from the date of allotment
with an existing +class of quoted
+securities?
If the additional securities do not
rank equally, please state:
• the date from which they do
• the extent to which they
participate for the next dividend,
(in the case of a trust,
distribution) or interest payment
• the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest payment
41 Reason for request for quotation
now
Example: In the case of restricted securities, end of
restriction period
(if issued upon conversion of
another security, clearly identify that
other security)
Number +Class
42 Number and +class of all +securities
quoted on ASX (including the
securities in clause 38)
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 7
Quotation agreement
1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may
quote the +securities on any conditions it decides.
2 We warrant the following to ASX.
• The issue of the +securities to be quoted complies with the law and is not for
an illegal purpose.
• There is no reason why those +securities should not be granted +quotation.
• An offer of the +securities for sale within 12 months after their issue will
not require disclosure under section 707(3) or section 1012C(6) of the
Corporations Act.
Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give
this warranty
• Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any +securities to be quoted and
that no-one has any right to return any +securities to be quoted under
sections 737, 738 or 1016F of the Corporations Act at the time that we
request that the +securities be quoted.
• We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the +securities to be quoted, it has been
provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the
+securities to be quoted under section 1019B of the Corporations Act at the
time that we request that the +securities be quoted.
3 We will indemnify ASX to the fullest extent permitted by law in respect of any
claim, action or expense arising from or connected with any breach of the warranties
in this agreement.
4 We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before +quotation of
the +securities begins. We acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.
Sign here: ..................................................Date: 29 November 2005.........
(Director)
Print name: Warren Beckwith..........
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