Beacon Minerals Limited (BCN) 2011年年度報告「ASX」.pdf

《Beacon Minerals Limited (BCN) 2011年年度報告「ASX」.pdf》由會員分享，可在線閱讀，更多相關《Beacon Minerals Limited (BCN) 2011年年度報告「ASX」.pdf（63頁珍藏版）》請在三個皮匠報告上搜索。

1、 Beacon Minerals Limited(ABN 64 119 611 559)Annual Financial Report For the year ended 30 June 2011 -2-Beacon Minerals Limited Contents CORPORATEINFORMATION3DIRECTORSREPORT4CORPORATEGOVERNANCESTATEMENT20AUDITORSINDEPENDENCEDECLARATION26STATEMENTOFCOMPREHENSIVEINCOME27STATEMENTOFFINANCIALPOSITION28ST

2、ATEMENTOFCASHFLOWS29STATEMENTOFCHANGESINEQUITY30NOTESTOTHEFINANCIALSTATEMENTS31DIRECTORSDECLARATION59INDEPENDENTAUDITORSREPORT60SHAREHOLDERINFORMATION62TENEMENTSCHEDULE63-3-Beacon Minerals Limited CORPORATE INFORMATION ABN 64 119 611 559 Directors Paul Lloyd(Chairman)Darryl Harris(Managing Director)

3、Matthew Egan Company Secretary Paul Lloyd Principal place of business Level 2,46 Ord Street West Perth,Western Australia 6005 Telephone:+61 8 9476 9200 Facsimile:+61 8 9476 9099 Email: Website: Share Register Advanced Share Registry Services 150 Stirling Highway Nedlands,Western Australia,6009 Solic

4、itors Steinepreis Paganin Level 4,The Read Buildings 16 Milligan Street Perth,Western Australia 6000 Auditors HLB Mann Judd Level 4,130 Stirling Street Perth Western Australia 6000 ASX Code BCN Registered office 30 Ledgar Road Balcatta,Western Australia 6021 -4-Beacon Minerals Limited DIRECTORS REPO

5、RT Your directors submit the annual financial report of the entity for the financial year ended 30 June 2011.In order to comply with the provisions of the Corporations Act 2001,the directors report as follows:DIRECTORS AND INTERESTS The names of directors who held office during or since the end of t

6、he year and until the date of this report are as follows.Directors were in office for this entire period unless otherwise stated.Paul Lloyd,B.Bus CA(Chairman/Company Secretary)Paul Lloyd is a Chartered Accountant with over 25 years commercial experience.Mr Lloyd operates his own corporate consulting

7、 business,specialising in the area of corporate,financial and management advisory services.After commencing his career with an international accounting firm,he was employed for approximately 10 years as the General Manager of Finance for a Western Australian based international drilling contractor w

8、orking extensively in Asia and Africa.Mr Lloyd is a Director of ASX-listed South American Ferro Metals Limited,Firestrike Resources Limited and Sunseeker Minerals Limited.Mr Lloyd was appointed to the Board on 9 May 2006.During the last three years,Mr Lloyd has also served as a director of Target En

9、ergy Limited until resignation on 31 December 2010.Darryl Harris,B.Sc.MAusIMM(Managing Director)Darryl Harris is an engineering metallurgist with over 30 years experience in the development,design and commissioning of various metallurgical plants,including iron and steel,sulphuric acid,alumina and b

10、ase metal projects.Mr Harris has had a long association with consultant engineering companies including Nedpac,Signet Engineering,Lurgi,Outokumpu and Outotec.This includes coordination of various studies and concept development of various metallurgical plants including steel projects such as Kingstr

11、eam and specific metallurgical experience includes detailed feasibility studies,laboratory testwork,and project development for a variety of gold,ferrous,diamond and base metal projects.Mr Harris is currently a Non Executive Director of Indo Mines Limited and has been a director of the company since

12、 16 June 1987.The ASX listed Indo Mines Limited are developing the Jogjakarta Ironsands Project in Indonesia.Mr Harris is also a non executive director of Consolidated Tin Limited*,an ASX listed company.Mr Harris was appointed to the Board on 31 July 2008.During the last three years,Mr Harris has no

13、t served as a director of any other listed companies.Matthew Egan(Non-Executive Director)Matthew Egan has been associated with the exploration and mining industry for over 25 years.Matthew commenced his career with his family owned mineral drilling contracting company,working up to the position of M

14、anaging Director,where he negotiated and won long term contracts with key mining companies which resulted in the growth of the company to employing 135 staff.The company was later purchased by DrillCorp Ltd.He is currently the Managing Director and owner of Egan Drilling Services,a mineral drilling

15、contractor operating in Western Australia.Mr Egan was appointed to the Board on 9 May 2006.Mr Egan has no other listed company directorships and has not held any listed company directorships in the last 3 years.*denotes current directorship -5-Beacon Minerals Limited DIRECTORS REPORT(continued)Direc

16、tors interests in the shares and options of the company and related bodies corporate As at the date of this report,the interests of the directors in the shares and options of Beacon Minerals Limited were:Number of remuneration options Number of other options Number of fully paid ordinary shares Paul

17、 Lloyd -6,180,000 Darryl Harris-1,178,000 Matthew Egan-1,521,947 Share Options Details of unissued ordinary shares under options are as follows:Number of options Exercise price Expiry date Beacon Minerals Limited 150,000 27 cents 1 August 2012 240,220,610 ordinary shares were issued during the finan

18、cial year as a result of the exercise of options(option exercise price was 1 cent).Dividends No dividends have been paid or declared since the start of the financial year and the directors do not recommend the payment of a dividend in respect of the financial year.Principal Activities The principal

19、activities of the entity during the year were the exploration and development of mineral projects.There has been no significant changes in the nature of those activities during the year.-6-Beacon Minerals Limited DIRECTORS REPORT(continued)REVIEW OF OPERATIONS During the financial year the company h

20、as been exceptionally active in its exploration of the Barlee Gold Project in Western Australia.Two major objectives have been driving the various activities throughout the year.The first objective was to further develop gold anomalies within the Barlee project in order to build upon the existing re

21、source;the second aim for the year was to commence the processes required to bring the existing resource into the production phase in the future.A summary of the activities engaged in by the company during this period include:Flying 8500+km of high-resolution geophysical surveys over the Barlee proj

22、ect Granting of the 12km Mining Lease that was applied for in May 2010 The acquisition of additional tenements proximal to the Barlee project Metallurgical test work on the JORC compliant resource at Halleys East Commencing studies for submitting a Mining Proposal for the Halleys East Deposit Upgrad

23、ing the confidence level for the Halleys East Resource Drilling and sampling details for year are as follows:Table 1.Summary of drilling Drilling 01/07/10 30/06/11 RAB/AC 530 Holes 9,396m RC 93 Holes 17,024m This was complimented by over 1,800 regional soil samples that were collected over four of t

24、he exploration licenses that make up the Barlee Gold Project.Figure 1 summarises the activity for the period.-7-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)Figure 1.Overview of activity for the period 01/07/2010-30/06/2011 -8-Beacon Minerals Limited DIRECTORS RE

25、PORT(continued)Review of Operations(continued)Airborne Geophysical Survey In an effort to gain a better understanding of the structural environment of the Barlee area as well as locate similar structural targets to that of Halleys East a high-resolution geophysical survey was flown between December

26、2010 and January 2011.The survey was to cover approximately 8,800km of 50 metre spaced lines over the Barlee Project with an average terrain clearance height of 30 metres in order to provide a high degree of detail.Data retrieved from the survey included both magnetics and radiometrics.This was then

27、 used as a tool for unveiling new regional structural targets worthy of exploration.Figure 2 shows the newly acquired magnetic data with targets highlighted.Figure 2.Targets obtained from interpretation of airborne geophysical survey -9-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Op

28、erations(continued)Acquisition of Additional Tenements The Company entered into an option agreement to purchase tenements adjacent to its Barlee Gold Project.These additional tenements increased the landholding in the area by approximately 100 square kilometres and provide substantial upside explora

29、tion potential for the company.This option agreement was for the purchase of tenements E77/1711,E77/1712,E77/1713 and E77/1714(Figure 3).The 100 square kilometres of additional land contains highly prospective greenstone as well as contact zones with granite and banded iron formations.This provides

30、a substantial landholding in addition to the 300 square kilometres already held by Beacon.Figure 3.Newly acquired tenements through option agreement.-10-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)Mining Lease Granted The Company provided an application for a Mi

31、ning Lease to the Department of Mines in early May 2010.The Mining Lease covers an area of 1,274 Ha(12km)of the Barlee Project.Notable prospects included under the Mining Lease include Halley East,Phil and Crabman South.On the 3 March 2011 the Department of Mines notified the Company that the applic

32、ation for the Mining Lease ML77/1254(BCN 80%)had been approved.Commencing Mining Proposal Following the approval of the Mining Lease ML77/1254 the Company initiated studies to complete a Scoping/Pre-Feasibility Study into the potential mining of the Halleys East Deposit.Beacon engaged the services o

33、f Auralia Mining Consulting to manage the various aspects involved with the study,including:Environmental,Native Title,Hydrology,Metallurgy,Resource Estimation and Preliminary Mining and Treatment options.Metallurgical Test Work of Halleys East Results of preliminary metallurgical test work that was

34、 carried out earlier in the year were released by the Company and showed positives in terms of processing potential of the ore at Halleys East.The test work was carried out on Diamond Core composite samples retrieved from the Halleys East Deposit and results indicate that the oxide material is free

35、milling and amenable to conventional Carbon In Leach processing with recoveries of 96%.Key process parameters were:Bond Work Index of 10.8 Kwh/t Medium hardness ore Standard grind size applicable for gold recovery Up to 23%of gold may be recoverable by gravity techniques 96%recovery at-75 micron gri

36、nd and 24 hour residence time Upgrading the Halleys East Resource Based on the recommendations from independent resource consulting group,BKD Consulting Pty Ltd,a total of 12 inclined RC holes(1,060 metres)were drilled in order to aid interpretation and verification of the existing Inferred Resource

37、 and potentially upgrade the category.The drilling was completed on 10 metres sections with all holes located by DGPS with certified blanks and standards routinely inserted for QA/QC purposes.The infill drilling successfully confirmed the high grade nature of the shallow mineralised material in the

38、central portion of the Halleys East zone.Following the completion of drilling and receiving all of the assay results,BKD Consulting Pty Ltd has commenced updating the resource estimation of the Halleys East Deposit with respect to upgrading the resource and identifying high grade zones for mining fo

39、r toll treatment.RAB/AC Drilling A total of 530 RAB/AC holes were drilled over the Barlee Project area during the period aimed at strengthening and extending existing gold anomalies which are interpreted to be spatially associated with the Halleys East and/or Phil Shear Zones.Prospects drilled inclu

40、de Fenceline,Kink,Northside,Lost Bolt South,Nugget Patch,Eastside and Russell.Significant results from this years RAB/AC drilling are listed below in Table 2.-11-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)Table 2 Significant RAB-Aircore Drilling Results Hole ID

41、 AREA EAST NORTH AZ/DIP FROM RESULT(Au g/t)BRB1697 Eastside 3 704500 6737450 00/90 36 28m 0.43 BRB1697 44 8m 0.8 BRB1709 Eastside 3 704500 6737600 00/90 28 4m 0.92 BRB1711 Eastside 3 704550 6737650 00/90 16 8m 0.55 BRB1715 Eastside 3 704800 6737700 00/90 36 4m 3.6 BRB1719 Eastside 3 704550 6737700 0

42、0/90 20 19m 0.27 EOH BRB1735 Eastside 2 704150 6737850 00/90 20 8m 0.56 BRB1785 Russell 703160 6738325 60/270 16 16m 1.12 BRB1786 Russell 703180 6738325 60/270 20 16m 0.36 BRB1786 28 4m 0.92 BRB1788 Russell 703165 6738275 60/270 16 14m 0.4 EOH BRB1790 Russell 703110 6738225 60/270 4 4m 1.56 BRB1790

43、28 2m 0.88 BRB1790 28 8m 0.75 BRB1857 Eastside 704800 6737550 0/90 60 16m 0.56 BRB1892 Eastside 704950 6737750 0/90 40 8m 2.38 BRB1959 Lost Bolt South 701900 6729950 0/90 20 12m 0.52 BRB1992 Fenceline 2 698690 6737120 0/90 8 8m 1.29 Results calculated at+0.1 g/t,with maximum of 1 sample internal dil

44、ution.Repeat assays averaged.Samples collected as composite samples to a maximum of 4m Duplicate samples inserted routinely.Assays sent to Inspecotrare Kalassay in Kalgoorlie.Gold determination via Fire Assay-AAS Finish to 0.01 ppm DL.All holes drilled to blade refusal.Au=gold,EOH=End of Hole Down h

45、ole widths quoted.Due to the preliminary nature of the exploration drilling,the company is unable to state if mineralised widths approximate true width.The Company also advises that it is uncertain as to whether further drilling in these areas will lead to the discovery of potentially economic miner

46、alisation.-12-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued RC Drilling The Company completed 93 RC holes over the 12 months,totalling 9,396 metres.These 93 holes were planned to test anomalies detected in previous RAB/AC drilling,extend already known RC gold inte

47、rcepts or as infill drilling in order to strengthen the confidence of gold mineralisation between existing RC drill holes.A list of significant results can be found below in Table 3.Of the RC holes drilled this year,several were aimed at extending the mineralisation at Halleys East.These returned en

48、couraging results of 2m 10.35 g/t Au,1m 36.73 g/t Au and 4m 3.25 g/t Au leaving the Halleys East Deposit open along strike to the South.Other prospects drilled include Halleys NE,Eastside,Squid,Russell,Prince and Lost Bolt of which all were drilled with the aim of testing previously discovered gold

49、anomalies in RAB/AC drilling.Results follow in Table 3.-13-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued Table 3 Significant RC Drilling Results Hole ID East North Total Depth Location Az/Dip From To Intercept g/t gold BRC286 703159 6737498 70 Halleys East 16 29 1

50、3m 13.58 BRC286 Halleys East 25 28 Incl 3m 53.08 BRC289 703174 6737511 90 Halleys East 320/-60 16 32 16m 6.05 BRC289 Halleys East 26 31 Incl 5m 14.70 BRC290 703189 6737493 90 Halleys East 60 66 6m 63.53 BRC290 Halleys East 68 69 1m 5.17 BRC291 703200 6737480 95 Halleys East 68 69 1m 14.17 BRC291 Hal

51、leys East 76 83 7m 18.29 BRC291 Halleys East 77 81 Incl 4m 30.82 BRC293 703192 6737521 75 Halleys East 27 38 11m 7.81 BRC293 Halleys East 29 30 Incl 1m 13.81 BRC293 Halleys East 32 34 Incl 2m 30.66 BRC294 703213 6737495 115 Halleys East 320/-60 18 20 2m 4.50 BRC294 Halleys East 48 53 5m 11.87 BRC294

52、 Halleys East 50 52 Incl 2m 28.18 BRC294 Halleys East 81 84 3m 4.96 BRC297 703216 6737523 120 Halleys East 69 72 3m 10.96 BRC297 Halleys East 69 70 Incl 1m 27.67 BRC297 Halleys East 86 94 8m 11.49 BRC297 Halleys East 90 92 Incl 2m 36.12 BRC281 703144 6737446 Halleys East 37 40 2m 10.35 BRC281 Halley

53、s East 53 54 1m 36.73 BRC277 703185 6737141 50 Squid 320/-60 42 43 1m 15.54 BRC298 702310 6736952 100 Prince Trend 230/-60 71 72 1m 26.29 BRC310 703210 6738325 100 Russell 270/-60 54 55 1m 3.19 BRC314 703051 6739431 140 Phil North 320/-60 67 75 8m 3.17 BRC315 703035 6739411 120 Phil North 320/-60 18

54、 19 1m 4.53 BRC322 703005 6739392 140 Phil North 320/-60 78 80 2m 5.11 BRC323 703006 6739360 120 Phil North 320/-60 101 103 2m 4.48 BRC317 702995 6739436 80 Phil North 320/-60 68 69 1m 3.81 Results calculated at+0.5 g/t Au,with a maximum of 2 metres internal dilution.Repeat assays averaged.Samples c

55、ollected as single metre samples from cone splitter via cyclone mounted on drill rig.Duplicate,certified standard and blank samples inserted routinely.Assays sent to Inspectorate Kalassay Laboratories in Kalgoorlie.Gold via Fire Assay-ICP/AAS finish to 0.01 ppm detection limit.Down hole widths quote

56、d.The company is unable to state if mineralised widths approximate true width.The Company also advises that it is uncertain as to whether further drilling in these areas will lead to the discovery of potentially economic mineralisation.-14-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of

57、 Operations(continued)Geochemical Sampling Targets identified by the recently flown aeromagnetic survey were followed up with regional geochemical sampling;in total over 1800 samples were taken and assayed for gold,producing several anomalous zones(FIGURE 4).These zones include Western Greenstone,Ea

58、stern,Nugget Patch,120 and the Straddle North Anomalies.Anomalies are illustrated in Figure 4 2010 2011 Geochemical Anomalies,indicated by the Au ppb contours.Figure 4.Geochemical Anomalies -15-Beacon Minerals Limited DIRECTORS REPORT(continued)Review of Operations(continued)Future work Work intende

59、d for the future will revolve around finalising studies for the submission of the Mining Proposal to facilitate Toll Treatment as well as following up remaining targets that may expand the current JORC compliant resource of the Barlee Gold project.In particular the activities will include:Hydrology

60、drilling and studies for environmental components of the Mining Proposal Geotechnical drilling for pit optimisation for the Halleys East Deposit RAB/AC drilling to test remaining targets RC drilling and infill to extend and verify existing gold mineralisation(including the Halleys East Deposit)The i

61、nformation in this report,as it relates to:A)Exploration Results,is based on information compiled and/or reviewed by Mr.Lyle Thorne who is a member of the Australasian Institute of Mining and Metallurgy(AusIMM).B)Resource Estimates,is based on information compiled and/or reviewed by Mr.Byron Dumplet

62、on who is a member of the AIG(Australian Institute of Geoscientists).C)Metallurgical and Processing Estimates are based on information compiled and/or reviewed by Mr.Darryl Harris who is a member of the AusIMM.All persons have the relevant experience with the mineralisation reported on to qualify as

63、 a Competent Person as defined in the 2004 Edition of the“Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves”.All persons consent to the inclusion in the report of the matters based on the information in the form and context in which they appear.Down hole width

64、s quoted.Due to the preliminary nature of the exploration drilling,the company is unable to state if mineralised widths approximate true width.The Company also advises that it is uncertain as to whether further drilling in these areas will lead to the discovery of potentially economic mineralisation

65、.-16-Beacon Minerals Limited DIRECTORS REPORT(continued)OPERATING RESULTS FOR THE YEAR Net loss attributable to equity holders for the year ended 30 June 2011$1,287,936 Basic loss per share(cents)(0.14)Significant changes in the state of affairs There have been no significant changes in the state of

66、 affairs of the Company to the date of this report,not otherwise disclosed in this report.Significant events after balance date There were no matters or circumstances that have arisen after balance date that have significantly affected,or may significantly affect,the operations of the Company,the re

67、sults of those operations,or the state of affairs of the Company in future financial years.Likely developments and expected results Disclosure of information regarding likely developments in the operations of the Company in future financial years and the expected results of those operations is likel

68、y to result in unreasonable prejudice to the Company.Therefore,this information has not been presented in this report.Environmental legislation The Company is not subject to any significant environmental legislation.Indemnification and insurance of Directors and Officers The Company has agreed to in

69、demnify the following current directors of the Company,Mr P Lloyd,Mr D Harris and Mr M Egan against all liabilities to another person(other than the Company or related body corporate)that may arise from their position as directors of the Company,except where the liability arises out of conduct invol

70、ving a lack of good faith.The agreement stipulates that the Company will meet the full amount of any such liabilities,including costs and expenses.The total amount of premiums paid was$7,160.-17-Beacon Minerals Limited DIRECTORS REPORT(continued)Remuneration Report This report outlines the remunerat

71、ion arrangements in place for directors and executives of Beacon Minerals Limited(the“Company”),for the financial year ended 30 June 2011,and is audited.The following persons acted as directors during or since the end of the financial year:Paul Lloyd(Chairman)Darryl Harris(Managing Director)Matthew

72、Egan Remuneration philosophy The performance of the Company depends upon the quality of the directors and executives.The philosophy of the Company in determining remuneration levels is to:set competitive remuneration packages to attract and retain high calibre employees;link executive rewards to sha

73、reholder value creation;and establish appropriate,demanding performance hurdles for variable executive remuneration.Remuneration structure In accordance with best practice Corporate Governance,the structure of non-executive director and executive remuneration is separate and distinct.Non-executive d

74、irector remuneration The Board seeks to set aggregate remuneration at a level that provides the Company with the ability to attract and retain directors of the highest calibre,whilst incurring a cost that is acceptable to shareholders.The ASX Listing Rules specify that the aggregate remuneration of

75、non executive directors shall be determined from time to time by a general meeting.The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst directors is reviewed annually.The Board considers advice from external shareholders as well

76、 as the fees paid to non executive directors of comparable companies when undertaking the annual review process.Each director receives a fee for being a director of the Company.The remuneration of non executive directors for the year ended 30 June 2011 is detailed below and in Note 19 of this financ

77、ial report.Senior manager and executive director remuneration Remuneration consists of fixed remuneration and variable remuneration(comprising short-term and long-term incentive schemes).Fixed Remuneration Fixed remuneration is reviewed annually by the Board of Directors.The process consists of a re

78、view of relevant comparative remuneration in the market and internal and,where appropriate,external advice on policies and practices.Variable Remuneration The current directors hold significant numbers of shares.Therefore there exists a direct link between the creation of shareholder wealth performa

79、nce,and the financial rewards for the directors.Employment Contracts On 2 March 2010 the Company entered into service contracts with the two executive directors,Darryl Harris and Paul Lloyd.A summary of the service contracts is as follows;The agreements were entered into on 2 March 2010 and have a t

80、erm of 2 years;The remuneration is based on the days worked at$1,300 per day for Darryl Harris and$1,500 per day for Paul Lloyd;On termination of the engagement by the Company or the executive,a period of 3 months notice is required;and On termination of the engagement by the Company,the company wil

81、l pay fees being the average of the fees paid during the first year of consulting and the estimated annual fee payable during the second year of consulting.If the executive terminates the engagement within 12 months of a change in control occurring over the operation and shareholder base of the comp

82、any,the company will pay fees being the average of the fees paid during the first year of consulting and the estimated annual fee payable during the second year of consulting.For both executives this payment is expected to be in the range of$250,000 to$300,000.-18-Beacon Minerals Limited DIRECTORS R

83、EPORT(continued)Remuneration report(continued)Short term employee benefits Post employment benefits Equity Total%Salary&Fees Non Monetary Benefits Super-annuation Options/Shares Performance Related 30 June 2010 M Egan 24,000 2,959 2,160-29,119-D Harris 242,100 2,959-245,059-P Lloyd 249,000 2,959-251

84、,959-Total 515,100 8,877 2,160-526,137-30 June 2011 M Egan 24,000 2,626 2,160-28,786-D Harris 240,500 2,626-243,126-P Lloyd 265,000 2,626-267,626-Total 529,500 7,878 2,160-539,538-No options were granted as part of remuneration during the years ended 30 June 2010 and 2011.Directors Meetings The numb

85、er of meetings of directors held during the year and the number of meetings attended by each director were as follows:Full meetings of Directors Directors during the year ended A B 30 June 2011 P Lloyd 4 4 D Harris 4 4 M Egan 4 4 A=Number of meetings held during the time that the director held offic

86、e B=Number of meetings attended in person -19-Beacon Minerals Limited DIRECTORS REPORT(continued)Auditor Independence Section 307C of the Corporations Act 2001 requires our auditors,HLB Mann Judd,to provide the directors of the Company with an Independence Declaration in relation to the audit of the

87、 financial report.This Independence Declaration is set out on page 26 and forms part of this directors report for the year ended 30 June 2011.Non-Audit Services There were no non-audit services provided by our auditors,HLB Mann Judd,during the year.Signed in accordance with a resolution of the direc

88、tors.Paul Lloyd Chairman Perth,27 September 2011 -20-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT The Board of Directors is responsible for the corporate governance of the Company.The Board guides and monitors business activities and affairs of the Company on behalf of the shareholders by

89、whom they are elected and to whom they are accountable.The Company has adopted systems of control and accountability as the basis for the administration of corporate governance.The Board is committed to administering the policies and procedures with openness and integrity,pursuing the true spirit of

90、 corporate governance commensurate with the companys needs.The Corporate Governance Statement has been structured with reference to ASX Corporate Governance Councils(“council”)“Principles of Good Corporate Governance and Best Practice Recommendations”to the extent that they are applicable to the Com

91、pany.Information about the Companys corporate governance practices is set out below.Board of Directors Structure of the Board The skills,experience and expertise relevant to the position of director held by each director in office at the date of the annual report is included in the Directors Report.

92、Directors of Beacon Minerals Limited are considered to be independent when they are independent of management and free from any business or other relationship that could materially interfere with or could reasonably be perceived to materially interfere with the exercise of their unfettered and indep

93、endent judgment.In the context of director independence,materiality is considered from both the company and individual director perspective.The determination of materiality requires consideration of both quantitative and qualitative elements.An item is presumed to be quantitatively immaterial if it

94、is equal to or less than 5%of the appropriate base amount.It is presumed to be material(unless there is qualitative evidence to the contrary)if it is equal to or greater than 10%of the appropriate base amount.Qualitative factors considered include whether a relationship is strategically important,th

95、e competitive landscape,the nature of the relationship and the contractual or other arrangements governing it and other factors that point to the actual ability of the director in question to shape the direction of the companys loyalty.In accordance with the definition of independence above,and the

96、materiality thresholds set,the following directors of Beacon Minerals Limited are considered to be independent:Name Position Matthew Egan Non Executive Director There are procedures in place,agreed by the Board,to enable directors in the furtherance of their duties to seek independent professional a

97、dvice at the companys expense.The term in office held by each director in office at the date of this report is as follows:Name Office Date of Appointment Period of Tenure(months)Date of most recent re-election by members Paul Lloyd Chairman 9 May 2006 61 November 2009 Darryl Harris Managing Director

98、 31 July 2008 35 November 2008 Matthew Egan Non Executive Director 9 May 2006 61 November 2010 Role of the Board The Boards primary role is the protection and enhancement of long-term shareholder value.To fulfil this role,the Board is responsible for the overall corporate governance of the entity in

99、cluding formulating its strategic direction,approving and monitoring capital expenditure,setting remuneration,appointing,removing and creating succession policies for directors and senior executives,establishing and monitoring the achievement of managements goals and ensuring the integrity of intern

100、al control and management information systems.It is also responsible for approving and monitoring financial and other reporting.-21-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Board Processes The Board has established a framework for the management of the entity including a syst

101、em of internal control,a business risk management process and appropriate ethical standards.The full Board schedules meetings,including strategy meetings and any extraordinary meetings,as necessary to address any specific significant matters that may arise.The agenda for meetings is prepared in conj

102、unction with the Chairman and Managing Director.Standing items include the management report,financial reports,strategic matters,governance and compliance.Submissions are circulated in advance.The entity is not currently considered to be of a size,nor is its affairs of such complexity to justify the

103、 establishment of separate board committees,including a Nomination Committee,Remuneration Committee or an Audit Committee.Accordingly,all matters that may be considered by such committees are dealt with by the full Board.Details of the Boards procedures in respect to each of these areas are further

104、outlined within the Corporate Governance Statement below-see Nomination Committee,Remuneration Committee and Audit Committee respectively.Director Education The Company has a formal process to educate new directors about the nature of the business,current issues,the corporate strategy and the expect

105、ations of the entity concerning performance of directors.Directors also have the opportunity to visit entity facilities and meet with management to gain a better understanding of business operations.Directors are given access to continuing education opportunities to update and enhance their skills a

106、nd knowledge.Independent Professional Advice and Access to Company Information Each Director has the right of access to all relevant company information and to the Companys executives and,subject to prior consultation with the chairman,may seek independent professional advice from a suitably qualifi

107、ed adviser at the entitys expense.The director must consult with an advisor suitably qualified in the relevant field,and obtain the chairmans approval of the fee payable for the advice before proceeding with the consultation.A copy of the advice received by the director is made available to all othe

108、r members of the board.Composition of the Board The names of the Directors of the Company in office at the date of this report are set out in the Directors Report.The composition of the Board is determined using the following principles:A minimum of three directors,with a broad range of expertise bo

109、th nationally and internationally Directors having extensive knowledge of the Companys industries,and those which do not,have extensive expertise in significant aspects of auditing and financial reporting,or risk management and financing of public companies The roles of Chairman and Managing Directo

110、r are not to be exercised by the same individual.Board members have experience in the management of public companies.The board currently does not have a majority of independent directors as recommended by the ASX Corporate Governance Council.The directors consider that,given the current size and sta

111、ge of development of the Company,the current number of independent directors in the Company is appropriate for the effective execution of the boards responsibilities.The directors periodically monitor the need to appoint additional independent directors.Mr Matthew Egan is considered an“Independent D

112、irector”in terms of ASX Recommendations as he does not hold a substantial amount of shares in the Company.Chairman The Company is not currently considered to be of a size,nor are its affairs of such complexity to justify the need for an independent Chairman.The Chairman has been selected to bring sp

113、ecific skills and industry experience relevant to the Company.-22-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Nomination Committee The board considers that a formally constituted Nomination Committee is not appropriate as the board,as part of its usual role,oversees the appointm

114、ent and induction process for directors,and the selection,appointment and succession planning process of the Companys executive officers.The board considers the appropriate skill mix,personal qualities,expertise and diversity of each position.When a vacancy exists or there is a need for particular s

115、kills,the board determines the selection criteria based on the skills deemed necessary.The board identifies potential candidates and may take advice from an external consultant.The board then appoints the most suitable candidate.Board candidates must stand for election at the next general meeting of

116、 shareholders.The chairman of the board continually reviews the effectiveness of the board,individual directors,and senior executives.The other directors have an opportunity to contribute to the review process.The reviews generate recommendations to the board,which votes on them.Directors displaying

117、 unsatisfactory performance are required to retire.Remuneration Committee The board considered that a formally constituted Remuneration Committee is not appropriate as the board,as part of its usual role,oversees the appointment and remuneration of directors and the Companys executive officers.Remun

118、eration levels are competitively set to attract and retain appropriately qualified and experienced directors and senior executives.The board may seek independent advice on the appropriateness of remuneration packages,given trends in comparative companies both locally and internationally.Remuneration

119、 packages include a mix of fixed remuneration,performance-based remuneration,and equity-based remuneration.The remuneration structures explained below are designed to attract suitably qualified candidates,and to affect the broader outcome of maximising the Companys profitability.The remuneration str

120、uctures take into account:Overall level of remuneration for each director and executive;The executives ability to control the performance of the relevant area;and The amount of incentives within each executives remuneration.Shares and options can only be issued to Company Directors under a resolutio

121、n at a general meeting of shareholders.Non executive Directors may receive a base fee and can be remunerated by way of share and option issues approved under a resolution at a general meeting of shareholders.The board has no established retirement or redundancy schemes.Audit Committee The Company is

122、 not currently considered to be of a size,nor are its affairs of such complexity to justify the establishment of a separate Audit Committee.Whilst the Company does not have a formally constituted Audit Committee,the board,as part of its usual role,undertakes audit related responsibilities including:

123、Reviewing the annual and interim financial reports and other financial information distributed externally.This includes approving new accounting policies to ensure compliance with Australian Accounting Standards and generally accepted accounting principles,and assessing whether the financial informa

124、tion is adequate for shareholders needs;Assessing corporate risk assessment processes;Assessing whether non-audit services provided by the external auditor are consistent with maintaining the external auditors independence.The external auditor provides an annual declaration of independence which is

125、consistent with Code of Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board;Addressing any matters outstanding with auditors,Australian Taxation Office,Australian Securities and Investments Commission,Australian Securities Ex

126、change and financial institutions;Reviewing the nomination and performance of the external auditor.The external audit engagement partner will be rotated every five years;Assessing the adequacy of the internal control framework and the Companys code of ethical standards;Monitoring the procedures to e

127、nsure compliance with the Corporations Act 2001 and the ASX Listing Rules and all other regulatory requirements.-23-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Audit Committee(continued)The directors review the performance of the external auditors on an annual basis and normally

128、 meet with them during the year to:Discuss the external audit plans,identify any significant changes in structure,operations,internal controls or accounting policies likely to impact the financial statements and to review the fees proposed for the audit work to be performed;Review the annual and hal

129、f-year reports prior to lodgement with the ASX,and any significant adjustments required as a result of the auditors findings,prior to announcement of the result.The board monitors the need to form an Audit Committee on a periodic basis.Risk Management Overview of the Risk Management System The Board

130、 adopts practices designed to identify significant areas of business risk and to effectively manage those risks in accordance with the Companys risk profile.This includes assessing,monitoring and managing operational,financial reporting and compliance risks for the company.The Company is not of a si

131、ze nor is its affairs of such complexity to justify the establishment of a formal system for reporting risk management and associated compliance and controls.Instead,a director,in accordance with company policy,approves all expenditure,is intimately acquainted with all operations and reports all rel

132、evant issues to the other directors at the directors meetings.The company secretary has declared to the board,that the aforementioned system is working efficiently and effectively.The operational and other compliance risk management have also been assessed and found to be operating efficiently and e

133、ffectively.All risk assessments covered the entire part of the financial year that the Company operated and the period up to the signing of the annual financial report for all material operations in the Company.Risk Profile The Company is not currently considered to be of a size,nor is its affairs o

134、f such complexity to justify the establishment of a separate Risk Management Committee.Instead,the board,as part of its usual role and through direct involvement in the management of the Companys operations ensures risks are identified,assessed and appropriately managed.Where necessary,the board dra

135、ws on the expertise of appropriate external consultants to assist in dealing with or mitigating risk.Major risks arise from such matters as actions by competitors,government policy changes,difficulties in sourcing raw materials,the robustness of the technologies being used or proposed to be used,env

136、ironment,occupational health and safety,financial reporting and the purchase,development and use of information systems.Risk Management,Compliance and Control The board acknowledges that it is responsible for the overall internal control framework,but recognises that no cost effective internal contr

137、ol system will preclude all errors and irregularities.Practices have been established to ensure:Capital expenditure and revenue commitments above a certain size obtain prior board approval;Financial exposures are controlled,including the potential use of derivatives;Occupational health&safety standa

138、rds and management systems are monitored and reviewed to achieve high standards of performance and compliance with regulations;Business transactions are properly authorised and executed;The quality and integrity of personnel(see below);Financial reporting accuracy and compliance with the financial r

139、eporting regulatory framework(see below);and Environmental regulation compliance(see below).-24-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Quality and Integrity of Personnel The Company conducts a comprehensive review of the ability and experience of potential employees prior t

140、o appointment.Informal appraisals will be conducted regularly with continuous feedback and on the job monitoring and training for all employees.Formal appraisals will be conducted at least annually for all employees.Training and development and appropriate remuneration and incentives with regular pe

141、rformance reviews will create an environment of co-operation and constructive dialogue with employees and senior management.Financial Reporting The company secretary has declared to the board that the Companys financial reports are founded on a sound system of risk management and internal compliance

142、 and control which implements the policies adopted by the board.Following the reporting year,monthly actual results are reported against budgets approved by the directors and revised forecasts for the year are prepared regularly.Environmental Regulation The Companys operations are not subject to sig

143、nificant environmental regulation in relation to its operational activities.The Company is committed to achieving a high standard of environmental performance.The board is responsible for the regular monitoring of environmental exposures and compliance with environmental regulations.Internal Audit T

144、he Company does not have a formally established internal audit function.The board ensures compliance with the internal controls and risk management procedures previously mentioned.Ethical Standards All directors,managers and employees are expected to act with the utmost integrity and objectivity,str

145、iving at all times to enhance the reputation and performance of the Company.Conflict of Interest Directors must keep the board advised,on an ongoing basis,of any interest that could potentially conflict with those of the Company.The board has developed procedures to assist directors to disclose pote

146、ntial conflicts of interest.Where the board believes that a significant conflict exists for a director on a board matter,the director concerned is not present at the meeting whilst the item is considered.Code of conduct The Company has established a Code of Conduct(Code)which aims to develop a consi

147、stent understanding of,and approach to,the desired standards of conduct and behaviour of the directors,officers,employees and contractors(collectively,the employees)in carrying out their roles for the Company.Through this Code,the Company seeks to encourage and develop a culture of professionalism,h

148、onesty and responsibility in order to maintain and enhance our reputation as a valued employer,business operator and corporate citizen.The Code is designed to broadly outline the ways in which the Company wishes to conduct its business.The Code does not cover every possible situation that employees

149、may face,but is intended to provide employees with a guide to taking a commonsense approach to any given situation,within an overall framework.Trading in the Companys securities by directors and employees The Company has established a Security Trading Policy that is provided to all Directors and emp

150、loyees on commencement.The constitution permits directors to acquire shares in the Company.Company policy prohibits directors from dealing in shares whilst in possession of price sensitive information.Directors must notify the company secretary once they have bought or sold shares in the Company or

151、exercised options over ordinary shares.In accordance with the provisions of the Corporations Act 2001 and the Listing Rules of the Australian Securities Exchange(“ASX”),the Company on behalf of the directors must advise the ASX of any transactions conducted by them in shares and/or options in the Co

152、mpany.Communication with Shareholders The board has formally documented the Companys continuous disclosure procedures and established a Compliance policy.The board,as part of its usual role,provides shareholders with information using comprehensive continuous disclosure processes which includes iden

153、tifying matters that may have a material effect on the price of the Companys securities,notifying them to the ASX and issuing media releases.-25-Beacon Minerals Limited CORPORATE GOVERNANCE STATEMENT(continued)Communication with Shareholders(continued)In summary,the continuous disclosure processes o

154、perate as follows:The Chairman and the Managing Director are responsible for all communications with the ASX.Matters that may have an effect on the price of the Companys securities are advised to the ASX on the day they are discovered.Senior executives monitor all areas of the Companys internal and

155、external environment;The full annual financial report is made available to all shareholders,and includes relevant information about the operations of the Company during the year,changes in the state of affairs and details of future developments;The half-yearly report contains summarised financial in

156、formation and a review of the operations of the Company during the period.The half-year reviewed financial report is lodged with the Australian Securities and Investments Commission and the ASX,and sent to any shareholder who requests it;Proposed major changes in the Company which may impact on shar

157、e ownership rights are submitted to a vote of shareholders;All announcements made to the market,and related information(including information provided to analysts and the media),are released to the ASX;and The external auditor attends the Annual General Meeting to answer any questions concerning the

158、 audit and the content of the Auditors Report.The board encourages full participation of shareholders at the Annual General Meeting,to ensure a high level of accountability and identification with the Companys strategy and goals.Important issues are presented to the shareholders as single resolution

159、s.The shareholders are requested to vote on the appointment and aggregate remuneration of directors,the granting of options and shares to directors and changes to the constitution.Copies of the constitution are available to any shareholder on request.Diversity The Company believes that the promotion

160、 of diversity on boards,in senior management and within the organisation generally:broadens the pool for recruitment of high quality directors and employees;is likely to support employee retention through the inclusion of different perspectives,is likely to encourage greater innovation:and is social

161、ly and economically responsible governance practice.Currently,Beacon has no females in senior positions.There are no female directors.Given the present size of the Company,there are no plans to establish measurable objectives for achieving further gender diversity at this time.The need for establish

162、ing and assessing measurable objectives for achieving gender diversity will be re-assessed as the size of the Company increases.Other Information Further information relating to the Companys corporate governance practices and policies has been made publicly available on the Companys web site at .-26

163、-Beacon Minerals Limited HLB Mann Judd(WA Partnership)ABN 22 193 232 714 Level 4,130 Stirling Street Perth WA 6000.PO Box 8124 Perth BC 6849 Telephone+61(08)9227 7500.Fax+61(08)9227 7533.Email:.au.Website:http:/.au Liability limited by a scheme approved under Professional Standards Legislation HLB M

164、ann Judd(WA Partnership)is a member of International,a worldwide organisation of accounting firms and business advisers.AUDITORS INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Beacon Minerals Limited for the year ended 30 June 2011,I declare that to the best of my

165、knowledge and belief,there have been no contraventions of:a)the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and b)any applicable code of professional conduct in relation to the audit.This declaration is in respect of Beacon Minerals Limited.Perth,Western A

166、ustralia L DI GIALLONARDO 27 September 2011 Partner,HLB Mann Judd -27-Beacon Minerals Limited STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2011 Notes 2011$2010$Revenue 2 172,307 148,075 Other income 2 22,000 245,797 Accounting expense (274,079)(262,046)Audit and review fees (26,250)(

167、33,600)Consultants (280,884)(267,549)Depreciation expense 9(7,044)(4,742)Directors fees (24,000)(24,000)Employee benefits expense (56,083)(37,079)Exploration expense 10(8,024)(12,661)Insurance (14,399)(15,133)Interest -(71,919)Legal expense (8,053)(5,651)Listing fees (32,798)(57,268)Office expense (

168、114,964)(95,414)Other expenses (32,534)(56,642)Project evaluation costs (98,551)-Promotions and advertising (318,362)(296,087)Share registry expense (32,339)(54,606)Travel and accommodation (153,879)(43,917)Loss before income tax expense from continuing operations (1,287,936)(944,442)Income tax expe

169、nse 3-Net Loss for the year (1,287,936)(944,442)Other comprehensive income Net change in fair value reserve 243,399(60,000)Other comprehensive income/(loss)for the year 243,399(60,000)Total comprehensive loss for the year (1,044,537)(1,004,442)Basic loss per share(cents per share)5(0.14)(0.16)The ac

170、companying notes form part of these financial statements -28-Beacon Minerals Limited STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2011 Notes 2011$2010$Assets Current Assets Cash and cash equivalents 6 1,715,368 4,186,938 Trade and other receivables 7 92,521 210,474 Total Current Assets 1,807,889 4,

171、397,412 Non-Current Assets Other financial assets 8 1,114,700-Property,plant and equipment 9 11,682 18,726 Deferred exploration expenditure 10 5,467,268 3,064,810 Total Non-Current Assets 6,593,650 3,083,536 Total Assets 8,401,539 7,480,948 Liabilities Current Liabilities Trade and other payables 11

172、 70,527 594,730 Total Current Liabilities 70,527 594,730 Total Liabilities 70,527 594,730 Net Assets 8,331,012 6,886,218 Equity Issued capital 12 21,958,170 19,468,839 Reserves 12 960,032 716,633 Accumulated losses 12(14,587,190)(13,299,254)Total Equity 8,331,012 6,886,218 The accompanying notes for

173、m part of these financial statements -29-Beacon Minerals Limited STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2011 Notes 2011$2010$Inflows/(Outflows)Cash flows from operating activities Payments to suppliers and employees (1,252,010)(953,221)Interest received 172,307 139,982 Net cash provided

174、by/(used in)operating activities 6(1,079,703)(813,239)Cash flows from investing activities Purchase of listed investments (871,301)-Purchase of property,plant and equipment -(10,860)Proceeds from the sale of listed investments -296,468 Payments for deferred exploration expenditure (2,784,897)(2,454,

175、230)Net cash provided by/(used in)investing activities (3,656,198)(2,168,622)Cash flows from financing activities Interest paid on borrowings -(185,570)Repayment of borrowings -(1,499,285)Proceeds from issue of shares 2,402,206 8,210,255 Share issue expenses (137,875)(347,178)Net cash provided by/(u

176、sed in)financing activities 2,264,331 6,178,222 Net increase/(decrease)in cash and cash equivalents (2,471,570)3,196,361 Cash and cash equivalents at beginning of year 4,186,938 990,577 Cash and cash equivalents at 30 June 2011 6 1,715,368 4,186,938 The accompanying notes form part of these financia

177、l statements -30-Beacon Minerals Limited STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2011 Issued Capital Accumulated losses Option Premium Reserve Equity Benefits Reserve Fair Value Reserve Total$Opening Balance 1 July 2009 11,661,762(12,354,812)169,250 243,384 60,000(220,416)Shares is

178、sued during the year 8,205,892-8,205,892 Transaction costs(398,815)-(398,815)Loss for the year-(944,442)-(944,442)Issue of options to consultants -303,999-303,999 Transfer of reserve on sale of listed investments-(60,000)(60,000)Balance at 30 June 2010 19,468,839(13,299,254)169,250 547,383-6,886,218

179、 Opening Balance 1 July 2010 19,468,839(13,299,254)169,250 547,383-6,886,218 Shares issued during the year 2,627,206-2,627,206 Transaction costs(137,875)-(137,875)Revaluation of listed investments-243,399 243,399 Loss for the year-(1,287,936)-(1,287,936)Balance at 30 June 2011 21,958,170(14,587,190)

180、169,250 547,383 243,399 8,331,012 The accompanying notes form part of these financial statements -31-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of Preparation The financial report is a general

181、-purpose financial report,which has been prepared in accordance with the requirements of the Corporations Act 2001,Accounting Standards and Interpretations,and complies with other requirements of the law.The financial report has also been prepared on a historical cost basis,except for available for

182、sale investments which have been measured at fair value.Cost is based on the fair values of the consideration given in exchange for assets.The financial report is presented in Australian dollars.The Company is an Australian Securities Exchange listed public company,incorporated in Australia and oper

183、ating in Australia.The companys principal activity is the exploration and development of mineral projects.(b)Adoption of new and revised standards In the year ended 30 June 2011,the Company has reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to

184、its operations and effective for the current annual reporting period.It has been determined by the Company that there is no impact,material or otherwise,of the new and revised Standards and Interpretations on its business and,therefore,no change is necessary to Company accounting policies.The Compan

185、y has also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the year ended 30 June 2011.As a result of this review the Directors have determined that there is no impact,material or otherwise,of the new and revised Standards and Interpretations on its

186、 business and,therefore,no change necessary to accounting policies.(c)Statement of Compliance The financial report was authorised for issue on 27 September 2011.The financial report complies with Australian Accounting Standards,which include Australian equivalents to International Financial Reportin

187、g Standards(AIFRS).Compliance with AIFRS ensures that the financial report,comprising the financial statements and notes thereto,complies with International Financial Reporting Standards(IFRS).(d)Critical accounting judgments and key resources of estimation uncertainty The carrying amounts of certai

188、n assets and liabilities are often determined based on estimates and assumptions of future events.The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:Shar

189、e-based payment transactions:The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by applying the Black and Scholes model.The Company measures the cost o

190、f cash-settled share-based payments at fair value at the grant date using the Black and Scholes model taking into account the terms and conditions upon which the instruments were granted.-32-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF

191、 SIGNIFICANT ACCOUNTING POLICIES(continued)(d)Critical accounting judgments and key resources of estimation uncertainty(continued)Exploration and evaluation costs carried forward The recoverability of the carrying amount of exploration and evaluation costs carried forward is reviewed by the director

192、s when there is an indicator of impairment.In conducting the review,the recoverable amount has been assessed by reference to the higher of“fair value less costs to sell”and“value in use”.In determining value in use,future cash flows are based on:Estimates of ore reserves and mineral resources for wh

193、ich there is a high degree of confidence of economic extraction;Estimated production and sales levels;Estimate future commodity prices;Future costs of production;Future capital expenditure;and/or Future exchange rates Variations to expected future cash flows,and timing thereof,could result in signif

194、icant changes to the impairment test results,which in turn could impact future financial results.(e)Revenue Recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.Interest income Interest revenu

195、e is recognised on a time proportionate basis that takes into account the effective yield on the financial asset.(f)Cash and cash equivalents Cash comprises cash at bank and short term deposits.Cash equivalents are short term,highly liquid investments that are readily convertible to known amounts of

196、 cash and which are subject to an insignificant risk of changes in value.For the purposes of the statement of cash flows,cash and cash equivalents consist of cash and cash equivalents as defined above.(g)Trade and other receivables Trade receivables,which generally have 30 day terms,are recognised a

197、nd carried at original invoice amount less an allowance for any uncollectible amounts.Impairment of trade receivables is continually reviewed and those that are considered to be uncollectible are written off by reducing the carrying amount directly.An allowance for doubtful debts is made when there

198、is objective evidence that the Company will not be able to collect the debts.Bad debts are written off when identified.The amount of the impairment loss is recognised in the statement of comprehensive income within other expenses.When a trade receivable for which an impairment allowance had been rec

199、ognised becomes uncollectible in a subsequent period,it is written off against the allowance account.Subsequent recoveries of amounts previously written off are credited against other expenses in the statement of comprehensive income.-33-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR

200、THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(h)Derecognition of financial assets and financial liabilities (i)Financial assets A financial asset(or,where applicable,a part of a financial asset or part of a group of similar financial assets)is derecognise

201、d when:the rights to receive cash flows from the asset have expired;the Company retains the right to receive cash flows from the asset,but has assumed an obligation to pay them in full without material delay to a third party under a pass-through arrangement;or the Company has transferred its rights

202、to receive cash flows from the asset and either(a)has transferred substantially all the risks and rewards of the asset,or(b)has neither transferred nor retained substantially all the risks and rewards of the asset,but has transferred control of the asset.When the Company has transferred its rights t

203、o receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset,the asset is recognised to the extent of the Companys continuing involvement in the asset.Continuing involvement that takes the form o

204、f a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration received that the Company could be required to repay.When continuing involvement takes the form of a written and/or purchased option(including a cash

205、-settled option or similar provision)on the transferred asset,the extent of the Companys continuing involvement is the amount of the transferred asset that the Company may repurchase,except that in the case of a written put option(including a cash-settled option or similar provision)on an asset meas

206、ured at fair value,the extent of the Companys continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price.(ii)Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or

207、expired.When an existing financial liability is replaced by another from the same lender on substantially different terms,or the terms of an existing liability are substantially modified,such an exchange or modification is treated as a derecognition of the original liability and the recognition of a

208、 new liability,and the difference in the respective carrying amounts is recognised in profit or loss.(i)Impairment of financial assets The Company assesses at each balance date whether a financial asset or group of financial assets is impaired.(i)Financial assets carried at amortised cost If there i

209、s objective evidence that an impairment loss on loans and receivables carried at amortised cost has been incurred,the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows(excluding future credit losses that have not

210、been incurred)discounted at the financial assets original effective interest rate(i.e.the effective interest rate computed at initial recognition).The carrying amount of the asset is reduced either directly or through use of an allowance account.The amount of the loss is recognised in profit or loss

211、.The Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant,and individually or collectively for financial assets that are not individually significant.If it is determined that no objective evidence of impairment exi

212、sts for an individually assessed financial asset,whether significant or not,the asset is included in a group of financial assets with similar credit risk characteristics and that group of financial assets is collectively assessed for impairment.Assets that are individually assessed for impairment an

213、d for which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment.-34-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(i)Impairment of finan

214、cial assets(continued)If,in a subsequent period,the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised,the previously recognised impairment loss is reversed.Any subsequent reversal of an impairment loss is rec

215、ognised in profit or loss,to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date.(ii)Financial assets carried at cost If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at f

216、air value(because its fair value cannot be reliably measured),or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument,the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated fu

217、ture cash flows,discounted at the current market rate of return for a similar financial asset.(iii)Available-for-sale investments If there is objective evidence that an available-for-sale investment is impaired,an amount comprising the difference between its cost(net of any principal repayment and a

218、mortisation)and its current fair value,less any impairment loss previously recognised in profit or loss,is transferred from equity to the statement of comprehensive income.Reversals of impairment losses for equity instruments classified as available-for-sale are not recognised in profit.Reversals of

219、 impairment losses for debt instruments are reversed through profit or loss if the increase in an instruments fair value can be objectively related to an event occurring after the impairment loss was recognised in profit or loss.(j)Income tax Current tax assets and liabilities are measured at the am

220、ount expected to be recovered from or paid to the taxation authorities.The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance date.Deferred income tax is provided on all temporary differences at the balance date between the tax bases

221、of assets and liabilities and their carrying amounts for financial reporting purposes.Deferred income tax liabilities are recognised for all taxable temporary differences except:when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a tr

222、ansaction that is not a business combination and that,at the time of the transaction,affects neither the accounting profit nor taxable profit or loss;or when the taxable temporary difference is associated with investments in subsidiaries,associates or interests in joint ventures,and the timing of th

223、e reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets are recognised for all deductible temporary differences,carry-forward of unused tax assets and unused tax losses,to the exte

224、nt that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised,except:when the deferred income tax asset relating to the deductible temporary difference arises from the

225、initial recognition of an asset or liability in a transaction that is not a business combination and,at the time of the transaction,affects neither the accounting profit nor taxable profit or loss;or when the deductible temporary difference is associated with investments in subsidiaries,associates o

226、r interests in joint ventures,in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.The carrying amount o

227、f deferred income tax assets is reviewed at each balance date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.Unrecognised deferred income tax assets are reassessed at each b

228、alance date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.-35-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(cont

229、inued)(j)Income Tax(continued)Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled,based on tax rates(and tax laws)that have been enacted or substantively enacted at the balance date.Inc

230、ome taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax asset

231、s and liabilities relate to the same taxable entity and the same taxation authority.(k)Other taxes Revenues,expenses and assets are recognised net of the amount of GST except:when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority,in which case the GS

232、T is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable;and receivables and payables,which are stated with the amount of GST included.The net amount of GST recoverable from,or payable to,the taxation authority is included as part of receivables or

233、 payables in the statement of financial position.Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities,which is recoverable from,or payable to,the taxation authority are classified as operating cash

234、 flows.Commitments and contingencies are disclosed net of the amount of GST recoverable from,or payable to,the taxation authority.(l)Property,plant and equipment Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.Such cost includes the cost of r

235、eplacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.Similarly,when each major inspection is performed,its cost is recognised in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalisation.Depreciation is c

236、alculated on a straight-line basis over the estimated useful life of the assets as follows:Office Equipment over 5 to 8 years Computer Equipment over 2.5 years The assets residual values,useful lives and amortisation methods are reviewed,and adjusted if appropriate,at each financial year end.(i)Impa

237、irment The carrying values of plant and equipment are reviewed for impairment at each reporting date,with recoverable amount being estimated when events or changes in circumstances indicate that the carrying value may be impaired.The recoverable amount of plant and equipment is the higher of fair va

238、lue less costs to sell and value in use.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.For an asset that does not gen

239、erate largely independent cash inflows,recoverable amount is determined for the cash-generating unit to which the asset belongs,unless the assets value in use can be estimated to be close to its fair value.-36-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011

240、NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(l)Property,plant and equipment(continued)An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable amount.The asset or cash-generating unit is then written down to its recoverable

241、 amount.For plant and equipment,impairment losses are recognised in the statement of comprehensive income in the other expenses line item.(ii)Derecognition and disposal An item of property,plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from

242、 its use or disposal.Any gain or loss arising on derecognition of the asset(calculated as the difference between the net disposal proceeds and the carrying amount of the asset)is included in profit or loss in the year the asset is derecognised.(m)Financial assets Financial assets in the scope of AAS

243、B 139 Financial Instruments:Recognition and Measurement are classified as either financial assets at fair value through profit or loss,loans and receivables,held-to-maturity investments,or available-for-sale investments,as appropriate.When financial assets are recognised initially,they are measured

244、at fair value,plus,in the case of investments not at fair value through profit or loss,directly attributable transactions costs.The Company determines the classification of its financial assets after initial recognition and,when allowed and appropriate,re-evaluates this designation at each financial

245、 year-end.All regular way purchases and sales of financial assets are recognised on the trade date i.e.the date that the Company commits to purchase the asset.Regular way purchases or sales are purchases or sales of financial assets under contracts that require delivery of the assets within the peri

246、od established generally by regulation or convention in the marketplace.(i)Financial assets at fair value through profit or loss Financial assets classified as held for trading are included in the category financial assets at fair value through profit or loss.Financial assets are classified as held

247、for trading if they are acquired for the purpose of selling in the near term.Derivatives are also classified as held for trading unless they are designated as effective hedging instruments.Gains or losses on investments held for trading are recognised in profit or loss.(ii)Held-to-maturity investmen

248、ts Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Company has the positive intention and ability to hold to maturity.Investments intended to be held for an undefined period are not included in this classification.Inv

249、estments that are intended to be held-to-maturity,such as bonds,are subsequently measured at amortised cost.This cost is computed as the amount initially recognised minus principal repayments,plus or minus the cumulative amortisation using the effective interest method of any difference between the

250、initially recognised amount and the maturity amount.This calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate,transaction costs and all other premiums and discounts.For investments carried at amortised cost

251、,gains and losses are recognised in profit or loss when the investments are derecognised or impaired,as well as through the amortisation process.(iii)Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active m

252、arket.Such assets are carried at amortised cost using the effective interest method.Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired,as well as through the amortisation process.-37-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS

253、FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(m)Financial Assets(continued)(iv)Available-for-sale investments Available-for-sale investments are those non-derivative financial assets that are designated as available-for-sale or are not classified as a

254、ny of the three preceding categories.After initial recognition available-for sale investments are measured at fair value with gains or losses being recognised as a separate component of equity until the investment is derecognised or until the investment is determined to be impaired,at which time the

255、 cumulative gain or loss previously reported in equity is recognised in profit or loss.The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance date.For investments with no act

256、ive market,fair value is determined using valuation techniques.Such techniques include using recent arms length market transactions;reference to the current market value of another instrument that is substantially the same;discounted cash flow analysis and option pricing models.(n)Impairment of asse

257、ts The Company assesses at each reporting date whether there is an indication that an asset may be impaired.If any such indication exists,or when annual impairment testing for an asset is required,the Company makes an estimate of the assets recoverable amount.An assets recoverable amount is the high

258、er of its fair value less costs to sell and its value in use and is determined for an individual asset,unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the assets value in use cannot be estimated to be close to its fair v

259、alue.In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs.When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount,the asset or cash-generating unit is considered impaired and is written down to its recoverable am

260、ount.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.Impairment losses relating to continuing operations are recognise

261、d in those expense categories consistent with the function of the impaired asset unless the asset is carried at revalued amount(in which case the impairment loss is treated as a revaluation decrease).An assessment is also made at each reporting date as to whether there is any indication that previou

262、sly recognised impairment losses may no longer exist or may have decreased.If such indication exists,the recoverable amount is estimated.A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the assets recoverable amount since the last

263、 impairment loss was recognised.If that is the case the carrying amount of the asset is increased to its recoverable amount.That increased amount cannot exceed the carrying amount that would have been determined,net of depreciation,had no impairment loss been recognised for the asset in prior years.

264、Such reversal is recognised in profit or loss unless the asset is carried at revalued amount,in which case the reversal is treated as a revaluation increase.After such a reversal the depreciation charge is adjusted in future periods to allocate the assets revised carrying amount,less any residual va

265、lue,on a systematic basis over its remaining useful life.(o)Trade and other payables Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Com

266、pany becomes obliged to make future payments in respect of the purchase of these goods and services.(p)Provisions Provisions are recognised when the Company has a present obligation(legal or constructive)as a result of a past event,it is probable that an outflow of resources embodying economic benef

267、its will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.When the Company expects some or all of a provision to be reimbursed,for example under an insurance contract,the reimbursement is recognised as a separate asset but only when the reimbur

268、sement is virtually certain.The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement.-38-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued

269、)(p)Provisions(continued)If the effect of the time value of money is material,provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability.When discounting is used,the increase in the provision due to the passage of time is recognised as a borrowing cost.(

270、q)Employee leave benefits (i)Wages,salaries,annual leave and sick leave Liabilities for wages and salaries,including non-monetary benefits,annual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees s

271、ervices up to the reporting date.They are measured at the amounts expected to be paid when the liabilities are settled.Liabilities for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.(ii)Long service leave The liability for long servic

272、e leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date.Consideration is given to expected future wage and salary levels,experience of employee departur

273、es,and period of service.Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match,as closely as possible,the estimated future cash outflows.(r)Share-based payment transactions Equity settled transa

274、ctions:The Company provides benefits to employees(including senior executives)of the Company in the form of share-based payments,whereby employees render services in exchange for shares or rights over shares(equity-settled transactions).The cost of these equity-settled transactions with employees is

275、 measured by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by an internal valuation using a Black and Scholes option pricing model.In valuing equity-settled transactions,no account is taken of any performance conditions,other

276、 than conditions linked to the price of the shares of Beacon Minerals Limited(market conditions)if applicable.The cost of equity-settled transactions is recognised,together with a corresponding increase in equity,over the period in which the performance and/or service conditions are fulfilled,ending

277、 on the date on which the relevant employees become fully entitled to the award(the vesting period).The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects(i)the extent to which the vesting period has expired and(ii)the Companys best estim

278、ate of the number of equity instruments that will ultimately vest.No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.The statement of comprehensive income charge or credit

279、for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.No expense is recognised for awards that do not ultimately vest,except for awards where vesting is only conditional upon a market condition.If the terms of an equity-settled award are mod

280、ified,as a minimum an expense is recognised as if the terms had not been modified.In addition,an expense is recognised for any modification that increases the total fair value of the share-based payment arrangement,or is otherwise beneficial to the employee,as measured at the date of modification.-3

281、9-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(r)Share based payment transactions(continued)If an equity-settled award is cancelled,it is treated as if it had vested on the date of cancellatio

282、n,and any expense not yet recognised for the award is recognised immediately.However,if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted,the cancelled and new award are treated as if they were a modification of the original award

283、,as described in the previous paragraph.The dilutive effect,if any,of outstanding options is reflected as additional share dilution in the computation of earnings per share(see Note 5).(s)Issued capital Ordinary shares are classified as equity.Incremental costs directly attributable to the issue of

284、new shares or options are shown in equity as a deduction,net of tax,from the proceeds.(t)Earnings per share Basic earnings per share is calculated as net profit/loss attributable to members of the Company,adjusted to exclude any costs of servicing equity(other than dividends)and preference share div

285、idends divided by the weighted average number of ordinary shares,adjusted for any bonus element.Diluted earnings per share is calculated as net profit/loss attributable to members of the Company,adjusted for:costs of servicing equity(other than dividends)and preference share dividends;the after tax

286、effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses;and other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares;divided by the weighted average num

287、ber of ordinary shares and dilutive potential ordinary shares,adjusted for any bonus element.(u)Exploration,evaluation and development expenditure Exploration,evaluation and development expenditure in relation to separate areas of interest for which rights of tenure are current,are capitalised in th

288、e period in which they are incurred and are carried at cost less accumulated impairment losses.The cost of acquisition of an area of interest and exploration expenditure relating to that area of interest are carried forward as an asset in the statement of financial position in the year in which they

289、 are incurred where the following conditions are satisfied:(i)the rights to tenure of the area of interest are current;and (ii)at least one of the following conditions is also met:the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation

290、of the area of interest,or alternatively,by its sale;or exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves.Exploration and evaluation ass

291、ets are assessed for impairment when facts and circumstances suggest that their carrying amount exceeds their recoverable amount and where this is the case an impairment loss is recognised.Where an impairment loss subsequently reverses,the carrying amount of the asset is increased to the revised est

292、imate of its recoverable amount,but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in previous years.Should a project or an area of interest be abandoned,the expenditure wi

293、ll be written off in the period in which the decision is made.-40-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(u)Exploration,evaluation and development expenditure(continued)Once an area of in

294、terest enters a production phase all capitalised expenditure in relation to that area of interest is transferred to Development Expenditure within Property,Plant and Equipment in the statement of financial position.Capitalised Development Expenditure is amortised from the commencement of production

295、on a unit of production basis over recoverable reserves.Recoverable reserves are subject to review annually.(v)Interest-bearing loans and borrowings All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs.After in

296、itial recognition,interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.Gains and losses are recognised in profit or loss when the liabilities are derecognised.(w)Segment Reporting Operating segments are reported in a manner consistent

297、with the internal reporting provided to the chief operating decision maker.The chief operating decision maker,who is responsible for allocating resources and assessing performance of the operating segments,has been identified as the Board of Directors of Beacon Minerals Limited.-41-Beacon Minerals L

298、imited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 2:REVENUES AND EXPENSES 2011$2010$(a)Revenue and other income from continuing operations Interest 172,307 148,075 Other Income Gains on sale of listed investments-171,471 Fair value reserve gain on revaluation of investmen

299、ts-60,000 Other 22,000 14,326 Total other income 22,000 245,797 (b)Expenses from continuing operations Depreciation of non-current assets 7,044 4,742 Contribution to employee superannuation plans 7,425 2,160 NOTE 3:INCOME TAX Income tax recognised in profit or loss 2011$2010$The major components of

300、tax expense are:Current tax expense/(income)-Adjustments recognised in the current period in relation to the current tax ofprior years-Deferred tax expense/(income)relating to the origination and reversal oftemporary differences-Total tax expense/(income)-The prima facie income tax expense on pre-ta

301、x accounting loss from operations reconciles to the income tax expense in the financial statements asfollows:Accounting loss before tax(1,287,936)(944,442)Income tax benefit calculated at 30%386,381 283,333 Non-deductible expenses:Exploration expenditure written off(2,407)(3,798)Unrecognised tax los

302、ses(383,974)(279,535)Income tax expense reported in the statement of comprehensive income-Unrecognised deferred tax assets:Deferred tax assets have not been recognised in respect of the following items:Tax losses 1,157,952 771,865 Capital raising costs 289,888 248,525 Potential unrecognised tax bene

303、fit at 30%1,447,840 1,020,390 -42-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 4:SEGMENT REPORTING Segment Information The Company has identified its operating segments based on the internal reports that are reviewed and used by the board of director

304、s(chief operating decision maker)in assessing performance and determining the allocation of resources.The Company is managed primarily on the basis of mining exploration and treasury activities.Operating segments are therefore determined on the same basis.Reportable segments disclosed are based on a

305、ggregating operating segments where the segments are considered to have similar economic characteristics.Types of reportable segments:(i)Tenement exploration and evaluation:The exploration of current projects and the evaluation of new ones are reported in this segment.Segment assets,including acquis

306、ition costs of exploration licenses and all expenses related to the tenements are reported in this segment.(ii)Treasury The reporting relating to income from cash holdings is reported in this segment.Basis of accounting for purposes of reporting by operating segments Accounting policies adopted Unle

307、ss stated otherwise,all amounts reported to the Board of Directors as the chief operating decision maker with respect to operating segments are determined in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the Company.Segment assets Wher

308、e an asset is used across multiple segments,the asset is allocated to the segment that receives the majority of economic value from the asset.In the majority of instances,segment assets are clearly identifiable on the basis of their nature and physical location.Unless indicated otherwise in the segm

309、ent assets note,investments in financial assets,deferred tax assets and intangible assets have not been allocated to operating segments.Segment liabilities Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the operations of the segment.Borr

310、owings and tax liabilities are generally considered to relate to the Company as a whole and are not allocated.Unallocated items The following items of revenue,expense,assets and liabilities are not allocated to operating segments,as they are not considered part of the core operations of any segment:

311、impairment of assets excluding exploration assets and other non-recurring items of revenue or expense;income tax expense;deferred tax assets and liabilities;trade and other receivables;trade and other payables -43-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2

312、011 NOTE 4:SEGMENT REPORTING(continued)(i)Segment performance-30 June 2011:Exploration and Evaluation$Treasury$Total$Interest Revenue-172,307 172,307 Other-22,000 22,000 Total segment revenue -194,307 194,307 Reconciliation of segment revenue to the statement of comprehensive income Inter-segment el

313、imination-Total segment revenue -194,307 194,307 Segment net profit(loss)before tax(8,024)194,307 186,283 Reconciliation of segment result to company net profit/(loss)before tax:Accounts reviewed by the Board but not included in segment result:Administration Expense (995,333)Employees Benefits Expen

314、ses (56,083)Financial Administration and Compliance Expense (129,786)Legal Expense (8,053)Travel and Accommodation Expense (153,879)Other Expense (131,085)Company net loss before tax (1,287,936)-44-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 4:SEGME

315、NT REPORTING(continued)(ii)Segment performance-30 June 2010:Exploration and Evaluation$Treasury$Total$Interest Revenue-148,075 148,075 Gains on sale of listed investments-171,471 171,471 Fair value reserve gain on revaluation of investments-60,000 60,000 Other-14,326 14,326 Total segment revenue -39

316、3,872 393,872 Reconciliation of segment revenue to statement of comprehensive income Inter-segment elimination-Total segment revenue -393,872 393,872 Segment net profit(loss)before tax(12,661)393,872 381,211 Reconciliation of segment result to company net profit/(loss)before tax:Accounts reviewed by

317、 the Board but not included in segment result:Administration Expense (925,838)Employees Benefits Expenses (37,079)Financial Administration and Compliance Expense (256,526)Legal Expense (5,651)Travel and Accommodation (43,917)Other Expense (56,642)Company net loss before tax (944,442)The Company does

318、 not have any external revenue from external customers that are attributable to any foreign country.(iii)Segment assets-30 June 2011 Exploration and Evaluation$Treasury$Total$Segments assets 5,467,268 1,715,368 7,182,636 -45-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDE

319、D 30 JUNE 2011 NOTE 4:SEGMENT REPORTING(continued)(iii)Segment Assets-30 June 2011(continued)Reconciliation of segment assets to the statement of financial position (iv)Segment assets-30 June 2010 Exploration and Evaluation$Treasury$Total$Segments assets 3,064,810 4,186,938 7,251,748 Reconciliation

320、of segment assets to the statement of financial position Inter-segment elimination Unallocated assets Trade and other receivables 210,474 Property,plant and equipment 18,726 Total company assets from continuing operations 7,480,948 (v)Segment liabilities-30 June 2011 Exploration and Evaluation$Treas

321、ury$Total$Segments liabilities-Reconciliation of segment liabilities to company liabilities Inter-segment elimination Unallocated liabilities -Trade and other payables 70,527 Total company liabilities from continuing operations 70,527 Inter-segment elimination Unallocated assets Trade and other rece

322、ivables 92,521 Other financial assets 1,114,700 Property,plant and equipment 11,682 Total company assets from continuing operations 8,401,539 -46-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 4:SEGMENT REPORTING(continued)(vi)Segment liabilities-30 Ju

323、ne 2010 Exploration and Evaluation$Treasury$Total$Segments liabilities 374,415-374,415 Reconciliation of segment liabilities to company liabilities Inter-segment elimination Unallocated liabilities -Trade and other payables 220,315 Total company liabilities from continuing operations 594,730 NOTE 5:

324、EARNINGS PER SHARE 2011 Cents per share 2010 Cents per share Basic loss per share:Continuing operations(0.14)(0.16)The loss and weighted average number of ordinary shares used in the calculation of basic earnings per share is as follow:$Loss for the year(1,287,936)(944,442)No No Weighted average num

325、ber of ordinary shares for the purposes of basic loss per share 949,842,753 599,802,099 -47-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 6:CASH AND CASH EQUIVALENTS 2011$2010$Cash at bank 681,980 588,085 Short term deposits 1,033,388 3,598,853 1,715,

326、368 4,186,938 Cash at bank earns interest at floating rates based on daily bank deposit rates.Short term deposits are made for varying periods of between 30 days and three months,depending on the immediate cash requirements of the Company,and earn interest at the respective short term deposit rates.

327、(i)Reconciliation to Statement of Cash Flows:For the purposes of the statement of cash flows,cash and cash equivalents comprise cash on hand and at bank.Cash and cash equivalents as shown in the statement of cash flows are reconciled to the related items in the statement of financial position as fol

328、lows:Cash and cash equivalents 1,715,368 4,186,938 1,715,368 4,186,938 (ii)Reconciliation of loss for the year to net cash flows from operating activities:2011$2010$Loss for the year(1,287,936)(944,442)Depreciation expense 7,044 4,742 Deferred exploration expenditure written off 8,024 12,661 Promoti

329、ons and advertising paid via option/share issue 225,000 248,000 Transfer from reserve-(60,000)Profit on sale of listed securities-(171,471)(Increase)/decrease in operating assets:Trade and other receivables 117,953(150,703)Increase/(decrease)in operating liabilities:Trade and other payables(149,788)

330、247,974 Net cash from operating activities(1,079,703)(813,239)-48-Beacon Minerals Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 NOTE 7:TRADE AND OTHER RECEIVABLES 2011 2010$Trade receivables-1,100 Prepayments GST recoverable 5,259 70,423 86,690 130,858 Other 572 8,093 92,

331、521 210,474 Trade receivables are non-interest bearing and are generally on 30 day terms.An allowance for doubtful debts is made when there is objective evidence that a trade receivable is impaired.The amount of the allowance/impairment loss has been measured as the difference between the carrying a

332、mount of the trade receivables and the estimated future cash flows expected to be received from the relevant debtors.At balance date,there are no past due debtors.NOTE 8:OTHER FINANCIAL ASSETS 2011 2010$Investment in listed shares:At cost 871,301-Revaluation to current market value at fair value 243

333、,399-1,114,700-NOTE 9:PROPERTY,PLANT AND EQUIPMENT The useful life of the assets was estimated as follows for 2011:Office equipment 5 to 8 years Computer equipment 2.5 years Office EquipmentComputer Equipment Motor Vehicles Land Total$Opening written down value 1 July 2009 11,5451,063-12,608Depreciation charge for the year(2,566)(2,176)-(4,742)Closing written down value 30 June 2010 8,9799,747-18,