1、2007 ANNUAL REPORTM I N E R A L S L T DBEACON MINERALS LIMITEDABN 64 119 611 559BEACON MINERALS LTDM I N E R A L S L T DCORPORATE DIRECTORYDIRECTORSPaul LloydExecutive ChairmanLyle ThorneManaging DirectorMatthew EganNon Executive DirectorCOMPANY SECRETARYPaul LloydPRINCIPAL PLACE OF BUSINESSLevel 2,
2、46 Ord StreetWEST PERTH WA 6005Telephone:(08)9476 9200Facsimile:(08)9476 9099Email: Website: Mailing address:PO Box 140 WEST PERTH WA 6005REGISTERED OFFICEGround Floor30 Ledgar RoadBALCATTA WA 6021SOLICITORSMurcia Pestell HillardLevel 3,23 Barrack StreetPERTH WA 6000AUDITORSHLB Mann Judd 15 Rheola S
3、treetWEST PERTH WA 6005SHARE REGISTRYAdvanced Share Registry Services 110 Stirling Highway NEDLANDS WA 6009ASX CODE BCN(shares)BCNO(options)12ANNUAL REPORT 2007CONTENTS01 CHAIRMANS LETTER 302 PROJECT REVIEW 403 DIRECTORS REPORT 1404 CORPORATE GOVERNANCE STATEMENT 2105 AUDITORS INDEPENDENCE DECLARATI
4、ON 2606 INCOME STATEMENT 2707 BALANCE SHEET 2808 CASH FLOW STATEMENT 2909 STATEMENT OF CHANGES IN EQUITY 3010 NOTES TO THE FINANCIAL STATEMENTS 3111 DIRECTORS DECLARATION 5212 INDEPENDENT AUDITORS REPORT 5313 SHAREHOLDER INFORMATION 5514 TENEMENT SCHEDULE 5815 GLOSSARY 59BEACON MINERALS LTD3BEACON M
5、INERALS LTDI have great pleasure in presenting to you the fi rst Annual Report for Beacon Minerals Limited,after what has been a very exciting and successful period.Beacon was formed just over a year ago to carry out mineral exploration on three projects of considerable landholding in proven mineral
6、 producing provinces in Queensland and Western Australia.The Company commenced drilling the Greenvale project on the day that the Companys securities were successfully listed on the ASX.The companys management has a dedication to aggressive mineral exploration and this has been demonstrated during t
7、he short life of the company.The team applied this discipline when committing to the VTEM helicopter survey of 150 square kilometres over the Greenvale project.The use of this modern technology and the expenditure of in excess of$250,000,may provide the company with targets that would have taken man
8、y years to produce from traditional exploration techniques.With in excess of 800 square kilometres of exploration ground in Queensland and Western Australia the Company is well placed for further exploration successes which will assist with the aim of discovering and developing shallow oxidized copp
9、er and gold resources that can provide early cash fl ows.The Directors are committed to the growth of the Company via exploration success and will maximise the potential for discoveries by effective exploration techniques and the constant monitoring and minimisation of off site and administration ex
10、penditures.The Companys exploration efforts have been driven by a small,but very competent exploration team,guided by Managing Director Lyle Thorne.On behalf of the shareholders,I would like to congratulate Lyle and the team on the exploration success and am confi dent that their continued hard work
11、 and professionalism will result in further success.Beacon looks forward to the coming year as we continue the aggressive exploration programs at Greenvale and Barlee,which should provide further market acceptance of the exploration successes and result in the appreciation of shareholder wealth.Paul
12、 LloydChairmanCHAIRMANS LETTERCHAIRMANS LETTER4PROJECT REVIEWPROJECT REVIEWANNUAL REPORT 2007PROJECT REVIEWSince listing in October 2006,the Company has been very active in its exploration efforts.Drilling commenced immediately upon listing,and since then a number of exploration programs have been c
13、ompleted at both the Greenvale Project in Queensland and Barlee Project in Western Australia,with signifi cant success.Exploration activities have consisted of:Over 13,000 metres of Reverse Circulation(RC)and Aircore(AC)drilling;Collection of over 2,500 soil samples;Completion of airborne EM(VTEM su
14、rvey);and Expansion of ground holdings in Queensland and Western Australia.With further focussed,effi cient exploration the Company believes that several prospects in Queensland and at Barlee have potential to defi ne shallow resources that may be brought into production.The Company has built a comm
15、itted and enthusiastic team and plans to continue its aggressive exploration approach to fulfi l its strategies.GREENVALE PROJECT(Qld)The Companys key focus is the Greenvale Project located in Northern Queensland.The Greenvale Project lies 200 kilometres west of Townsville in a highly endowed minera
16、lised province-close to existing base metal mines(Balcooma,Dry River South);advanced mineral projects being considered for development(Einsleigh,Maitland);rail lines,towns,power and major arterial roads.BEACON MINERALS LTDPROJECT REVIEW5PROJECT REVIEWBEACON MINERALS LTDIn November 2006,the Company e
17、ntered into a Joint Venture(Lucky Creek Joint Venture)with Glengarry Resources Ltd to explore the Lucky Creek area,adjacent to the Companies existing 100%owned tenure.Under the terms of the Joint Venture,Beacon must spend$850,000 over three years to earn 80%equity in the Lucky Creek project,with Gle
18、ngarry free-carried until the completion of a positive feasibility study.With the additional Joint Venture ground,the Greenvale Project now exceeds 400 square kilometres and provides the company with several high quality exploration targets prospective for gold,copper,silver and zinc.These complimen
19、t similar,existing priority targets within our wholly owned ground.Below:Project Geologist Kelly Everitt Field MappingRight:Greenvale Project Area-TenureGreenvale Project Regional Overview6PROJECT REVIEWPROJECT REVIEWANNUAL REPORT 2007Three major styles of mineralisation are being targeted at Greenv
20、ale,which are prospective for copper(Cu),molybdenum(Mo),zinc(Zn),gold(Au)and silver(Ag);1.Porphyry-related Cu-Mo-Au-Ag(Cockie Prospect)At the Cockie Prospect,mineralisation occurs within and proximal to the contact between the Cockie Springs Tonalite,a porphyry intrusive rock as well as within metam
21、orphosed sediments and volcanics belonging to the Lucky Creek Group.The base of oxidation lies approximately 25-30 metres below surface.The Company has at least 22 kilometres of potentially mineralised strike along the Cockie trend to explore.To date,geochemical sampling has covered approximately 50
22、%of this area which has resulted in the discovery of a 5 kilometre long geochemical anomaly named the Cockie Trend Anomaly.To date,only 1 kilometre of this trend has been drill tested.Malachite Staining at Cockie West.RC Drilling at Cockie WestHoleGDA_EGDA_NDepthResult CRC002267380790429510034m 1.0%
23、Cu,0.2 g/t Au,1.4 g/t Ag,150 ppm Mo from 8mCRC00826739479043159018m 0.6%Cu,0.2 g/t Au,0.9 g/t Ag from surfaceCRC01126732079042959033m 0.6%Cu,2.0 g/t Ag,110 ppm Mo from 29m Inc.7m 0.9%Cu,3.7 g/t Ag,170 ppm Mo from 30mCRC014267019790415510021m 0.7%Cu,0.1 g/t Au,2.2 g/t Ag,90 ppm Mo from 22m Inc.8m 1.0
24、%,0.2 g/t Au,3.7 g/t Ag from 35mCRC0262669957904137906m 1.0%Cu,0.1 g/t Au,5 g/t Ag&300 ppm Mo from 17mThe Company has completed several phases of RC drilling at Cockie.A total of 29 holes for 4,073 metres have been drilled.As the table below suggests,a number of these holes have returned some signif
25、i cant,shallow intercepts.Samples collected at 1 metre intervals via cyclone and 75:25 splitter,sent to ALS Chemex in Townsville.Gold analysed via Fire Assay and AAS fi nish.Base Metals analysed by Aqua Regia digest and ICP-OES.Intervals calculated with a maximum of 2m of internal dilution,at+0.3%Cu
26、.Holes drilled-60328.Results rounded to one siginifi cant fi gure.BEACON MINERALS LTDPROJECT REVIEW7PROJECT REVIEWBEACON MINERALS LTDAt Cockie East,three deeper holes were also completed to test the continuity of the mineralisation at depth below the base of oxidation.Broad intervals of mineralisati
27、on were intersected and remain open at depth.Signifi cant intervals include;HoleGDA_EGDA_NDepthResultCRC009267356790424316366m 0.6%Cu,0.1 g/t Au,1.4 g/t Ag,170 ppm Mo from 97m Inc 8m 1.0%Cu,0.1 g/t Au,2.2 g/t Ag,400 ppm Mo from 114mCRC017267378790422623457m 0.6%Cu,1.2 g/t Ag from 122m Inc.27m 0.6%Cu
28、,0.1 g/t Au,1.3 g/t Ag&200 ppm Mo from 150mCRC023267037790412014428m 0.6%Cu,1.3 g/t Ag from 114m Inc.9m 1.0%Cu,0.1 g/t Au&2.1 g/t Ag from 130mSamples collected at 1 metre intervals via cyclone and 75:25 splitter,sent to ALS Chemex in Townsville.Gold analysed via Fire Assay and AAS fi nish.Base Metal
29、s analysed by Aqua Regia digest and ICP-OES.Intervals calculated with a maximum of 2m of internal dilution,at+0.3%Cu.Holes drilled-60328.Results rounded to one siginifi cant fi gure.Future exploration will aim at locating further shallow mineralised zones along the Cockie Trend Anomaly.The Company i
30、s highly encouraged by these early results at Greenvale,and believes that the porphyritic Cockie Springs Tonalite has the potential to host a number of signifi cant mineralised zones,and is highly prospective for copper,gold,molybdenum and silver mineralisation.2.Balcooma-type VMS Au-Zn-Cu-AgThe Gre
31、envale Project lies 17 kilometres southeast of the Balcooma polymetallic mine,which is interpreted to exist in a similar geological setting to the Greenvale Project.Previous exploration has located a number of prospects that may be examples of volcanic-hosted massive sulphide mineralisation(VMS).The
32、se prospects include Galah Dam,One Mile Dam and Sugarbag.At Galah Dam,historical drilling intersected polymetallic mineralisation worthy of follow-up work.Better drill intercepts include;16m 4.5%Zn,1.1 g/t Au,0.5%Cu,13 g/t Ag(inc.5m 8.5%Zn),8m 3.5%Zn,0.2 g/t Au(inc.1m 6.9%Zn)Geotech Airborne Pty Ltd
33、 completed an airborne electromagnetic(EM)survey using their VTEM system at Greenvale,which encompassed tenements 100%owned by Beacon,as well as tenements within the Lucky Creek Joint Venture.8PROJECT REVIEWPROJECT REVIEWANNUAL REPORT 2007Airborne VTEM survey area and system in operationThe airborne
34、 VTEM survey tested over 150 square kilometres of terrain,which will aid in Beacons exploration efforts targeting Balcooma-style VMS mineralisation as well as improving the overall geological model for the Greenvale Project.Interpretation and prioritisation of targets is being fi nalised and the Com
35、pany plans to test any high priority targets identifi ed from the survey as soon as possible.3.Shear-hosted Au Old workings at Steam Engine and the Steam Engine3.Shear Hosted Gold(Au)Located in the southern portion of the Greenvale Project area,within the Lucky Creek Joint Venture,are a series of ol
36、d mine workings that exploited shallow gold mineralisation in the early 20th century.The prospect,known collectively as Steam Engine,has not been systematically explored since the late 1980s,when drilling and soil geochemistry defi ned several prospects within a mineralised trend over 5km long.The C
37、ompany completed an RC drilling program in May to test the depth extensions and continuity within the oxide zone of gold mineralisation defi ned by previous explorers.A total of 9 inclined RC holes for 690 metres were drilled(SERC01-9)at three prospects:Steam Engine,Eastern Ridge and Paddys,with sig
38、nifi cant results received,including;BEACON MINERALS LTDPROJECT REVIEW9PROJECT REVIEWBEACON MINERALS LTDAt the Steam Engine Propsect,historical drilling has defi ned mineralisation over 350 metres,which is offset by a fault in the south,but is open to the north and at depth.At the Eastern Ridge Pros
39、pect,a series of old workings over 500 metres of strike were targeted.These have been lightly tested by shallow drilling in the past.Gold mineralisation occurs as a series of outcropping,south westerly plunging shoots hosted in sulphidic quartz-muscovite schist,with anomalous levels of silver and ar
40、senic associated.No formal resource was calculated by previous explorers,and Beacon intends to complete further drilling,prior to commissioning a resource study within the project area.Regional exploration will also continue along the mineralised structures testing for other potential zones of shall
41、ow gold mineralisation.BARLEE PROJECT(WA)The Barlee Project covers over 400 square kilometres of highly prospective Greenstone terrain in the Western Australian Goldfi elds region that remarkably has received very little systematic modern exploration.The Company purchased 80%of the rights for all co
42、mmodities,other than iron ore,in EL77/1297 with the vendor Duketon Consolidated Ltd.,having the option to contribute on a percentage basis or dilute to 10%free-carried,should a positive Bankable Feasibility Study(BFS)be completed.Beacon holds 100%interest in all commodities in ELA77/1343 and ELA77/1
43、392,which are also prospective for calcrete-hosted U mineralisation and nickel.The Barlee Project is located within the Archaean Southern Cross Province,200 kilometres north of the town of Southern Cross(where over 5 million ounces of gold has been produced),and is considered highly prospective for
44、structurally controlled,mesothermal gold mineralisation.Results of 0.5g/t Au,max.of 2m internal dilution.Samples collected as single metres split from cyclone.Assays sent to ALS-Chemex Laboratories in Townsville.Gold determination via Fire Assay;silver,arsenic,antimony,tin and tungsten by mixed acid
45、/ICP-OES.Holes drilled-60108,except SERC009,-60070.Results rounded to one siginificant figure.ProspectHole(SERC)EastNorthDepth(m)From(m)Result(Au)SteamEngine0012622067895908114 Inc.82 95 964m 2.5 g/t Au 6m 5.5 g/t Au 2m 15.6 g/t Au00426231478959244210 1212m 3.5 g/t 6m 5.8 g/t AuPaddys005263137789602
46、954365m 1.3 g/t AuEastern Ridge008262770789548472 Inc.19195m 4.5 g/t Au 1m 11 g/t009262688789529754 Inc.24 275m 4.3 g/t 1m 14.2 g/t10PROJECT REVIEWPROJECT REVIEWANNUAL REPORT 2007Barlee Project Regional OverviewThe Company has developed a new exploration model for the area that assumes gold minerali
47、sation is preferentially hosted in north-easterly trending shear zones.This model differs from assumptions made by previous explorers and suggests that the historical drilling was largely oblique to this trend.Drilling along several north-easterly shear zones resulted in early exploration success.Tw
48、o campaigns of Air core(AC)drilling totalling over 9,000 metres has returned signifi cant shallow gold results from a number of prospects over 3 kilometres of strike as presented in the following table:Barlee Project Geological ModelBEACON MINERALS LTDPROJECT REVIEW11PROJECT REVIEWBEACON MINERALS LT
49、DProspectHole(BRB)EastNorthDepth(m)From(m)Result Russell017703080673808029 28 1m 1.8 g/t Au EOH018702050673808020128m 0.7 g/t Au EOH0207031006738120321220m 0.6 g/t Au EOH118703150673830035332m 1.6 g/t Au EOH240703130673825028204m 2.1 g/t AuHalleys East037703250673730044 inc.24 248m 1.7 g/t Au 4m 3.1
50、 g/t Au07070232567374004188m 2.7 g/t Auinc.204m 5.0 g/t Au081703100673750030164m 9.3 g/t Au0837031756737500301216m 1.4 g/t Auinc.128m 2.5 g/t Au084703200673750035164m 2.1 g.t Au1357033356737675461212m 0.9 g/t Au14170320067375255216 3612m 1.5 g/t Au 16m 0.4 g/t EOH143703175673752539828m 4.1 g/t Auinc
51、.248m 10.6 g/t Au144703150673752540832m 3.7 g/t Au151703125673750033812m 2.6 g/t Au244m 13.3 g/t AuFaith086703250673750055204m 1.3 g/t Au087703300673750045168m 1.3 g/t Au1537032756737500463610m 3.6 g/t Au EOHinc.442m 10.5 g/t Au EOHHalleys100702740673740041128m 1.7 g/t AuPhil125702940673935027027m 1
52、.4 g/t Au1317030006739450422812m 2.1 g/t 248703040673947527243m 1.4 g/t Au EOH249703015673947541812m 0.6 g/t Au2813m 0.5 g/t Au EOHinc.401m 1.4 g/t Au250702990673947535323m 1.1 g/t Au EOH254702950673942533249m 0.5 g/t EOH2577030006739425371224m 2.6 g/t Auinc.244m 12.2 g/t Au25970305067394253488m 2.0
53、 g/t Auinc.84m 3.3 g/t Au2657029256739300442024m 1.0 g/t Au EOHPhil SE273702770673915028208m 0.7 g/t Au EOHCrabman173702700673700049368m 1.6 g/t Au174702675673700059204m 1.8 g/t Au4012m 0.5 g/t Au1757026506737000493212m 0.9 g/t Au 481m 1.0 g/t Au EOH1767026256737000531612m 1.4 g/t AuResults of 0.2 g
54、/t Au.Samples collected as composites to a maximum of 4 meters.Assays sent to Ultratrace Laboratories in Perth.Gold&PGE determination via Fire Assay;Au=gold,EOH=End of Hole.Alll holes vertical to refusal.Results rounded to one signifi cant fi gure.12PROJECT REVIEWPROJECT REVIEWANNUAL REPORT 2007At s
55、everal prospects,including Halleys East,Faith,Phil and Crabman,gold mineralisation has been intersected within north easterly trending shear zones in altered porphyry and mafi c to ultramafi c rocks.Other areas,including Phil SE,Russell,Earl and an area to the southwest of Halleys East,returned anom
56、alous sub-gram intercepts which may indicate continuations of,or proximity to,other zones of mineralisation,and have become high-priority exploration targets.To date,only a small portion of the Barlee project area has been systematically explored,with the majority of the project area lying under a t
57、hin veneer of cover that may have hindered previous exploration.Due to the continuing exploration success at Barlee,the Company intends to accelerate future work programs,with the aim of defi ning areas for potential resource drilling.Regional exploration targeting north easterly trending shear zone
58、s that may contain other mineralised zones,will also be tested.The Barlee Project is also prospective for calcrete-hosted uranium mineralisation as well as for nickel in ultramafi c rocks.Both of these styles of mineralisation have received minimal exploration in the past and are high priority targe
59、ts for further exploration.BEACON MINERALS LTDPROJECT REVIEW13PROJECT REVIEWBEACON MINERALS LTDPIONEER PROJECTThe Pioneer Project is located within the Kambalda Domain of the Norseman-Wiluna Greenstone Belt,a multi-million ounce goldfi eld,and lies close to several existing mining operations,includi
60、ng Higginsville,Chalice and Norseman.Exploration by previous companies resulted in the discovery of the Spongelite Prospect in the northern portion of the Pioneer Project.Drill intercepts,including 7m 5.26g/t,9m 2.98g/t and 10m 1.3g/t,were recorded over 1kilometres of strike,with mineralisation open
61、 to the south and at depth.Reconnaissance drilling to the east of the Spongelite Prospect returned 4m 4.46g/t from RAB drilling which has not been followed up.The Company intends to further defi ne both the Spongelite Prospect and regional RAB anomalies with infi ll drilling to quickly identify area
62、s where resource potential exists.A large gold-PGE soil anomaly overlying ultramafi c lithologies within the project areas has also never been followed up,and is considered highly prospective for nickel.ANNUAL REPORT 200714ANNUAL REPORT 2007DIRECTORS REPORTDIRECTORS REPORTDIRECTORS REPORTYour direct
63、ors submit the annual fi nancial report of the entity for the fi nancial period ended 30 June 2007.In order to comply with the provisions of the Corporations Act,the directors report as follows:DirectorsThe names of directors who held offi ce during or since the end of the period and until the date
64、of this report are as follows.Directors were in offi ce for this entire period unless otherwise stated.Names,qualifi cations,experiencePaul Geoffrey Lloyd,B.Bus CA(Chairman/Company Secretary)Paul Lloyd is a Chartered Accountant with over 20 years commercial experience.Mr Lloyd operates his own corpo
65、rate consulting business,specialising in the area of corporate,fi nancial and management advisory services.After commencing his career with an international accounting fi rm,he was employed for approximately 10 years as the General Manager of Finance for a Western Australian based international dril
66、ling contractor working extensively in Asia and Africa.Mr Lloyd is a Non Executive Director of ASX listed Target Energy Limited and is currently a company secretary of a number of public companies in the resource industry.Mr Lloyd was appointed to the Board on 9 May 2006.During the last three years,
67、Mr Lloyd has also served as a director of the following listed companies:-Target Energy Limited*denotes current directorshipsLyle Haxton Thorne B.App Sc(Hons)(Managing Director)Lyle Thorne is a geologist with over 15 years experience in the Mineral Resources industry.He holds a Bachelor of Applied S
68、cience(Hons)majoring in Geology from the University of Ballarat and is a member of the Australian Institute of Mining and Metallurgy.He commenced his career as a geologist with various mining and exploration companies including DeBeers Ltd and Perseverence Mining Ltd,and has held senior management p
69、ositions including Senior Exploration Geologist with Eagle Mining Corporation Limited and as Principal Geologist with Helix Resources Ltd.In 2003,Lyle joined and subsequently became a partner of Ravensgate Pty Ltd,a geological consulting and resource estimation company involved in preparing independ
70、ent reports for companies listing on the ASX,AIM and TSX.He was part of the team that organised the IPO and successful listing of Prosperity Resources Limited on the ASX in November 2003 and held the role of Exploration Manager post the IPO.He left Ravensgate Pty Ltd in late 2005 to establish Shackl
71、eton Capital Pty Ltd,a privately owned investment and consultancy company.On 1 March 2007,Mr Thorne resigned as a Director of Shackleton Capital Pty Ltd.Mr Thorne was appointed to the Board on 9 May 2006.Mr Thorne has no other public company directorships and has not held any public company director
72、ships in the last 3 years.Matthew Vance Egan(Non Executive Director)Matthew Egan has been associated with the exploration and mining industry for over 20 years.Matthew commenced his career with his family owned mineral drilling contracting company,working up to the position of Managing Director,wher
73、e he negotiated and won long term contracts with key mining companies which resulted in the company employing 120 staff with an annual turn over of$12 million.This resulted in the sale of Aquadrill to DrillCorp Ltd in 1998.He is currently the Managing Director and owner of Egan Drilling Services,a m
74、ineral drilling contractor operating in Western Australia with an annual revenue of$4 million and major customers such as BHP Billiton and Barrick Gold.Mr Egan was appointed to the Board on 9 May 2006.Mr Egan has no other public company directorships and has not held any public company directorships
75、 in the last 3 years.15BEACON MINERALS LTDDIRECTORS REPORTDIRECTORS REPORTDirectors interests in the shares and options of the company and related bodies corporateAs at the date of this report,the interests of the directors in the shares and options of Beacon Minerals Limited were:Number of remunera
76、tion options(i)Number of other options(ii)Number of fully paid ordinary sharesPaul Lloyd 2,000,000 2,015,000 3,130,000Lyle Thorne 2,000,000 537,500 775,000Matthew Egan 2,000,000 635,974 1,371,947(i)Exercisable at 20 cents on or before 31 May 2011.(ii)These options were issued to all shareholders on
77、the basis of 1 option for every 2 shares held as per the prospectus dated 16 February 2007.These options are exercisable at 20 cents on or before 31 August 2010.Share OptionsDetails of unissued ordinary shares under options are as follows:Number of optionsExercise priceExpiry dateBeacon Minerals Lim
78、ited 6,000,000 20 cents 31 May 2011Beacon Minerals Limited 16,588,352 20 cents 31 August 2010Beacon Minerals Limited 150,000 27 cents 1 August 2012Details of ordinary shares issued during the fi nancial period as a result of the exercise of options are:Number of sharesAmount paid per share centsAmou
79、nt unpaid on shares$Exercise of 20 cent options expiring 31 August 2010336,64820-DividendsNo dividends have been paid or declared since the start of the fi nancial period and the directors do not recommend the payment of a dividend in respect of the fi nancial period.Principal ActivitiesThe principa
80、l activities of the entity during the period were the exploration for minerals in Australia.There have been no signifi cant changes in the nature of those activities during the period.Review of operationsDuring the reporting period,Beacon Minerals Limited has been highly active in its exploration ef
81、forts.Drilling commenced immediately upon listing,and since then a number of exploration programmes have been completed at both the Greenvale Project in Queensland and the Barlee Project in Western Australia.Activities have consisted of;Over 13,000 metres of Reverse Circulation(RC)and Aircore(AC)dri
82、lling,Collection of over 2,500 soil samples at Greenvale,Completion of airborne electromagnetic(EM)survey,Expansion of ground holdings in Queensland and Western Australia.16ANNUAL REPORT 2007DIRECTORS REPORTDIRECTORS REPORTGreenvaleThe companys key focus is the Greenvale Project in Northern Queensla
83、nd,located 200 kilometres west of Townsville.Two RC drilling campaigns at the Cockie Copper(Cu)-Molybdenum(Mo)-Gold(Au)-Silver(Ag)Project resulted in signifi cant drill intercepts being received from two prospects,Cockie East and Cockie West.At Cockie West,drilling returned 34m 1.0%Cu,0.16 g/t Au,1.
84、4 g/t Ag and 150 ppm Mo from 8m whilst deeper drilling returned 66m 0.6%Cu,0.1 g/t Au,1.4 g/t Ag and 170 ppm Mo.In all,29 holes for 4,073 metres of RC drilling has been completed.Regional soil sampling identifi ed an anomaly over 5 kilometres long named the Cockie Trend.Future exploration will aim a
85、t locating further shallow mineralised zones within the Cockie Trend anomaly.In November 2006,the Company entered into a Joint Venture(Lucky Creek Joint Venture)with Glengarry Resources Ltd.Under the terms of the Joint Venture,Beacon must spend$850,000 over three years to earn 80%equity in the proje
86、ct,with Glengarry free carried until the completion of a positive feasibility study.With the additional Joint Venture ground,the Greenvale Project now exceeds over 400 square kilometres in size and provides the company with several high quality exploration targets prospective for gold,copper,silver
87、and zinc.These compliment similar,existing priority targets within our wholly owned ground.Within the Joint Venture ground at the Steam Engine Prospect,the company completed nine RC holes for 690 metres,aimed at further defi ning shallow gold mineralisation at three Prospects.Encouraging results wer
88、e received from all three areas drilled,including 6m 5.5 g/t Au(inc.2m 15.6 g/t Au)from 95m and 12m 3.5 g/t Au from 10m at Steam Engine,5m 4.5 g/t Au(inc.1m 11 g/t Au)from 19m and 5m 4.3 g/t Au(inc 1m 14.2 g/t Au)from 24m at Eastern Ridge and 5m 1.3 g/t Au from Paddys.Future exploration will consist
89、 of further drilling at priority prospects to determine the potential for shallow resources as well as continuing regional exploration.Over 5 kilometres of old workings and geochemical anomalies have been identifi ed at Steam Engine.Geotech Airborne Pty Ltd completed an airborne electromagnetic surv
90、ey(EM)using their VTEM system at Greenvale,which encompassed 100%owned Beacon tenure as well as tenements within the Lucky Creek Joint Venture.The survey tested over 150 square kilometres of terrain,which will aid in Beacons exploration efforts targeting VMS mineralisation as well as improving the o
91、verall geological model for the project.Interpretation and prioritisation of targets are being fi nalised,and the company plans to quickly test any high priority targets identifi ed from the survey.The Project lies some 15-20 kilometres southeast of the Balcooma polymetallic mine,which is interprete
92、d to exist in a similar geological setting to that seen within the Greenvale Project.Previous exploration has located a number of prospects that may be examples of volcanic-hosted massive sulphide mineralisation(VMS).These include Galah Dam,One Mile Dam and Sugarbag.At Galah Dam,historical drilling
93、intersected polymetallic mineralisation worthy of follow-up work.Better drill intercepts include;16m 4.5%Zn,1.1 g/t Au,0.5%Cu,13 g/t Ag(inc.5m 8.5%Zn),8m 3.5%Zn,0.2 g/t Au(inc.1m 6.9%Zn)BarleeThe Barlee Project covers over 400 square kilometres of highly prospective Greenstone terrain that remarkabl
94、y has received little,systematic modern day exploration.Beacon have purchased 80%of the rights for all commodities other than iron ore in EL77/1297,with the vendor,Duketon Consolidated Ltd having the option to contribute on a percentage basis or dilute to 10%free carried should a positive Bankable F
95、easibility Study be completed.Beacon holds 100%of all commodities in ELA77/1343 and ELA77/1392.The latter is also prospective for calcrete-hosted Uranium mineralisation.The Company has enjoyed early exploration success at the Barlee Project.Two campaigns of Aircore drilling totalling over 9,000 metr
96、es has returned signifi cant shallow gold results from a number of prospects over some 3 kilometres of strike,confi rming the new exploration model,that assumes gold mineralisation is preferentially hosted in north-easterly trending shear zones.Signifi cant results were received from several prospec
97、ts,including;Halleys East Prospecto 28m 4.1 g/t(inc.8m 10.6 g/t)from 8m o 32m 3.7 g/t(inc.8m 7.8 g/t EOH)from 12m o 12m 2.6 g/t from 8m,and 4m 13.3 g/t from 24m17BEACON MINERALS LTDDIRECTORS REPORTDIRECTORS REPORTFaith Prospecto 10m 3.6 g/t(inc.2m 10.5 g/t EOH)from 36m Phil Prospecto 24m 2.7 g/t(inc
98、.4m 12.4 g/t)from 12m o 24m 1.0 g/t EOH from 20m Due to the continuing exploration success at Barlee,the company intends to accelerate future work programmes,with the aim of defi ning areas for potential resource drilling.Regional exploration targeting north easterly trending shear zones that may co
99、ntain other mineralised zones will also be tested.PioneerThe Pioneer Project is located within the Kambalda Domain of the Norseman-Wiluna Greenstone Belt,a multi-million ounce goldfi eld,and lies close to several existing mining operations including Higginsville,Chalice and Norseman.Exploration by p
100、revious explorers resulted in the discovery of the Sponglite Prospect in the northern portion of the project.Drill intercepts including 7m 5.26 g/t,9m 2.98 g/t and 10m 1.3 g/t were recorded over 1 kilometre of strike,with mineralisation open to the south and at depth.Beacon intends to further defi n
101、e both the Spongelite Prospect and regional RAB anomalies with infi ll drilling to quickly identify areas where resource potential exists.Operating results for the yearNet loss attributable to equity holders for the period ended 30 June 2007$272,543Basic loss per share(cents)1.12Signifi cant changes
102、 in the state of affairsThere have been no signifi cant changes in the state of affairs of the Company to the date of this report,not otherwise disclosed in this report.Signifi cant events after balance dateThere has not been any matter or circumstance that has arisen after balance date that has sig
103、nifi cantly affected,or may signifi cantly affect,the operations of the Company,the results of those operations,or the state of affairs of the Company in future fi nancial periods.Likely developments and expected resultsDisclosure of information regarding likely developments in the operations of the
104、 Company in future fi nancial years and the expected results of those operations is likely to result in unreasonable prejudice to the Company.Therefore,this information has not been presented in this report.Environmental legislationThe Company is not subject to any signifi cant environmental legisla
105、tion.Indemnifi cation and insurance of Directors and Offi cersThe Company has agreed to indemnify the following current directors of the Company,Mr P Lloyd,Mr L Thorne,Mr M Egan,against all liabilities to another person(other than the Company or related body corporate)that may arise from their posit
106、ion as directors of the Company,except where the liability arises out of conduct involving 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 Company has also agreed to indemnify the current directors for
107、all liabilities to another person(other than the Company or related body corporate)that may arise from their position,except where the liability arises out of conduct involving a lack of good faith.The agreement stipulates that the Company will meet the full amount of any such liabilities,including
108、costs and expenses.The total amount of premiums paid was$13,353.18ANNUAL REPORT 2007DIRECTORS REPORTDIRECTORS REPORTRemuneration reportThis report outlines the remuneration arrangements in place for directors and executives of Beacon Minerals Limited(the“company”).Remuneration philosophyThe performa
109、nce 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 shareholder value creation;and-establish a
110、ppropriate,demanding performance hurdles for variable executive remuneration.Remuneration structureIn accordance with best practice Corporate Governance,the structure of non executive director and executive remuneration is separate and distinct.Non executive director remunerationThe Board seeks to s
111、et 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 non executive directors shall be determin
112、ed 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 as the fees paid to non executive direct
113、ors 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 period ended 30 June 2007 is detailed in note 18 of this report.Senior manager and executive director remunerati
114、onRemuneration consists of fi xed remuneration and variable remuneration(comprising short-term and long-term incentive schemes).Fixed RemunerationFixed remuneration is reviewed annually by the Board of Directors.The process consists of a review of relevant comparative remuneration in the market and
115、internally and,where appropriate,external advice on policies and practices.Variable RemunerationAll the current directors were involved in the creation of the company and therefore hold signifi cant numbers of shares and options,the board does not consider it necessary at the present time to take ad
116、ditional steps to link the remuneration of Directors with the creation of shareholder wealth.Given the current structure,there exists a direct link between the creation of shareholder wealth performance,and the fi nancial rewards for the directors.Employment ContractThe Managing Director,Mr Lyle Tho
117、rne is employed under contract.The current employment contract commenced on 20 November 2006 and has no defi ned termination date.The main terms of the employment contract with Mr Thorne are as follows:Remuneration of$135,000 pa plus superannuation Salary reviewed each year at the discretion of the
118、Company Either party is entitled to terminate the agreement by six months notice.19BEACON MINERALS LTDDIRECTORS REPORTDIRECTORS REPORTRemuneration of directors Table 1:Directors remuneration for the period ended 30 June 2007 Primary benefi ts Post employment Equity Total Salary&FeesNon Monetary Bene
119、fi tsSuperannuationOptionsPerformance related$%P Lloyd 73,189 2,596 3,64730,931110,36328L Thorne 103,729 2,596 9,11230,931146,36821M Egan 18,000 2,596 1,62030,93253,14858Total 194,918 7,788 14,37992,794309,87930Table 2:Options granted as part of remunerationValue of options granted at grant dateValu
120、e of options exercised at exercise dateValue of options lapsed at time of lapseTotal value of options granted,exercised and lapsedValue of options lapsed during periodValue of options included in remuneration for the period%remuneration consisting of options for the periodP Lloyd30,931-30,931-30,931
121、28L Thorne30,931-30,931-30,93121M Egan30,932-30,932-30,93258For details on the valuation of the options,including models and assumptions used,please refer to Note 10.There were no alterations to the terms and conditions of options granted as remuneration since their grant date.Directors MeetingsThe
122、number of meetings of directors held during the period and the number of meetings attended by each director was as follows:Directors MeetingsNumber of meetings held:7Number of meetings attended:P Lloyd7 L Thorne7 M Egan720ANNUAL REPORT 2007DIRECTORS REPORTDIRECTORS REPORTAuditor Independence and Non
123、-Audit ServicesSection 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 fi nancial report.This Independence Declaration is set out on page 26 and forms part of this directors
124、 report for the period ended 30 June 2007.Non-Audit ServicesThe following non-audit services were provided by our auditors,HLB Mann Judd.The directors are satisfi ed that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporati
125、ons Act.The directors are of the opinion that the services do not compromise the auditors independence as all non-audit services have been reviewed to ensure that they do not impact the integrity and objectivity of the auditor and none of the services undermine the general principles relating to aud
126、itor independence as set out in Code of Conduct APES110 Code of Ethics for Professional Accountants issued by the Accounting Professional&Ethical Standards Board.HLB Mann Judd received or are due to receive the following amounts for the provision of non-audit services:Preparation of Independent Acco
127、untants report in IPO prospectus$7,500Signed in accordance with a resolution of the directors.Paul LloydChairmanPerth,27 September 200721BEACON MINERALS LTDCORPORATE GOVERNANCE STATEMENTCORPORATE GOVERNANCE STATEMENTCORPORATE GOVERNANCE STATEMENTThis statement outlines the main corporate governance
128、practices in place throughout the period,which comply with the ASX Corporate Governance Council recommendations,unless otherwise stated.Board of DirectorsRole of the boardThe Boards primary role is the protection and enhancement of long-term shareholder value.To fulfi l this role,the Board is respon
129、sible for the overall corporate governance of the entity including 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 achievemen
130、t of managements goals and ensuring the integrity of internal control and management information systems.It is also responsible for approving and monitoring fi nancial and other reporting.Board ProcessesThe Board has established a framework for the management of the entity including a system of inte
131、rnal 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 specifi c signifi cant matters that may arise.The agenda for meetings is prepared in conjunction
132、with the Chairman and Company Secretary.Standing items include the management report,fi nancial 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 establ
133、ishment 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 outline
134、d within the Corporate Governance Statement below-see Nomination Committee,Remuneration Committee and Audit committee respectively.Director EducationThe entity has a formal process to educate new directors about the nature of the business,current issues,the corporate strategy and the expectations of
135、 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 and knowle
136、dge.Independent Professional Advice and Access to Company InformationEach 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 ed advise
137、r at the entitys expense.The director must consult with an advisor suitably qualifi ed in the relevant fi eld,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 other membe
138、rs of the board.Composition of the Board The names of the Directors of the Company in offi ce at the date of this report are set out in the Directors Report on page 14.The composition of the Board is determined using the following principles:A minimum of three directors,with a broad range of experti
139、se both nationally and internationally Directors having extensive knowledge of the Companys industries,and those which do not,have extensive expertise in signifi cant aspects of auditing and fi nancial reporting,or risk management and fi nancing of public companies22ANNUAL REPORT 2007CORPORATE GOVER
140、NANCE STATEMENTCORPORATE GOVERNANCE STATEMENT The roles of Chairman and Managing Director are not to be exercised by the same individual;and A maximum period of three years service,subject to re-election every two years(except for the Managing Director).Board of directors Board members have experien
141、ce 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 stage of development of the Company,the current number of independent directors
142、 in the Company is appropriate for the effective execution of the boards responsibilities.The directors periodically monitor the need to appoint additional independent directors.Nomination CommitteeThe board considers that a formally constituted Nomination Committee is not appropriate as the board,a
143、s part of its usual role,oversees the appointment and induction process for directors,and the selection,appointment and succession planning process of the Companys executive offi cers.The board considers the appropriate skill mix,personal qualities,expertise and diversity of each position.When a vac
144、ancy exists or there is a need for particular skills,the board determines the selection criteria based on the skills deemed necessary.The board identifi es potential candidates and may take advice from an external consultant.The board then appoints the most suitable candidate.Board candidates must s
145、tand for election at the next general meeting of 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 th
146、e board,which votes on them.Directors displaying unsatisfactory performance are required to retire.Remuneration CommitteeThe 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 dire
147、ctors and the Companys executive offi cers.Remuneration levels are competitively set to attract and retain appropriately qualifi ed and experienced directors and senior executives.The board may seek independent advice on the appropriateness of remuneration packages,given trends in comparative compan
148、ies both locally and internationally.Remuneration packages include a mix of fi xed remuneration,performance-based remuneration,and equity-based remuneration.The remuneration structures explained below are designed to attract suitably qualifi ed candidates,and to affect the broader outcome of maximis
149、ing the Companys profi tability.The remuneration structures 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 o
150、nly be issued to Company Directors under a resolution 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
151、or redundancy schemes.Audit committeeThe entity is not currently considered to be of a size,nor is 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,und
152、ertakes audit related responsibilities including:Reviewing the annual and interim fi nancial reports and other fi nancial information distributed externally.This includes approving new accounting policies to ensure compliance with Australian Accounting Standards and generally accepted accounting pri
153、nciples,and assessing whether the fi nancial information is adequate for shareholders needs;Assessing corporate risk assessment processes;23BEACON MINERALS LTDCORPORATE GOVERNANCE STATEMENTCORPORATE GOVERNANCE STATEMENT Assessing whether non-audit services provided by the external auditor are consis
154、tent with maintaining the external auditors independence.The external auditor provides an annual declaration of independence which is consistent with Code of Conduct APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board;Addressing any
155、matters outstanding with auditors,Australian Taxation Offi ce,Australian Securities and Investments Commission,Australian Securities Exchange and fi nancial institutions;Reviewing the nomination and performance of the external auditor.The external audit engagement partner will be rotated every fi ve
156、 years;Assessing the adequacy of the internal control framework and the Companys code of ethical standards;Monitoring the procedures to ensure compliance with the Corporations Act 2001 and the ASX Listing Rules and all other regulatory requirements.The directors review the performance of the externa
157、l auditors on an annual basis and normally meet with them during the year to:Discuss the external audit plans,identify any signifi cant changes in structure,operations,internal controls or accounting policies likely to impact the fi nancial statements and to review the fees proposed for the audit wo
158、rk to be performed;Review the annual and half-year reports prior to lodgement with the ASX,and any signifi cant adjustments required as a result of the auditors fi ndings,prior to announcement of the result.The board monitors the need to form an Audit Committee on a periodic basis.Risk ManagementOve
159、rview of the Risk Management SystemThe Board adopts practices designed to identify signifi cant areas of business risk and to effectively manage those risks in accordance with the Companys risk profi le.This includes assessing,monitoring and managing operational,fi nancial reporting,and compliance r
160、isks for the entity.The entity is not of a size 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 acqua
161、inted with all operations and reports all relevant issues to the other directors at the directors meetings.The company secretary has declared to the board,that the aforementioned system is working effi ciently and effectively.The operational and other compliance risk management have also been assess
162、ed and found to be operating effi ciently and effectively.All risk assessments covered the entire part of the fi nancial year that the Company operated and the period up to the signing of the annual fi nancial report for all material operations in the entity.Risk Profi leThe entity is not currently
163、considered to be of a size,nor is its affairs of 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 identifi ed,assessed and app
164、ropriately managed.Where necessary,the board draws 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,diffi culties in sourcing raw materials,the robustness of the t
165、echnologies being used or proposed to be used,environment,occupational health and safety,fi nancial reporting and the purchase,development and use of information systems.Risk Management,Compliance and ControlThe board acknowledges that it is responsible for the overall internal control framework,but
166、 recognises that no cost effective internal control system will preclude all errors and irregularities.24ANNUAL REPORT 2007CORPORATE GOVERNANCE STATEMENTCORPORATE GOVERNANCE STATEMENTPractices have been established to ensure:Capital expenditure and revenue commitments above a certain size obtain pri
167、or board approval;Financial exposures are controlled,including the potential use of derivatives;Occupational health&safety standards and management systems are monitored and reviewed to achieve high standards of performance and compliance with regulations;Business transactions are properly authorise
168、d and executed;The quality and integrity of personnel(see below);Financial reporting accuracy and compliance with the fi nancial reporting regulatory framework(see below);and Environmental regulation compliance(see below).Quality and Integrity of Personnel The Company conducts a comprehensive review
169、 of the ability and experience of potential employees prior to 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 developmen
170、t and appropriate remuneration and incentives with regular performance 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 fi nancial reports are founde
171、d on a sound system of risk management and internal compliance and control which implements the policies adopted by the board.Following the reporting period,monthly actual results are reported against budgets approved by the directors and revised forecasts for the year are prepared regularly.Environ
172、mental Regulation The Companys operations are subject to 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
173、 with environmental regulations.The board believes that the Company has adequate systems in place for the management of its environmental requirements and is not aware of any breach of those environmental requirements as they apply to the Company.Internal Audit The Company does not have a formally e
174、stablished internal audit function.The board ensures compliance with the internal controls and risk management procedures previously mentioned.Ethical StandardsAll directors,managers and employees are expected to act with the utmost integrity and objectivity,striving at all times to enhance the repu
175、tation and performance of the Company.Confl ict of InterestDirectors must keep the board advised,on an ongoing basis,of any interest that could potentially confl ict with those of the Company.The board has developed procedures to assist directors to disclose potential confl icts of interest.Where th
176、e board believes that a signifi cant confl ict exists for a director on a board matter,the director concerned is not present at the meeting whilst the item is considered.Code of conductThe Company has established a Code of Conduct(Code)which aims to develop a consistent understanding of,and approach
177、 to,the desired standards of conduct and behaviour of the directors,offi cers,employees and contractors(collectively,the Employees)in carrying out their roles for the Company.Through this Code,the Company seeks to 25BEACON MINERALS LTDCORPORATE GOVERNANCE STATEMENTCORPORATE GOVERNANCE STATEMENTencou
178、rage and develop a culture of professionalism,honesty 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 no
179、t cover every possible situation that Employees 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 employeesThe Company has established a Security Trading P
180、olicy that is provided to all Directors and employees 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 the
181、y have bought or sold shares in the Company or exercised options over ordinary shares.In accordance with the provisions of the Corporations Act 2001 and the Listing Rules of the Australian Securities Exchange,the Company on behalf of the directors must advise the Australian Securities Exchange of an
182、y transactions conducted by them in shares and/or options in the Company.Communication with ShareholdersThe 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
183、 comprehensive continuous disclosure processes which includes identifying matters that may have a material effect on the price of the Companys securities,notifying them to the ASX and issuing media releases.In summary,the continuous disclosure processes operate as follows:The chairman and the compan
184、y secretary 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 external environment;The full annual fi nanci
185、al 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 fi nancial information and a review of the operations of
186、 the Company during the period.The half-year reviewed fi nancial 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 share ownership rights are submitted to a vote
187、 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 audit and the content of the Auditors Rep
188、ort.The board encourages full participation of shareholders at the Annual General Meeting,to ensure a high level of accountability and identifi cation with the Companys strategy and goals.Important issues are presented to the shareholders as single resolutions.The shareholders are requested to vote
189、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.26ANNUAL REPORT 2007AUDITORS INDEPENDENCE DECLARATIONAUDITORS INDEPENDENCE DECLARATIONAudi
190、tors Independence DeclarationAs lead auditor for the audit of the fi nancial report of Beacon Minerals Limited for the period ended 30 June 2007,I declare that to the best of my knowledge and belief,there have been:a)no contraventions of the auditor independence requirements of the Corporations Act
191、2001 in relation to the audit;andb)no contraventions of any applicable code of professional conduct in relation to the audit.This declaration is in respect of Beacon Minerals Limited.Perth,Western Australia L Di Giallonardo27 September 2007 Partner,HLB Mann JuddHLB Mann Judd(WA Partnership)15 Rheola
192、 Street West Perth 6005.PO Box 263 West Perth 6872 Western Australia.DX 238(Perth)Telephone+61(08)9481 0977.Fax+61(08)9481 3686.Email:.au.Website:http:/.auPartners:Terry M Blenkinsop,Litsa Christodulou,Wayne M Clark,Lucio Di Giallonardo,Colin D Emmott,Trevor G Hoddy,Norman G Neill,Peter J SpeechleyH
193、LB Mann Judd(WA Partnership)is a member of International and the HLB Mann Judd National Association of independent accounting fi rms27BEACON MINERALS LTDINCOME STATEMENTINCOME STATEMENTINCOME STATEMENTFOR THE PERIOD ENDED 30 JUNE 2007Notes 2007$Revenue2157,258Other income29,163Accounting expense(38,
194、948)Audit fees(13,700)Consultants(2,430)Depreciation expense(4,788)Directors fees(18,000)Employee benefi ts expense(135,700)Insurance(12,087)Listing fees(8,286)Offi ce expense(44,291)Option issue expense(92,794)Other expenses(17,968)Promotions and advertising(11,876)Share registry expense(23,655)Tra
195、vel and accommodation(14,441)Loss before income tax expense2(272,543)Income tax expense3-Loss after tax(272,543)Basic loss per share(cents per share)51.12 centsThe accompanying notes form part of these fi nancial statements.28ANNUAL REPORT 2007BALANCE SHEETBALANCE SHEETBALANCE SHEETAT 30 JUNE 2007No
196、tes 2007$AssetsCurrent AssetsCash and cash equivalents63,018,961Trade and other receivables7123,118Total Current Assets3,142,079Non-Current AssetsProperty,plant and equipment831,004Deferred exploration expenditure91,476,617Total Non-Current Assets1,507,621Total Assets4,649,700LiabilitiesCurrent Liab
197、ilitiesTrade and other payables11118,676Total Current Liabilities118,676Total Liabilities118,676Net Assets4,531,024EquityIssued capital124,541,523Reserves12262,044Retained earnings/(accumulated losses)12(272,543)Total Equity4,531,024The accompanying notes form part of these fi nancial statements.29B
198、EACON MINERALS LTDCASH FLOW STATEMENTCASH FLOW STATEMENTCASH FLOW STATEMENTFOR THE PERIOD ENDED 30 JUNE 2007 Note 2007$Infl ows/(Outfl ows)Cash fl ows from operating activitiesPayments to suppliers and employees(336,661)Interest received157,258 Net cash provided by/(used in)operating activities6(179
199、,403)Cash fl ows from investing activitiesPurchase of property,plant and equipment(35,792)Payments for deferred exploration expenditure(996,617)Net cash provided by/(used in)investing activities(1,032,409)Cash fl ows from fi nancing activitiesProceeds from issue of shares4,552,830 Share issue expens
200、es(322,057)Net cash provided by/(used in)fi nancing activities4,230,773 Net increase/(decrease)in cash and cash equivalents3,018,961Cash and cash equivalents at beginning of period-Cash and cash equivalents at 30 June 200763,018,961The accompanying notes form part of these fi nancial statements.30AN
201、NUAL REPORT 2007STATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITYFOR THE PERIOD ENDED 30 JUNE 2007Ordinary SharesRetained Earnings/(accumulated losses)Option Premium ReserveEmployee Equity Benefi ts ReserveTotal$Shares issued during the year4,863,580-4,863,58
202、0Transaction costs(322,057)-(322,057)Loss attributable to members of the parent entity-(272,543)-(272,543)Proceeds from the issue of options-169,250-169,250Issue of options to Directors-92,79492,794Balance at 30 June 20074,541,523(272,543)169,25092,7944,531,024The accompanying notes form part of the
203、se fi nancial statements.31BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2007NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(a)Basis of Preparation The fi nancial report is a general-purpose fi n
204、ancial 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 fi nancial report has also been prepared on a historical cost basis.The fi nancial report is presented i
205、n Australian dollars.The company is an Australian Securities Exchange Limited listed public company,incorporated in Australia and operating in Australia.The Company was incorporated on 9 May 2006 and therefore this report is for the period from incorporation to 30 June 2007(14 month period).No compa
206、rative balances appear because the Company has only been in operation since 9 May 2006.(b)Adoption of new and revised standards In the period ended 30 June 2007,the Company has reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations an
207、d effective for annual reporting periods beginning on or after 1 July 2006.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.(c)S
208、tatement of Compliance The financial report was authorised for issue in accordance with a resolution of the directors on 27 September 2007.The fi nancial report complies with Australian Accounting Standards,which include Australian equivalents to International Financial Reporting Standards(AIFRS).Co
209、mpliance with AIFRS ensures that the fi nancial report,comprising the fi nancial statements and notes thereto,complies with International Financial Reporting Standards(IFRS).(d)Signifi cant accounting judgments,estimates and assumptions The carrying amounts of certain assets and liabilities are ofte
210、n determined based on estimates and assumptions of future events.The key estimates and assumptions that have a signifi cant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:Share-based payment transactions:The
211、 Company measures the cost of cash-settled share-based payments at fair value at the grant date using the Black-Scholes formula taking into account the terms and conditions upon which the instruments were granted,as discussed in Note 10.(e)Revenue Recognition Revenue is recognised to the extent that
212、 it is probable that the economic benefi ts will fl ow to the Company and the revenue can be reliably measured.Interest income Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the fi nancial asset.32ANNUAL REPORT 2007NOTES TO THE FINANCIAL S
213、TATEMENTSNOTES TO THE FINANCIAL STATEMENTS(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 cash and which are subject to an insignifi cant risk of changes in val
214、ue.For the purposes of the Cash Flow Statement,cash and cash equivalents consist of cash and cash equivalents as defi ned above.(g)Trade and other receivables Trade receivables,which generally have 30-90 day terms,are recognised and carried at original invoice amount less an allowance for any uncoll
215、ectible amounts.An allowance for doubtful debts is made when there is objective evidence that the Company will not be able to collect the debts.Bad debts are written off when identifi ed.(h)Derecognition of fi nancial assets and fi nancial liabilities(i)Financial assets A fi nancial asset(or,where a
216、pplicable,a part of a fi nancial asset or part of a group of similar fi nancial assets)is derecognised when:the rights to receive cash fl ows from the asset have expired;the Company retains the right to receive cash fl ows from the asset,but has assumed an obligation to pay them in full without mate
217、rial delay to a third party under a pass-through arrangement;or the Company has transferred its rights to receive cash fl ows 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 rew
218、ards of the asset,but has transferred control of the asset.When the Company has transferred its rights to receive cash fl ows 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 th
219、e extent of the Companys continuing involvement in the asset.Continuing involvement that takes the form of 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
220、to repay.When continuing involvement takes the form of a written and/or purchased option(including a cash-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
221、in the case of a written put option(including a cash-settled option or similar provision)on an asset measured 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 f
222、i nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.When an existing fi nancial liability is replaced by another from the same lender on substantially different terms,or the terms of an existing liability are substantially modifi ed,such
223、an exchange or modifi cation is treated as a derecognition of the original liability and the recognition of a new liability,and the difference in the respective carrying amounts is recognised in profi t or loss.(i)Impairment of fi nancial assets The Company assesses at each balance sheet date whethe
224、r a fi nancial asset or group of fi nancial assets is impaired.(i)Financial assets carried at amortised cost If there is 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 as
225、sets carrying amount and 33BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSthe present value of estimated future cash fl ows(excluding future credit losses that have not been incurred)discounted at the fi nancial assets original effective interest rate(i.e.the ef
226、fective 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 profi t or loss.The Company fi rst assesses whether objective evidence of impairment exists individually f
227、or fi nancial assets that are individually signifi cant,and individually or collectively for fi nancial assets that are not individually signifi cant.If it is determined that no objective evidence of impairment exists for an individually assessed fi nancial asset,whether signifi cant or not,the asse
228、t is included in a group of fi nancial assets with similar credit risk characteristics and that group of fi nancial assets is collectively assessed for impairment.Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognised are not included i
229、n a collective assessment of impairment.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 impa
230、irment loss is recognised in profi t 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
231、is not carried at fair 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 va
232、lue of estimated future cash fl ows,discounted at the current market rate of return for a similar fi nancial asset.(j)Income tax Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities.The tax rates and tax laws used to compute
233、the amount are those that are enacted or substantively enacted by the balance sheet date.Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for fi nancial reporting purposes.Deferred income
234、 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 transaction that is not a business combination and that,at the time of the transaction,affects neither
235、the accounting profi t nor taxable profi t or loss;or when the taxable temporary difference is associated with investments in subsidiaries,associates or interests in joint ventures,and the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary diff
236、erence 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 extent that it is probable that taxable profi t will be available against which the deductible temporar
237、y 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 initial recognition of an asset or liability in a transaction that is not a business combination a
238、nd,at the time of the transaction,affects neither the accounting profi t nor taxable profi t or loss;orNOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(i)Impairment of fi nancial assets(continued)34ANNUAL REPORT 2007NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS whe
239、n the deductible temporary difference is associated with investments in subsidiaries,associates or 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 prof
240、i t will be available against which the temporary difference can be utilised.The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that suffi cient taxable profi t will be available to allow all or part of the
241、 deferred income tax asset to be utilised.Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profi t will allow the deferred tax asset to be recovered.Deferred income tax assets and liabil
242、ities 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 sheet date.Income taxes relating to items recognised directly in equity are
243、 recognised in equity and not in profi t 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 assets and liabilities relate to the same taxable entity and the
244、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 GST is recognised as part of the cost of acquisition of the as
245、set 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 payables in the balance sheet.Cash fl ows are included in t
246、he Cash Flow Statement on a gross basis and the GST component of cash fl ows arising from investing and fi nancing activities,which is recoverable from,or payable to,the taxation authority are classifi ed as operating cash fl ows.Commitments and contingencies are disclosed net of the amount of GST r
247、ecoverable 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 replacing parts that are eligible for capitalisation when the cost of replacin
248、g 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.Land and buildings are measured at fair value less accumulated depreciation on buildings and l
249、ess any impairment losses recognised after the date of the revaluation.Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:Offi ce Equipment over 5 to 8 years Computer Equipment over 2.5 years The assets residual values,useful lives and amortis
250、ation methods are reviewed,and adjusted if appropriate,at each fi nancial year end.35BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS (i)Impairment The carrying values of plant and equipment are reviewed for impairment at each reporting date,with recoverable amou
251、nt 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 value less costs to sell and value in use.In assessing value in use,the estimated future cash fl ows are discounted to their
252、 present value using a pre-tax discount rate that refl ects current market assessments of the time value of money and the risks specifi c to the asset.For an asset that does not generate largely independent cash infl ows,recoverable amount is determined for the cash-generating unit to which the asse
253、t belongs,unless the assets value in use can be estimated to be close to its fair value.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 amount.For plan
254、t and equipment,impairment losses are recognised in the income statement in the cost of sales line item.(ii)Derecognition and disposal An item of property,plant and equipment is derecognised upon disposal or when no further future economic benefi ts are expected from its use or disposal.Any gain or
255、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 profi t or loss in the year the asset is derecognised.(m)Financial assets Financial assets in the scope of AASB 139 Financial Instruments:Reco
256、gnition and Measurement are classifi ed as either fi nancial assets at fair value through profi t or loss,loans and receivables,held-to-maturity investments,or available-for-sale investments,as appropriate.When fi nancial assets are recognised initially,they are measured at fair value,plus,in the ca
257、se of investments not at fair value through profi t or loss,directly attributable transactions costs.The Company determines the classifi cation of its fi nancial assets after initial recognition and,when allowed and appropriate,re-evaluates this designation at each fi nancial year-end.All regular wa
258、y purchases and sales of fi nancial 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 fi nancial assets under contracts that require delivery of the assets within the period established general
259、ly by regulation or convention in the marketplace.(i)Financial assets at fair value through profi t or loss Financial assets classifi ed as held for trading are included in the category fi nancial assets at fair value through profi t or loss.Financial assets are classifi ed as held for trading if th
260、ey are acquired for the purpose of selling in the near term.Derivatives are also classifi ed as held for trading unless they are designated as effective hedging instruments.Gains or losses on investments held for trading are recognised in profi t or loss.(ii)Held-to-maturity investments Non-derivati
261、ve fi nancial assets with fi xed or determinable payments and fi xed maturity are classifi ed as held-to-maturity when the Company has the positive intention and ability to hold to maturity.Investments intended to be held for an undefi ned period are not included in this classifi cation.Investments
262、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 initially
263、 recognised amount and the maturity amount.This NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(l)Property,plant and equipment(continued)36ANNUAL REPORT 2007NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTScalculation includes all fees and points paid or received betw
264、een 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,gains and losses are recognised in profi t or loss when the investments are derecognised or impaired,as well as throug
265、h the amortisation process.(iii)Loans and receivables Loans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market.Such assets are carried at amortised cost using the effective interest method.Gains and losses are recognised
266、in profi t or loss when the loans and receivables are derecognised or impaired,as well as through the amortisation process.(iv)Available-for-sale investments Available-for-sale investments are those non-derivative fi nancial assets that are designated as available-for-sale or are not classifi ed as
267、any 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 th
268、e cumulative gain or loss previously reported in equity is recognised in profi t or loss.The fair value of investments that are actively traded in organised fi nancial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date.For investments wi
269、th no active 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 fl ow analysis and option pricing models.(n)Intangib
270、le assets Intangible assets acquired separately or in a business combination are initially measured at cost.The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition.Following initial recognition,intangible assets are carried at cost less any
271、accumulated amortisation and any accumulated impairment losses.Internally generated intangible assets,excluding capitalised development costs,are not capitalised and expenditure is charged against profi ts in the year in which the expenditure is incurred.The useful lives of intangible assets are ass
272、essed to be either fi nite or indefi nite.Intangible assets with fi nite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.The amortisation period and the amortisation method for an intangible asset with a f
273、i nite useful life is reviewed at least at each fi nancial year-end.Changes in the expected useful life or the expected pattern of consumption of future economic benefi ts embodied in the asset are accounted for by changing the amortisation period or method,as appropriate,which is a change in accoun
274、ting estimate.The amortisation expense on intangible assets with fi nite lives is recognised in profi t or loss in the expense category consistent with the function of the intangible asset.Intangible assets with indefi nite useful lives are tested for impairment annually either individually or at th
275、e cash-generating unit level.Such intangibles are not amortised.The useful life of an intangible asset with an indefi nite life is reviewed each reporting period to determine whether indefi nite life assessment continues to be supportable.If not,the change in the useful life assessment from indefi n
276、ite to fi nite is accounted for as a change in an accounting estimate and is thus accounted for on a prospective basis.Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recog
277、nised in profi t or loss when the asset is derecognised.(o)Impairment of assets 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 estim
278、ate of the assets recoverable amount.An assets recoverable amount is the higher of its fair value less 37BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTScosts to sell and its value in use and is determined for an individual asset,unless the asset does not generat
279、e cash infl ows 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 value.In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs.When the carrying amount
280、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 amount.In assessing value in use,the estimated future cash fl ows are discounted to their present value using a pre-tax discount rate tha
281、t refl ects current market assessments of the time value of money and the risks specifi c to the asset.Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at revalued amount(in w
282、hich 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 previously recognised impairment losses may no longer exist or may have decreased.If such indication exists,the recoverable amount is estim
283、ated.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 impairment loss was recognised.If that is the case the carrying amount of the asset is increased to its recoverable amount.That inc
284、reased 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.Such reversal is recognised in profi t or loss unless the asset is carried at revalued amount,in which case the reversal is treated
285、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 value,on a systematic basis over its remaining useful life.(p)Trade and other payables Trade payables and other payables are carried
286、at amortised costs and represent liabilities for goods and services provided to the Company prior to the end of the fi nancial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.(q)Provisions Provisions are r
287、ecognised when the Company has a present obligation(legal or constructive)as a result of a past event,it is probable that an outfl ow of resources embodying economic benefi ts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.When the Compa
288、ny expects some or all of a provision to be reimbursed,for example under an insurance contract,the reimbursement is recognised as a separate assets but only when the reimbursement is virtually certain.The expense relating to any provision is presented in the income statement net of any reimbursement
289、.If the effect of the time value of money is material,provisions are discounted using a current pre-tax rate that refl ects the risks specifi c to the liability.When discounting is used,the increase in the provision due to the passage of time is recognised as a borrowing cost.(r)Employee leave benef
290、i ts(i)Wages,salaries,annual leave and sick leave Liabilities for wages and salaries,including non-monetary benefi ts,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 services up to the rep
291、orting date.They are measured at the amounts expected to be paid when the NOTE 1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)(o)Impairment of assets(continued)38ANNUAL REPORT 2007NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSliabilities are settled.Liabilities for non-
292、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 service leave is recognised in the provision for employee benefi ts and measured as the present value of expected future payments to be made in r
293、espect of services provided by employees up to the reporting date using the projected unit credit method.Consideration is given to expected future wage and salary levels,experience of employee departures,and period of service.Expected future payments are discounted using market yields at the reporti
294、ng date on national government bonds with terms to maturity and currencies that match,as closely as possible,the estimated future cash outfl ows.(s)Share-based payment transactions Equity settled transactions:The Company provides benefi ts to employees(including senior executives)of the Company in t
295、he 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 measured by reference to the fair value of the equity instruments at the date at which they are
296、granted.The fair value is determined by an internal valuation using a Black-Scholes option pricing model,further details of which are given in Note 10.In valuing equity-settled transactions,no account is taken of any performance conditions,other than conditions linked to the price of the shares of B
297、eacon 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 fulfi lled,ending on the date on which the relevant employees become fu
298、lly entitled to the award(the vesting period).The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date refl ects(i)the extent to which the vesting period has expired and(ii)the Companys best estimate of the number of equity instruments that will ult
299、imately 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 income statement charge or credit for a period represents the movement in cumulative expense recognised
300、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 modifi ed,as a minimum an expense is recognised as if the terms had not b
301、een modifi ed.In addition,an expense is recognised for any modifi cation that increases the total fair value of the share-based payment arrangement,or is otherwise benefi cial to the employee,as measured at the date of modifi cation.If an equity-settled award is cancelled,it is treated as if it had
302、vested on the date of cancellation,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 m
303、odifi cation of the original award,as described in the previous paragraph.The dilutive effect,if any,of outstanding options is refl ected as additional share dilution in the computation of earnings per share(see Note 5).(t)Issued capital Ordinary shares are classifi ed as equity.Incremental costs di
304、rectly attributable to the issue of new shares or options are shown in equity as a deduction,net of tax,from the proceeds.39BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS(u)Earnings per share Basic earnings per share is calculated as net profi t attributable to
305、 members of the Company,adjusted to exclude any costs of servicing equity(other than dividends)and preference share dividends,divided by the weighted average number of ordinary shares,adjusted for any bonus element.Diluted earnings per share is calculated as net profi t attributable to members of th
306、e Company,adjusted for:costs of servicing equity(other than dividends)and preference share dividends;the after tax 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 dur
307、ing the period that would result from the dilution of potential ordinary shares;divided by the weighted average number of ordinary shares and dilutive potential ordinary shares,adjusted for any bonus element.(v)Exploration and evaluation Exploration,evaluation and development expenditure in relation
308、 to separate areas of interest for which rights of tenure are current,are capitalised in the 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 c
309、arried forward as an asset in the Balance Sheet so long as the following conditions are satisfi ed:(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
310、successful development and exploitation 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
311、 reserves.Exploration and evaluation expenditure is 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.Should a project or an area of interest be abandoned,the expenditur
312、e will be written off in the period in which the decision is made.Once an area of interest 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 Balance Sheet.Capitalised Develop
313、ment Expenditure is amortised from the commencement of production on a unit of production basis over recoverable reserves.Recoverable reserves are subject to review annually.The recoverable reserves are estimates calculated from available production and reservoir data and are subject to change.NOTE
314、1:STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES(continued)40ANNUAL REPORT 2007NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSNOTE 2:REVENUES AND EXPENSES 2007$(a)RevenueInterest157,258157,258(b)Other incomeOther9,1639,163(c)ExpensesDepreciation of non-current assets4,788Option issu
315、e expense92,794Contribution to employee superannuation plans16,337NOTE 3:INCOME TAX Income tax recognised in profi t or lossThe major components of tax expense are:Current tax expense/(income)-Adjustments recognised in the current period in relation to the current tax of prior years-Deferred tax exp
316、ense/(income)relating to the origination and reversal of temporary differences-Total tax expense/(income)-The prima facie income tax expense on pre-tax accounting profi t from operations reconciles to the income tax expense in the fi nancial statements as follows:Accounting loss before tax(272,543)I
317、ncome tax benefi t calculated at 30%81,763Non-deductible expenses:Option issue expense(27,838)Unrecognised tax losses(53,925)Income tax expense reported in the income statement-NOTE 4:SEGMENT REPORTINGSegment InformationThe Company operates in one geographical segment,for primary reporting,being Aus
318、tralia,and in one business segment for secondary reporting,being mineral exploration.41BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSNOTE 5:EARNINGS PER SHARE 2007Cents per shareBasic Loss per share:1.12The loss and weighted average number of ordinary shares us
319、ed in the calculation of basic earnings per share is as follow:$Loss for the period(272,543)Weighted average number of ordinary shares for the purposes of basic loss per share No.24,240,049Diluted Loss per shareThere is no dilution of shares due to options as the potential ordinary shares are not di
320、lutive and are therefore not included in the calculation of diluted loss per share.NOTE 6:CASH AND CASH EQUIVALENTS2007$Cash at bank 518,961Short term deposits2,500,0003,018,961Cash at bank earns interest at fl oating rates based on daily bank deposit rates.Short term deposits are made for varying p
321、eriods 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.(i)Reconciliation to Cash Flow Statement:For the purposes of the cash fl ow statement,cash and cash equivalents comprise cash on hand an
322、d at bank.Cash and cash equivalents as shown in the cash fl ow statement are reconciled to the related items in the balance sheet as follows:Cash and cash equivalents3,018,9613,018,961(ii)Reconciliation of loss for the period to net cash fl ows from operating activities:Loss for the period(272,543)O
323、ption issue expense92,794Depreciation expense 4,788(Increase)/decrease in assets:42ANNUAL REPORT 2007NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSTrade and other receivables(123,118)Increase/(decrease)in liabilities:Trade and other payables118,676Net cash from operating activiti
324、es(179,403)NOTE 7:CURRENT TRADE AND OTHER RECEIVABLES 2007$Trade receivables65,558Prepayments8,688GST recoverable48,872123,118Trade receivables are non-interest bearing and are generally on 30-90 day terms.An allowance for doubtful debts is made when there is objective evidence that a trade receivab
325、le is impaired.The amount of the allowance/impairment loss has been measured as the difference between the carrying amount of the trade receivables and the estimated future cash fl ows expected to be received from the relevant debtors.NOTE 8:PROPERTY,PLANT AND EQUIPMENT Offi ce EquipmentComputer Equ
326、ipmentTotal$Period ended 30 June 2007Opening written down value-Additions17,72718,06535,792Disposals-Depreciation charge for the period(1,050)(3,738)(4,788)Closing written down value16,67714,32731,004 At 30 June 2007Cost or fair value17,72718,06535,792Accumulated depreciation and impairment(1,050)(3
327、,738)(4,788)Net carrying amount16,67714,32731,004The useful life of the assets was estimated as follows for 2007:Offi ce equipment 5 to 8 years Computer equipment 2.5 years43BEACON MINERALS LTDNOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSNOTE 9:DEFERRED EXPLORATION EXPENDITURE20
328、07$Costs carried forward in respect of:Exploration and evaluation phase at cost Balance at beginning of period-Purchase of exploration projects480,000 Expenditure incurred996,6171,476,617 Expenditure written off-Total exploration expenditure1,476,617The recoupment of costs carried forward in relatio
329、n to areas of interest in the exploration and evaluation phases are dependent on the successful development and commercial exploitation or sale of the respective areas.NOTE 10:SHARE BASED PAYMENT PLANS The expense recognised in the income statement in relation to share-based payments is disclosed in
330、 Note 2.The following table illustrates the number(No.)and weighted average exercise prices of and movements in share options issued during the year:2007No.2007 Weighted average exercise priceOutstanding at the beginning of the period-Granted during the period6,000,00020 centsForfeited during the pe
331、riod-Exercised during the period-Expired during the period-Outstanding at the end of the period6,000,00020 centsExercisable at the end of the period6,000,00020 centsThe outstanding balance as at 30 June 2007 is represented by:6,000,000 options over ordinary shares with an exercise price of 20 cents
332、each,exercisable on or before 31 May 2011.The weighted average fair value of options granted during the period was$92,794.The fair value of the equity-settled share options granted is estimated as at the date of grant using a Black-Scholes option pricing model taking into account the terms and condi
333、tions upon which the options were granted.44ANNUAL REPORT 2007NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTSThe following table lists the inputs to the model used for the period ended 30 June 2007:Volatility(%)60Risk-free interest rate(%)5.7Expected life of option(years)5Exercise price(cents)20Weighted average share price at grant date(cents)8The expected life of the options is
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