Guildford: QUARTERLY ACTIVITIES & CASHFLOW REPORT
HIGHLIGHTS
MONGOLIA
Ø Increased stake in Mongolian subsidiary Terra Energy to approximately 75%
Ø Finalising mining contractor negotiations with preferred contractor for mining start-up on South Gobi Project with contract signing expected in early August 2012.
Ø Confirmed start up schedule for commencement of mining in September 2012 with management reaching one of their key objectives of transitioning from explorer to miner, delivering positive cash flow and allowing the Guildford Board the opportunity to consider potential dividend flow to shareholders in this financial year
Ø Formal Tenders received from short listed offtake partners with final agreement to be negotiated and finalised mid August 2012. Tender submissions in line with expectations for raw sales at mine gate
Ø Washability results confirm 2 coking coal products with a Chinese Classification Fat Coal (Yr1 mean F1.60 Yield of 72%, 4.1% Ash & CSN 8) and a Gas Coal (Yr1 mean F1.60 Yield of 61%, 6.1% Ash & CSN 4)
Ø Drilling to recommence in August 2012 to prove the coal resources in other potential conceptual pits for the South Gobi Project
QUEENSLAND
Ø Maiden JORC Indicated Resource estimated for the Hughenden Project (100% Guildford) on EPC1477 in the northern Galilee Basin of 123.63Mt. This is an important prerequisite to allow progression of studies for Mining Licence application
Ø Guildford increased its stake in the White Mountains subsidiary to approximately 60%
Ø Drilling on White Mountain Project in the northern Galilee Basin, has continued to intersect the target seams and is expected to allow an increase to the potential open cut resource late in the September 2012 quarter
Ø Studies in support of the IAS and EIS for Hughenden and White Mountain Projects have commenced and an application for a Mining Lease is expected to be lodged by the end of 2012 which should allow binding arrangements to be entered into for rail and port
Ø Guildford acquired additional 20% stake in Orion Mining Pty Ltd (Orion) taking Guildford ownership to 100%. Orion wholly owns the tenements which form the Pentland Project in the north eastern Galilee Basin
Ø Drilling recommenced on the Springsure Project (50.52% Guildford) in the Bowen Basin, with the target seams intersected. Further drilling is expected to result in the estimation of a maiden resource late in the September 2012 quarterØ Guildford entered into a Farm-In and JV Agreement with QCI (Coking) Pty Ltd (QCI), a wholly owned subsidiary of Hancock Prospecting Pty Ltd (HPPL) at the Kolan Project in Queensland.
MONGOLIA
Ø Increased stake in Mongolian subsidiary Terra Energy to approximately 75%
Ø Finalising mining contractor negotiations with preferred contractor for mining start-up on South Gobi Project with contract signing expected in early August 2012.
Ø Confirmed start up schedule for commencement of mining in September 2012 with management reaching one of their key objectives of transitioning from explorer to miner, delivering positive cash flow and allowing the Guildford Board the opportunity to consider potential dividend flow to shareholders in this financial year
Ø Formal Tenders received from short listed offtake partners with final agreement to be negotiated and finalised mid August 2012. Tender submissions in line with expectations for raw sales at mine gate
Ø Washability results confirm 2 coking coal products with a Chinese Classification Fat Coal (Yr1 mean F1.60 Yield of 72%, 4.1% Ash & CSN 8) and a Gas Coal (Yr1 mean F1.60 Yield of 61%, 6.1% Ash & CSN 4)
Ø Drilling to recommence in August 2012 to prove the coal resources in other potential conceptual pits for the South Gobi Project
QUEENSLAND
Ø Maiden JORC Indicated Resource estimated for the Hughenden Project (100% Guildford) on EPC1477 in the northern Galilee Basin of 123.63Mt. This is an important prerequisite to allow progression of studies for Mining Licence application
Ø Guildford increased its stake in the White Mountains subsidiary to approximately 60%
Ø Drilling on White Mountain Project in the northern Galilee Basin, has continued to intersect the target seams and is expected to allow an increase to the potential open cut resource late in the September 2012 quarter
Ø Studies in support of the IAS and EIS for Hughenden and White Mountain Projects have commenced and an application for a Mining Lease is expected to be lodged by the end of 2012 which should allow binding arrangements to be entered into for rail and port
Ø Guildford acquired additional 20% stake in Orion Mining Pty Ltd (Orion) taking Guildford ownership to 100%. Orion wholly owns the tenements which form the Pentland Project in the north eastern Galilee Basin
Ø Drilling recommenced on the Springsure Project (50.52% Guildford) in the Bowen Basin, with the target seams intersected. Further drilling is expected to result in the estimation of a maiden resource late in the September 2012 quarterØ Guildford entered into a Farm-In and JV Agreement with QCI (Coking) Pty Ltd (QCI), a wholly owned subsidiary of Hancock Prospecting Pty Ltd (HPPL) at the Kolan Project in Queensland.
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