Exhibit 99.1
(A Development Stage Company)
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited and expressed in Canadian Dollars)
FOR THE THREE AND SIX MONTHS ENDED
DECEMBER 31, 2006
Goldbelt Resources Ltd.
(A Development Stage Company)
Consolidated Balance Sheets
As at December 31, 2006 and June 30, 2006
(Unaudited and expressed in Canadian Dollars)
December 31 2006 $ | June 30 2006 $ | ||||||
ASSETS | |||||||
Current | |||||||
Cash | 157,738 | 494,181 | |||||
Short term investments (Note 2) | 9,450,000 | 5,625,000 | |||||
Receivables | 622,638 | 51,284 | |||||
Deposits and prepaid expenses (Note 3) | 338,426 | 65,746 | |||||
10,568,802 | 6,236,211 | ||||||
Process plant deposit (Note 3) | - | 187,301 | |||||
Plant and equipment (Note 3) | 2,259,867 | 200,622 | |||||
Mineral properties (Note 4) | 17,382,825 | 14,057,360 | |||||
30,211,494 | 20,681,494 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current | |||||||
Accounts payable and accrued liabilities | 891,017 | 370,009 | |||||
Shareholders’ equity | |||||||
Capital stock (Note 5) | 33,431,121 | 23,242,232 | |||||
Contributed surplus (Note 5) | 2,277,028 | 1,740,524 | |||||
Deficit | (6,387,672 | ) | (4,671,271 | ) | |||
29,320,477 | 20,311,485 | ||||||
30,211,494 | 20,681,494 |
Nature of operations and going concern (Note 1)
The accompanying notes are an integral part of these consolidated financial statements.
-1-
Goldbelt Resources Ltd.
(A Development Stage Company)
Consolidated Statements of Operations and Deficit
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
3 months ended December 31 | 6 months ended December 31 | Cumulative from | ||||||||||||||
2006 | 2005 | 2006 | 2005 | July 1, 2004 | ||||||||||||
$ | $ | $ | $ | $ | ||||||||||||
Expenses | ||||||||||||||||
Professional fees | 72,408 | 58,497 | 102,748 | 124,674 | 704,706 | |||||||||||
Travel and promotion | 177,950 | 108,886 | 340,959 | 192,113 | 1,365,293 | |||||||||||
Stock-based compensation | 43,614 | 398,006 | 387,787 | 419,126 | 2,017,265 | |||||||||||
Consulting fees | 72,436 | 39,202 | 156,527 | 98,887 | 603,431 | |||||||||||
Salaries and benefits | 177,154 | 162,315 | 326,664 | 257,077 | 983,447 | |||||||||||
Transfer agent and filing fees | 6,353 | 3,576 | 18,373 | 3,593 | 181,660 | |||||||||||
Shareholder relations | 284,990 | 53,978 | 316,584 | 128,659 | 782,099 | |||||||||||
Office and occupancy costs | 39,512 | 34,585 | 88,745 | 69,493 | 283,222 | |||||||||||
Telecommunications | 14,238 | 8,329 | 22,204 | 23,907 | 77,475 | |||||||||||
Directors’ fees | 49,500 | 1,393 | 74,567 | 4,893 | 100,963 | |||||||||||
Amortization | 5,970 | 4,209 | 10,350 | 7,638 | 28,911 | |||||||||||
Loss before other items | (944,125 | ) | (872,976 | ) | (1,845,508 | ) | (1,330,060 | ) | (7,128,472 | ) | ||||||
Other income | ||||||||||||||||
Foreign exchange gain (loss) | (21,151 | ) | 25,648 | (35,445 | ) | 109,804 | 125,889 | |||||||||
Interest income | 127,298 | 26,990 | 164,552 | 53,384 | 237,048 | |||||||||||
106,147 | 52,638 | 129,107 | 163,188 | 362,937 | ||||||||||||
Loss for the period | (837,978 | ) | (820,338 | ) | (1,716,401 | ) | (1,166,872 | ) | (6,765,535 | ) | ||||||
Deficit, beginning of period | (5,549,694 | ) | (1,705,190 | ) | (4,671,271 | ) | (1,358,656 | ) | ||||||||
Deficit, end of period | (6,387,672 | ) | (2,525,528 | ) | (6,387,672 | ) | (2,525,528 | ) | ||||||||
Loss per common share | ||||||||||||||||
Basic and diluted | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | ||||||||
Weighted average number of | ||||||||||||||||
common shares | ||||||||||||||||
Basic and diluted | 61,942,911 | 34,148,963 | 56,814,032 | 34,129,258 |
The accompanying notes are an integral part of these consolidated financial statements
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Goldbelt Resources Ltd.
(A Development Stage Company)
Consolidated Statements of Cash Flows
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
3 months ended December 31 | 6 months ended December 31 | Cumulative from | ||||||||||||||
2006 | 2005 | 2006 | 2005 | July 1, 2004 | ||||||||||||
$ | $ | $ | $ | $ | ||||||||||||
Cash flows used in operating activities | ||||||||||||||||
Loss for the period | (837,978 | ) | (820,338 | ) | (1,716,401 | ) | (1,166,872 | ) | (6,765,535 | ) | ||||||
Items not affecting cash: | ||||||||||||||||
Amortization | 5,970 | 4,209 | 10,350 | 7,638 | 28,911 | |||||||||||
Stock-based compensation | 43,614 | 398,006 | 387,787 | 419,126 | 2,017,265 | |||||||||||
Loss (gain) on foreign exchange | 23,023 | (8,854 | ) | 38,065 | (96,497 | ) | (104,822 | ) | ||||||||
Changes in non-cash working capital items: | ||||||||||||||||
Decrease (increase) in accounts receivable | (46,121 | ) | (14,189 | ) | (42,717 | ) | (31,766 | ) | (59,744 | ) | ||||||
Increase in deposits and prepaid expenses | (81,549 | ) | (17,869 | ) | (71,022 | ) | (22,769 | ) | (110,435 | ) | ||||||
Increase (decrease) in accounts payable and accrued liabilities | 15,707 | (374,673 | ) | 103,524 | (491,313 | ) | 136,719 | |||||||||
Net cash used in operating activities | (877,334 | ) | (833,708 | ) | (1,290,414 | ) | (1,382,453 | ) | (4,857,641 | ) | ||||||
Cash flows used in investing activities | ||||||||||||||||
Acquisition of mineral properties | (1,421,729 | ) | (400,107 | ) | (3,237,503 | ) | (2,118,832 | ) | (7,760,261 | ) | ||||||
Acquisition of equipment | (133,075 | ) | (56,002 | ) | (244,988 | ) | (73,422 | ) | (463,927 | ) | ||||||
Process plant expenditures | (2,071,648 | ) | - | (2,076,144 | ) | - | (2,263,445 | ) | ||||||||
Acquisition of subsidiaries | - | - | - | - | (2,183,225 | ) | ||||||||||
Short-term investments | (5,875,000 | ) | 1,179,000 | (3,825,000 | ) | 3,876,000 | (9,450,000 | ) | ||||||||
Net cash provided by (used in) investing activities | (9,501,452 | ) | 722,891 | (9,383,635 | ) | 1,683,746 | (22,120,858 | ) | ||||||||
Cash flows from financing activities | ||||||||||||||||
Proceeds on issuance of capital stock | 2,943,878 | 23,033 | 11,022,135 | 23,033 | 27,630,629 | |||||||||||
Share issue costs | - | - | (684,529 | ) | - | (1,552,983 | ) | |||||||||
Net cash provided by financing activities | 2,943,878 | 23,033 | 10,337,606 | 23,033 | 26,077,646 | |||||||||||
Increase (decrease) in cash | (7,434,908 | ) | (87,784 | ) | (336,443 | ) | 324,326 | (900,853 | ) | |||||||
Cash, beginning of period | 7,592,646 | 516,872 | 494,181 | 104,762 | 1,058,591 | |||||||||||
Cash, end of period | 157,738 | 429,088 | 157,738 | 429,088 | 157,738 |
Supplemental disclosure with respect to cash flows (Note 8)
The accompanying notes are an integral part of these consolidated financial statements.
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Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
1. NATURE OF OPERATIONS AND GOING CONCERN
Goldbelt Resources Ltd. (the “Company” or “Goldbelt”) is a Tier 1 listed company on the TSX Venture Exchange (“TSX-V”).
These unaudited consolidated financial statements are prepared by management in accordance with Canadian generally accepted accounting principles and follow the same accounting policies and methods of computation as the most recent annual financial statements for the year ended June 30, 2006. In the opinion of management all adjustments required for a fair and consistent preparation are included in these financial statements in accordance with the accounting principles of the Company. They do not include all the information and disclosure required by Canadian generally accepted accounting principles for annual financial statements. These consolidated financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements and notes for the year ended June 30, 2006.
These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations.
However, the Company is in the development stage and is subject to the risks and challenges similar to other companies in a comparable stage of development. These risks include, but are not limited to, the dependence on key individuals, successful discovery of economically recoverable reserves, the preservation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain financing necessary to complete development of the properties, and the future profitable production therefrom or alternatively upon the Company’s ability to dispose of its interests on an advantageous basis and continue as a going concern.
There is no assurance that these initiatives will be successful and as a result there is substantial doubt regarding the going concern assumption. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the going concern assumption were not appropriate. These adjustments could be material.
In addition, the properties may be subject to sovereign risk, including political and economic instability, government regulations relating to mining, currency fluctuations and local inflation. Changes in future conditions could require material write-downs of the carrying values.
The Company has adopted accounting guideline AcG 11 relating to enterprises in the development stage which encourages disclosure of cumulative balances from the inception of the development stage in the income statement and cash flow statement. The disclosure of cumulative information in the income statement and statement of cash flows reflect the Company’s operations from July 1, 2004, at which time the Company commenced the acquisition, exploration and development of its existing mineral exploration properties in Burkina Faso.
2. SHORT TERM INVESTMENTS
Short term investments consist of government investment certificates with weighted average interest rates of 3.9% and maturities up to November 2007.
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Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
3. PLANT AND EQUIPMENT
December 31 | June 30 | ||||||
2006 | 2006 | ||||||
$ | $ | ||||||
Cost | |||||||
Process plant(1) | 1,893,794 | - | |||||
Computer equipment | 62,144 | 38,748 | |||||
Field equipment | 377,836 | 158,168 | |||||
Office equipment | 37,755 | 35,830 | |||||
2,371,529 | 232,746 | ||||||
Less: Accumulated amortization | |||||||
Process plant | - | - | |||||
Computer equipment | 26,953 | 10,890 | |||||
Field equipment | 59,426 | 5,195 | |||||
Office equipment | 25,283 | 16,039 | |||||
111,662 | 32,124 | ||||||
Net book value | |||||||
Process plant | 1,893,794 | - | |||||
Computer equipment | 35,191 | 27,858 | |||||
Field equipment | 318,410 | 152,973 | |||||
Office equipment | 12,472 | 19,791 | |||||
2,259,867 | 200,622 |
(1)Process plant
On May 9, 2006, the Company entered into an exclusive option agreement with Tanami Gold NL (Australia) (“Tanami”) for the purchase of a used gold processing plant currently located near Darwin in the Northern Territory, Australia for A$2,000,000. A non-refundable deposit of $187,301 (A$200,000) was paid on signing the agreement and the balance of $1,587,525 (A$1,800,000) was paid in full in the current period. The Company has incurred $118,968 in expenditures relating to assessment of plant refurbishment and removal.
A refundable security deposit of $180,722 (A$200,000) was paid to Tanami to meet potential removal expenditures incurred by Tanami. The Company is obligated to dismantle this process plant at an estimated cost of approximately $1.2 million.
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Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
4. MINERAL PROPERTIES
The Company currently owns or is in the process of owning the following licenses in Burkina Faso:
Name and region in Burkina Faso | Description |
Inata Gold Project, Northern Belahouro, Northern Houndé and Bougouriba, Southwestern Ouedogo, Southeastern | Exploitation License, in progress Exploration Licenses Exploration Licenses Exploration License |
The Company is subject to an annual minimum exploration expenditure over the three year term of each license. The total commitment on all existing licenses until their respective expiry dates approximates $5.6 million. All licenses are subject to a government royalty of 3% on gross sales and the Inata Gold Project is subject to a an additional royalty of 2.5% payable to a third party.
Houndé | |||||||||||||
Bougouriba and | |||||||||||||
Inata Project | Belahouro | Ouedogo | |||||||||||
Permit | Permits | Permits | Total | ||||||||||
$ | $ | $ | $ | ||||||||||
Balance - June 30, 2005 | 9,741,320 | - | 499,883 | 10,241,203 | |||||||||
Acquisition from Resolute | 1,183,613 | - | 51,681 | 1,235,294 | |||||||||
Assay and sampling | 165,311 | - | 68,308 | 233,619 | |||||||||
Drilling | 382,266 | - | - | 382,266 | |||||||||
Environmental studies | 93,911 | - | 746 | 94,657 | |||||||||
Geophysical | 14,387 | - | - | 14,387 | |||||||||
General and administrative | 321,155 | - | 60,971 | 382,126 | |||||||||
Hydrogeology | 15,442 | - | - | 15,442 | |||||||||
Project engineering | 386,915 | - | - | 386,915 | |||||||||
Resource and mine engineering | 275,209 | - | - | 275,209 | |||||||||
Salaries and benefits | 418,044 | 4,968 | 114,924 | 537,936 | |||||||||
Taxes | 14,815 | 24,337 | 23,618 | 62,770 | |||||||||
Travel and fuel | 175,091 | - | 20,445 | 195,536 | |||||||||
Expenditures in fiscal 2006 | 3,446,159 | 29,305 | 340,693 | 3,816,157 | |||||||||
Balance - June 30, 2006 | 13,187,479 | 29,305 | 840,576 | 14,057,360 | |||||||||
Assay and sampling | 273,088 | 90,665 | 76,154 | 439,907 | |||||||||
Drilling | 1,038,834 | 378,342 | 247,579 | 1,664,755 | |||||||||
Environmental studies | 454 | - | - | 454 | |||||||||
Geophysical | 98,474 | - | - | 98,474 | |||||||||
General and administrative | 227,862 | 136,581 | 49,273 | 413,716 | |||||||||
Project engineering | 74,563 | - | - | 74,563 | |||||||||
Resource and mine engineering | 103,236 | - | - | 103,236 | |||||||||
Salaries and benefits | 196,546 | 84,660 | 41,411 | 322,617 | |||||||||
Taxes | 6,333 | 12,883 | 5,827 | 25,043 | |||||||||
Travel and fuel | 106,113 | 71,994 | 4,593 | 182,700 | |||||||||
Expenditures in fiscal 2007 | 2,125,503 | 775,125 | 424,837 | 3,325,465 | |||||||||
Balance - December 31, 2006 | 15,312,982 | 804,430 | 1,265,413 | 17,382,825 |
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Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
5. CAPITAL STOCK AND CONTRIBUTED SURPLUS
Capital Stock | ||||||||||
Number | Contributed | |||||||||
of Shares | Amount $ | Surplus $ | ||||||||
Authorized | ||||||||||
Unlimited number of common shares without par value | ||||||||||
Balance, June 30, 2005 | 34,109,552 | 11,737,625 | 652,792 | |||||||
Private placement | 1,538,462 | 1,000,000 | - | |||||||
Exercise of warrants | 10,588,235 | 6,882,353 | - | |||||||
Shares issued for mineral properties | 1,900,453 | 1,235,294 | - | |||||||
Shares issued for settlement of debt | 1,670,000 | 1,808,169 | - | |||||||
Exercise of agents’ compensation warrants | 255,398 | 166,009 | - | |||||||
Exercise of options | 660,000 | 66,000 | - | |||||||
Exercise of agents’ compensation options | 565,647 | 294,132 | - | |||||||
Stock-based compensation | - | - | 1,217,332 | |||||||
Agents’ compensation | - | - | 25,000 | |||||||
Exercise of options | - | 154,600 | (154,600 | ) | ||||||
Share issue costs | - | (101,950 | ) | - | ||||||
Balance, June 30, 2006 | 51,287,747 | 23,242,232 | 1,740,524 | |||||||
Private placement | 7,600,000 | 7,980,000 | - | |||||||
Exercise of warrants | 4,714,932 | 2,944,118 | - | |||||||
Exercise of agents’ compensation warrants | 26,923 | 19,115 | - | |||||||
Exercise of agents’ compensation options | 158,283 | 79,142 | - | |||||||
Stock-based compensation | 387,787 | |||||||||
Agents’ compensation | - | - | 188,000 | |||||||
Exercise of options | - | 39,283 | (39,283 | ) | ||||||
Share issue costs - agents’ compensation | - | (188,000 | ) | - | ||||||
Share issue costs | - | (684,769 | ) | - | ||||||
Balance, December 31, 2006 | 63,787,885 | 33,431,121 | 2,277,028 |
Private placements
Year ended June 30, 2006
On January 13, 2006, the Company completed a private placement by issuing 1,538,462 common shares at $0.65 per share for gross proceeds of $1,000,000. The Company paid commissions and issuance costs of $76,950; and granted 107,692 common share purchase warrants valued at $25,000 and exercisable at $0.71 per share until January 13, 2007.
Period to December 31, 2006
On September 27, 2006, the Company completed a private placement by issuing 7,600,000 common shares at $1.05 per share for gross proceeds of $7,980,000. The Company paid commissions and issuance costs of $684,769; and granted 532,000 common share purchase warrants exercisable at $1.17 per share until September 27, 2007.
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Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
5. CAPITAL STOCK AND CONTRIBUTED SURPLUS (continued)
The Company recorded a fair value of $188,000 for the 532,000 agents’ compensation warrants granted using the Black-Scholes option pricing model. This amount was recorded as cost of share issue and contributed surplus. The valuation was calculated with the following assumptions: risk free interest rate of 3.9%; annualized volatility factor of the expected market price of the Company’s common stock of 80%; expected life of the options of 1 year, and expected dividend yield of 0%.
Stock option plan
Options | Weighted Average Exercise Price | ||||||||||||
December 31 2006 | June 30 2006 | December 31 2006 | June 30 2006 | ||||||||||
Outstanding, beginning of period Granted Exercised | 5,110,000 - - | 1,985,000 3,785,000 (660,000 | ) | 0.67 - - | 0.43 0.69 (0.10 | ) | |||||||
Outstanding, end of period | 5,110,000 | 5,110,000 | 0.67 | 0.67 |
Number | Exercise | Expiry | |
Fiscal year granted | of Options | Price $ | Date |
2005 | 375,000 | 0.48 | December 1, 2007 |
150,000 | 0.25 | July 12, 2009 | |
800,000 | 0.72 | March 9, 2010 | |
2006 | 500,000 | 0.54 | September 26, 2010 |
925,000 | 0.62 | November 25, 2010 | |
1,550,000 | 0.69 | December 16, 2010 | |
150,000 | 0.71 | January 9, 2011 | |
660,000 | 0.89 | February 10, 2011 | |
Total | 5,110,000 |
The Company has a stock option plan (the “Plan”) whereby, from time to time at the discretion of the Board of Directors, stock options are granted to directors, officers, employees and certain consultants to the lesser of 9,000,000 and 10% of the issued common shares. The exercise price of each option is based on the market price of the Company’s common stock at the date of grant less an applicable discount, subject to a minimum price of $0.10. The Board of Directors determines the vesting period at their discretion. As at December 31, 2006, options to acquire 5,110,000 common shares, were outstanding, of which 4,081,250 were exercisable.
-8-
Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
5. CAPITAL STOCK AND CONTRIBUTED SURPLUS (continued)
In fiscal 2006, the Company estimated a fair value of $1,589,700 for the 3,785,000 options granted using the Black-Scholes option pricing model. The valuation was calculated with the following assumptions: weighted average risk free interest rate of 3.9%; annualized volatility factor of the expected market price of the Company’s common stock of 70%; expected life of the options of 5 years, and expected dividend yield of 0%. The unamortized balance at June 30, 2006 was $424,803, of which $43,614 and $387,787 was amortized in the three month and six month period ended December 31, 2006 respectively. The unamortized balance at December 31, 2006 was $37,016.
Warrants and agents’ compensation options
The following table reflects the continuity of warrants and compensation options to acquire common shares of the Company at December 31, 2006:
Expiry Date | Exercise Price | Balance June 30, | Issued | Exercised Cancelled | Balance December | |||||||||||
$ | 2006 | 31,2006 | ||||||||||||||
March 3, 2007 | 0.50 | 1,882,353 | - | (1,882,353 | ) | - | ||||||||||
March 3, 2007 | 0.65 | 1,882,353 | - | (1,882,353 | ) | - | ||||||||||
March 3, 2007 | 1.00 | 125,000 | - | - | 125,000 | |||||||||||
March 3, 2007 | 0.65 | 500 | 79,141 | (2) | - | 79,641 | ||||||||||
March 3, 2007 | 0.50 | 835,123 | (1) | - | (237,424 | ) | (2) | 597,699 | ||||||||
January 13, 2007 | 0.71 | 53,846 | - | (26,923 | ) | 26,923 | ||||||||||
January 13, 2008 | 0.65 | 180,995 | - | (180,995 | ) | - | ||||||||||
January 13, 2008 | 0.845 | 180,995 | - | (180,995 | ) | - | ||||||||||
January 17, 2008 | 0.75 | 294,118 | - | (294,118 | ) | - | ||||||||||
January 17, 2008 | 0.98 | 294,118 | - | (294,118 | ) | - | ||||||||||
September 27, 2007 | 1.17 | - | 532,000 | - | 532,000 | |||||||||||
5,729,401 | 611,141 | (4,979,279 | ) | 1,361,263 |
(1) | The Company issued 1,068,550 units as agents’ compensation options on the March 3, 2005 private placement. Each agent’s compensation option is exercisable at $0.50 into one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.65 until March 3, 2007. If the closing price of the shares of the Company on the TSX-V exceeds $0.95 for 21 consecutive trading days, warrant holders may be given written notice of a period of 30 days within which to exercise the share purchase warrants, failing which they will then expire. |
(2) | The amount includes 158,283 common shares and 79,141 whole warrants issued upon exercise of 158,283 agents’ options. |
-9-
Goldbelt Resources Ltd.
(A Development Stage Company)
Notes to the Consolidated Financial Statements
For the three and six month periods ended December 31, 2006 and 2005
(Unaudited and expressed in Canadian Dollars)
6. RELATED PARTY TRANSACTIONS
The following table discloses the related party transactions, which were measured at the exchange amounts, for the financial periods as follows:
Type of | 3 months ended December 31 | 6 months ended December 31 | ||||||||||||||
Related party | fees | 2006 | 2005 | 2006 | 2005 | |||||||||||
$ | $ | $ | $ | |||||||||||||
Directors | Consulting | 59,500 | 23,000 | 89,500 | 54,000 | |||||||||||
Director related entities | Professional | - | 12,000 | - | 24,000 | |||||||||||
59,500 | 35,000 | 89,500 | 78,000 |
7. SEGMENTED INFORMATION
All of the Company’s operations are in the mineral resource exploration industry with its principal business activity in the acquisition and development of mineral resource properties. The Company has mineral resource properties in Burkina Faso, a used processing plant in Australia and office equipment in Canada. Geographic information is as follows:
December 31 | June 30 | ||||||
2006 | 2006 | ||||||
$ | $ | ||||||
Equipment and mineral properties: | |||||||
Burkina Faso | 17,722,575 | 14,234,022 | |||||
Australia | 1,893,794 | - | |||||
Canada | 26,323 | 23,960 | |||||
19,642,692 | 14,257,982 |
8. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
The significant non-cash transactions during the period ended December 31, 2006 included issuance of 532,000 (2005: 107,692) agents’ compensation warrants valued at $188,000 ($25,000) as agents’ compensation on a private placement (Note 5).
9. COMPARATIVE FIGURES
Certain comparative figures have been reclassified, where necessary, to conform to the current period’s presentation.
-10-