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FCR
FCR
FCR - Ferrum Crescent Limited - Quarterly activities and cashflow report for the
period ended 31 March 2012
Ferrum Crescent Limited
(Previously Washington Resources Limited)
(Incorporated and registered in Australia and registered as an external company
in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
Share code on the ASX: FCR
Share code on AIM: FCR
Share code on the JSE: FCR ISIN: AU000000FCR2
("Ferrum Crescent" or "the company" or "the group")
QUARTERLY ACTIVITIES AND CASHFLOW REPORT FOR THE PERIOD ENDED 31 MARCH 2012
Ferrum Crescent Limited, the ASX, AIM and JSE quoted iron ore developer in
Northern South Africa, today announces its quarterly results for the three month
period ending 31 March 2012.
HIGHLIGHTS:
Moonlight Iron Ore Project:
- Phase 3 of exploration programme completed
- Consisting of 11 holes totalling 990m of diamond core drilling and 13 holes
totalling 1,600m of reverse circulation (RC) drilling
- Resource estimate update for the Moonlight iron ore deposit near completion
- Mining right application process outcome expected within the coming weeks
- Drilling programme in Julietta and Gouda Fontein farms planned and ready for
implementation upon grant of mining right
- Aimed to increase in magnetite resource significantly
- Report, including the Julietta and Gouda Fontein exploration results and
resource estimate, will be completed by end of 2012
- Agreement reached with local communities to "farm into" preferential
prospecting right
Corporate:
Cash as at 31 March 2012 is approximately A$4.2m
Moonlight Iron Ore Project
The Company`s flagship project, the Moonlight Iron Ore Project (Ferrum Crescent
81.4% and operator), is located on three farms (Moonlight, Julietta and Gouda
Fontein) in Limpopo Province, South Africa. It currently has a JORC compliant
resource of 74Mt in the Indicated Resource category and 225Mt in the Inferred
Resource category at a grade of 30% iron, which is situated entirely within the
Moonlight farm. During the December quarter, The Mineral Corporation Consultancy
(Pty) Ltd ("The Mineral Corporation") was commissioned to carry out an updated
JORC compliant resource estimate taking into account the results of the phase 3
drilling and assays on the Moonlight deposit ("the Report"). Phase 3 consisted
of 11 holes totalling 990m of diamond core drilling and 13 holes totalling
1,600m of RC drilling. It is anticipated that the Report, including the Julietta
and Gouda Fontein exploration results and resource estimate, will be completed
by the end of 2012. The updated Moonlight Resource is expected to be completed
by The Mineral Corporation and to be released to the market in the near future.
Further drilling, to be carried out at the Julietta and Gouda Fontein farms
adjacent to the Moonlight deposit, will seek to confirm the extension of the
magnetite mineralisation from the current resource area on the Moonlight farm,
as previously drilled by South African Iron and Steel Industrial Corporation
("Iscor"). Iscor was the South African government-owned integrated iron and
steel company which is now owned by ArcelorMittal. It is anticipated that
upwards of 10,000m of drilling will be carried out, consisting of both RC and
core drilling. The purpose of the drilling is to establish a total resource
estimate for the deposit on all three farms. Planning for this drilling
programme is well advanced. It is anticipated that a further report, including
the Julietta and Gouda Fontein exploration results and resource estimate, will
be completed by the end of the calendar year 2012.
In parallel with the exploration work aimed at expanding the JORC compliant
resource base, the Company continues to undertake ongoing investigations into
development and logistic alternatives for the Moonlight deposit. Whilst such
investigations are still at an early stage, the indicatively low strip ratio,
high recoveries at a coarse grind size and excellent concentrate grade based on
current test work are highly encouraging for potential development economics.
Mining Right Application
As announced in the Company`s Half Year Report, Ferrum Crescent`s wholly owned
subsidiary Turquoise Moon Trading 157 (Pty) Ltd ("Turquoise Moon") has been the
holder of the Company`s interests in both the Moonlight Deposit and the De
Loskop prospect. Turquoise Moon`s prospecting right under which it held the
Moonlight Deposit and the De Loskop prospect expired on 8th March 2012. The
Moonlight Deposit is the subject of the mining right application, covering the
farms Moonlight, Julietta and Gouda Fontein. It is believed that the mining
right application process is near completion, and the Company will inform the
market as soon as it receives further information thereon.
De Loskop
The De Loskop Prospect is located approximately 150km east of Moonlight and 50km
north of Polokwane, the capital of the Limpopo province, South Africa and has
the potential for an additional 200 - 1000Mt of iron ore mineralisation with
metallurgical characteristics similar to Moonlight. This exploration target is
conceptual in nature and there can be no guarantee that further exploration will
result in the definition of JORC Code compliant Mineral Resources for the
prospect.
In respect of De Loskop, the Group has entered into an agreement with local
communities who hold approximately 60% of the area previously the subject of
Turquoise Moon`s prospecting right, whereby the Group will assist those
communities to obtain a preferential prospecting right under the Mineral and
Petroleum Resources Development Act and the Group will have a right to "farm
into" that area (up to an agreed majority percentage) by the carrying out of
prospecting activities.
For further information, please visit www.ferrumcrescent.com or contact:
Australia and Company enquiries
Ferrum Crescent Limited
Ed Nealon T: +61 8 9380 9653
Executive Chairman
Bob Hair T: +61 414 926 302
Managing Director
UK enquiries
Ocean Equities Limited (Broker)
Guy Wilkes T: +44 (0) 20 7786 4370
Ambrian Partners Limited (Nominated Adviser)
Richard Morrison T: +44 (0) 20 7634 4700
Jen Boorer T: +44 (0) 20 7634 4700
Newgate Threadneedle (Financial PR)
Graham Herring/Beth Harris T: +44 (0) 20 7653 9850
South Africa enquirie
Sasfin Capital
Leonard Eiser T: +27 11 809 7500s
Competent Persons` Statement:
The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Lindsay Cahill,
who is a Member of The Australasian Institute of Mining and Metallurgy. Mr
Cahill is employed by Torbinup Resources Pty Ltd who provide consulting services
to the Company and the mining industry. Mr Cahill has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the `Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves`. Mr Cahill
consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.
Appendix 5B
Mining exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01,
01/06/10, 17/12/10
Name of entity
Ferrum Crescent Limited
ABN Quarter ended
("current quarter")
58 097 532 137 31 March 2012
Consolidated statement of cash flows
Current Year to date
Cash flows related to operating quarter (9 months)
activities $A`000
$A`000
1.1 Receipts from product
sales and related debtors
1.2 Payments for (a) (167) (1,860)
exploration & evaluation
(b) development
(c) production (411) (2,080)
(d) administration
1.3 Dividends received
1.4 Interest and other items
of a similar nature 44 173
received
1.5 Interest and other costs
of finance paid
1.6 Income taxes paid
1.7 Other (provide details if - 2
material)
Net Operating Cash Flows (534) (3,765)
Cash flows related to
investing activities
1.8 Payment for purchases of:
(a) prospects
(b) equity
investments (1) (18)
(c) other fixed
assets
1.9 Proceeds from sale of:
(a) prospects
(b) equity
investments
(c) other fixed
assets
1.10 Loans to other entities
1.11 Loans repaid by other
entities
1.12 Other (provide details if
material)
Net investing cash flows (1) (18)
1.13 Total operating and
investing cash flows (535) (3,783)
(carried forward)
1.13 Total operating and
investing cash flows (535) (3,783)
(brought forward)
Cash flows related to
financing activities
1.14 Proceeds from issues of
shares, options, etc.
1.15 Proceeds from sale of
forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other - share issue costs - (17)
Net financing cash flows - (17)
Net increase (decrease) (535) (3,800)
in cash held
1.20 Cash at beginning of 4,672 8,114
quarter/year to date
1.21 Exchange rate adjustments 57 (120)
to item 1.20
1.22 Cash at end of quarter 4,194 4,194
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current
quarter
$A`000
1.23 Aggregate amount of payments to the 109
parties included in item 1.2
1.24 Aggregate amount of loans to the parties
included in item 1.10
1.25 Explanation necessary for an understanding of the
transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which
have had a material effect on consolidated assets and
liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish
or increase their share in projects in which the
reporting entity has an interest
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount Amount used
available $A`000
$A`000
3.1 Loan facilities
3.2 Credit standby
arrangements
Estimated cash outflows for next quarter
$A`000
4.1 Exploration and evaluation 200
4.2 Development
4.3 Production
4.4 Administration 400
Total 600
Reconciliation of cash
Reconciliation of cash at the Current Previous
end of the quarter (as shown quarter quarter
in the consolidated statement $A`000 $A`000
of cash flows) to the related
items in the accounts is as
follows.
5.1 Cash on hand and at bank 4,194 4,672
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of 4,194 4,672
quarter (item 1.22)
Changes in interests in mining tenements
Teneme Nature of Intere Intere
nt interest st at st at
refere (note (2)) beginn end of
nce ing of quarte
quarte r
r
6. Interests in
1 mining
tenements
relinquished,
reduced or
lapsed
6. Interests in
2 mining
tenements
acquired or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total Number Issue Amount paid
number quoted price per up per
security security
(see note (see note
3) (cents) 3) (cents)
7.1 Preferenc
e
+securiti
es
(descript
ion)
7.2 Changes
during
quarter
(a)
Increases
through
issues
(b)
Decreases
through
returns
of
capital,
buy-
backs,
redemptio
ns
7.3 +Ordinary 298,841,7 292,246,70 Various Fully Paid
securitie 05 5
s
7.4 Changes
during
quarter 150,000 - $0.10 Fully Paid
(a)
Increases
through
issues
(b)
Decreases
through
returns
of
capital,
buy-backs
7.5 +Converti
ble debt
securitie
s
(descript
ion)
7.6 Changes
during
quarter
(a)
Increases
through
issues
(b)
Decreases
through
securitie
s
matured,
converted
7.7 Options Exercise Expiry date
(descript 2,950,000 - price 07 December
ion and 21,496,72 21,496,727 $0.198 2013
conversio 7 $0.400 31 December
n factor) 2013
7.8 Issued
during
quarter
7.9 Exercised
during
quarter
7.1 Expired
0 during
quarter
7.1 Debenture
1 s
(totals
only)
7.1 Unsecured
2 notes
(totals
only)
Compliance statement
1 This statement has been prepared under accounting policies which comply
with accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters disclosed.
Company secretary
Print name: Andrew Nealon
Date: 30 April 2012
Notes
1 The quarterly report provides a basis for informing the market how the
entity`s activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and
Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report.
5 Accounting Standards ASX will accept, for example, the use of International
Financial Reporting Standards for foreign entities. If the standards used do
not address a topic, the Australian standard on that topic (if any) must be
complied with.
30 April 2012
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 30/04/2012 08:10:14 Produced by the JSE SENS Department.
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