Level 1
33 Ord Street Telephone: + 61 8 9420 9300
West Perth, Western Australia 6005 Facsimile: + 61 8 9420 9399
Australia
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2011
During the quarter the Company completed due diligence and
acquired an advanced thermal coal project located in Utah,
USA which has infrastructure (rail, water and utilities) in
place (Kinney Project).
The Company will be releasing a JORC Resource report for the
Kinney Project in the 1st quarter of 2012.
Significant milestones for the quarter ended 31 December 2011
include:
• Completion of due diligence and acquisition of the Kinney Project located in Utah, USA
• Hire of a strong management team with a proven track record of project delivery in North
America
• Initiation of the JORC Resource Report to quantify the resource base of the Kinney
Project
• Commencement of work on the Bankable Feasibility Study on the Kinney Project
• Raised $11,550,000 in equity capital to complete the acquisition of the Kinney Project and commence the BFS
The Kinney Project is situated in the Eastern Wasatch Plateau
and is located approximately
160km southeast of Salt Lake City, Utah near the town of
Scofield. The permit process was successfully completed in
June 2011 and targets initial production to commence in 2013.
The project plan includes underground mining of two major
coal seams using conventional, continuous miner sections.
Entry will be via an exposed coal seam outcrop within the
permitted area.
The Kinney Project includes over 2,100 hectares of mineral
rights (land tenements) for two coal seams. In addition, a
preliminary application for adjacent Federal Land, Mineral
Coal Rights for these same two seams. Acquisition of the
adjacent Federal Coal will allow the Company to significantly
expand its resource base.
The Kinney Project has high quality thermal coal which has
export potential. Discussions have already commenced on an
evaluation of various railroad and port options.
The Kinney project is located in a mature coal-producing
region in the western United States. Historical production
from this region has been over 30 million tonnes of coal per
annum. This region provides an experienced, local workforce
combined with major mining service centers located within
50km of the portal. Existing, rail spur access is within 1km
of the portal site.
New Horizon Coal Ltd
ABN 61 143 932 110
PO Box 637, West Perth, 6872, Western Australia
Appendix 5B Mining exploration entity quarterly report Appendix 5B Mining exploration entity quarterly reportIntroduced 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
NEW HORIZON MINERALS LTD
Rule 5.3
ABN Quarter ended ("current quarter")
61 143 932 110 31 DECEMBER 2011
Consolidated statement of cash flowsCash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for
(a) exploration & evaluation
(b) administration
(c) occupancy
(d) corporate compliance (e) management services (f) audit services
1.3 Dividends received
1.4 Interest and other items of a similar nature received
1.5 Interest and other costs of finance paid
1.6 GST paid
1.7a Other (net GST PAYG activity - BAS)
1.7b Other
Net Operating Cash Flows
+ See chapter 19 for defined terms.
17/12/2010 Appendix 5B Page 1
Appendix 5B Mining exploration entity quarterly report1.13 Total operating and investing cash flows (brought forward) | (7,218) | (7,483) |
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Cost of shares & options issued 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows | 11,550 (795) | 11,550 (815) |
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Cost of shares & options issued 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows | 10,755 | 10,735 |
Net increase (decrease) in cash held 1.20a Cash at beginning of quarter/year to date 1-20b Cash acquired due to acquisition of prospect 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter | 3,537 2,084 127 | 3,252 2,369 127 |
Net increase (decrease) in cash held 1.20a Cash at beginning of quarter/year to date 1-20b Cash acquired due to acquisition of prospect 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter | 5,748 | 5,748 |
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 77
-
1.24 Aggregate amount of loans to the parties included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
Fees paid to directors and/or director related entities - 60
Office Rent and Outgoings paid to a director related entity - 14
Salary and super paid to a director net after PAYG withheld - 3
Payment are net of any applicable GST
Non-cash financing and investing activities2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
Acquisition of Delta Coal Fund Pty Ltd and Wasatch Natural Resources LLC - Kinney Coal Project in Utah, USA. Consideration for the acquisition, other than cash, was the issue of 10,000,000 fully paid ordinary shares and the issue of 30,000,000 performance shares, 10,000,000 each of class A, B and C performance shares
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
N/A
+ See chapter 19 for defined terms.
Appendix 5B Page 2 17/12/2010
Appendix 5B Mining exploration entity quarterly report Financing facilities availableAdd notes as necessary for an understanding of the position.
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter4.1 Exploration and evaluation
4.2 Development
4.3 Production
4.4 Administration
Reconciliation of cashReconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Changes in interests in mining tenements6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased
+ See chapter 19 for defined terms.
17/12/2010 Appendix 5B Page 3
Appendix 5B Mining exploration entity quarterly report Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.
7.12 Unsecured notes
(totals only)
+ See chapter 19 for defined terms.
Appendix 5B Page 4 17/12/2010
Appendix 5B Mining exploration entity quarterly report Compliance statement1 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.
Gary Steinepreis
Director
January 2012
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.
== == == == ==
+ See chapter 19 for defined terms.
17/12/2010 Appendix 5B Page 5
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