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 Gippsland Limited

Financial Report

Appendix 5B

Mining exploration entity quarterly report

Gippsland Limited
ABN		Quarter ended ('current quarter')
31 004 766 376		30 September 2008

 

Cash flows related to operating activities		Current quarter $A’000	Year to date (3.months) $A’000
1.1	Receipts from product sales and related debtors
1.2	Payments for      (a) exploration and evaluation                           (b) development                           (c) production                           (d) administration	(303)   (883)	(303)   (883)
1.3	Dividends received
1.4	Interest and other items of a similar nature received	7	7
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows	(1,179)	(1,179)
	Cash flows related to investing activities
1.8	Payment for purchases of:       (a)prospects                                                 (b)equity investments                                                 (c)other fixed assets	(1)	(1)
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) Reimbursement of office fit-out	-	-
	Net investing cash flows	(1)	(1)
1.13	Total operating and investing cash flows	(1,180)	(1,180)
	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 (provide details if material) Costs of Issue	23	23
	Net financing cash flows (carried forward)	23	23

	Net financing cash flows (brought forward)	23	23
	Net increase (decrease) in cash held	(1,157)	(1,157)
1.20	Cash at beginning of quarter/year to date	1,593	1,593
1.21	Exchange rate adjustments to item 1.20	7	7
1.22	Cash at end of quarter	443	443

		Current quarter A$000
1.23	Aggregate amount of payments to the parties included in item 1.2	241
1.24	Aggregate amount of loans to the parties included in item 1.10	Nil
1.25	Explanation necessary for an understanding of the transactions
	Payments of consulting fees and directors fees to directors and director related entities

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
	None
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
	None

		Amount available $A’000	Amount used $A’000
3.1	Loan facilities	-	-
3.2	Credit standbyarrangements	-	-

		$A’000
4.1	Exploration and evaluation	0
4.2	Development	550
	Total	550

Reconciliation 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.		Current quarter $A’000	Previous quarter $A’000
5.1	Cash on hand and at bank	388	1,552
5.2	Deposits at call	55	41
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	443	1,593

 

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed		Nil
6.2	Interests in mining tenements acquired or increased	1785	Nuweibi Exploitation Licence	50%	50%

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities (description)
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
7.3	+Ordinary securities	306,354,325	306,354,325
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs
7.5	+Convertible debt securities (description)
7.6	Changes during quarter| (a) Increases through issues (b) Decreases through securities matured, converted
7.7	Options	25,000,000 4,000,000	- -	Exercise price 13.5 cents 7 UK pence	Expiry date 26/05/2012 15/12/2011
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures (totals only)
7.12	Unsecured 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 4). 

 

2    This statement does give a true and fair view of the matters disclosed.

        

RJ Telford
Director

28 October 2008

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 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5    Accounting Standards: SX will accept, for example, the use of International Accounting 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.

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