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2006 Annual Report

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2006 Annual Report Heron Resources Limited ANNUAL REPORT 2006 Pulling the core, Siberia siliceous limonite Heron Resources Limited 21 Close Way, Kalgoorlie WA 6430 Level 1, 37 Ord Street, West Perth WA 6005 PO Box 1280, Kalgoorlie WA 6433 PO Box 1380, West Perth WA 6872 Phone +61 8 9091 9253 Phone +61 8 9215 4444 Fax +61 8 9091 9256 Fax +61 8 9215 4490 Corporate Directory Photo Gallery Heron in the Community DIRECTORS REGISTERED AND KALGOORLIE OPERATIONS OFFICE Craig Leslie Readhead BJuris LLB 21 Close Way Chairman (Non Executive) PO Box 1280, Kalgoorlie, WA 6430 46-50 Kings Park Road, West Perth WA 6005 Telephone: +61 8 9091 9253 Ian James Buchhorn BSc (Hons), Dipl Geosci (Min Econ), MAusIMM Facsimile: +61 8 9091 9256 Managing Director (Executive) Email: [email protected] Level 1 37 Ord Street, West Perth WA 6005 Website: http://www.heronresources.com.au Norman Mathew Longworth BSc (Hons), MAusIMM Chief Operating Officer and Director (Executive) PERTH MANAGEMENT OFFICE Level 1 37 Ord Street, West Perth WA 6005 Level 1, 37 Ord Street, West Perth WA 6005 Telephone: +61 8 9215 4444 Allan Trench PhD, BSc (Hons), MBA (Oxford), MSc (Min Econ) WASM, Facsimile: +61 8 9215 4490 MAusIMM Director (Non Executive) AUDITORS Level 1 37 Ord Street, West Perth WA 6005 Butler Settineri (Audit) Pty Limited 35-37 Havelock Street, West Perth WA 6005 COMPANY SECRETARY Ann Forrest, Ian Buchhorn and Mercy O’Loughlin unveiling NTP plaque Jean McKenzie (translator), Mat Longworth, Nerida Glanfield and Esther Sarah Helen Calvert BBus (Acc), ASA SOLICITOR TO THE COMPANY Roadnight from Hannans Rotary, and Barb McGillivray from the WNT Company Secretary Pullinger Readhead Lucas NTP Recognises Heron’s Support Language Centre at the Yilpa book launch Level 1 37 Ord Street, West Perth WA 6005 46-50 Kings Park Road, West Perth WA 6005 Heron Managing Director Ian Buchhorn unveiled a plaque to recognize Wongatha Language Centre supported by Heron ABN BANKERS Heron’s long-term support to Ngunytju Tjitji Pirni (NTP) infant health 30 068 263 098 Westpac Bank clinic. Mat Longworth was invited to attend the official Yilpa book launch which 230-236 Hannan Street, Kalgoorlie WA 6430 NTP is an Aboriginal Corporation set up to address the high rates of Heron helped to publish. SHARE REGISTRY indigenous maternal and infant illness in the Goldfields, and uses The book tells a traditional dreamtime story of “Why the Goanna Security Transfer Registrars Pty Ltd STOCK EXCHANGE culturally appropriate health methods and resources. It provides visits and Lizard are no longer friends today” and has been written in both 770 Canning Highway, Applecross, WA 6153 Australian Stock Exchange Limited and health checks for women in their home environment. Wangkatha and English and includes a spoken CD to help children learn Telephone: +61 8 9315 2333 2 The Esplanade, Perth WA 6000 Long-standing NTP administrator Coral Mencshelyi has left the region, and the Wangkatha language. Facsimile: +61 8 9315 2233 Ann Forrest has stepped up to fill part of Coral’s role. Heron acknowledges This book and CD has been distributed to all schools in the Goldfields Email: [email protected] ASX CODE Coral’s efforts, and wishes Ann the very best in her new role. region and is a unique tool in breaking down the cultural barriers. HRR SEAT ABBREVIATION Heron HOME BRANCH Table of Contents Perth 1.0 CHAIRMAN’S REVIEW 2 INDUSTRY CLASSIFICATION Other Metals 022 Base Metals 2.0 OPERATIONS REVIEW 4 RESEARCH SERVICE INDEX NUMBER 3.0 CORPORATE PROFILE 17 Mining H50 4.0 DIRECTORS’ REPORT 24 ISIN AUDIT INDEPENDENCE DECLARATION 31 AU000 000 HRR6 5.0 FINANCIAL STATEMENTS 32 INCOME STATEMENTS 32 BALANCE SHEETS 33 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 34 Daniel Buchhorn on the famous Doug Krepp Walk Trail in Karlkurla Standing from left, Lisa Ellery, Sharon Hume, Esther Roadnight, Steve CASH FLOW STATEMENT 35 Bushland Park. Kalgoorlie-Boulder Mulvaney, Silvano Fasolo and seated in front Tracy Browning, working NOTES TO AND FORMING PART OF THE ACCOUNTS 36 Front Cover photograph collaboratively to produce a calendar for the Wangkanyi Ngurra Tjurta Language Centre DIRECTORS’ DECLARATION 56 Heron’s Boulder Block Pit at Bulong. The mine floor consistently grades Heron supports Urban Landcare 1.6 - 1.9% Ni in previous grade control drilling. The Boulder Block would 6.0 INDEPENDENT AUDIT REPORT 57 Doug Krepp is a supporter of Heron, having had the original idea which be an ore source in the event of future Bulong ore production for the KNP. Heron enlists support from Rotary Clubs lead to the iron ore acquisitions, and later doing Heron’s Goongarrie SHAREHOLDER INFORMATION 58 7.0 The cover photograph is by Graeme Hird from “Scene by Hird”, a hydrological monitoring. Doug is also a great advocate for preserving The Rotary Clubs in Kalgoorlie-Boulder and Heron worked together in the local bush and as Supervisor of a “Work for the Dole” team, helped 2005 to produce a children’s book for the Wangkanyi Ngurra Tjurta 8.0 STATEMENT OF MINERAL RESOURCES 62 photographic artist whose specialty is the Goldfields mining and natural environment. Graeme’s photographs are featured in this report as a design create Karlkurla Bushland Park. Doug was honoured with a Prime Language Centre (WNT) to distribute to schools. Minister’s award as Australia’s best “Work for the Dole” Supervisor in 9.0 INTEREST IN MINING TENEMENTS 63 element at the bottom of the odd-numbered pages. More of Graeme’s This collaboration is set to continue with a 2007 calendar based on 2001, and has a Walk Trail named in his honour. work may be viewed at his website, www.scenebyhird.com. the Wangkatha numerals to be produced, for sale to generate ongoing 10.0 GLOSSARY 82 Doug Krepp with Ian and Daniel Buchhorn have spent many hours funding. Shareholders wishing to purchase WNT’s fabulous work can Design & Artwork Reynolds Graphics, Kalgoorlie & Perth helping to maintain the amenity of Karlkurla Bushland Park. telephone Tracy. Heron Resources Limited Annual Report 2006 Highlights Directors Craig Leslie Readhead CHAIRMAN (NON EXECUTIVE) Ian James Buchhorn MANAGING DIRECTOR (EXECUTIVE) Norman Mathew Longworth CHIEF OPERATING OFFICER (EXECUTIVE) Allan Trench DIRECTOR (NON EXECUTIVE) 2006 HAS SEEN WORLD NICKEL MARKETS ATTAIN RECORD DEMAND AND PRICE LEVELS, VALIDATING HERON’S DECADE-LONG STRATEGY OF NICKEL RESOURCE ACQUISITION. The Objective for Heron is to now convert its 903 million tonne Resource Base into sustained cash-flow. Heron’s corporate strategy is one of TOTAL NICKEL FOCUS • Long Term, transition to major nickel laterite producer through the development of the Kalgoorlie Nickel Project in partnership with Inco. The production target is 20,000tpa Ni as Heron’s share of production. • Medium Term, lower capital expenditure nickel laterite and nickel sulphide production opportunities. The initial target is trial heap leaching in 2007 from the 100% Heron-owned Jump-up Dam Project. The full ramp up production target is 10,000tpa Ni, from a 1.2mtpa Heap Leach operation, with potential life of 10-20 years. • Near Term, impact of regional WA exploration success. The Company’s conceptual exploration targets are for multi-commodity, world class targets focussing on nickel-copper-platinum group metals. Kalgoorlie Nickel Project (Inco Earning 60%) • The Inco KNP Farm-in and Joint Venture has reached the first of four milestones, with Step 1 completed. • Inco proceeded to Step 2 of the Pre-feasibility Study on 25 September 2006. • Inco has until 30 September 2007 to complete the Step 2 leaching and beneficiation test-work and determine the appropriate drilling methods and spacings to complete the Step 3 resource drill-out. Jump-up Dam Project Heap Leach Nickel (Heron 100%) Heap leach extraction of nickel involves stacking heaps of nickel-bearing laterite ore on sealed pads and leaching via reticulation of dilute sulphuric acid through the heap. This process has the potential for significantly lower capital costs compared to high pressure acid leach. • Heron has commenced Heap Leach metallurgical test-work from the 100% Heron-owned Jump-up Dam Project, located near Yerilla 150km NE of Kalgoorlie and outside the Inco KNP Joint Venture. Column test leaching results to date indicate Jump-up Dam is amenable to Heap Leach, with 60% metal recovery within 20-100 days. • On the basis of encouraging Heap Leach testing, the Company has commenced resource drill-out and a Scoping Study. • The Jump-up Dam operation is planned to be the first in a series of potential Heap Leach projects outside the KNP, providing Heron with a pipeline of further nickel production opportunities in addition to the KNP. Commercial production target is 2008-2009. Nickel Sulphide Exploration Regional soil geochemistry and surface Electo-Magnetic surveying continued on Heron’s prospective nickel sulphide ultramafic belts. High priority targets were identified and await drill testing at Emu Lake North and Ghost Rocks. Corporate Epsilon Energy Limited – Uranium and Rubicon Resources Limited – Copper-Gold The Epsilon and Rubicon management teams were recruited and tenement packages finalised with both prospectuses nearing completion. Heron intends that the Epsilon and Rubicon vendor shares will be distributed to Heron Shareholders from trust at no cost at a suitable time during the 12 months after listing, representing Near Term value creation. Polaris Metals NL Polaris has purchased Heron’s iron ore assets through the issue of A$5.5 million in shares and options. Heron will retain these vendor securities. Annual Report
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