Download Report

QUARTERLY ACTIVITIES REPORT
For personal use only
September Quarter 2014
Minera Gold Transforms into Copper and Gold Producer

US$5.5M acquisition completed of San Santiago copper/gold processing plant in Peru

Refurbished CIP circuit commissioned and commercial gold production commenced

First gold sales late August 2014, with gold production from commissioning phase for the
balance of the quarter of 454oz

Management control of plant’s copper toll treatment and production passed to Minera on 17
September 2014 with 2,742t of copper sulphide ore processed post that time up to the end of
the quarter for third parties

Acquisition included 9,000ha of surrounding exploration and mining concessions including
three historic copper mines, with one in production today under contract

Contracts signed with third parties to provide gold ore for processing; more contracts being
negotiated
Australia’s Minera Gold Limited (ASX: MIZ, Minera, the Company) is pleased to present shareholders its
activities report for the quarter ending 30 September 2014 – a milestone period in which the Company
achieved its ambition to make the transition from explorer-developer to a miner and metals processor in
its own right.
During September, Minera finalised its acquisition of the copper and gold San Santiago processing plant
and surrounding 9,000 hectares of mining rights in resource rich southern Peru. Processing of ore has
commenced at the newly commissioned plant with 454 ounces of gold produced from Minera’s 100%
owned mines and 2,742 tonnes of copper ore treated for third parties.
Managing Director and Chief Executive Officer, Mr Ashley Pattison commented, “The acquisition of the
San Santiago processing plant and surrounding concessions is a transformational event for Minera Gold.
The cash flow benefits and cost savings are immediate and the funding arrangements put in place are
largely non-dilutive for shareholders, making this a very attractive transaction. I sincerely thank my
management team and our financiers who have worked tirelessly for the last 12 months on making this
acquisition happen. Additionally, the upside of the large concession holdings in the mining rich Nazca
Ocona province of southern Peru, sits neatly within our existing exploration strategy at the Company’s
nearby Torrecillas and Tumi Projects. We have now been in Peru since 2007 and from this quarter, are in
control of our own copper and gold operations and more than 25,000ha of highly prospective
concessions.”
Address: 45 Ventnor Avenue, West Perth, WA 6005
Ph: +61 8 9200 1860 Fax: +61 8 9200 1861
Email:[email protected]
Minera Gold Limited
For personal use only
1. Peruvian Operations
Perth-based Minera Gold has operations in three locations within the well-established Nazca Ocona
region of Southern Peru. The centre of operations is at San Santiago, 400kms south east of the capital
Lima, where Minera owns and operates the San Santiago processing plant as well as undertaking copper
mining and exploration on the surrounding 9,000 hectare concessions. Minera’s gold operations at
Torrecillas and Tumi are connected via a 40km service road and located 180kms south east of San
Santiago.
2. Processing Plant and Copper Project Acquisition
During the quarter, Minera acquired, upgraded, expanded and commissioned the fully permitted San
Santiago gold/copper processing plant and surrounding mining concessions for an acquisition price of
US$5.5 million. The plant is located just 180kms from the Company’s Torrecillas Gold Project, in the wellknown Iron Copper Oxide Gold (ICOG) district of Cobrepampa.
The purchase was primarily non-dilutive to Minera shareholders and immediately earnings accretive,
saving Minera approximately US$1m per annum on the Company’s previous gold processing
arrangements.
The acquisition provides project and commodity diversification for Minera, including three copper mines
(one in production today under contract) that the Company is evaluating for recommencement of
production and control of an operating copper toll treatment business generating positive cash flow for
Minera.
After Minera’s recent upgrade to the gold circuit at the plant, the complex consists of three operational
processing circuits including:



125 tonnes per day (TPD) CIP gold circuit refurbished in July at a cost of US$700k (low CAPEX to
upgrade to increase to 200TPD
250TPD copper sulphides circuit (allowing the transition from toll treatment to mix of owner
operator and toll treatment)
150TPD copper oxide circuit (currently idle – studies underway to source oxide ore from within
the acquired concessions)
The operations have national grid power, sufficient water supply from controlled bores and are located
within a supportive mining community. The tailings dam in place has approximately 12 months capacity
and a new tailings dam site has been secured in consultation with the community. Plans are underway to
commence construction of the new tailings dam over the next six to nine months post receipt of
permitting.
Acquisition Funding
The funding package for the acquisition and costs of the transaction was provided through a combination
of funding from Minera’s existing precious metals streaming partner, SilverStream SEZC, and through a
mezzanine debt facility with an existing shareholder of Minera Gold:
a)
SilverStream SEZC - US$3m through a silver purchase agreement (silver is the third
commodity product behind the plant’s copper and gold output)
b)
SilverStream SEZC - US$1.4m through waived terms of the original gold purchase
agreement to bring forward the second tranche of that agreement
Page 2 of 8
Minera Gold Limited
c)
Existing shareholder of Minera - US$1.25m two year mezzanine agreement;
combination of straight debt of US$650,000 and a convertible component for
US$600,000.
For personal use only
The new streaming transaction with SilverStream has the following terms:
1. SilverStream will be delivered equivalent to 100% of the silver produced from the copper circuits
at San Santiago for a period of 15 years;
2. SilverStream will be entitled to purchase a minimum of 4,000 ozs of silver per month and up to a
maximum of 90,000 ozs of silver per annum at a purchase price of US$6 per ounce. For amounts
over 90,000 ozs per annum, SilverStream will be entitled to purchase 50% of the additional
ounces at the purchase price of US$6 per ounce; and
3. SilverStream will have senior security over the San Santiago processing plant until such time that
the purchase price has been repaid in full via monthly gross margin to SilverStream.
3. Operations
3.1.
Processing Plant
Gold Circuit
During the quarter, gold mined and stockpiled in the previous quarter was treated at the newly
commissioned San Santiago processing plant producing Minera’s first gold pour late in August 2014.
Production for the quarter was 454oz with a majority of this being sold in September 2014.
The processing plant was commissioned on 6g/t Au material with approximately 1,680t of feed put
through the circuit during August 2014 and into September 2014. By the middle of September, the
average feed grade had increased to approximately 16g/t Au.
All in sustaining cash costs for the quarter were US$890 per ounce, with full cost benefits from the plant
acquisition and commissioning to be further realised in the current quarter.
As at 30 September, the Company had 104ozs of gold in circuit and with additional ore stockpiled on the
ROM pad at Torrecillas and the plant.
During the quarter, three contracts were signed with local mine operators for the toll treating of third
party gold ore through the gold circuit. These contracts typically run for 12 months and sporadic delivery
of ore under these contracts commenced during the quarter. The Company is working with the suppliers
of ore to seek to smooth deliveries over each month to optimise the blended ore feed to the processing
plant.
The decrease in the gold price during the second half of September and into October resulted in third
party ore deliveries reducing due to owners electing to stockpile material during the second half of
September. Shipments have recommenced in the second half of October as the gold price recovered.
Additional sources of quality gold ore continue to be assessed to ensure full compliance with local laws in
relation to the processing of third party material. The current environment for toll processing is
extremely competitive in southern Peru illustrating the importance of the company having access to gold
from its 100% owned properties.
Page 3 of 8
Minera Gold Limited
Copper Flotation Circuit
For personal use only
Minera Gold took control of the copper operations at San Santiago on 17 September 2014. This resulted
in 13 days of operations from the copper floatation circuit contributing to the September quarter
financial results.
The copper floatation operations are today 100% toll treatment of third party ore that is primarily
sourced from within the newly acquired 9,000ha of concessions. Twenty-six groups have been permitted
to mine within these concessions on the basis that all ore is processed through the San Santiago
processing plant at fixed fees and parties pay a participation fee on the concentrate produced.
Post acquisition, Minera treated 2,742 tonnes of copper ore for third parties with sulphide stockpiles for
treatment just under 5,000 tonnes at the end of September. Positive cash flow of just over US$100,000
was generated during the period under the Company’s control, that enabled critical and preventative
maintenance to commence in the first three days of October.
It is anticipated that production for the balance of FY2014 will primarily be from third party sulphide toll
treatment. However, some ore from Minera’s Brasil mine is anticipated to be ready for processing by the
end of November.
Looking forward to 2015, the processing of sulphide ore at San Santiago is proposed to be a mix of toll
treatment and owner operator material, focusing on the floatation circuit at a rate of 250TPD. The
optimal mix that the Company will seek to achieve is 150TPD from owner operator mining and 100TPD
from toll treatment. This would result in approximately 5mlb of copper per annum produced from the
floatation circuit, in addition to gold and silver credits, attributable to Minera.
Copper Oxide Operations
At quarter end, the copper oxide vat leaching operation was completing a batch treatment program for a
third party that was contracted prior to Minera assuming control of the processing plant. This program is
now complete and the circuit is idle.
As at 30 September 2014, a stockpile of ~1370 tonnes of copper oxide material at an average grade of
1.8% Cu is on the ROM pad that is owned by Minera. In addition to this ore, Minera has received strong
enquiries from local miners to recommence copper oxide purchasing and processing.
Commercial assessment of the copper oxide circuit is ongoing with a view to assessing the
recommencement of copper oxide mining operations from our 100% owned mines through this circuit in
2015 to produce a copper cement concentrate for sale into the domestic market.
Local miners within Minera’s concessions have reported that a commercial source of copper oxide ore is
present within our concessions to potentially sustain production of 40-50TPD on a consistent basis. This
ore would supplement known oxide material in situ in the Purisima, Decimo Quinto and Brasil mines.
3.2.
Copper – San Santiago
As part of the San Santiago acquisition, mining rights were acquired for three mines that were partially
developed at a historical cost of ~US$3.5M. The principal focus of mining from these three veins is
sulphide material that has averaged approximately 4.5% Cu with gold and silver credits based on
historical processing.
Mining of the Purisima veins is currently contracted until August 2015 to a local family. Minera receives
100% of this ore for toll treatment and also has a net revenue participation in this mine equal to
Page 4 of 8
Minera Gold Limited
For personal use only
approximately 12%. Net revenue is defined as revenue received from the sale of concentrate from the
traders less flotation processing and trucking costs of the ore from the mine to the processing plant
(approximately US$42/t of ore). Production from Purisima has historically averaged approximately 8090TPD.
Minera will focus its owner operator efforts on the Brasil and Decimo Quinto mines which are currently
largely idle with the exception of some selective mining at depth by trial mining. Copper sulphide and
oxide potential with large ore shoots have been identified and intersected at depth.
Work subsequent to quarter end has commenced on the Brasil mine, with Minera’s surveyors and
geologists commencing mapping and sampling of the developed areas of the mine.
3.3.
Gold – Torrecillas
During the September quarter, ore was primarily sourced from the Torrecillas, Tumi and Rebeca veins.
At Torrecillas, a majority of the ore was sourced from Level 0 in the mine. Ongoing geological assessment
of the Torrecillas vein structure identified a number of remnant stopes within the first developed area of
the Torrecillas vein that was easily accessible by Minera’s owner operator workforce. Ongoing
assessment of the upper levels of the Torrecillas mine continues. Mining also continued in lower levels of
the mine.
At the Rebeca and Tumi veins, the Company continues to work with small contracting teams on the
exploitation of those veins. The veins at Rebeca and Tumi are narrower than Torrecillas but exhibit an
almost vertical dip and a superior grade to the other veins. The mining is low cost and provides valuable
high-grade feed to supplement the remaining production. Contractors are paid on a per tonne basis
subject to the diluted grade recovered.
Mining at Tessie was limited during the quarter as contractors utilised their manpower on mining at
Rebeca and Tumi.
4. Resource Development and Exploration
4.1. Tumi Large Tonnage Exploration Target
Limited exploration and resource definition work was undertaken during the quarter on Tumi, with
Minera’s technical team devoting efforts to the San Santiago acquisition and technical assessment of the
9,000ha of concessions and mining rights being acquired.
A ground-based IP program was however undertaken early in the September quarter to follow up on the
results from the ground-based magnetic survey completed in December 2013 to define the potential size
of the mineralised breccia target and to identify other potential anomalies and drill targets.
The interpreted results from the IP/resistivity survey completed during the quarter were considered
inconclusive. The strong electromagnetic field produced by the commissioning of the new high tensile
power line that traverses the Tumi concession, has masked the results.
In the area immediately below and adjacent to the power line, the direct current input signal is being
interfered with by the electromagnetic field associated with the high tension wires and has rendered a
part of the survey data un-usable. The objective of the survey (defining an electrical response associated
with the known breccias) was not attained by the IP survey.
Page 5 of 8
Minera Gold Limited
Whilst inconclusive, the existence of gold, copper and silver mineralisation is known in the main Tumi
breccia and exploration of Tumi will now be carried out through systematic surface sampling and drilling
focusing on the previously released exploration target.
For personal use only
4.2. San Santiago
The 9,000 hectares of under explored concessions acquired through the San Santiago transaction are in a
highly prospective area for gold, copper and silver. There are a number of drill ready targets for testing
over the next 12 months that the Company is currently reviewing to assess exploration priorities.
The primary focus for Minera over the next six months is to gain a solid geological understanding of the
three mines acquired and to assess both the oxide and sulphide mineralisation potential. This work will
include the use of ground based geophysics and RC drilling to target the priority zones for mining in 2015.
Regional exploration work will also be undertaken to assess the potential for large tonnage exploration
targets.
5. Corporate
5.1.
Business Development
The acquisition of the Processing Plant and surrounding concessions provides commodity diversification
and immediate cash flow to Minera. These business development initiatives have resulted in a review of
the priorities for the remainder of 2014 and 2015, which are now as follows:
1. Increase cash flow
 Increase and extend contracts with local mine operators for treating third party gold ore
at the processing plant during the remainder of 2014 and into early 2015
 Increase base feed processing plant from 100% owned MIZ mines with third party gold
ore, improving grade and increasing profit margins for Minera
 Improve capture rate of copper mined at San Santiago for processing at the Processing
Plant – Three mines developed plus numerous small scale workings operating (~500TPD
currently mined from within 100% owned mining rights and concessions with only
250TPD currently captured for processing at the processing plant)
 Expand permitting and capacity of the processing plant to 600TPD to enable the
operation of all circuits at San Santiago at capacity.
2. Exploration focus on target refinement
 Copper – Deliver JORC resources across Purisma, Brasil and Decimo Quinto mines. Prove
up a minimum mine life at Purisma of four years to support full production (250TPD) for
the sulphide circuit
 Gold - Two large tonnage disseminated systems to be drill tested over next 12 months
(Tessie vein at Torrecillas Gold Project and also Tumi Project). RC drilling over next 12
months.
3. Repay debt and reduce costs
5.2.
Board
During the period, Mr Kevin Puil, a nominated appointee of Silverstream SECZ, resigned as a NonExecutive Director. Subsequent to the period end, Mr Brett Heath was appointed as the replacement
Non-Executive Director. Mr Heath is the President and Director of Silverstream SECZ.
Page 6 of 8
Minera Gold Limited
5.3.
Financial
For personal use only
Convertible Loan Facility
Convertible loan facilities were entered into in September 2013 and April 2014 and as at 30 September
2014, the outstanding balance of expiring convertible notes was $1,026,907. During the quarter,
renegotiated extensions were offered and approximately $810,000 of the notes were rolled over on until
30 June 2015. The balance will be redeemed by the Company on terms agreed with those individual loan
holders.
Silverstream SECZ Finance
SilverStream has now funded US$6M of its US$9.5M commitment to Minera Gold, with the balance of
the funding contingent upon milestones being achieved by Minera Gold in both the gold and copper
operations.
Financing and Working Capital
The Board is currently reviewing a number of financing proposals from various parties including metals
traders. If any of these proposals are accepted, these funds will be used for further investment in the
business, general working capital and the retirement of debt (including any amounts owing to APG under
the standstill and forbearance deed currently in place).
-ENDSFor further information, please contact:
Company:
Media Enquiries:
Ashley Pattison
Managing Director and CEO
Minera Gold Limited
+61 8 9200 1860
[email protected]
Kevin Skinner
Partner
Field Public Relations
+61 (0) 414 822 631
[email protected]
North America IR:
Australian IR:
Daniel & Thomas Renaud
Managing Directors (joint)
Arrowhead (ABID)
+1 212 619 6889
[email protected]
Company Profile: www.abid.co/ASX.MIZ
Anna Nahajski Staples
Director
AMN Corporate
+61 (0) 400 205 433
[email protected]
Website: www.mineragoldlimited.com
Page 7 of 8
Minera Gold Limited
About Minera Gold Limited
For personal use only
Minera is the owner and operator of a profitable gold and copper business in a well-established mining region of southern Peru.
A centralised processing plant with three separate circuits produces very clean copper concentrate and copper cement in
addition to loaded carbon from the CIP circuit, with feed sourced from third party operators as well as from Minera’s 100%
owned mines.
The copper assets of Minera are contained within 9,000Ha of under explored concessions that surround the San Santiago
processing plant currently being mined for copper, with an attractive gold and silver credit.
Minera’s gold assets include its producing mines at the Torrecillas Project and the exciting exploration targets at its Tumi Project.
At Torrecillas, a number of high-grade narrow gold veins are in production. These two projects, just 180kms from the processing
plant, are part of 16,000Ha of highly prospective concessions including two large tonnage, low-grade disseminated targets
containing known gold and copper with silver and molybdenum mineralization also identified at the Tumi target.
Forward Looking Statements
The document (Document) is provided on the basis that none of Minera Gold Limited ACN 117 790 897 (MIZ) nor its respective
officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any
representation or warranty (express or implied) as to the origin, validity, accuracy, reliability, relevance, currency or completeness
of the material contained in the Document and no responsibility is taken for any errors or omissions. Nothing contained in the
Document is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. MIZ excludes
all warranties (including implied warranties) and all liability that can be excluded by law for any loss, claim, damage, cost or
expense of any nature arising out of that Document (or any accompanying or other information) whatsoever, nor by reason of
any reliance upon it. MIZ accepts no responsibility to update any person regarding any inaccuracy, omission or change in
information in this Document or any other information made available to a person nor any obligation to furnish the person with
any further information.
The Document may contain prospective financial material which is predictive in nature and based on certain assumptions.
Accordingly, actual financial results may be affected by assumptions which prove to be inaccurate or by known or unknown risks
and uncertainties, and are likely to differ, possibly materially, from results ultimately achieved. The Document may contain
"forward- looking statements". All statements other than those of historical facts included in the Document are forward-looking
statements including, without limitation, (i) estimates of future earnings, and the sensitivity of earnings to the gold and other
metals prices; (ii) estimates of future gold and other metals production and sales; (iii) estimates of future cash costs; (iv)
estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; (v) estimates of future capital
expenditures; and (vi) estimates of reserves, and statements regarding future exploration results and the replacement of
reserves. Where MIZ expresses or implies an expectation or belief as to future events or results, such expectation or belief is
expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or
implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility,
currency fluctuations, increased production costs and variances in ore grade, recovery rates or other matters from those assumed
in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. MIZ does not
undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances
after the date of the Document, or to reflect the occurrence of unanticipated events, except as may be required under applicable
securities laws.
Page 8 of 8
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
For personal use only
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10, 17/12/10
Name of entity
: Minera Gold Limited
Quarter ended (“current
quarter”)
ABN : 97 117 790 897
30 September 2014
Consolidated statement of cash flows
Cash flows related to continuing operating activities
1.1 a
1.2 a
Receipts from product sales and related debtors
Payments for
(a) exploration & evaluation & development
(b) production
(c) administration
1.3 a
Dividends received
1.4 a
Interest and other items of a similar nature received
1.5 a
Interest and other costs of finance paid
1.6 a
Income taxes paid
1.7 a
Other (provide details if material)
Net Operating Cash Flows from Operations
Net Cash Flows from Investing
1.8
Payment for purchases of:
(a) prospects
(b) equity investments
(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 – Acquisition of new subsidiary companies
Total Cash Flows from Investing
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)
(a)Payment for debt issue costs
(b) San Santiago SilverStream financing
Net financing cash flows from Operations
Net increase (decrease) in cash held
1.20
1.21
Cash at beginning of quarter/year to date
Exchange rate adjustments to item 1.20
1.22
Cash at end of quarter
Current quarter
$A’000
815
(478)
(109)
(1)
227
Year to date
(9 months)
$A’000
3,119
(375)
(1,778)
(1,322)
3
(89)
(442)
(156)
(524)
(6,114)
(6,270)
(6,114)
(6,638)
2,642
(1,049)
-
5,173
(2,212)
-
(295)
4,861
(571)
4,861
6,159
7,251
116
171
455
(123)
315
(39)
448
448
Address: 45 Ventnor Avenue, West Perth, WA 6005
Ph: +61 8 9200 1860 - Fax: +61 8 9200 1861
Email:[email protected]
Minera Gold Limited
Payments to directors of the entity and associates of the directors
For personal use only
Current quarter
$A'000
1.23
Aggregate amount of payments to the 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
NOTES
1.23
44
-
The payments to directors and director-related entities are for director fees, salaries and payments for consulting
services to entities associated with directors.
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
Convertible Note


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
Conversion of convertible notes (Principal) of $2,808,774
Conversion of convertible notes (Interest) of $160,624
Not applicable
Financing facilities available
Add note as necessary for an understanding of the position.
3.1
Anglo Pacific Group Loan facility
3.2
Convertible Note – Various Subscribers
Amount available
$A’000
1,702
Amount used
$A’000
1,702
1,912
1,912
Estimated cash outflows for next quarter – 1 October 2014 to 31 December 2014
4.1
Exploration and evaluation
$A’000
100
4.2
Development
350
4.3
Production
600
4.4
Capital expenditure
100
4.5
Administration
400
1,550
Total
Minera Gold Limited
Reconciliation of cash
For personal use only
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.
5.1
Cash on hand and at bank
5.2
Current quarter
$A’000
Previous quarter
$A’000
448
455
Deposits at call
-
-
5.3
Bank overdraft
-
-
5.4
Other (provide details)
-
-
448
455
Total: cash at end of quarter (item 1.22)
Changes in interests in mining tenements
Tenement reference
6.1
6.2
Interests in mining
tenements
relinquished, reduced
or lapsed
Interests in mining
tenements acquired or
increased
Nil
Nature of interest
(note (2))
Interest at
beginning of
quarter
Interest at end of
quarter
-
-
-
-
-
-
Refer to Appendix
Minera Gold Limited
Issued and quoted securities at end of current quarter
For personal use only
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
7.1
7.2
7.3
7.4
+securities
Preference
(description)
Changes during quarter
(a) Increases through issues
(b) Decreases through returns
of capital, buy-backs,
redemptions
+Ordinary securities
Changes during quarter
(a)Increases through
conversion of Convertible Loan
Principal
(b)Increases through
conversion of Convertible Loan
Interest
(c) Increases through
repayment of convertible note
to Lind
(d) Increases through shares
issued in lieu of cash (invoice)
7.5
+Convertible debt securities
(description)
7.6
Changes during quarter
(a) Increases through
issues
(b) Decreases through
securities matured or
converted
Total number
Number quoted
-
Issue price per
security (see note
3) (cents)
-
Amount paid up
per security (see
note 3) (cents)
-
-
-
-
-
2,478,118,323
2,478,118,323
n/a
n/a
181,433,388
301,989,425
96,665,628
31,829,879
69,496,815
44,444,445
73,148,408
102,564,104
41,250,000
4,761,906
10,638,298
181,433,388
301,989,425
96,665,628
31,829,879
69,496,815
44,444,445
73,148,408
102,564,104
41,250,000
4,761,906
10,638,298
$0.0024
$0.0025
$0.0026
$0.0027
$0.0031
$0.0036
$0.0037
$0.0039
$0.0040
$0.0042
$0.0047
$0.0024
$0.0025
$0.0026
$0.0027
$0.0031
$0.0036
$0.0037
$0.0039
$0.0040
$0.0042
$0.0047
8,361,387
13,984,459
1,888,824
3,567,980
3,426,078
4,100,354
5,480,895
3,453,186
203,053
1,880,932
8,361,387
13,984,459
1,888,824
3,567,980
3,426,078
4,100,354
5,480,895
3,453,186
203,053
1,880,932
$0.0027
$0.0028
$0.0029
$0.0035
$0.0040
$0.0041
$0.0044
$0.0045
$0.0048
$0.0052
$0.0027
$0.0028
$0.0029
$0.0035
$0.0040
$0.0041
$0.0044
$0.0045
$0.0048
$0.0052
31,250,000
31,250,000
$0.0020
$0.0020
6,473,550
4,125,000
9,836,100
8,057,972
6,473,550
4,125,000
9,836,100
8,057,972
$0.0030
$0.0040
$0.0050
$0.0060
$0.0030
$0.0040
$0.0050
$0.0060
Unsecured
Convertible Loans
issued in October
2013
Convertible at the
lower of $0.008 or 20%
discount to the 10 day
VWAP prior to
conversion
Mature
30 June 2015
$1,661,748
N/a
-
-$2,969,398
N/a
-
-
-
Minera Gold Limited
7.7
Options
For personal use only
Options -Employee Option
Scheme
(UNLISTED)
Options – Directors (UNLISTED)
Options – Financiers & Other
(UNLISTED)
Options – UNLISTED - TOTAL
Options – LISTED – TOTAL
Total on Issue
2,500,000
2,500,000
2,000,000
7,000,000
4,500,000
4,500,000
22,500,000
31,500,000
920,000
15,000,000
2,000,000
1,000,000
1,000,000
20,000,000
4,000,000
15,000,000
32,500,000
91,420,000
Exercise price
$0.09
$0.15
$0.09
Expiry date
30 June 2015
30 June 2015
22 Sept 2015
$0.09
$0.15
$0.02
13 Sept 2017
13 Sept 2017
4 December 2016
$0.09
$0.09
$0.10
$0.15
$0.20
$0.10
$0.10
$0.03
$0.012
$0.01
31 March 2015
1 March 2015
30 June 2015
30 June 2015
30 June 2015
13 Dec 2015
15 Feb 2016
30 June 2016
15 October 2016
4 December 2016
$0.012
4 December 2016
129,920,000
245,250,000
245,250,000
245,250,000
245,250,000
For personal use only
Minera Gold Limited
7.8
Issued during quarter
7.9
Options issued
Exercised during quarter
7.10
Admitted for quotation
7.12
Debentures
(totals only)
Unsecured notes (totals only)
7.14
Type
Exercise Price
10,000,000
MIZOA
$0.012
-
-
-
-
-
-
Expired / Cancelled during
quarter
7.11
Expiry date
Total number
-
4/12/2016
Compliance statement
1
2
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).
This statement does give a true and fair view of the matters disclosed.
Sign here:
Print name:
Position:
................................. Date: 31.10.2014
Ashley Pattison
CEO and Managing Director
_______________________________________________________________________________________________
Notes
1
2
3
4
5
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.
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.
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.
The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply
to this report.
Accounting Standards ASX 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 == == == == ==
Minera Gold Limited
Appendix
In accordance with Listing Rule 5.3.3, MIZ provides the following information in relation to its mining tenements.
For personal use only
Mining Rights and Tenements held at the end of the quarter:
Beneficial
%
Area (ha)
GRUPO COBREPAMPA SAC
100
5
Virgen del Carmen 2004 R
GRUPO COBREPAMPA SAC
100
21
Virgen del Carmen 2004 Q
GRUPO COBREPAMPA SAC
100
28
010087805
Virgen del Carmen 2005 A
GRUPO COBREPAMPA SAC
100
89
010142605
Virgen del Carmen 2005 B
GRUPO COBREPAMPA SAC
100
76
10000226Y01
Acari Trigesimo
GRUPO COBREPAMPA SAC
100
58
10000211Y01
Acari Decimo Quinto
GRUPO COBREPAMPA SAC
100
1,000
010351706
Virgen del Carmen 2006 D
GRUPO COBREPAMPA SAC
100
997
010102504
Virgen del Carmen I 2004
KORISUMAQ SAC
100
117
010139104
Virgen del Carmen 2004 A
KORISUMAQ SAC
100
800
010164804
Virgen del Carmen 2004 H
KORISUMAQ SAC
100
1
010164004
Virgen del Carmen 2004 L
KORISUMAQ SAC
100
10
010163804
Virgen del Carmen 2004 M
KORISUMAQ SAC
100
6
010163904
Virgen del Carmen 2004 N
KORISUMAQ SAC
100
9
010277904
Virgen del Carmen 2004 S
KORISUMAQ SAC
100
10
010277804
Virgen del Carmen 2004 T
KORISUMAQ SAC
100
44
010199506
Virgen del Carmen 2006 A
KORISUMAQ SAC
100
999
010341005
Virgen del Carmen 2005 C
COMPANIA MINERA COMBREPAMPA SAC
100
399
010138807
Virgen del Carmen 2007 A
COMPANIA MINERA COMBREPAMPA SAC
100
251
010297908
Mina Campana
COMPANIA MINERA COMBREPAMPA SAC
100
300
10005193X01
LA PURISIMA NO 41
EMPRESA MINERA COBREPAMPA SAC
100
2
1000194Y01
LA PURISIMA NUMERO DOS
EMPRESA MINERA COBREPAMPA SAC
100
180
10000274Y01
LA PURISIMA NUMERO DOS E
EMPRESA MINERA COBREPAMPA SAC
100
18
10000277Y01
LA PURISIMA NUMERO DOS F
EMPRESA MINERA COBREPAMPA SAC
100
2
10000281Y01
LA PURISIMA NUMERO DOS G
EMPRESA MINERA COBREPAMPA SAC
100
2
100001888X01
LA PURISIMA NUMERO DOS H
EMPRESA MINERA COBREPAMPA SAC
100
9
10000276Y01
LA PURISIMA NUMERO DOS I
EMPRESA MINERA COBREPAMPA SAC
100
2
100001890X01
LA PURISIMA NUMERO DOS J
EMPRESA MINERA COBREPAMPA SAC
100
64
10000193Y01
LA PURISIMA NUMERO TRES
EMPRESA MINERA COBREPAMPA SAC
100
70
10000828X01
MARIA DEL CARMEN
EMPRESA MINERA COBREPAMPA SAC
100
36
010127106
Virgen del Carmen 2004P
DERIVADOS Y CONCENTRADOS SAC
100
100
010485706
Don Tomasito de Acari
DERIVADOS Y CONCENTRADOS SAC
100
891
P540000110
San Santiago de Acari
DERIVADOS Y CONCENTRADOS SAC
100
37
010227901
Don Ivan 31 N-1
DERIVADOS Y CONCENTRADOS SAC
100
10
010142796
RETORNO I
MUNDO PERU GOLD SAC
100
200
010147196
RETORNO II
MUNDO MINERALES SAC
100
400
010221096
RETORNO III
MUNDO PERU GOLD SAC
100
800
010265696
RETORNO V
MUNDO PERU GOLD SAC
100
764
010265596
RETORNO IV
MUNDO MINERALES SAC
100
500
010375996
RETORNO VI
MUNDO MINERALES SAC
100
200
010232798
RETORNO VII
MUNDO MINERALES SAC
100
500
010133999
RETORNO VIII
MUNDO MINERALES SAC
100
700
010042602
SUSTITUCION IV
MUNDO MINERALES SAC
100
500
010249098
SUSTITUCION
MUNDO MINERALES SAC
100
400
Country
Code
Name
Holder
Peru
010164704
Virgen del Carmen 2004 J
010278004
010164204
Minera Gold Limited
For personal use only
Country
Brazil
Beneficial
%
Area (ha)
MUNDO MINERALES SAC
100
500
TUMI III
MUNDO MINERALES SAC
100
1000
TUMI I
MUNDO MINERALES SAC
100
415
010118701
RETORNO X
MUNDO MINERALES SAC
100
200
010193402
RETORNO XIV
MUNDO MINERALES SAC
100
500
010116000
RETORNO IX
MUNDO MINERALES SAC
100
288
010036005
RETORNO XV
MUNDO MINERALES SAC
100
500
010358807
RETORNO XXV
MUNDO MINERALES SAC
100
200
010603307
RETORNO XXVI
GOLDEN EMPIRE SAC
100
300
010256408
RETORNO XXVII
MUNDO MINERALES SAC
100
200
010358707
RETORNO XX
MUNDO MINERALES SAC
100
100
010126510
RETORNO XXVIII
GOLDEN EMPIRE SAC
100
100
010179310
RETORNO XXIX
GOLDEN EMPIRE SAC
100
200
010193910
RETORNO XXX 2010
GOLDEN EMPIRE SAC
100
200
010015811
RETORNO XXXI 2011
GOLDEN EMPIRE SAC
100
600
010015711
RETORNO XXXII 2011
GOLDEN EMPIRE SAC
100
1000
010015611
RETORNO XXXIII 2011
GOLDEN EMPIRE SAC
100
700
010188811
RETORNO XXXIV 2011
GOLDEN EMPIRE SAC
100
1000
010188911
RETORNO XXXV 2011
GOLDEN EMPIRE SAC
100
900
010189011
RETORNO XXXVI 2011
GOLDEN EMPIRE SAC
100
900
010189111
RETORNO XXXVII 2011
GOLDEN EMPIRE SAC
100
600
010189211
RETORNO XXXVIII 2011
GOLDEN EMPIRE SAC
100
800
010603307
RETORNO XXVI
GOLDEN EMPIRE SAC
100
Code
Name
Holder
10028003
SUSTITUCION V
010935395
010935195
830.719/1982
830.156/2009
Notes:
1.
ENGENHO D' ÁGUA
NOT YET NAMED
MUNDO MINERAÇÃO LTDA.
MUNDO MINERAÇÃO LTDA.
75%
75%
300
1
1
711
644
Mineralis Ltd earning 60% interest
Mining tenements acquired during the quarter:
Beneficial
%
Area (ha)
GRUPO COBREPAMPA SAC
100
5
Virgen del Carmen 2004 R
GRUPO COBREPAMPA SAC
100
21
Virgen del Carmen 2004 Q
GRUPO COBREPAMPA SAC
100
28
010087805
Virgen del Carmen 2005 A
GRUPO COBREPAMPA SAC
100
89
010142605
Virgen del Carmen 2005 B
GRUPO COBREPAMPA SAC
100
76
10000226Y01
Acari Trigesimo
GRUPO COBREPAMPA SAC
100
58
10000211Y01
Acari Decimo Quinto
GRUPO COBREPAMPA SAC
100
1,000
010351706
Virgen del Carmen 2006 D
GRUPO COBREPAMPA SAC
100
997
010102504
Virgen del Carmen I 2004
KORISUMAQ SAC
100
117
010139104
Virgen del Carmen 2004 A
KORISUMAQ SAC
100
800
010164804
Virgen del Carmen 2004 H
KORISUMAQ SAC
100
1
010164004
Virgen del Carmen 2004 L
KORISUMAQ SAC
100
10
010163804
Virgen del Carmen 2004 M
KORISUMAQ SAC
100
6
010163904
Virgen del Carmen 2004 N
KORISUMAQ SAC
100
9
010277904
Virgen del Carmen 2004 S
KORISUMAQ SAC
100
10
010277804
Virgen del Carmen 2004 T
KORISUMAQ SAC
100
44
010199506
Virgen del Carmen 2006 A
KORISUMAQ SAC
100
999
010341005
Virgen del Carmen 2005 C
COMPANIA MINERA COMBREPAMPA SAC
100
399
Country
Code
Name
Holder
Peru
010164704
Virgen del Carmen 2004 J
010278004
010164204
Minera Gold Limited
For personal use only
Country
Beneficial
%
Area (ha)
COMPANIA MINERA COMBREPAMPA SAC
100
251
Mina Campana
COMPANIA MINERA COMBREPAMPA SAC
100
300
LA PURISIMA NO 41
EMPRESA MINERA COBREPAMPA SAC
100
2
1000194Y01
LA PURISIMA NUMERO DOS
EMPRESA MINERA COBREPAMPA SAC
100
180
10000274Y01
LA PURISIMA NUMERO DOS E
EMPRESA MINERA COBREPAMPA SAC
100
18
10000277Y01
LA PURISIMA NUMERO DOS F
EMPRESA MINERA COBREPAMPA SAC
100
2
10000281Y01
LA PURISIMA NUMERO DOS G
EMPRESA MINERA COBREPAMPA SAC
100
2
100001888X01
LA PURISIMA NUMERO DOS H
EMPRESA MINERA COBREPAMPA SAC
100
9
10000276Y01
LA PURISIMA NUMERO DOS I
EMPRESA MINERA COBREPAMPA SAC
100
2
100001890X01
LA PURISIMA NUMERO DOS J
EMPRESA MINERA COBREPAMPA SAC
100
64
10000193Y01
LA PURISIMA NUMERO TRES
EMPRESA MINERA COBREPAMPA SAC
100
70
10000828X01
MARIA DEL CARMEN
EMPRESA MINERA COBREPAMPA SAC
100
36
010127106
Virgen del Carmen 2004P
DERIVADOS Y CONCENTRADOS SAC
100
100
010485706
Don Tomasito de Acari
DERIVADOS Y CONCENTRADOS SAC
100
891
P540000110
San Santiago de Acari
DERIVADOS Y CONCENTRADOS SAC
100
37
010227901
Don Ivan 31 N-1
DERIVADOS Y CONCENTRADOS SAC
100
10
Code
Name
Holder
010138807
Virgen del Carmen 2007 A
010297908
10005193X01
Mining tenements held disposed of during the quarter:
Nil.
Beneficial percentage interests held in farm-out arrangements at the end of the quarter:
Farm-in Agreements
Nil.
Farm-out Agreements
MIZ has an agreement with Mineralis Ltd who are earning a 60% interest in Mundo Mineração Ltda via expenditure of AUD $4.5 million. As at
the date of this report, AUD $1.3 million has been spent earning them a 25% interest.
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the
quarter:
Nil.