-
HALF‐YEAR FINANCIAL REPORT31 December 2011
AUSTRAL GOLD LIMITED AND ITS CONTROLLED ENTITIES
ABN 30 075 860 472
-
CoDirecto
Compan
Registe
Antofag
Buenos
Share R
Auditor
Principa
Solicito
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Place of
The half-report. Acended 30accordan
orpors:
ny Secretary
red Principa
gasta, Chile O
Aires, Argen
Registry:
rs:
al Bankers:
rs:
Code:
f Incorporati
year financial ccordingly, it i0 June 2011 ance with the co
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rectuardo Elsztaiayne Hubert –bro Kasanevul Zang – Nonblo Vergara dbert Trzebskn Jarvis – Ind
therine Lloyd
te 605, Levedney NSW ephone:
+csimile: +ail: iebsite: w
de Febrero 2tofagasta, Chephone:
+csimile: +
ivar 108 enos Aires (1ephone:
+csimile: +
mputershareO Box 2975elbourne VIC : (within Aust: (outside Aus
F ww.pkf.com.a
tional Austraww.nab.com.
rton Rose Auww.nortonros
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the notes of theport be read ients made by Aements of the
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ctors ectors of Ausuardo Elsztaiairman & No
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ew of opsolidated losember 2010:ge losses of $4,719 (31 Dec
information leased in theon the Comp
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receive and Reports for t
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on the Come Company’spany’s websit
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Saul Zang, D
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’ Report together whe Auditors’
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he full report
ns and llf‐year ended42,294). Inclu31 December0: nil).
pany’s operaannouncemte at www.a
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were to:
e Annual Finaded 30 June 2
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Pablo VergaNon‐Executi
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being 1 July t
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g the half‐yeports to the om.au.
as set out in t
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the Notice o
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Mr Wayne H
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mber 2011, ex
6 sed foreign ues of
1 December 2are available
of Annual Ge
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Hubert
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2011 has e for
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Austral GThe Comnorthernannual p
The Comnumber
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eviewtegy of Austment of min
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mpany is alsoof options t
naco Miround ary 2003 Aus(GRIL), an option. At the ed the acquis
anaco Projec(wholly ownowned by Gua, incorporat
ct and Minanaco Mine iasta in Northan Highway wrth/south th
o is located iene/Eocene al trend whiouth down thof Chile. This modates seveld and coppeoperations g Zaldivar, Eondida.
Property as been an inor tenementber 2011 the
w oftral Gold Limneral deposit
ploration arenues to exploprimary focund improve
o seeking to ao expand its
ne, Chil
tral Gold Limption to acquGeneral Meesition by the
t was acquirned subsidiaruanaco Mininted in Chile.
ne Descrips the Compahern Chile. Itwhich rough
n the belt, a ch runs he trend eral er
l Peñon
ncrease of abts totalling 10mining prop
f Actited (the Comts in which th
eas in Argentore and invesus is to expanits financial
acquire furth asset base i
le
mited obtaineuire the Guaeting of the CCompany of
ed from Comries of Kinrosng Company
ption any’s main ast is at an elev
bout 34% in 0,100 hectarperty compri
tivitmpany) is tohe Company
tina and Chilest in its Guannd Guanaco’viability.
her propertiein Chile and A
ed, through naco ProjectCompany hef an interest
mpañia Miness Gold CorpLimited (GM
sset and is lovation of som
the Companres were subses 42,631 h
ties maximise shhas an inter
e and a signinaco gold an’s mineral re
es in the GuaArgentina.
its subsidiaryt in Chile fromeld on 14 Main the Guana
era Kinam Guoration) by aMC) called Gu
ocated someme 2,700 me
ny’s tenemenbmitted durinhectares.
hareholder vrest.
ficant minerd silver minesources, incr
anaco region
y Golden Rosm subsidiarierch 2003, thaco Project.
uanaco and Ka company thuanaco Comp
220 kilometetres and clo
nts near Guang April and
P
value throug
ral deposit ine (“Guanacorease the mi
n and is asses
se Internatioes of Kinrosshe Sharehold
Kinam de Chhat is currenpañía Miner
tres south ease to the Pan
naco. ThirtyMay 2011. A
a g e | 4
h the
n Chile. ”) in ine’s
ssing a
onal s Gold ers
ile ntly a
ast of n
‐seven As of 31
-
Mining wand silve
In AugusFeasibilifinalisedof the p
In early announccontractundertaleach opinvolvedopen pitleach matreatme
Panoproc
was undertaer have been
st 2010 a Banty Study (BFd, confirmingroject.
October 201ced that a lotor had beenke open pit aperations. Thd deepening ts and re‐hanaterial for seent.
oramic viewessing plan
ken at Guann mined at G
nkable S) was g viability
10 it was cal n engaged toand heap his work has existing ndling heap econdary
w taken frnt, Heaps
aco from 18uanaco with
o
rom “Cerro1, 2 and 3
The
86 – with soh more than
o Estrella” and the pr
refurbishe
me interrup1 million oun
of the Dumregnant so
ed crushing
tions – until nces of gold
mbo Pit anolution pon
g plant
P
2001. Gold, produced.
d behind inds
a g e | 5
copper
t the
-
ProducOn 26 Oannouncpoured. 2012, 15have be
Product
Gold ou
Silver ou
ExplorExplorat2011 pristructur
During 2Au, Ag ageophys
In the EuGuanacometers.
Of note,that maytotallinggrades oFour newminerali
Declin
On 1 Deundergr
The 1,64facilitatefor ore h
The follo
Crusher Metric toThroughpOperatio
Metric toThroughpOperatio
ction October 2010ced that the Since this ti5,564 gold ouen produced
tion 20
unces 3
unces 4
ration Acttion activitieimarily focuses, sampling
2011, 29 RC hand Cu at Acmsical informa
ureka‐Palermo’s open pit
, the Cerro Gy be projecteg 2,394 meteof gold, one dw holes wereisation.
e
cember 201ound ore.
41 meter unde explorationhaulage.
owing table s
ons put (tpd) on (hrs)
ons 1put (tpd) on (hrs)
0 the Companfirst gold dome through unces and 50d as set out i
10 2011
32 12,373
31 37,511
ivities s during the sed on surfacg, etc.) of the
holes totallinme Labs. Theation, identifi
mo, Cerro Guand undergr
Guanaquito ded across theers. While modeeper hole e drilled alon
1, the Comp
derground dn of the Cach
shows crush
Jan 11 46,710 1,507 150
Jul 11 103,678 13,344 380
ny proudly oré bar had bto 29 Februa0,560 silver on the table b
2012
2,859 1
12,618 5
second quarce geologicae “Guanaco C
ng 6,824 mete result of thied nine exp
uanaquito, Llround mining
drill results ine entire Guaost of the hointersected ng the strike
any recomm
ecline was chinalito and n
ing tonnage
Feb 11 71,901 2,568 241
Aug 11 105,144 3,392 360
been ary ounces below.
Total
15,564
50,560
rter of l reconnaissaCompañía M
ters were drhis work, in cloration targ
lano Guanaqg areas, 25 R
ndicate a potnaco properoles in the voa structure iin Decembe
menced oper
completed innearby vein
and average
Mar 11 97,492 3,145 326
Sep 11 113,537 3,785 366
ance (litholoinera” minin
illed and 6,0onjunction wgets that wer
quito and HeRC holes were
tentially signrty. Nine RC holcanic tuff win the high‐per 2011 to co
ations at the
December 2systems. The
e daily perfo
Apr 11 48,016 1,601 171
Oct 11 76,859 2,479 280
The first g
gy, alterationg property.
40 samples wwith existing re drilled in l
rradura areae drilled tota
ificant new eholes were dwere shallow potential daconfirm the ex
e decline to s
2010 and wae decline is n
rmance duri
May 11 102,131 3,295 347
Nov 11 71,602 2,387 300
gold doré p
P
on, silicified
were analysegeological aate 2011.
as located nealling of 5,59
exploration tdrilled in thisand showed
citic porphyryxtension of t
start process
as designed tnow being us
ng 2011.
Jun 11 110,275 3,676 395
Dec 11 63,057 2,034 275
pouring in O
a g e | 6
ed for nd
ear 94
target s area d lower y unit. his
sing
to sed for
YTD1,010,402
2,7683,592
Oct 2010
-
The follo
Type Waste (mOre (m) Total (m)Specific f
Waste (mOre (m) Total (m)Specific f
The follo
Open PitDefensa Persever Total Op Dumbo
Defensa Persever Total Op Dumbo
The ore
The folloOre and
Pile II Waste (toOre (tons
Waste (toOre (tons
owing table s
m)
) factor (ton/m
m)
) factor (ton/m
owing table s
t tonWaOreStri
ancia WaOreStri
en Pit WaOreStriOre
tonWaOreStri
ancia WaOreStri
en Pit WaOreStriOre
from Dumbo
owing table s waste corre
ons) s)
ons) s)
shows the m
Jan 1111,3796,756
18,135m) 10.0
Jul 118,782828
9,610m) 9.0
shows the m
ns Jaste 7e ip ratio aste
6e 3ip ratio aste 14e
3ip ratio e
ns Jaste 2e
1ip ratio aste 4e
1ip ratio aste 6e
3ip ratio e
o correspond
shows the haesponds to th
Jan 11 3,086
16,626
Jul 11 18,263 51,893
meters drilled
1 Feb 119 19,2036 1,0855
20,2880 10.8
1 Aug 112 10,3218 1,3170
11,6380 11.1
material loade
Jan 11 Fe72,473 101,1,167
10,62.1
68,729 110,38,088 12,
1.8 41,202 212,39,254 23,
3.6 2,075 4,
uly 11 Au25,680 65,17,340 28,
1.5 42,852 41,13,845 11,
3.1 68,532 107,31,185 40,
2.2 3,760 7,
ds to an old
aul and loadhe stripping o
Feb 11 2,757
34,530
Aug 11 19,382 62,512
d by type of m
1 Mar 11 18,415 1,4218
19,8368 9.9
1 Sep 111 10,1477 1,5248 11,6711 9.0
ed and trans
b 11 Mar ,735 65,0,870 20,29.4
3,626 102,9,193 22,89.1 4
,360 168,0,063 43,19.2 3,826 1,6
ug 11 Sep ,812 22,1,832 7,22.3
3,333 64,9,967 23,23.5 2
,145 87,1,799 30,52.6 2,978 7,7
material sto
ing from heaof waste (les
Mar 11 19,380 55,286
Sep 11 24,302 74,429
material dur
Apr 118,0244,717
12,7417.6
Oct 1117,602
96918,571
8.8
sported from
11 Apr 1142 22,32571 14,5783.2
1.582 60,90065 2,3054.5 26.424
83,22536 16,8783.9 4.920 10,350
11 Oct 1174 39,68769 4,5543.1
8.797 110,75334 22,9812.8 4.871
150,44003 27,5352.9 5.522 2,528
ck mined by
ap leach Piless than 0.4 g
Apr 11 0
5,985
Oct 11 18,267 38,357
ing 2011.
May 11 9,199 1,045
10,244 7.8
Nov 11 10,451
847 11,298 11.1
m the Open P
1 May 11 5 23,257 8
13,312 5 1.7 0 45,754 5
5,240 4 8.7 5 69,011 8
18,552 9 3.7 0 4,111
1 Nov 11 7 71,075 4
26,606 7 2.7 3 55,627 1
17,941 8 3.1 0 126,703 5
44,547 5 2.8 8 5,798
Amax in the
II to the crupt gold).
May 11 4,981
42,923
Nov 11 8,289
25,595
P
Jun 11 6,497 1,108 7,605 12.2
Dec 11 13,814 1,608
15,422 10.0
Pit.
Jun 11 32,899 11,371
2.9 34,190 28,171
1.2 67,089 39,542
1.7 13,153
Dec 11 42,505 8,029 5.3
95,294 29,250
3.3 137,799 37,279
3.7 2,880
e 90's.
sher (rompa
Jun 11 34,689 53,907
Dec 11 5,100
22,650
a g e | 7
Total143,83423,225167,059
9.8
YTD584,664164,192
3.6834,035228,078
3.71,418,700392,270
3.666,802
ad).
2011156,495484,674
-
8 de Austral Gnine tentotallinghectaresDeseadoin southlow‐sulpsystem iChon Aik
Since DemappingpropertycompletDirectorand a regeologicrevieweareas wemappedleast thr
The Los and ore found in
A grounsampling
Julio, SaGold Limitednement applig almost 85,0s in the Macio area of Sanern Patagonphide gold veis contained ke formation
ecember 201g of the entiry of 8 de Julited. Operatir, Stabro Kasecognised loccal consultand results andere subsequd in more detree areas ind
Pino‐Aguadaconsidered tn the Barroso
d magnetics g and trench
anta Crud has ications 000 izo el nta Cruz nia. A ein in the n.
10, re o was ons aneva, cal nt d 13 ently tail. At dicate veins w
a Norte and to have the go Grande are
program wahing campaig
uz, Arge
with potentia
Barroso Gragreatest potea.
as completedgns showing
Santa C
entina
al ore shoots
nde areas boential for the
d in the Barrgrades up to
Cruz Explor
s. 91 sample
oth showed e project. Th
oso Grande o 1.2g/t.
ration Inte
s were sent f
anomalies fohe most attra
area followe
erests
P
for ICP assay
or gold and sactive results
ed by geoche
a g e | 8
ying.
silver s were
emical
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AMINAustral Gunder anArgentin
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During 2continue
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a g e | 9
Juan
-
ComDr RobeGeophysexperien
Dr RobequalifiesReportinto the in
AudIn accorhave recAustral Gattached
_______
Robert TDirector
Dated:
mpetert Trzebski issics, a Mastence in miner
ert Trzebski iss as a Compeng of Exploranclusion of th
ditordance with tceived and aGold Limitedd on page 22
___________
Trzebski r
15 March 2
tent Ps a Director oers in Internaal exploratio
s a member etent Personation Resultshe resources
s’ Indthe audit indre satisfied wd external au2 of this Half‐
___________
012
Persoof Austral Goational Projeon, project m
of the Austra as defined is, Mineral Res noted in thi
depenependence rwith the “Auditors PKF. T‐year Financ
_____
on’s Sold Limited. Hect Managemmanagement
alian Institutn the 2004 Eesources andis Half‐year F
ndenrequirementditors’ IndepThe Auditorsial Report.
StatemHe has a Degment and hasand researc
te of Mining Edition of the Ore ReserveFinancial Rep
nce Dets of the Corpendence Des’ Independe
mentgree in Geolos over 17 yeah and develo
and Metallue ‘Australasiaes.’ Dr Roberport.
eclarporations Aceclaration” pence Declara
P a
t ogy, a PhD inars professioopment.
urgy (AUSIMMan Code for rt Trzebski co
rationct 2001, the provided by tation has bee
a g e | 10
n nal
M) and
onsents
n directors the en
-
StaAustrFor th
Continui
Revenue
Cost of sa
Deprecia
Amortisa
Explorati
Finance c
Administ
Employe
Loss/gainLoss/profincome ta
Income tLoss/proftax Profit aftinterest Net loss/ Other coForeign c
Total com
Earnings Basic Dilute
The abov
temeral Goldhe half y
ng Operation
ales
ation expense
ation expense
on and evalua
costs
tration expens
e benefits exp
n from foreignfit from continax
tax benefit fit from contin
ter tax attribu
/profit for the
omprehensivecurrency trans
mprehensive
per share (ceearnings per ed earnings pe
ve statement o
ent od Limiteyear en
ns
ation expendi
ses
pense
n exchange nuing operatio
nuing operatio
table to mino
period
e income slation
income for th
ents per shareshare er share
of comprehen
f Comd and itded 31
ture written o
ons before
ons after incom
ority equity
he period
):
nsive income s
mprets subsidDecemb
Notes
3
5
off
me
should be read
hensdiariesber 201
31 Decem
(1
d in conjunctio
sive In
1 Half Year Cober 2011$
11,714,719
11,714,719
10,755,277)
(820,066)
(1,350,428)
‐
(2,513,063)
(1,537,294)
(677,267)
(2,035,864)
(7,974,540)
3,608,144
(4,366,396)
‐ (4,366,396)
2,179,802
(2,186,594)
(2.58)c (2.58)c
on with the ac
P a
ncom
onsolidated 31 Decembe
$
(1,
(
(
4
2
2
2
(7,
(5,
ccompanying
a g e | 11
me
er 2010
989
989
‐
(27,102)
‐
(287)
,363,696)
(499,423)
(203,941)
4,135,754
2,042,294
2,042,294
‐ 2,042,294
,924,067)
,881,773)
1.21c1.21c
notes
-
StaAustras at
ASSETS
CurrentCash anTrade aInventoTotal Cu
Non‐CuOther reFinanciaIntangibPlant anExploraDeferreTotal NTOTAL A
LIABILITCurrentTrade aProvisioBorrowTotal Cu
Non‐cuProvisioBorrowTotal NTOTAL L NET ASS
EQUITYIssued cRetaineReserveMinoritTOTAL E
The abov
temeral Gold31 Dec
t Assets nd cash equivand other receories urrent Assets
urrent Assets eceivables al assets ble assets nd equipmenttion and evalued tax asset on‐current AsASSETS
TIES t Liabilities nd other payaons ings urrent Liabilit
rrent Liabilitions ings on‐current LiaLIABILITIES
SETS
Y capital ed earnings/(aes ty interest EQUITY
ve Statement o
ent od Limiteember 2
alents eivables
t uation expend
ssets
ables
ties
es
abilities
accumulated l
of Financial Po
f Finad and it2011
N
diture
osses)
osition should
anciats subsid
Note 31 D2
5 6
24 9 10
5 5 6
4
4 (6 4
d be read in co
al Posdiaries
December 2011 $
410,100
5,784,931 2,226,891 8,421,922
3,794,229 4,903,637
64,706,402 20,926,234
144,579 3,681,555
98,156,636 06,578,558
4,979,606 25,259 294,869
5,299,734
703,380 56,851,856 57,555,236 62,854,970
43,723,588
44,400,742 5,451,724 6,128,948)
70 43,723,588
onjunction wit
sition
Consolidate
30 June 201restated
$
1,309,15,342,21,438,68,090,0
6,070,44,306,2
64,083,020,021,7
116,2
94,597,7102,687,8
6,139,812,1181,6
6,333,7
639,749,818,650,458,456,792,1
45,895,6
44,400,79,818,1
(8,323,24
45,895,6
th the accompP a
n
ed
11 30 Junrest
145 1263 3653 061 4
447 7285 4041 49794 4215
‐ 782 65843 70
889 5179 680 22748 27
755 669 424 172 27
671 42
742 44120 (3,47) 156 671 42
panying notes
a g e | 12
ne 2010 tated $
,399,382 ,061,046
‐ ,460,428
,871,386
4,061,595 ,409,557
4,266,272 39,065
‐ ,647,875 ,108,303
,007,846 12,142
,561,292 ,581,280
‐ ‐ ‐
,581,280
,527,023
4,400,742 507,098) ,633,284
95 ,527,023
s
-
StaAustrfor th
Consoli
Balance
Total coincome
Decreasattribut
Balance
Balance
Total coincome
Issue of
Increaseattribut
Balance
The abov
temeral Goldhe perio
dated
e at 1 July 201
omprehensive for the perio
se in minoritytable to foreig
e at 31 Decem
e at 1 July 201
omprehensive for the perio
f options
e in minority itable to foreig
e at 31 Decem
ve Statement o
ent od Limiteod ende
10
e d
y interest gn exchange
mber 2010
11
e d
interest gn exchange
mber 2011
of Changes in
f Chad and itd 31 De
Issuedcapita
$
44,400,742
44,400,742
44,400,742
44,400,742
Equity should
angests subsidecember
d al
Reea
(accum
$
2 (3,5
‐ 2,0
‐
2 (1,46
2 9,8
‐ (4,3
‐
‐
2 5,4
d be read in co
s in Ediariesr 2011etained arnings/mulated losses)
$
07,098)
042,294 (
‐
64,804) (
818,120 (
66,396)
‐
‐
451,724 (
onjunction wit
quity
Reserves
$
1,633,284
7,924,067)
‐
6,290,783)
8,323,247)
2,179,802
14,497
‐
6,128,948)
th the accomp
P a
y
Minority interest
$
95
‐
(24)
71
56
‐
‐
14
70
panying notes
a g e | 13
Total
$
42,527,023
(5,881,773)
(24)
36,645,226
45,895,671
(2,186,594)
14,497
14
43,723,588
s
-
StaAustrfor th
Cash flow
Receipts f
Payments
Net cash
Cash flow
Purchase
Investme
Payment
Investme
Interest r
Net cash
Cash flow
Loans fro
Net cash
Movemen
Net decre
Cash at b
Cash at e
The abov
temeral Goldhe perio
ws from opera
from sale of g
s to suppliers
used in opera
ws from invest
of property,
nt in unlisted
for exploratio
nt in develop
received
used in inves
ws from financ
m related par
provided thro
nt attributabl
ease in cash h
eginning of th
end of the per
ve Statement o
ent od Limiteod ende
ating activitie
goods
and employe
ating activitie
ting activities
plant and equ
shares
on and evalua
ment assets
sting activities
cing activities
rty
ough financin
e to foreign c
eld
he period
riod
of Cash Flows
f Casd and itd 31 De
s
es
es
s
uipment
tion expendit
s
s
ng activities
urrency trans
s should be rea
sh Flots subsidecember
ture
lation
ad in conjunct
ows diariesr 2011
31 Dece
(
tion with the a
Half Year Co
ember 2011 $
11,713,963
12,472,750)
(758,787)
(972,512)
(630,779)
(29,268)
(861,746)
757
(2,493,548)
2,298,504
2,298,504
54,786
(953,831)
1,309,145
410,100
accompanying
P a
onsolidated
31 Decemb$
(3,
(3,
(
(18,
(19,
18
18
2
(3,
1
g notes
a g e | 14
ber 2010
‐
,131,631)
,131,631)
(32,453)
(590,045)
(43,840)
,389,116)
983
,054,471)
8,800,040
8,800,040
2,074,860
,386,062)
1,399,382
88,180
-
NotHal1. COR
Austral Gshares aconsolidperiod e
The natureport.
2. SUM
(i)
(ii)
tes tolf‐YeaRPORATE IN
Gold Limitedare publicly tdated financiended 31 Dec
ure of the op
MMARY OF
Basis of prep
The Half‐yeawithin the aunderstandiactivities of
The Half‐yeaReport of AuAccounting SReporting St
It is also recoany public a31 Decembethe Corpora
Basis of acco
The half‐yeain accordanStandards inprofessiona
The Half‐yea
For the purpa discrete re
o the ar FinNFORMATIO
d is a companraded on theal report inccember 2011
perations and
SIGNIFICAN
paration of h
ar Financial Rnnual financng of the finthe consolid
ar Financial Rustral Gold LStandards, wtandards (AIF
ommended tnnouncemeer 2011 in actions Act 200
ounting
ar financial rce with the rncluding AASl reporting r
ar Financial R
pose of prepeporting per
nanciaON
ny limited bye Australian corporating t1.
d principal a
NT ACCOUN
half‐year fin
Report does cial report anancial perfoated entity a
Report shoulimited as at which includeFRS).
that the Halfnts made bycordance wi01.
eport is a gerequirementSB 134 “Interequirements
Report has b
aring the haiod.
al Sta
y shares incoStock Exchathe entities t
ctivities of th
NTING POLI
ancial repor
not include and therefore rmance, finaas the full fin
d be read in30 June 201e Australian
f‐year Financy Austral Goldith the contin
eneral‐purpots of the Corprim Financials.
been prepare
lf‐year finan
ateme
orporated annge. Austral that it contro
he Group are
ICIES
rt
all notes of tcannot be eancial positionancial repor
conjunction1, which waequivalents
cial Report bd Limited dunuous disclo
se financial rporations Acl Reporting”
ed on a histo
cial report, t
ents
d domiciled Gold Limitedolled (the Gro
e described i
the type normxpected to pon and financrt.
n with the Ans prepared bto Internatio
e consideredring the halfsure obligati
report, whichct 2001, appland other m
rical cost ba
the half‐year
P a
in Australia d has preparoup) during t
in the Direct
mally includeprovide as fucing and inve
nnual Financbased on Ausonal Financia
d together wf‐year endedions arising u
h has been picable Accou
mandatory
sis.
r has been tr
a g e | 15
whose red a the
ors
ed ull an esting
ial stralian al
with d under
prepared unting
reated as
-
(iii)
(iv)
(v)
Oth
Oth
Basis of Con
The consoliLimited and('the Group
The financiaas the paren
Adjustmentexist.
All intercomintra‐Conso
Controlled eGroup and wthe Group.
Where therstatements Gold Limite
Significant a
The Half‐yeused in the 30 June 201
The Group hissued but n
Restatemen
A reclassificroyalties at acquisition disclosed sebeen releas($88,000 by
The balanceincluded in
her current as
her non‐curre
nsolidation
dated financd the entitiesp’).
al statementnt company,
ts (if any) are
mpany balancolidated Entit
entities are cwill cease to
re is loss of cwill include d had contro
accounting p
ar Financial annual finan11.
has not electnot yet effec
nt of compar
cation has beacquisition ohas previouseparately as ed to the Stay 30 June 11)
e of $5.8 millthe Stateme
ssets
nt assets
cial statemens it controlled
ts of controll, using consis
e made to br
ces and tranty transactio
consolidated be consolid
ontrol of an the results fol.
policies
Report has bncial report o
ted to early ative.
atives
een made to of the Guanasly been repoa pre‐paymeatement of C).
lion at 31 Deent of Financ
31 De
nts comprised during the
ed entities astent accoun
ring into line
sactions, incons, have bee
d from the daated from th
entity in thefor the part o
been prepareof Austral Go
adopt any ot
prior periodaco mining corted as partent. Of the $Comprehens
ecember 201ial Position a
ecember 201$
2.0 milli
3.8 milli
5.8 milli
e the financiaperiod ende
are preparednting policies
any dissimil
cluding unreaen eliminated
ate on whichhe date on w
e Group, the of the report
ed using the old Limited fo
ther new sta
d figures relaoncessions. t of intangib6.4 million pive Income b
11 ($6.0 millioas follows:
1 30 Jun
on
on
on
al statementsed 31 Decem
for the sams.
ar accountin
alised profitsd in full.
h control is trwhich control
consolidatedting period d
same accouor the year e
ndards or am
ting to the p$6.4 million le assets andre‐payment,by 31 Decem
on at 30 June
ne 2011 $
2.0 million
4.0 million
6.0 million
P a
s of Austral Gmber 2011
me reporting
ng policies th
s arising from
ransferred tol is transferre
d financial during which
nting policieended
mendments
pre‐payment paid at the td is now bein, $600,000 h
mber 2011
e 2011) has
30 June 2$
7.6
7.6
a g e | 16
Gold
period
hat may
m
o the ed out of
Austral
es as
that are
of time of ng has
been
2010
‐
6 million
6 million
-
3. REV
Rev
Gold
Inte
Gain
4. EXP
Ope
Add
Motran
Clo
ThisThethe
VENUE AND
venue
d and silver sa
erest Received
n on sale asse
PLORATION
ening
ditions for the
ovement attribnslation
osing
s exploration ae ultimate recosuccessful de
D OTHER INC
ales
d
et
AND EVAL
e year
butable to for
and evaluatiooupment of covelopment an
COME
UATION EX
eign currency
n expenditureosts carried fond commercia
3
XPENDITURE
3
y
e relates to thorward for expal exploration
31 December 2$
11,7
11,7
E
31 December$
e Company’s ploration and or sale of the
2011 3
713,962
757
‐
714,719
Consolida
2011
116,215
29,268
(904)
144,579
tenements in evaluation phrespective are
P a
31 December$
ated
30 June 20$
Santa Cruz, Ahases is depeneas.
a g e | 17
2010
‐
983
6
989
011
39,065
93,660
(16,510)
116,215
Argentina. ndent on
-
5. INTA
Gua
Cos
Acc
Dev
Mo
Recfor
Car
Receva
Add
Rec
Am
Imp
Mocur
Car
Imp
GuaThe ("CG$18assedeteexpeThisrefle
ANGIBLE AS
anaco
st
cumulated am
velopment ass
ovements in ca
conciliations ointangible ass
rrying amount
classification faluation expen
ditions
cognition of re
mortisation
pairment reve
ovement attribrrency translat
rrying amount
airment
anaco Guanaco prGU"). The int,997,883 areessing for imermine the fert, at 30 Juns is an increaects the prog
SSETS
mortisation
sets – Guanac
arrying value
of the carryingsets are set ou
t at beginning
from exploratnditure
estoration pro
ersal/(loss)
butable to fortion
t at end of pe
roject has betangible assee included inpairment. Eaair value of tne 2011, detse from the gression from
co
g amounts ut below:
g of year
ion and
ovision
eign
eriod
en determinets of $64,70 determiningach year the the Guanacotermined theprevious valm developme
31 Decembe$
66,3
(1,6
64,7
64,0
8
(1,3
1,0
64,7
ned by mana06,402 notedg the carryin Group commo project. Thee fair value oluation of $1ent to early‐
C
er 2011 3
318,319
611,917)
706,402
083,041
‐
898,148
‐
350,248)
‐
075,461
706,402
gement to bd above and tng value of thmissions an ie most recenof developme107.9 million ‐stage produ
onsolidated
0 June 2011 restated
$
64,344,71
(261,66
64,083,04
49,409,55
8,495,21
639,75
(261,66
10,564,67
(6,308,48
64,083,04
be a single cathe plant andhe CGU for thindependentnt review by ent assets to at 31 Decemction.
P a
30 Juneresta
$
10 4
69)
41 4
57
‐ 4
10 1
55
69)
76 (6
84) (1
41 4
ash generatind equipmenthe purposes t expert to the indepen
o be $135.3 mmber 2010 an
a g e | 18
e 2010 ated $
9,409,557
‐
9,409,557
‐
7,409,557
0,357,388
‐
‐
6,971,678)
1,385,710)
9,409,557
ng unit t of of
ndent million. nd
-
6. SEG
Iden
Theandperf
Theinfoleas
Maseg
Gol
Inte
Gai
Tota
Seg
Seg
Seg
Dep
Am
7. CON
Sincliab
8. CONSub
Par
Par
Aus
Sub
Gua
Gua
Aus
GMENT INFO
ntification o
e Group has id used by theformance an
e operating sormation abost a monthly
nagement haments.
ld and silver s
erest revenue
in on sale of a
al segment rev
gment gain/(l
gment assets
gment liabiliti
preciation
mortisation
NTINGENT L
ce the last anilities or con
NTROLLED Ebsidiaries
rticulars in rel
rent Entity
stral Gold Lim
bsidiaries
anaco Mining
anaco Compa
stral Gold Arg
ORMATION
f reportable
dentified itse executive mnd in determ
egment is idout this operbasis.
ave identifie
Aust
ales
e
asset
venue
oss) (5,31
2
ies (56,99
LIABILITIES
nnual reportntingent asse
ENTITIES
lation to subs
ited
Company
ñía Mineria
entina
N
e segments
operating semanagementining the allo
entified by mrating segme
ed South Ame
31 Decem
ralia SoAm
11,7
757
‐
757 11,7
5,495) 9
28,354 106,5
8,973) (5,8
772 8
‐ 1,3
AND CONT
ing date therets.
3
sidiaries
egments bast team (the cocation of re
managementent is reporte
erica and Au
mber 2011 $ outh merica Con
713,962 11
‐
‐
713,962 11
949,099 (4,
550,204 106
855,997) (62,
819,294
350,428 1
TINGENT AS
re has been
31 December % owned
100.0
99.9
99.7
sed on the inchief operatiesources.
t as an area ed to the exe
ustralia as the
solidated A
1,713,962
757
‐
1,714,719
,366,396)
6,578,558
,854,970) (41
820,066
1,350,428
SSETS
no material
2011 d
3
000
998
708
nternal reporng decision m
of interest, decutive mana
e consolidate
31 D
Australia
‐
979
‐
979
3,207,119
33,899
1,199,978)
743
‐
change of an
0 June 2011 % owned
100.000
99.998
99.661
P a
rts that are rmakers) in a
discrete finaagement tea
ed entity’s o
December 201$
South America
‐
4
6
10
(1,164,825)
83,197,856
(5,386,551)
26,359
‐
ny contingen
Couincor
Australia
British Vi
Chile
Argentina
a g e | 19
eviewed ssessing
ncial am on at
operating
0
Consolidated
‐
983
6
989
2,042,294
83,231,755
(46,586,529)
27,102
‐
nt
untry of rporation
rgin Islands
a
-
9. COM
The30 J
10. EVE
Othperiresu
11. DIV
No
MMITMENT
e Group has cJune 2012 to
ENTS SUBSE
er than stateiod which sigults of those
VIDENDS
dividends w
TS
commitmentotalling USD6
EQUENT TO
ed above, nognificantly afoperations,
ere declared
ts under the 600,000 of w
REPORTIN
o matters or ffected or maor the state
d or paid dur
AMINSA Earwhich USD350
G DATE
circumstancay significanof affairs of
ing the six m
rn‐In Agreem0,000 was pa
ces have arisetly affect thethe compan
months ended
ment from 1 Jaid in Februa
en since the e operations y in subsequ
d 31 Decemb
P a
January to ary 2012.
end of the r of the compuent financia
ber 2011 (20
a g e | 20
reporting pany, the al years.
010: nil).
-
Dire
In the di the
AustReg
the posithat
therwhe
Signed inCorpora
On beha
_______
Robert TDirector
Dated:
ector
irectors' opinattached fintralian Accouulations 200attached finition as at 31t date; and re are reasonen they beco
n accordanctions Act 20
alf of the dire
___________
Trzebski r
15 March 20
rs’ De
nion: nancial statemunting Stand01 and other nancial statem1 December
nable groundome due and
e with a reso01.
ectors
___________
012
eclara
ments and ndard AASB 13mandatory ments and n2011 and of
ds to believe payable.
olution of dir
______
ation
otes thereto34 'Interim Fprofessionalotes theretof its performa
e that the com
rectors made
n
o comply witinancial Repl reporting reo give a true ance for the
mpany will b
e pursuant to
h the Corpororting', the Cequirementsand fair viewfinancial hal
be able to pa
o section 303
P a
rations Act 2Corporationss; w of Group’s lf‐year ended
y its debts a
3(5) of the
a g e | 21
2001, s
financial d on
s and
-
Tel: 61 2 9251 4100 | Fax: 61 2 9240 9821 | www.pkf.com.au
PKF | ABN 83 236 985 726
Level 10, 1 Margaret Street | Sydney | New South Wales 2000 |
Australia
The PKF East Coast Practice is a member of the PKF International
Limited network of legally independent member firms. The PKF East
Coast Practice is also a member of the PKF Australia Limited
national network of legally independent firms each trading as PKF.
PKF East Coast Practice has offices in NSW, Victoria and Brisbane.
PKF East Coast Practice does not accept responsibility or liability
for the actions or inactions on the part of any other individual
member firm or firms.
Liability limited by a scheme approved under Professional
Standards Legislation.
Lead auditor’s independence declaration under Secti on 307C of
the Corporations Act 2001 To: The Directors of Austral Gold Limited
and its controlled entities during the half year I declare to the
best of my knowledge and belief, in relation to the review for the
half year ended 31 December 2011 there have been:
• no contraventions of the auditor independence requirements as
set out in the Corporations Act 2001 in relation to the review,
and
• no contraventions of any applicable code of professional
conduct in relation to the review.
This declaration is in respect of Austral Gold Limited and the
entities it controlled during the half year.
PKF
Tim Sydenham 15 March 2012 Partner Sydney
-
Tel: 61 2 9251 4100 | Fax: 61 2 9240 9821 | www.pkf.com.au
PKF | ABN 83 236 985 726
Level 10, 1 Margaret Street | Sydney | New South Wales 2000 |
Australia
The PKF East Coast Practice is a member of the PKF International
Limited network of legally independent member firms. The PKF East
Coast Practice is also a member of the PKF Australia Limited
national network of legally independent firms each trading as PKF.
PKF East Coast Practice has offices in NSW, Victoria and Brisbane.
PKF East Coast Practice does not accept responsibility or liability
for the actions or inactions on the part of any other individual
member firm or firms.
Liability limited by a scheme approved under Professional
Standards Legislation.
INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF AUSTRAL
GOLD LIMITED Report on the Half-Year Financial Report We have
reviewed the accompanying consolidated half-year financial report
of Austral Gold Limited which comprises the statement of financial
position as at 31 December 2011, the statement of comprehensive
income, statement of changes in equity and statement of cash flows
for the half-year ended on that date, notes comprising a summary of
significant accounting policies and other explanatory information,
and the directors’ declaration of the consolidated entity. The
consolidated entity comprises Austral Gold Limited (the company)
and the entities it controlled at 31 December 2011 or from time to
time during the half-year ended on that date. Directors’
Responsibility for the Half-Year Financial Report The directors of
the company are responsible for the preparation of the half-year
financial report that gives a true and fair view in accordance with
Australian Accounting Standards and the Corporations Act 2001 and
for such control as the directors determine is necessary to enable
the preparation of the half-year financial report that is free from
material misstatement, whether due to fraud or error. Auditor’s
Responsibility Our responsibility is to express a conclusion on the
half-year financial report based on our review. We conducted our
review in accordance with Auditing Standard on Review Engagements
ASRE 2410 Review of a Financial Report Performed by the Independent
Auditor of the Entity, in order to state whether, on the basis of
the procedures described, we have become aware of any matter that
makes us believe that the financial report is not in accordance
with the Corporations Act 2001 including: giving a true and fair
view of the consolidated entity's financial position as at 31
December 2011 and its performance for the half-year ended on that
date; and complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001. As the
auditor of Austral Gold Limited, ASRE 2410 requires that we comply
with the ethical requirements relevant to the audit of the annual
financial report. A review of a half-year financial report consists
of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Independence In conducting our review, we have complied with the
independence requirements of the Corporations Act 2001.
-
Conclusion Based on our review, which is not an audit, we have
not become aware of any matter that makes us believe that the
half-year financial report of the consolidated entity is not in
accordance with the Corporations Act 2001 including: (a) giving a
true and fair view of the consolidated entity’s financial position
as at 31 December 2011
and of its performance for the half-year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial
Reporting and Corporations
Regulations 2001.
PKF
Tim Sydenham 15 March 2012 Partner Sydney
