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PERIOD ENDING 31 MARCH 2009 Quarterly Report
Maximus Resources Ltd ABN 74 111 977
HIGHLIGHTS Gold sales of refined gold and website nuggets grossed $144,421 for Quarter at an average gold price of $1469/ounce.
Bulk sampling and trial production now completed at Sellheim with 268.4 ounces of native gold from 9459 bank cubic metres (bcm) mined since 1 July 2008 at an average grade of 0.88 grams/bcm for a cash revenue of $334,484.
SUMMARY CORPORATE PROJECT
Queensland Gold (Sellheim Project)
South Australian Gold (Bird in Hand Project)
Western Australian (Narndee Project)
Trial production plant in operation at Sellheim. Trial production plant in operation at Sellheim.
CORPORATE
SUMMARY
2 Maximus Resources
EXPLORATION ACTIVITIES QUEENSLAND SELLHEIM GOLD PROJECT Maximus 100%
Resource Upgrade
TABLE 1: ESTIMATE OF MINERAL RESOURCE
Field Category Estimated Volume 1
(bcm) Estimated Grade 1
(g/bcm) Estimated Ounces 1 Overburden 2
(bcm)
Jack’s Patch
Inferred Resource 2/4/08 2 96,000 2.09 6,400
Indicated Resource 3/12/08 3 60,000 1.23 4 2,400 135,000
Golden Triangle 5
Inferred Resource 2/4/08 2 215,000 0.86 5,900
Inferred Resource 3/12/08 3 199,000 0.90 4 5,800 210,000
Boulder Run 5
Inferred Resource 2/4/08 2 154,000 0.90 4,400
Inferred Resource 3/12/08 3 192,000 0.71 4 4,400 217,000
Totals ROUNDED* (3/12/08 only)
452,000 0.86 4 12,500 563,000
Foot Notes 1 Estimated Volume, Grade, Ounces and Overburden are rounded to the nearest thousand, second decimal point and nearest hundred, respectively.
2 Estimated Volume, Grade and Inferred Ounces as at 2/4/08 included mineralised upper B horizon where present. All mineralised B horizon is now excluded from the new resource estimate and included in the estimated overburden.
3 Ounces, resource volumes and grades for 3/12/08 Estimate are only for A Horizon. Estimated Ounces are unrefined and not 999/1000 fine gold.
4 Estimated grades for 3/12/08 Resource derived by cutting all test pit grades to maximum of 2.30g/bcm in light of trial mining.
5 Golden Triangle and Boulder Run are only Inferred Resources. Closer spaced bulk sampling similar to that undertaken at Jacks Patch is required to raise these resources to ‘Indicated’ status.
* Trial mining since 3 December 2008 has further reduced the above Jacks Patch Indicated Resource and the Total Resource by 3310 bcm to rounded volumes of 57,000 bcm and 449,000 bcm, respectively as at 29/3/09.
Ingham
Charters Towers
Lake Dalrymple
Mt Coolon
Townsville
Ayr
(See inset)
Burdekin Falls Dam Collinsville
Bowen
Mackay
-20º
EPM15778
ML10270
ML10269
Jacks Patch
Golden Triangle
EPM13499
ML10328
Boulder Run
50km 0 0 4km
Figure 2 Location of Sellheim Project showing tenement holdings and Figure 2 estimated resources.
Foot Notes
Resource Upgrade
Maximus Resources 3
Gold Production
Gold and Nugget Sales
Hardrock Gold Program
SOUTH AUSTRALIA ADELAIDE HILLS PROJECT 100% Maximus
Bird in Hand Gold Mine
Water Studies
Community Consultation
Adelaide Hills Gold Province
Deloraine Prospect, Deloraine Goldfield
Kapunda Joint Venture
Maximus diluting to 25% subject to Kapunda JV Agreement
BILLA KALINA PROJECT Maximus diluting to 50% subject to Billa Kalina JV Agreement
Gold and Nugget Sales
4 Maximus Resources
EROMANGA SEDIMENTARY URANIUM PROJECT Maximus diluting to 30% subject to Eromanga JV Agreement
WESTERN AUSTRALIA NARNDEE PROJECT
Figure 3 Adelaide Hills Gold Figure 3 Province showing Maximus’ tenure and principal prospects.
-34º30'
-35º
ADELAIDE
Uraidla and Forest Range
Echunga
Willunga
Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra Para Wirra
Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa Barossa
Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal Gomersal
Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka Eureka
Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside Woodside
Gumeracha
Deloraine
Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa Moppa
Kanmantoo Copper (Hillgrove)
Angas Lead/Zinc (Terramin)
New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era New Era
Bird in Hand
Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Scotts Reef Birdwood
Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston Angaston
Mt Rufus
10 km 0
-28º30'
-29º
-28º
Windimurra Vanadium
Deposit (non MXR)
Au Au
PGM Au
Corner Well
PGM PGM
Muleryon Hill
Milgoo Nickel/PGM Prospect
PbZn
Shephards Iron-Vanadium Prospect
Windimurra Uranium Resource
Wondinong
CuZn
CuZn
CuZn
Au
Au
Au
Mount Magnet
Canegrass Iron Ore Prospect
Au
Ni PGM
Ni PGM
Milgoo
Airborne EM Target
10 km 0
Maximus Tenement Area Windimurra-Narndee Complex
Figure 4 Narndee Project tenements and principal prospects. Figure 4
Û¨°´±®¿¬·±² Ì¿®¹»¬
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Ó·²»
Ø·¬±®·½ ¸¿®¼®±½µ ¹±´¼ ³·²»
Ù±´¼º·»´¼
Ù±´¼ Ю±ª·²½»
Ó¿¨·³« 뱫®½» Ì»²»³»²¬
Õ¿°«²¼¿ ÖÊ øݱ°°»® ο²¹» Ô¬¼÷
Maximus diluting to 30% subject to Eromanga JV Agreement
Province showing Maximus’ tenure and principal prospects.
Maximus Resources 5
www.maximusresources.com
Exploration targets*
YANDAL 90% Maximus
NORTHERN TERRITORY WOOLANGA PROJECT Maximus, diluting respectively to 75% and 51%, subject to the Woolanga- Rankin and Strangway Agreements
RANKIN PROJECT Maximus, diluting to 70%, subject to the Woolanga-Rankin Agreement
CORPORATE ACTIVITIES
FINANCE
Dr Kevin J A Wills
Rankin and Strangway Agreements
NORTHERN TERRITORY
90% Maximus
YANDAL
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 1
Rule 5.3
Appendix 5B Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
Maximus Resources Limited
ABN Quarter ended (“current quarter”)
74 111 977 354 31 March 2009
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter
$A’000 Year to date (9 months) $A’000
1.1 Receipts from product sales and related debtors 140 325
1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration
(1,461)
(348)
(4,996)
(1,078) 1.3 Dividends received 1.4 Interest and other items of a similar nature
received 6 95
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 (1,663) (5,654)
Cash flows related to investing activities 1.8 Payment for purchases of:
(a)prospects (b)equity investments (c) other fixed assets
(25)
(250) 1.9 Proceeds from sale of:
(a)prospects (b)equity investments (c)other fixed assets 62 62
1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material)
Net investing cash flows 62 (213) 1.13 Total operating and investing cash flows
(carried forward) (1,601) (5,867)
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
Appendix 5B Page 2 30/9/2001
1.13 Total operating and investing cash flows (brought forward) (1,601) 5,867)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 898 1,821 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)
Net financing cash flows 898 1,821
Net increase (decrease) in cash held (703) (4,046)
1.20 Cash at beginning of quarter/year to date 851 4,194 1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 148 148
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
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
Noncash 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
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
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 3
Financing facilities available Add notes as necessary for an understanding of the position.
Amount available $A’000
Amount used $A’000
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter $A’000
4.1 Exploration and evaluation 50
4.2 Development
Total 50
Reconciliation of cash 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 98 341
5.2 Deposits at call 50 510
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 148 851
Changes in interests in mining tenements 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
EL3578 EL3577 EL3574
Surrendered Surrendered Surrendered
100% 100% 100%
0% 0% 0%
6.2 Interests in mining tenements acquired or increased
EL4222 Granted 0% 100%
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
Appendix 5B Page 4 30/9/2001
Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.
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 184,805,544 184,805,544
7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy backs
15,245,666 15,245,666
7.5 + Convertible debt securities (description)
7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor)
21,399,122 66,192,238 1,000,000 2,000,000 770,000 3,000,000 890,000 1,965,000
21,399,122 66,192,238
Exercise price $0.10 $0.20 $0.20 $0.50 $0.14 $0.50 $0.18 $0.04
Expiry date 29/05/2009 30/06/2009 20/04/2010 02/07/2010 20/03/2012 02/07/2012 17/03/2013 03/02/2014
7.8 Issued during quarter
5,575,000 5,575,000 $0.10 29/05/2009
7.9 Exercised during quarter
4,000 4,000 $0.10 29/05/2009
7.10 Expired during quarter
7.11 Debentures (totals only)
Appendix 5B Mining exploration entity quarterly report
+ See chapter 19 for defined terms.
30/9/2001 Appendix 5B Page 5
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 5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: (Company Secretary) Date: 29 April 2009
Print name: David W Godfrey
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 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 be complied with.
== == == == ==