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_____________________________KEYSBROOK PROJECT
ASX RELEASE
OLYMPIA RESOURCES LIMITED
An emerging mineral sands and industrial minerals producer
ASX Code: OLY
The Minister for the Environment currently has the Appeals Convenors report on the project under active consideration and will issue a Ministerial Statement upon completion of the assessment. ___ ___ HARTS RANGE PROJECT Testwork was completed at Australian Mineral Laboratories during the quarter. This confirmed the high quality of the garnet at Harts Range especially the relatively rare coarse garnet. Work continued on updating the feasibility study. ___ AUSTRALIAN EXPLORATION
DIRECTORS: Mr Nigel Goodall Non-Executive Chairman Mr Peter Gazzard Managing Director Mr John Baxter Non-Executive Director Mr Barry Bolitho Non-Executive Director
In line with the Strategic Review, exploration has been restricted to the minimum required to maintain the tenements in good standing. Drilling was completed on a target in E70/2573 during the quarter. Analysis of the samples has not been completed. Olympia will continue to undertake low level exploration during the next quarter. This policy will continue to be applied throughout 2009.
_________________________________KALIMANTAN ZIRCON PROCESSING PLANT Concentrate purchases were limited to 114 tonnes during the quarter to conserve cash. Due to the low purchases of zircon concentrate, zircon middling and titanium rich stockpiles were the main materials treated in the Sampit plant. This led to a reduced rate of zircon production with 286 tonnes of zircon being produced for the quarter. Twenty eight tonnes of leucoxene were produced with an average TiO2 content of 79%. This will be retreated in the plant dry section and upgraded to 90% TiO2 by removing contained zircon prior to sale. Fourteen kilograms of low grade gold concentrate was produced. This contains approximately 5% gold and will be further upgraded during the next quarter.
________________________________________________________________________________________ Olympia Resources Limited - ABN 52 077 221 722 T: +61 8 92441411 F: +61 8 92441511 E: admin@olympiaresources.com Web: www.olympiaresources.com Office: Level 4, 25 Walters Drive, Herdsman WA 6016 Postal Address: PO Box 1341 Osborne Park WA 6916
Olympia Resources Limited Two hundred and thirteen tonnes of zircon were shipped from Sampit for China in March. Payment for this shipment is expected to be received in early May. Plant production and sales for the quarter was as follows: Zircon Production (tonnes) Zircon Shipped (tonnes) Leucoxene Production (tonnes) Low grade gold Concentrate (kg) March Quarter 2009 286 213 28 14
Although exploration has been suspended and the operations of the Sampit processing plant reduced the Indonesian operations continue to be a drain on Olympias cash reserves. To reduce this cash drain Olympia is actively seeking joint venture partners or purchasers for its Indonesian assets. ______________________________________________ KALIMANTAN EXPLORATION Olympia remains confident of the exploration potential for zircon deposits in Kalimantan and continues to seek a Joint Venture partner to take over the Kalimantan exploration assets. ____________________________________________ QUALIFICATION STATEMENTS
The information contained in this quarterly report, insofar as it relates to ore or mineralisation, is based on and accurately reflects, the information compiled by Mr Peter Gazzard (Managing Director). Mr Gazzard is a full-time employee of the company and a member of the Australasian Institute of Mining and Metallurgy with more than five years relevant experience. Mr Gazzard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
_________________________________________________________________________________________ Olympia Resources Limited - ABN 52 077 221 722 T: +61 8 9244 1411 F: +61 8 9244 1511 E: admin@olympiaresources.com Web: www.olympiaresources.com Office: Level 4, 25 Walters Drive, Herdsman WA 6016 Postal Address: PO Box 1341 Osborne Park WA 6916
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
31 March 09
(162)
1.9
(225)
(162) (3,393)
1.13
Total operating and investing cash flows (brought forward) Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other (provide details if material) Net financing cash flows Net increase (decrease) in cash held
Cash at beginning of quarter/year to date Exchange rate translation adjustment Cash at end of quarter
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 1.24 1.25 Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 Explanation necessary for an understanding of the transactions N/A 117 -
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 N/A
3.1 3.2
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. 5.1 5.2 5.3 5.4 Cash on hand and at bank Deposits at call Bank overdraft Other (provide details) Total: cash at end of quarter (item 1.22) Current quarter $A000 391 391 Previous quarter $A000 718 718
6.2
Total number 7.1 7.2 Preference +securities (description) Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions +Ordinary securities Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks +Convertible debt securities (description) Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted Options (description and conversion factor) 10,265,182 300,000 18,894,760 3,000,000 7.8 7.9 7.10 7.11 7.12 Issued during quarter Exercised during quarter Expired during quarter Debentures (totals only) Unsecured notes (totals only)
Number quoted
7.3 7.4
234,703,709
234,703,709
7.5 7.6
7.7
Expiry date 31 Dec 2009 31 Dec 2009 30 June 2010 31 Dec 2010
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 4). This statement does give a true and fair view of the matters disclosed.
Notes
1 The quarterly report provides a basis for informing the market how the entitys 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 be complied with.
3 4 5
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