2000 Annual Report - Heron Resources Limited

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5.0 Continued Financial Statements NOTE 18. AUDITORS’ REMUNERATION Economic Entity Parent Entity 2000 1999 2000 1999 $ $ $ $ Amounts received or due and receivable by the auditors for: - audit services 11,345 12,500 11,345 12,500 - other services - 7,785 - 7,785 NOTE 19. COMMITMENTS FOR EXPENDITURE Exploration Commitments In order to maintain current rights of tenure to exploration and mining tenements, the economic entity has the following discretionary exploration expenditure requirements up until expiry of leases. These obligations, which are subject to renegotiation upon expiry of the leases, are not provided for in the financial statements and are payable: Economic Entity Parent Entity 2000 1999 2000 1999 $ $ $ $ Not later than 1 year 2,000,000 2,000,000 1,800,000 2,000,000 Later than 1 year but not later than 2 years 2,000,000 2,000,000 1,800,000 2,000,000 Later than 2 years but not later than 5 years 6,000,000 6,000,000 5,000,000 6,000,000 If the economic entity decides to relinquish certain leases and/or does not meet these obligations, assets recognised in the balance sheet may require review to determine the appropriateness of carrying values. The sale or farm-out of exploration rights to third parties will reduce or extinguish these obligations. Those amounts detailed above do not include expenditure commitments which are the responsibility of joint venture partners (Note 21). NOTE 20. SEGMENT INFORMATION The economic entity operates in the mineral exploration industry in Australia. NOTE 21. JOINT VENTURE AGREEMENTS The economic entity has entered into or is negotiating the following joint venture agreements: Project Operator Right to Farm-in Earn Expenditure Menzies East Golden State Resources Limited 60% $250,000 Laverton Metex Resources NL 70% $500,000 Mt Morgans Metex Resources NL 70% $200,000 Snake Hill Connemara Gold Mines Pty Ltd 70% $300,000 Mungari Northwest Kundana Gold Pty Ltd 50% $3,000,000 Southern Laverton Tectonic Zone Gutnick Resources NL 80% $1,200,000 Edjudina and Laverton Croesus Mining NL 80% $1,000,000 Bungalbin and Mount Jackson Portman Limited 100%* $250,000 Karonie South WMC Resources Limited 80% $300,000 Scotia Kanowna Delta Gold Ltd 70% $1,000,000 Transline New Hampton Goldfields Limited 80% $800,000 Binduli East AngloGold Australasia Limited 75% $500,000 Widgiemooltha + WMC Resources Limited 80% $300,000 Kookynie + Barminco Pty Ltd & Kookynie Resources NL 70% $750,000 Kurnalpi In negotiation 80% $200,000 Victory In negotiation 80% $100,000 Frances Lesley In negotiation 100%** - Mineral Hill In negotiation 0%*** - TOTAL $10,650,000 * The Company has a royalty based on tonnes of iron ore sold by Portman Limited. ** The Company retains all nickel rights. Another entity acquires all gold rights and maintains tenements in good standing. *** The Company acquires all nickel rights and maintains the tenements in good standing. Another entity retains all gold rights. + Subject to final documentation. page 58 Heron Resources NL Annual Report 2000
5.0 Continued Financial Statements NOTE 22. INVESTMENTS IN CONTROLLED ENTITIES Name of Country of Class of Equity Holding Cost of Parent Entity’s Entity Incorporation Shares Investment 2000 1999 2000 1999 $ $ Balladonia Energy NL Australia Ordinary 100% - 10 - Balladonia Energy NL was incorporated to evaluate the economic potential of documented oil shale occurrences in the Balladonia area to contribute to the generation of the energy, sulphur and lime requirements of Heron’s Nickel Laterite projects. The corporate objective has been to introduce a technical partner with demonstrated oil shale expertise, to further advance the oil shale projects. NOTE 23. CONTINGENT LIABILITIES Native title claims have been made with respect to areas which include tenements in which the economic entity has interests. The economic entity is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly affect the economic entity or its projects. NOTE 24. EARNINGS PER SHARE 2000 1999 $ $ Basic earnings per Share (0.0068) (0.0891) Weighted average number of ordinary Shares outstanding during the year used in the calculation of basic earnings per Share. 77,925,300 63,757,808 As diluted earnings per Share is not materially different from basic earnings per Share it has not been disclosed. NOTE 25. SUBSEQUENT EVENTS Option Exercise 10,000,000 Options expiring on 30 June 2000 exercisable at 25 cents were exercised during June 2000. Shares were allotted and issued to Optionholders on 13 July 2000. 150,000 Options expiring on 15 December 2001 exercisable at 25 cents were exercised during June 2000. Shares were allotted and issued to the Optionholder on 13 July 2000. Tenement Plaints Plaints for forfeiture have been lodged on six tenements. The Directors believe that the plaint action will not succeed. Heron Resources NL Annual Report 2000 page 59
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ABN 30 068 263 098
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Heron Resources NL Directors Rodney
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2000 Annual Report - Heron Resources Limited

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