Alkane Resources Ltd: Change of Financial Year
June 28, 2013 — (Source: Alkane Resources Ltd) — Alkane Resources Ltd advises that it will be changing its financial year from 31 December to 30 June, effective from 1 January 2013.
The purpose of the change of financial year is to synchronise the financial reporting and company taxation periods which will lead to overall cost savings for the Alkane group of companies. The change will also align the financial reporting period for the Group with the majority of its Australian peers as the Tomingley Gold Operation and Dubbo irconia Project move closer to production.
The Company has previously released its annual report for the year ending 31 December 2012 and will also prepare a further financial report covering the six month period from 1 January 2013 to 30 June 2013. Annual reports thereafter will be prepared for a twelve month period from 1 July to 30 June each subsequent year.
The change in financial year will require the Company to hold an Annual General Meeting (“AGM”) by 30 November 2013 in respect of its 30 June 2013 financial report. The date of the AGM will be determined and advised to the market in due course.
Alkane is a multi commodity company focused in the Central West region of NSW Australia. Currently Alkane has two projects heading towards production in 2014/2016 – the Tomingley Gold Project (TGP) and the nearby Dubbo Zirconia Project (DZP). Tomingley received project approval for its development early 2013 and is scheduled to commence production early 2014. Cash flow from the TGP will provide the funding to maintain the project development pipeline and will assist with the development of the DZP.
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The DZP environmental impact statement is nearing completion and a development decision is anticipated early 2014. This project will make Alkane a strategic and significant world producer of zirconium products and heavy rare earths.
Alkane’s most advanced gold copper exploration projects are at the 100% Alkane owned Wellington and Bodangora prospects. Wellington has a small Cu-Au resource which can be expanded, while at Bodangora a large 12km2 monzonite intrusive complex has been identified with porphyry style Cu-Au mineralisation.
Sale of Alkane’s interest in the Orange District Exploration Joint Venture, host to the McPhillamys gold deposit, was completed in November 2012 with the issue of 17.5 million Regis Resources Ltd shares.
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