Bos Glb Hldgs Regulatory News (BOS)

31 Jan 2006 07:00

Murchison United NL31 January 2006 Quarterly Report December 2005 Summary __________________________________________________________________________________ As declared in the market update of 12 December 2005, Murchison continues toreview existing assets and investigate resource opportunities in Australia andinternationally to assess their appropriateness for the Company. The broaderstrategy of Murchison apart from its existing assets is to focus on energyrelated assets. During the quarter the following progress has been achieved. Company Owned Millenium Leases, Queensland Australia. The Millenium leases are located some 35 kilometres west-north-west ofCloncurry. The leases cover an area on some 3.5 kilometers long and 500 meterswide. The leased area has old workings (early 1900's), exploration costeans anddrill pad sites which were directed to the exploitation of copper ore. Murchisonis awaiting the finalisation of the contract geologist's report. This reportwill enable an assessment of the prospectivity of the area and, if warranted,would enable the preparation of a well targeted drilling program. Uranium Review of West Africa and Appointment of Exploration Manager As indicated in the Company's announcement, dated 12 December 2005, the companyhas been granted six Uranium exploration licences in the Republic of Guinea, andhas applied for a further six licences in the Republic of Mauritania. TheCompany is still awaiting the outcome of these applications. Furthermore, the company is pleased to announce the appointment of Mr BosseGustafsson as Exploration Manager. Mr Gustafsson has over 25 years geologicalexperience. He is presently employed by the Geological Survey of Sweden, as itsSenior Geologist in the Mineral Resources Information Office. A position he hasheld since 1993. Mr Gustafsson has managed a number of exploration programmesfor both the department and private companies on a secondment basis, in variouslocations throughout Europe, Africa and South America. Mr Gustafsson will manage and conduct the Company's exploration programme inGuinea and ultimately Mauritania, as well as any other regions in which theCompany may apply for exploration permits. The Board considers itself fortunateto have secured Mr Gustafsson's services and look forward to a successfulworking relationship. Niger and Mali The Board has received a preliminary report on these two countries, but isreluctant to apply for exploration permits at this time. Other Consistent with the focus on energy assets Murchison is currently consideringother energy related opportunities. Discussions to date are preliminary andnon-binding. As such if and when proposals become binding, relevantannouncements will be released. Corporate Murchison's Annual General Meeting was held in the Hay Street Room of the RydgesHotel, 815 Hay Street, Perth, Western Australia at 10.30 am (Perth time) onTuesday 29th November 2005. All motions were carried on a show of hands. Mr David Hutchins' resignation took effect at the Annual General Meeting. TheBoard of Directors express their gratitude to Mr Hutchins for his dedicatedservice to the Company over the years and wishes him every success in thefuture. Mark ReillyManaging Director 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 entityMURCHISON UNITED NL ABN Quarter ended ("current quarter")59 009 087 852 31 DECEMBER 2005 Consolidated statement of cash flows Current quarter Year to dateCash flows related to operating activities A$'000 (12 months) A$'0001.1 Receipts from product sales and related - - debtors 1.2 Payments for (a) exploration and evaluation (211) (424) (b) development - - (c) production - - (d) administration (199) (397) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 19 43 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 (391) (778) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets - - 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - - 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - Net investing cash flows 0 0 1.13 Total operating and investing cash flows (carried forward) (391) (778) 1.13 Total operating and investing cash flows (brought forward) (391) (778) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. - - 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 - Settlement of Guarantee Net financing cash flows 0 0 Net increase (decrease) in cash held (391) (778) 1.20 Cash at beginning of quarter/year to date 1,601 1,988 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter 1,210 1,210 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the relatedentities Current quarter $A'000 1.23 Aggregate amount of payments to the parties included in item 1.2 99 1.24 Aggregate amount of loans to the parties included in item 1.10 0 1.25 Explanation necessary for an understanding of the transactions Salaries and rental of office premises Non-cash 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 Nil 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 Nil Financing facilities available Add notes as necessary for an understanding of the position. Amount available Amount used $A'000 $A'000 3.1 Loan facilities Nil N/A 3.2 Credit standby arrangements Nil N/A Estimated cash outflows for next quarter $A'000 4.1 Exploration and evaluation 250 4.2 Development 0 Total 250 Reconciliation of cash Reconciliation of cash at the end of the quarter (as Current quarter Previous quartershown in the consolidated statement of cash flows) $A'000 $A'000to the related items in the accounts is as follows. 5.1 Cash on hand and at bank 1,210 1,601 5.2 Deposits at call - - 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter (item 1.22) 1,210 1,601 Changes in interests in mining tenements Tenement Nature of interest Interest at Interest at reference beginning of end of (note (2)) quarter quarter6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining 5887 Uranium exploration permit tenements acquired or covering 482.32 k2 in the increased Republic of Guinea 0% 100% 5889 Uranium exploration permit covering 484 k2 in the Republic of Guinea 0% 100% 5890 Uranium exploration permit covering 484 k2 in the Republic of Guinea 0% 100% 5891 Uranium exploration permit covering 484 k2 in the Republic of Guinea 0% 100% 5892 Uranium exploration permit covering 484 k2 in the Republic of Guinea 0% 100% 5893 Uranium exploration permit covering 484 k2 in the Republic of Guinea 0% 100% Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rightstogether with prices and dates. Total number Number quoted Issue price per Amount paid up per security (see note security (see note 3) (cents) 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 271,132,594 271,132,594 2,250,000 - 25 17.4 Changes during quarter (a) Increases through issues Issue for cash (b) Decreases through returns of capital, buy-backs 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 Exercise price Expiry date conversion factor) (cents) 7,500,000 - 5.5 19/5/10 200,000 - 114 8/8/05 350,000 - 46 1/7/07 - - -7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 7.11 Debentures (totals only) 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 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here:............................................................ Date: 31 January 2006.......... Company Secretary Print name: .............Joe Schiavi...................... 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. This information is provided by RNS The company news service from the London Stock Exchange