ANNUAL REPORT 2006

NOTE 7: RECEIVABLES
Current
2006
$
Consolidated
2005
$
2006
$
Parent
2005
$
Other receivables & prepayments 197,594 143,700 143,715 80,238
Non-Current
Loan to subsidiaries - - 22,681,668 19,054,305
Less Accumulated impairment - - (22,681,668) (16,545,847)
- - - 2,508,458
Loan to associated entity 615,376 547,660 615,376 547,660
Less Accumulated impairment (579,385) (500,000) (579,385) (500,000)
35,991 47,660 35,991 47,660
35,991 47,660 35,991 2,556,118
A N N U A L R E P O R T 2 0 0 6
An impairment loss has been recognised against the loans to subsidiaries and the associated entity on the basis that
these entities have incurred losses during the year and it is considered prudent to provide for the possibility of these
loans not being recoverable. The impairment loss on the loans to subsidiaries has been eliminated on consolidation.
NOTE 8: OTHER FINANCIAL ASSETS Consolidated Parent
Current
2006
$
Security deposit reclassified from cash
[Note 6(b)(ii)] 2,269,687 2,365,409 - -
2005
$
2006
$
2005
$
Less Accumulated impairment (2,269,687) - - -
- 2,365,409 - -
In the current year, this amount has been fully impaired on the basis that when the approval of the transfer of the
new order right is received, this deposit is released and becomes consideration for the Group’s interest in the Smokey
Hills Project. In accordance with the Group’s accounting policy, all exploration tenement acquisition expenditure is
expensed. Refer to Note 20 (c) for details of a subsequent event in relation to this matter.
Non-Current
The investments included in the financial statements comprise:
Shares in subsidiaries - at cost (i) - - 610,00 500,000
Less Accumulated impairment - - (546,639) (500,000)
- - 63,361 -
An impairment loss has been recognised against the investment in subsidiaries on the basis that these entities have
incurred losses during the year and it is considered prudent to provide for the possibility of these investments not
being recoverable.
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