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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 30 June 2008 Consolidated Company 2008 2007 2008 2007 $ $ $ $ 17 REMUNERATION OF AUDITORS Auditing the financial report 15,000 10,000 15,000 10,000 Provision of taxation services 1,800 - 1,800 - Investigating Accountant’s report - 10,000 - 10,000 16,800 20,000 16,800 20,000 The auditor of Western Desert Resources Limited is Grant Thornton South Australian Partnership. 18 RELATED PARTY DISCLOSURES a) Equity interests in related parties Equity interests in subsidiaries Details of the percentage of ordinary shares held in subsidiaries are disclosed in Note 23 to the financial statements. Equity interests in associated companies Details of the percentage of ordinary shares held in associated companies are disclosed in Note 10 to the financial statements. b) Key management personnel compensation Details of key management personnel compensation are disclosed in Note 16 and the audited Remuneration Report of the Directors’ Report. c) Transactions with key management personnel Other than as disclosed in the Remuneration Report of the Directors’ Report, the following transactions occurred with key management personnel or their personally related entities during the year ended 30 June 2008: Entity Related Party Value Nature of Transaction ASIS Pty Ltd G J Bubner $188 Drafting Services Titeline Drilling Pty Ltd M K Ashton $487,806 Drilling Services Remote Contracting Services Pty Ltd N W Gardner $4,400 Civil Works d) Transactions within wholly owned group The ultimate parent entity in the wholly-owned group is Western Desert Resources Limited. During the financial year Western Desert Resources Limited provided accounting and administrative services at no cost to controlled entities and the advancement of interest free advances. 62
WESTERN DESERT RESOURCES LIMITED ABN 48 122 301 848 19 COMMITMENTS FOR EXPENDITURE AND CONTINGENT LIABILITIES a) Exploration Expenditure Commitments The consolidated entity has certain obligations to perform exploration work and expend minimum amounts of money on such works on mineral exploration tenements. These obligations will vary from time to time, subject to statutory approval. The terms of current and future joint ventures, the grant or relinquishment of licences and changes to licence areas at renewal or expiry, will alter the expenditure commitments of the company. Total expenditure commitments at balance date in respect of minimum expenditure requirements not provided for in the financial statements are approximately: 2008 2007 $ $ Not later than one year: 1,980,000 1,475,000 Later than one year but not later than two years: 1,980,000 1,475,000 Later than two years but not later than five years: 2,342,000 2,500,000 b) Native Title Native Title claims have been made with respect to tenements in the Northern Territory in which Western Desert Resources Limited has interests. The consolidated 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 company or its projects. c) Tenement Purchase Agreement – Bluekebble Pty Ltd Under an agreement entered into with Bluekebble Pty Ltd (“Bluekebble”) on 19 February 2008, Bluekebble has agreed to sell to the consolidated group its interests in Queensland Exploration Permits EPM16602, EPM16603 and EPM16704 (Tenements), along with technical information held by Bluekebble in relation to the Tenements. Consideration for the tenements is as follows : EPM 16602 : $18,182 cash plus issue of 320,000 shares in Western Desert Resources Limited EPM 16603 : $18,182 cash plus issue of 320,000 shares in Western Desert Resources Limited EPM 16704 : $27,272 cash plus issue of 320,000 shares in Western Desert Resources Limited Payment of cash and issue of these shares is contingent on approval being granted for the transfer of the Tenements under the Mineral Resources Act 1989 (Qld). As at balance date, the group had paid cash and issued shares upon transfer of EPM 16603. Subsequent to balance date, the group paid cash and issued shares upon transfer of EPM 16704 (refer note 21 – Subsequent Events). d) Bank Guarantee As at June 30 2008, the consolidated entity has given a bank guarantee of $15,840 (2007: nil) to Jones Lang LaSalle as a security bond in respect to its office premises. 63
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WESTERN DESERT RESOURCES LIMITED AN
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W E S T E R N D E S E R T R E S O U
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WESTERN DESERT RESOURCES LIMITED AB
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Page 80: www.westerndesertresources.com.au
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