Annual Report 2011 - Syrah Resources Ltd
Annual Report 2011 - Syrah Resources Ltd
Annual Report 2011 - Syrah Resources Ltd
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Letter from the Chairman<br />
Dear Shareholders<br />
During the past financial year the Company has continued to shape<br />
its portfolio of business development opportunities by responding<br />
to opportunity as well as reducing risk where appropriate.<br />
In June <strong>2011</strong>, <strong>Syrah</strong> signed a term<br />
sheet to acquire Aramis <strong>Resources</strong><br />
<strong>Ltd</strong>. This acquisition would have<br />
enabled <strong>Syrah</strong> to explore under joint<br />
venture a portfolio of granted licences<br />
in Ethiopia. Unfortunately, due to a<br />
number of material adverse events<br />
which arose during due diligence, this<br />
deal was not completed.<br />
The Company continues to actively<br />
pursue new ventures to increase its<br />
exploration portfolio, with a focus on<br />
advanced prospects that provide good<br />
scope for early development.<br />
In Saudi Arabia, <strong>Syrah</strong> has submitted<br />
26 exploration licence applications<br />
covering over 2,000km2 of the<br />
Arabian Shield. A number of the<br />
applications are now substantially<br />
progressed in the Saudi government<br />
approval process. The slow progress<br />
with the processing of these<br />
applications has been frustrating,<br />
and the company continues to work<br />
actively towards the introduction of a<br />
Saudi partner to assist with obtaining<br />
the grant of the applications.<br />
At the Lyndhurst Project in South<br />
Australia, JV partner Zurich <strong>Resources</strong><br />
Pty <strong>Ltd</strong> has made good progress<br />
by identifying several high priority<br />
drilling targets based on geochemical<br />
and geophysical anomalies. Initially<br />
Zurich targeted near surface oxide<br />
copper mineralisation similar to the<br />
White Lead mineralisation identified<br />
by <strong>Syrah</strong>. However through its<br />
geophysical programs, Zurich has<br />
also identified a large, deep seated<br />
sulphide target. Zurich has earned<br />
50% ownership of both of the<br />
Lyndhurst licences by meeting agreed<br />
expenditure commitments. The next<br />
phase of work comprises the drilling<br />
of these targets, which should occur in<br />
the <strong>2011</strong>/2012 financial year.<br />
I would like to thank the Board, staff<br />
and contractors for their commitment<br />
and effort during the 2010/<strong>2011</strong><br />
financial year.<br />
Tom Eadie<br />
Chairman<br />
1<br />
<strong>Syrah</strong> <strong>Resources</strong> Limited <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong>
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