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FINANCIALREPORTFor year ended 30 June 2010CONTENTSPageDirectors’ Report 17Auditor’s Independence Declaration 32Corporate Governance Statements 33Consolidated Statementof Comprehensive Income 37Consolidated Statement of Financial Position 38Consolidated Statement of Change in Equity 39Consolidated Statement of Cash Flows 41Notes to Financial Statements 42Directors’ Declaration 72Independent Auditor’s Report 73ASX Additional Information 7516
WESTERN DESERT RESOURCES LIMITEDDIRECTORS’ REPORTThe Directors present this directors report and theattached annual financial report of Western DesertResources Limited for the financial year ended 30 June2010. In order to comply with the provisions of theCorporations Act 2001, the Directors report as follows:Directors and OfficersThe names and details of the directors and officers ofthe company during or since the end of the financialyear are:David John Cloke FCA - Non-Executive Director andappointed Chairman 20th January 2010David is a founding Director of the company, and wasCompany Secretary until June 2007. He was a partnerwith Deloitte’s for 30 years and has had over 40 years’experience in the accounting profession in Australia andCentral Africa. He was Managing Partner of Deloitte’sthree offices in the Northern Territory and a member ofthat partnership’s national management board inAustralia. He has a strong audit background and was thelead partner responsible for the audits of national andinternational mining companies.He is Finance Director for a substantial propertycompany in the Northern Territory.Norm has an in depth knowledge of the constructionrequirements of the mining industry. He has also beeninvolved in a number of successful property developments.He is also a director of AIM and ASX listed company ThorMining PLC.Graham John Bubner BSc (Hons)Non-Executive DirectorGraham is a founding Director of the company. Grahamgraduated from Adelaide University with a doublegeology/geophysics degree in 1976, and a first classHonors’ degree in geophysics the following year. Hegained experience in exploration for multiple commoditiesincluding base metals, precious metals, uranium,diamonds, iron ore and coal throughout west-centralAustralia with CRA Exploration Pty Ltd for 16 years.During this time he participated in major discoveries,such as diamonds at Argyle and uranium at Kintyre.Four years in the Middleback Ranges on Eyre Peninsulawith first BHP Billiton Limited and then Onesteel Limitedafforded specific experience in exploration for iron ore.He is a member of the Australian Society of ExplorationGeophysicists, Society of Economic Geologists and theAustralian Institute of GeoscientistsMichael Robert Billing BBus ASANon-Executive Chairman (Resigned 13th January, 2010)Mick Billing was appointed a director in February 2007.Mr Billing resigned his position as a director andChairman on 13th January, 2010.Norman Wayne GardnerManaging DirectorNorm Gardner is a founding Director of the company,which was incorporated in October 2006. Norm establishedand is sole owner of a concrete construction businessbased in the Northern Territory. His company has beeninvolved in significant mining projects in the NorthernTerritory, South Australia and Western Australia,including development and operation of the backfillplant at the Granites Gold Mine.17
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