ANNUAL REPORT - Ashburton Minerals

Directors’ Report
Meetings Of Directors
During the financial year, 5 meetings of directors (including
committees of directors) were held. Attendances by each
director during the year were as follows:
Board Meetings
Director Attended Held
Mr Rick Crabb 4 5
Mr Tom Dukovcic 5 5
Mr Rodney Dunn 4 5
Indemnifying Officers Or Auditor
The Company has not, during or since the financial year, in
respect of any person who is or has been a director, officer or
auditor of the Company or a related body corporate:
• Indemnified or made any relevant agreement for
indemnifying against a liability incurred as a director,
officer or auditor, including costs and expenses in
successfully defending legal proceedings; or
• Paid or agreed to pay a premium in respect of a
Options
contract insuring against a liability incurred as a
director, officer or auditor for the costs or expenses
to defend legal proceedings.
At the date of this report, the unissued ordinary shares of
Ashburton Minerals Ltd under option are as follows:
Corporate Governance
In recognising the need for a high standard of corporate
behaviour and accountability, the Directors of Ashburton
Minerals Ltd support and have adhered to the principles of
Corporate Governance. The Company’s corporate governance
statement is contained in the Corporate Governance section of
the Financial Report.
Non-audit Services
The Board of Directors are satisfied that the provision of nonaudit
services during the year is compatible with the general
standard of independence for auditors imposed by the
Corporations Act 2001. The directors are satisfied that the
services disclosed below did not compromise the external
auditor’s independence for the following reasons:
• all non-audit services are reviewed and approved by
the Board prior to commencement to ensure they do
not adversely affect the integrity and objectivity of the
auditor; and
• the nature of the services provided do not
compromise the general principles relating to auditor
independence in accordance with APES 110: Code
of Ethics for Professional Accountants set by the
Accounting Professional and Ethical Standards Board.
The following fees for non-audit services were paid/payable
to the external auditors during the year ended 30 June 2007:
Taxation Services $13,088
Grant Date Date of Exercise Number
Expiry Price Under-
Option
17 September 2004 06 September 2007 $0.25 5,000,000
08 May 2006 30 June 2009 $0.15 500,000
11 December 2006 11 December 2008 $0.05 1,500,000
11 December 2006 01 October 2010 $0.08 3,500,000
20 March 2007 28 February 2010 $0.065 59,730,004
25 May 2007 11 December 2008 $0.05 650,000
70,880,004
Ashburton Minerals Ltd 2007
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