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					Corporate Directory                                                                                                               Table of Contents

Directors
                                                                                Section                                                               Page Number

Mr Andrew Haythorpe                   Mr Neil O’Loughlin                             Activities Review                                                          1
Ms Carol New                          Mr Roland Hill                                         Introduction                                                       1

Registered Office                     Company Secretary                                      Laverton Gold Project (100% Crescent Gold Limited)                 2
                                                                                             Exploration                                                       16
Level 5                               Ms Carol New                                           New Project Development                                           17
89 St Georges Terrace
Perth WA 6000                         Telephone:       (08) 9322 5833
                                      Facsimile:       (08) 9322 5866                Schedule of Mineral Tenements                                             25
                                      Email:           info@crescentgold.com

Solicitors to the Company                                                            Directors’ Report                                                         26

Clayton Utz                           Margaret McGuinn
                                                                                     Auditor’s Independence Declaration                                        33
Level 35, Bank West Tower             Level 1
108 St Georges Terrace                103 Collins Street                             Independent Audit Opinion                                                 34
Perth WA 6000                         West Perth WA 6005

Website Address                                                                      Corporate Governance Statement                                            36
                                                                                             Statement of Financial Performance                                43
www.crescentgold.com
                                                                                             Statement of Financial Position                                   44
                                                                                             Statement of Cash Flows                                           45
Auditors                              Share Registry
                                                                                             Index to Notes to the Financial Statements                        46
Deloitte Touche Tohmatsu              Computershare Investor Services Pty Ltd                Notes to the Financial Statements                                 47

Woodside Plaza                        Level 2
Level 14                              45 St Georges Terrace                          Directors’ Declaration                                                    73
240 St Georges Terrace                Perth WA 6000
Perth WA 6000                         Telephone:       1300 557 010
Telephone:       (08) 9365 7000       Facsimile:       (08) 9323 2033                Additional Stock Exchange Information                                     74
Facsimile:       (08) 9365 7001


Stock Exchange Listing

Listed on Australian Stock Exchange
Limited (ASX)

ASX code for fully paid shares: CRE




ACN: 057 816 609
                                           Table of Figures                               Activities Review
                                                                                          Introduction
Figures                                                                     Page Number   The Directors of Crescent Gold Limited (“Crescent”) are personally committed to the company and are focussed on delivering
                                                                                          company growth and attractive returns to shareholders. Over the last 12 months Crescent has continued to explore and develop
                                                                                          its 100% owned Laverton Gold Project (“LGP”) with the view to commence gold production at the earliest opportunity. Major
     Figure 1    Laverton Gold Project, Tenement Holding                             2
                                                                                          achievements during the year for the LGP include:
     Figure 2    Sickle Geology and Location Plan                                    7
                                                                                              •    Successful completion of a Bankable Feasibility Study (“BFS”) in November 2004;
     Figure 3    Sickle Deposit, Long Section West Lode                              8
     Figure 4    Sickle Structural 3D Interpretation                                 9        •    Discovery of new mineralised zones at Sickle, which resulted in significant increases to the Sickle resource;
     Figure 5    Sickle Deposit Section, 29650N                                     10        •    Completion of Land Access Agreement with the Wongatha Claim Group;
     Figure 6    Sickle Deposit Interpreted Section 29550N                          10
                                                                                              •    Mining Lease M38/1032 granted over the Sickle project;
     Figure 7    Sickle Corridor with Total Magnetic Intensity Image                12
     Figure 8    Sickle Mining and Infrastructure Layout Plan                       13        •    Lodgement of ‘Notice of Intent’ to mine;
     Figure 9    Euro Deposit, Geology and Location Plan                            14        •    Purchase of the Sickle royalty along with AngloGold Ashanti Australia Limited (“AAAL”) Laverton exploration interests,
     Figure 10   Admiral Hill, Geology and Location Plan                            15             royalties and resources to the north and east of Sunrise Dam Gold Mine;
     Figure 11   China Major Gold Deposits                                          16        •    Completion of an Independent Nickel Study which has confirmed the company’s ground holding to be highly prospective
     Figure 12   Laverton Nickel Prospectivity                                      17             for occurrence of nickel sulphide mineralisation.
     Figure 13   Northern Territory Uranium Project Location Map                    18    The geological work carried out during the year has highlighted that the Sickle deposit is emerging as a regionally significant gold
     Figure 14   Woolner Dome Project, Geology and Tenement Plan                    19    deposit. The company now holds 1,770 km2 of Archaean greenstone within the highly prospective Laverton Tectonic Zone (“LTZ”).
                                                                                          The prospectivity of the company’s ground holding which hosts numerous regional anomalies and untested targets is evidenced
     Figure 15   Rum Jungle, Geology and Tenement Plan                              20    by the known gold endowment of over 28 million ounces in the LTZ.
     Figure 16   Tennant Creek Project, Magnetic Image with Tenement Plan           21
                                                                                          The company has achieved a number of milestones in China where Crescent is one of the first international mining companies to
     Figure 17   Calvert Hills Project, Geology and Tenement Plan                   22    be granted a business licence for mineral exploration in China, in joint venture with ‘National 305 Project’. The JV project area in
     Figure 18   Alice Springs Project, Geology and Tenement Plan                   23    Western China, near the Kazakhstan border, sits among some of the world’s largest gold and goldcopper deposits. Achievements
                                                                                          during the year include:
     Figure 19   Ethel Hill Project, Geology and Tenement Plan                      24
                                                                                              •    Foreign Trade and Economic Cooperation Bureau approval for the Xinjiang Tianau Mining Company Limited;
     Table 1     Ore Reserves as at November 2004                                    4        •    Business License for Xinjiang Tianau Mining Company Limited has been granted by the Administration Bureau of Industry
     Table 2     Capital Costs for 1 mtpa and 2 mpta Plant                           4             and Commerce, Xinjiang Uyghur Autonomous Region in North Western China;
     Table 3     Mineral Resource Statement                                          6        •    Exploration License for Wulaste Project was granted and subsequently renewed;

                                                                                              •    Military approval obtained for the Wulaste Project;

                                                                                              •    Ministry of Land and Resources (“MOLAR”) approvals for the Wulaste Project.

                                                                                          In September 2005, the company expanded its mineral interests by acquiring 5 large tenement packages in the Northern Territory.
                                                                                          These are considered to be prospective for significant Uranium deposits.




                                                                                                                                                                                                Annual Report 2005         Page 
    Activities Review                                                                                                                  Activities Review

    Laverton Gold Project
    The Laverton Gold Project is located 250 km northeast of Kalgoorlie in Western Australia. It comprises a gold processing plant     The LGP was previously an active mining operation until 1998. The mill is located 8 km east of Laverton and is central to several
    (currently on care and maintenance) which was previously operated at 1.0 mtpa throughput along with over 1,770 km2 of tenements,   resources that together contain over 1.2Moz of gold.
    in excess of 1.2 Moz of gold resources and over 200,000 ounces of gold reserves. The project is strategically located within the
    Laverton Tectonic Zone which hosts the Granny Smith / Wallaby operations of Placer Dome and the Sunrise Dam operations of          In 2000, AAAL discovered the Sickle deposit which is located only 6 km from Crescent’s Laverton Gold Plant. Although drilling
    AngloGold Ashanti.                                                                                                                 indicated the presence of a significant mineralised system, the distance from AAAL’s Sunrise Dam Mill (50 km) was viewed as a
                                                                                                                                       significant hurdle to development by AAAL. Crescent acquired the deposit from AAAL through a ground swap and commenced
                                          Figure 1  Laverton Gold Project, Tenement Holding                                           drilling of the project in May 2004.

                                                                                                                                       Despite significant delays in accessing the Sickle project due to an unsuccessful plaint, Crescent commissioned a BFS in January
                                                                                                                                       2004.

                                                                                                                                       The BFS was completed in November 2004 and demonstrated that the project was economically viable over a 23 year mine
                                                                                                                                       life. A significant potential improvement in project economics through further increases in reserves was highlighted, and as a
                                                                                                                                       consequence, a major program of Reverse Circulation (“RC”) and Rotary Air Blast (“RAB”) drilling was carried out between January
                                                                                                                                       and July 2005.

                                                                                                                                       The Sickle deposit has great strategic value and is considered by Crescent to be the most prospective undeveloped resource in the
                                                                                                                                       Laverton area. Ongoing exploration at Sickle will continue to deliver additional reserves and value for shareholders and is expected
                                                                                                                                       to lead to a positive decision on project development in late 2005.


                                                                                                                                       Feasibility Study (November 2004)

                                                                                                                                       The scope of the BFS was defined in January 2004 with the following objectives:

                                                                                                                                             •      Recommence operations at the Laverton Gold Plant;

                                                                                                                                             •      Develop Joint Ore Reserve Committee (“JORC”) compliant resources/reserve estimates;

                                                                                                                                             •      Develop operating and capital costs to BFS standard for a 1.0 mtpa mill throughput scenario (this was later varied to
                                                                                                                                                    include a 2.0 mtpa throughput scenario);

                                                                                                                                             •      Evaluate value adding opportunities including mill expansion and hedging scenarios.The BFS was completed in
                                                                                                                                                    November 2004 with the following key findings:

                                                                                                                                             •      Restarting the gold plant at the LGP is economically viable;

                                                                                                                                             •      The project will experience higher cashflows, better resource utilisation and longer mine life if the project adopts
                                                                                                                                                    higher throughput rates. Gold recovery from current resources rises from 168k ozs (1.0 mtpa) to 239k ozs by
                                                                                                                                                    expanding the plant to 2.0 mtpa (at A$625/oz);

                                                                                                                                             •      Capital costs were estimated at A$5.1m (1mtpa) and A$9.2m (2mtpa), excluding contingencies.

                                                                                                                                       The results of the BFS are detailed in Tables 1 and 2.

                                                                                                                                       Only 4 of Crescent’s available 10 resources were considered as part of the BFS. The bulk of the reserves focused only on shallow
                                                                                                                                       (<100m) oxide material with a conservative approach made to primary mineralisation at Sickle, effectively excluding it from
                                                                                                                                       reserves.




Page 2   Crescent Gold Limited                                                                                                                                                                                                               Annual Report 2005         Page 
    Activities Review                                                                                                                             Activities Review
    The main recommendations from the BFS were as follows:                                                                                        Feasibility Study Update : AAAL Consolidation
             •   Further drilling at Sickle to define extensions to known mineralisation;
                                                                                                                                                  The initial agreement with AAAL made by Crescent in 2003 comprised a ground swap along with retained royalties. The retained
             •   Metallurgical testwork on newly discovered lodes at Sickle as well as the primary mineralisation;                                AAAL royalty was $30 oz over any gold production from Sickle.
                                                                                                                                                  Upon completion of the BFS in 2004, Crescent negotiated the purchase of this royalty along with AAAL’s Laverton exploration
             •   Admiral Hill should be reviewed as a standalone dump or heapleach operation due to the large halo of lowgrade                 interests, royalties and resources to the north and east of Sunrise Dam Gold Mine. In return Crescent has agreed to pay AAAL $4.4
                 mineralisation;                                                                                                                  million before December 2006.
             •   Improve the level of accuracy of the gold plant expansion costs;                                                                 The purchase and elimination of the royalties substantially enhances the overall project economics and strategic value of the LGP
                                                                                                                                                  with Crescent’s land position in the Laverton area growing from 430 km² to over 1,770 km².
             •   Conversion of other known resources.
                                                                                                                                                  Several significant gold occurrences were included within the package including the Fish and Lord Byron deposits which had
                                                                                                                                                  originally formed part of the land swap with AAAL. Preliminary pit designs completed by Crescent at Fish indicated that it would
                                                   Table 1  Ore Reserves as at November 2004                                                     potentially deliver highgrade ore feed to the Crescent gold plant whilst a significant resource at Lord Byron might be developed
                                                                                                                                                  as a stand alone heap leach.
                                       Production Scenarios                       A$575/oz (Spot)                    A$625/oz                     As part of the transaction Crescent also gained access to the AAAL database and technical support for a period of 6 months.The
                                                                                 1mtpa     2mpta                    1mtpa    2mpta                AAAL transaction was completed subsequent to the BFS and consequently the Lord Byron and Fish resource were not included in
                                                                                                                                                  that study.
                                Proven/Probable	Ore              mt        												
                                                                                      2.4     												
                                                                                                         3.8   												
                                                                                                                          2.7               4.7
                                                                                                                                 												     Since completion of the BFS, work has commenced on updating the study to allow for the impact of the AAAL transaction through
                                                                 g/t                  1.8
                                                                           												       												
                                                                                                         1.5              1.7
                                                                                                               												                 1.5
                                                                                                                                 												
                                                                                                                                                  infill drilling, metallurgical and geotechnical work at the Fish deposit along with a scoping study on heap leaching of the Lord
                                Inferred	Resource                mt                   0.3
                                                                           												       												
                                                                                                         0.5              0.5
                                                                                                               												                 0.5
                                                                                                                                 												
                                                                 g/t       												
                                                                                      2.1     												
                                                                                                         1.8   												
                                                                                                                          2.0               1.8
                                                                                                                                 												     Byron deposit. The impact of the acquisition of the $30 Sickle royalty will be demonstrated in the next reserve statement due upon
                                                                                                                                                  completion of the updated BFS in November 2005.
                                	Waste                           mt                 18.9
                                                                           										         										
                                                                                                       25.0             20.9
                                                                                                               										                 33.1
                                                                                                                                 										

                                	Strip	ratio                   W:O                    7.0
                                                                           												       												
                                                                                                         5.8              6.5
                                                                                                               												                 6.4
                                                                                                                                 												
                                	Gold	-	Contained             000	ozs      								
                                                                                  156.6       								
                                                                                                     212.8     								
                                                                                                                      178.1             251.2
                                                                                                                                 								         Gold Resources
                                	Mine	Life                     Years                  2.7
                                                                           												       												
                                                                                                         2.1              3.2
                                                                                                               												                 2.6
                                                                                                                                 												
                                	Work	Index                     Bwi                   9.2
                                                                           												       												
                                                                                                         9.1              9.4
                                                                                                               												                 9.2
                                                                                                                                 												     During the year, a total of 188 RC holes for 18,030m were drilled at Sickle. This project along with the West Laverton, Admiral Hill
                                	Gold	Recovery                   %                94.8%              95.1%            94.6%             95.1%
                                 Gold - Recovered             000 ozs                148                202              168               239
                                                                                                                                                  and Euro projects were the resources considered in the BFS in 2004.

                                Cutoff	Grades                  Au	g/t        0.8	-	1.0            0.6	-	0.9        0.8	-1.0        0.6	-	0.8      As at 30 June 2005, the Measured, Indicated and Inferred Resources at the Laverton Project amounted to a total of 25.8 mt at 1.5
                                                                                                                                                  g/t Au containing 1,204,000 ounces of gold. The company’s Mineral Resource Statement is detailed in Table 3.
                                Inferred	Reources	within	Pit	Designs	have	been	included	in	economic	analysis
                                Ore	tonnes	includes	proven,	probable	and	inferred	ore
                                                                                                                                                  Further resource growth is expected given that:

                                                                                                                                                      •    The Sickle deposit is predominantly open in to the north, south and down dip;
    Further drilling, metallurgical and engineering studies have been carried out during 2005 in preparation for an updated feasibility
                                                                                                                                                      •    Only four of the Crescent’s available ten resources were considered as part of the BFS;
    and expected development decision in the fourth quarter of 2005.
                                                                                                                                                      •    Despite the historic mining activity, very little exploration has been conducted at depth, with only 8% of drill holes
                                                                                                                                                           extending beyond 75m;
                                               Table 2  Capital Costs for 1 mtpa and 2 mpta Plant
                                                                                                                                                      •    Numerous quality exploration targets remain to be tested, any of which could lead to a significant, new gold discovery.
                                    Capital Costs - A$m                  1.0 mtpa                                   2.0 mtpa
                                                             Refurbish-                               Refurbish-
                                                                        Additional      Total                       Additional        Total
                                                               ment                                     ment
                                                                $	M       $	M               $	M          $	M           $	M             $	M

                                Crushing	Plant                  0.6                         0.6          0.2            0.8            1.0
                                Milling	and	Classification      1.0                         1.0          0.9            2.7            3.6
                                Leach	and	Absorption            0.5        0.9              1.4          0.5            1.4            1.9
                                Elution	and	Gold	Room           0.2                         0.2          0.2            0.1            0.4
                                Water	&	Services                0.5                         0.5          0.5            0.2            0.7
                                SUBTOTAL                        2.8        0.9              3.7          2.3            5.2           7.6
                                EPCM                            0.8                         0.8                         1.1            1.1
                                First	Fill                      0.3                         0.3                         0.4            0.4
                                Commisioning                    0.2                         0.2                         0.2            0.2
                                SUBTOTAL                        1.3                         1.3                         1.7           1.7
                                TOTAL exc. Contingency          4.2        0.9              5.1          2.3            6.9           9.2
                                Contingency                     0.4                         0.4          0.4            1.7            2.2
                                TOTAL inc. Contingency          4.6        0.9              5.5          2.7            8.6           11.4




Page 4   Crescent Gold Limited                                                                                                                                                                                                                           Annual Report 2005        Page 5
    Activities Review                                                                                                                                                          Activities Review
                                                                Table 3  Mineral Resource Statement                                                                                               Figure 2 – Sickle Geology and Location Plan

                     Gold Resources as	at	30	JUNE	2005
                                Gold                   Measured     Indicated       Inferred                                     Total
                              Resources             Tonnes Grade Tonnes Grade Tonnes Grade                        Tonnes      Grade        Ounces
                                                      (kt)   (g/t) (kt)     (g/t) (kt)     (g/t)                    (kt)       (g/t)
                     Sickle                                                 1,971    2.0        4,079    1.7          6,050     1.8            346,000		
                     Euro                                 570    1.7           76    1.5           53    1.5            699     1.7             38,000		
                     Admiral Hill                                           4,831    0.8        1,638    1.4          6,469     0.9            197,000		
                     West Laverton                                            392    1.9          321    2.1            713     2.0             45,000		
                     Fish                                                                         621    4.1            621     4.1             81,000		
                     West Laverton Group                                       48    1.9          829    2.8            877     2.7             77,000		
                     Central Laverton Group                                   544    1.7        3,532    1.3          4,076     1.4            183,000		
                     South Laverton Group                                                         948    1.1            948     1.1             35,000		
                     Jasper Hills Group                                                         4,125    1.0          4,125     1.0            130,000		
                     Burtville Group                                          210    2.1        1,060    1.7          1,270     1.8             72,000		

                     TOTAL RESOURCES                      570    1.7        8,072    1.3      17,206     1.5        25,848      1.5          1,204,000


    Notes for Table:
    •	 Figures	contained	within	Table	1	have	been	rounded.		Gold	grades	are	rounded	to	1	decimal	figure;	both	estimated	tonnes	and	contained	ounces	are	rounded	to	nearest	
       1000.
    •	 Abbreviations	used	:	kt	=	1000	tonnes,	g/t	=	grams	per	tonne.
    •	 West	Laverton	Group	includes	resources	for	West	Laverton,	Mary	Mac,	Mary	Mac	South	and	Craiggiemore.
    •	 Central	Laverton	Group	includes	resources	for	Castaway,	Pieces	of	Eight,	She's	Right	West,	She's	Right	East,	Scotland	Yet,	Grouse,	Jacks,	Bogle,	Bogle	South,	Bells,	
       Ida	H	and	Low	Grade	Stockpiles.
    •	 South	Laverton	Group	includes	resources	for	Black	Label	and	Lily	Pond	Well.
    •	 Jasper	Hill	Group	includes	resources	for	Lord	Byron.
    •	 Burtville	Group	includes	resources	for	Burtville	and	Karridale	deposits.
    •	 The	following	mineral	resource	locations	are	contiguous	with	existing	open	cut	pits	West	Laverton,	Mary	Mac,	Mary	Mac	South,	Craiggiemore,	She’s	Right	West,	She’s	
       Right	East,	Scotland	Yet	and	Ida	H.
    •	 The	Karridale	deposit	is	hosted	within	tenements	that	are	subject	to	the	Merolia	Joint	Venture	Agreement	,	in	which	the	company	holds	a	75.5%	interest.



    Sickle Project

    The Sickle deposit is the most significant economic resource held by Crescent and is located 6 km’s south east of the company’s
    Laverton Gold Plant. Work carried out under Crescent’s ownership has focused on the mineralisation in the oxide zone. A deep
    weathering profile has contributed to a significantly enriched oxide ‘supergene’ zone with intense weathering to a vertical depth
    of at least 80m.

    Gold mineralisation has been recognised in at least four distinct lodes; The West Lode, Sickle Lode, Sickle North Lode and East
    Lode. Both the East Lode and Sickle North Lode are new zones identified during the year and have contributed to the reported
    resource increase (refer Figure 2).




Page      Crescent Gold Limited                                                                                                                                                                                                                 Annual Report 2005   Page 
    Activities Review                                                                                                                        Activities Review
    The Sickle Lode provides a large proportion of the oxide gold resources and forms the central part of the deposit. The oxide                                                       Figure 4  Sickle Structural 3D Interpretation
    mineralisation is characterised by massive gossanous haematite.

    The West Lode strikes 340° and dips steeply to the east and has now been delineated to extend over at least 1,000m strike length.
    The lode forms the currently interpreted footwall of mineralisation and is generally tabular with multiple parallel mineralised lenses
    along its strike length. Mineralisation in the oxide zone occurs as saprolitic clays with minor quartz veining.

    The projection of the West Lode to the North and South remains open and is considered highly prospective. In addition numerous
    significant drill intersections occur at depth which warrant further testing (refer Figure 3).

    Whilst the depth potential of Sickle Lode is restricted as the mineralisation is hosted within massive pyrite and is refractory, gold
    mineralisation on the West Lode is recoverable using conventional cyanide extraction methods. Further exploration on the down
    dip potential of the West Lode is warranted (refer Figures 4, 5 and 6).

                                             Figure 3  Sickle Deposit, Long Section West Lode




                                                                                                                                             Better RC intersections reported during the year include:

                                                                                                                                                                              Mineralised Intercept
                                                                                                                                                                                            Depth
                                                                                                                                                                     Interval  Grade Au             Depth To                            Hole Id
                                                                                                                                                                                             From
                                                                                                                                                                       (m)        (g/t)        (m)     (m)
                                                                                                                                                                         12         7.7         34      46                              SKRC033
                                                                                                                                                                         14         3.5         65      79                              SKRC034
                                                                                                                                                                         24         2.4          8      32                              SKRC052
                                                                                                                                                                         15         3.8         69      84                              SKRC081
    The newly discovered East Lode is parallel to the West Lode and has been delineated over a 300m strike length. The lode forms the                                    25         4.4         65      90                              SKRC097
    currently interpreted hangingwall of the deposit. Mineralisation in the oxide zone has similar characteristics as the Sickle Lode.                                   17         3.2         10      27                              SKRC105
                                                                                                                                                                         11         4.6         32      43                              SKRC108
    The East Lode depth potential remains untested and the likelihood of further mineralisation along strike is considered high.
                                                                                                                                                                         24         4.9         24      48                              SKRC135
    The Sickle North Lode is interpreted as a Sickle Lode repetition. The delineation of this zone confirms the company’s view that                                      25         4.4         67      92                              SKRC151
    the project area is highly prospective for further gold discoveries. Mineralisation in the oxide zone has similar characteristics as                                 12         4.4         58      70                              SKRC185
    the Sickle Lode, however the lode is dominated more by chert than gossanous hematite. The position is open to the north and is
                                                                                                                                                                        7.3       26.6        67.3    74.6                               GTDS2
    largely untested at depth.




Page    Crescent Gold Limited                                                                                                                                                                                                                Annual Report 2005   Page 
    Activities Review                                                                  Activities Review
                                     Figure 5 – Sickle Deposit Section, 29650N         Sickle Corridor

                                                                                       Crescent substantially increased its landholding in the Sickle Corridor by acquiring an interest in the Black Swan Joint Venture
                                                                                       (E38/420) as part of the purchase of assets from AAAL.
                                                                                       The exploration potential of the Sickle Corridor is becoming evident with widespread gold anomalism being recognised in
                                                                                       reconnaissance RAB drilling. The area offers excellent opportunities for the discovery of further significant gold mineralisation
                                                                                       (refer Figures 7 and 8).
                                                                                       Better RAB intersections received during the year around the Sickle Project, which warrant follow up RC drilling (>0.5g/t cutoff)
                                                                                       include:


                                                                                                                            Mineralised Intercept
                                                                                                                                Grade Depth Depth
                                                                                                                      Interval                                             Hole Id
                                                                                                                                  Au      From    To
                                                                                                                        (m)      (g/t)     (m)    (m)
                                                                                                                         11       2.2       67     78                     SKRB024
                                                                                                                          8       5.0       42     50                     SKRB095
                                                                                                                          9       1.1       54     63                     SKRB095
                                                                                                                         13       3.7       56     69                     SKRB102
                                                                                                                         13       1.0       57     70                     SKRB159
                                                                                                                          5       1.2       26     31                     SKRB161
                                                                                                                          6       0.8       52     58                     SKRB162
                                Figure 6 – Sickle Deposit Interpreted Section 29550N                                     17       0.7       48     65                     SKRB164
                                                                                                                          9       0.8       64     73                     SKRB169
                                                                                                                         16       4.1         8    24                     SKRB173
                                                                                                                          8       0.8       61     69                     SKRB188
                                                                                                                          5       2.7       18     23                     SKRB206




Page 0 Crescent Gold Limited                                                                                                                                                                Annual Report 2005       Page 
    Activities Review                                                                            Activities Review
                                Figure 7 – Sickle Corridor with Total Magnetic Intensity Image                       Figure 8 – Sickle Mining and Infrastructure Layout Plan




Page 2 Crescent Gold Limited                                                                                                                                                  Annual Report 2005   Page 
    Activities Review                                                                                                                   Activities Review
    Euro Project                                                                                                                        Admiral Hill Project

    The Euro deposit was included in the BFS study and is located 16 km southwest of the company’s Laverton Gold Plant.                 The Admiral Hill deposit was included in the BFS study and is located 8 km north of the company’s Laverton Gold Plant.

    Significant mineralisation has been defined over a strike length of 600m and remains open to the north. The northern end may        The mineralisation at Armstrong is a large lowgrade system currently delineated over a strike length of 1200m. The deposit hosts
    be structurally contiguous with the historic Euro mine. The mineralisation is largely confined to quartz veins contained within a   zones of highergrade material that was considered during the BFS as mill feed. However both the northern end and southern end
    strongly altered shear zone which is moderately to steeply west dipping (refer Figure 9).                                           contain a large halo of low grade mineralisation (0.5 – 1.0 g/t) which is being considered for its potential to support a low grade
                                                                                                                                        heap leach operation.


                                          Figure 9 – Euro Deposit, Geology and Location Plan
                                                                                                                                                                               Figure 10 – Admiral Hill, Geology and Location Plan




Page 4 Crescent Gold Limited                                                                                                                                                                                                                 Annual Report 2005       Page 5
    Activities Review                                                                                                                      Activities Review

    Fish Deposit                                                                                                                           New Project Development
    Located within the Jasper Hills Group, approximately 100 km south of the LGP, the Fish and Lord Byron deposits were not included       Crescent remains firmly focused upon the delivery of the LGP. However, the Company aims to add value for shareholders through
    in the BFS as they were acquired at a later date in the AAAL transaction.                                                              taking advantage of specific opportunities to acquire quality exploration and mineral resources assets. In 2004, Crescent gained
                                                                                                                                           a foothold in the highly prospective Xinjiang region of Western China through the acquisition of RAB Projects Pty Ltd and has now
    Fish is located within a granted mining lease and is a highgrade deposit with a current inferred resource estimate at 0.6 mt at 4.1   gained a business licence and commenced fieldwork.
    g/t for 81,000 ozs. Further RC and diamond drilling is planned for late 2005, as well as metallurgical evaluation, to assist in the
    conversion of the resources into reserves.                                                                                             Similarly, while Crescent has long been aware of the nickel potential of its Laverton tenement package, the AAAL transaction has
                                                                                                                                           resulted in Crescent now being a dominant ground holder of a poorly explored nickel province. The recent nickel discoveries by
    Lord Byron Deposit                                                                                                                     Falcon/WMC at Collurabbie which is located 175 km to the north along strike highlight potential for a major new nickel province.

    The Lord Byron deposit is a lowgrade deposit with a current inferred resource estimate at 4.1 mt tonnes at 1.0 g/t for 130,000        Subsequent to the 2005 financial year, Crescent has also entered into an option to acquire a significant ground package in the
    ozs. Scoping metallurgical testwork suggests that it has economic potential as a standalone heap leach operation. The company         Northern Territory which is believed to have potential for the discovery of economic uranium deposits. Initial data compilation is
    has completed a new resource estimate and expects to complete a prefeasibility study in the coming year.                              underway prior to fieldwork planned for the next dry season.

                                                                                                                                           Laverton Nickel
    Exploration
                                                                                                                                           The Company completed an independent desktop study investigating the Nickel, Platinum, Palladium and Copper potential of
    Xinjiang Copper Gold                                                                                                                   Laverton’s tenements.

    In February 2004, Crescent entered into a transaction to acquire the assets of RAB Projects Pty Ltd in Western China. Since then       The study confirmed Crescent’s ground holding to be highly prospective for the occurrence of nickel sulphide mineralisation with
    Crescent has established a Cooperative Joint Venture company (Xinjiang Tianau Mining Company Limited) in partnership with the          the Department of Industry and Resources records clearly showing that the ground holding has been ineffectively tested during
    Xinjiang Geology and Mining Technology Development Company Limited, (a subsidiary of the National 305 Project) to explore the          the past 40 years.
    Wulaste porphyry copper project in northwest Xinjiang province near the border with Kazakhstan (refer Figure 11).
                                                                                                                                           Recent discoveries at Collurabie demonstrate the potential of the Eastern Ultramafic belts which continue along strike to the south
    Granting of the Xinjiang Tianau Mining Company Limited Business Licence occurred in March 2005 subsequent to several                   into Crescent’s ground. Earlier outdated nickel mineralisation models had regarded the ultramafic belts east of Mt. Windarra Nickel
    government approvals over the past 18 months. Crescent now owns a 70% interest in Xinjiang Tianau Mining Company Limited               Deposit of little interest.
    and upon Crescent spending US$1.8m, the Chinese partner can elect to contribute financially to the JV and maintain its interest
    or dilute its holding.                                                                                                                 Figure 12 details Crescent’s prospective tenement holding.

    Crescent is actively reviewing other gold and copper projects with its partner in Xinjiang Province.                                                                               Figure 12 – Laverton Nickel Prospectivity

                                                  Figure 11 – China Major Gold Deposits




Page  Crescent Gold Limited                                                                                                                                                                                                                    Annual Report 2005       Page 
    Activities Review                                                                                                                 Activities Review
    Uranium                                                                                                                           Woolner Dome

    In September 2005, Crescent secured an exclusive option over 12 prospective tenement applications for uranium and gold in the     The Woolner Dome (ELA24939) is located approximately 60 km east of Darwin. The tenement sits over the Mt Woolner granite
    Northern Territory. The five areas, namely Mt Woolner, Rum Jungle, Calvert Hills, Tennant Creek and Alice Springs, complement     dome, under a 40m thick blanket of sediments (refer Figure 14).
    Crescent’s existing land package at Ethel Hill (Laverton, Western Australia), which is also considered prospective for uranium.
    Tenement applications include:                                                                                                    There are only three known Archaean granite domes situated on the northern margin of the North Australian Craton. Two of these,
                                                                                                                                      Rum Jungle and Nanambu, are flanked by a number of uranium deposits such as Ranger 1, Jabiluka and Rum Jungle which are
    Woolner Dome:             ELA24939                                                                                                significant by world standards. The third, Woolner Dome, is situated between the other two domes but is hidden by a 40m thick
                                                                                                                                      blanket of sediments.
    Rum Jungle:               ELA24866 and ELA24867, ELA24868
                                                                                                                                      Woolner was discovered by detailed gravity surveys and proven by over 54 shallow drill holes which penetrated the granite or
    Tennant Creek:            ELA24834 and ELA24835                                                                                   the overlapping Proterozoic sediments. These holes were drilled in the late 1970’s by CRA Exploration and followed up by a Joint
                                                                                                                                      Venture between Peko and the Electrolitic Zinc Company (operators of the world’s largest uranium mine, Ranger, at Nanambu),
    Calvert Hills:            ELA24837, ELA24846 and ELA24847                                                                         at the same time Ranger was brought into production and a year before the Federal Labour Government declared the Three Mine
                                                                                                                                      Policy (later abolished by the Federal Liberal Government in 1996).
    Alice Springs:            ELA24917
                                                                                                                                      Gold assays of up to 1.67 g/t were recorded from the scout drill holes in the Fish Creek Schist (CRAE—Woolner ELA1642 Final
    Ethel Hill :              ELA39/995 and ELA39/996                                                                                 Report, 1981).

    Crescent has commenced work on data compilation and planning appropriate field exploration programs.                              The only work carried out at Woolner since the EZPeko stratigraphic drilling was by PNC Exploration (Australia) Pty Ltd who, using
                                                                                                                                      Sirotem, in 1986 located a large conductor off the South end of the dome. Very limited drilling followed.

                                     Figure 13 – Northern Territory Uranium Project Location Map
                                                                                                                                                                       Figure 14 – Woolner Dome Project, Geology and Tenement Plan




Page  Crescent Gold Limited                                                                                                                                                                                                               Annual Report 2005       Page 
    Activities Review                                                                                                             Activities Review
    Rum Jungle Project                                                                                                            Tennant Creek Project

    The project area (ELA24866 and ELA24867) is located 10 km north of the Rum Jungle mine and adjacent to Compass Resources      ELA24835 and ELA24834 cover a combined area of 1,034 km². Previous work carried out by CRA Exploration identified and drilled
    Mt Fitch project (refer Figure 15).                                                                                           a uranium anomaly hosted in granite (reference NTGS EL 1877, CR 19800199, August 1979). Initial spectrometer readings from
                                                                                                                                  core logging lead to the selection of a target area to the north of a particularly anomalous water assay from a drill hole, assaying
    Rum Jungle was the Northern Territory’s first uranium discovery and Australia’s first large scale uranium mine (19501971)    up to 16,400ppb U, (Percussion hole 79SRRD30 CRA Exploration September 1983 — CR83/253).
    producing 3,530t of U3O8 at head grades ranging between 0.28  0.41%. (Uranium Information Centre; Spratt, 1965 and Lowson
    1975).                                                                                                                        CRAE drilled a further 10 percussion holes and 2 diamond holes but no definitive source for the uranium anomalism was
                                                                                                                                  determined.
    ELA24867 covers 5 km strike of the granite — dolomite – shale contact zone, which hosts the Rum Jungle UCu deposits. The
    area surrounding the granite lies under shallow soil cover which may conceal uranium concentrations not evident to previous                                Figure 16 – Tennant Creek Project, Magnetic Image with Tenement Plan
    explorers relying upon airborne radiometric survey data.

                                        Figure 15 – Rum Jungle, Geology and Tenement Plan




Page 20 Crescent Gold Limited                                                                                                                                                                                                           Annual Report 2005        Page 2
    Activities Review                                                                                                                Activities Review
    Calvert Hills Project                                                                                                            Alice Springs Project

    ELA24837, 24846 and 24847 cover an area of 3,660 km² within the Calvert Hills uranium district.                                  ELA24917 lies 42km’s to the east of Alice Springs on the north east flank of the Amadeus Basin and next to the Arltunga/ Paddy’s
                                                                                                                                     Jump Up U/Cu vein occurrences (NTGS Database).
    The area contains the Westmoreland Conglomerate, which hosts numerous recorded uranium occurrences in the Northern Territory
    and Queensland along strike from the project area.                                                                               Since 1983 most exploration in the region has been limited to the search for gold and base metals. Several small base metal
                                                                                                                                     resources and open cut mines exist within ELA24917, and uranium mineralisation has been recorded at Arltunga and Paddy’s
    A diamond hole drilled by Afmeco in 1981 confirmed the presence of the unconformity between the granite (potential source) and   Jump Up with assays of up to 0.38% U3O8 and 1% Cu.
    favourable stratigraphy for uranium enrichment (sediments) at a relatively shallow depth.
                                                                                                                                     Uranium exploration in the Amadeus Basin began in 1972 targeting sandstonehosted deposits similar to those in the USA. Work
                                                                                                                                     carried out until the early eighties delineated two resources, Angela and Pamela, to the south west of ELA24917, but they were put
                                     Figure 17 – Calvert Hills Project, Geology and Tenement Plan                                    on care and maintenance by the lease holders with the introduction of the Three Mines Policy in 1983.


                                                                                                                                                                      Figure 18 – Alice Springs Project, Geology and Tenement Plan




Page 22 Crescent Gold Limited                                                                                                                                                                                                             Annual Report 2005       Page 2
    Activities Review                                                                                                              Schedule of Mineral Tenements as at 30 June 2005
    Ethel Hill Project                                                                                                             PROJECT NAME             INTEREST HELD %   PROJECT NAME             INTEREST HELD %

    The Ethel Hill Project area (ELA39/995 and ELA39/996) covers 417 km2 is located 40 km north west of the Mulga Rock Uranium     Admiral Hill                               Lily Pond Well
                                                                                                                                   E38/1582 (Application)        100          E38/1682 (Application)        100
    deposit (refer Figure 19).
                                                                                                                                   E38/1613 (Application)        100          M38/0390                      100
                                                                                                                                   M38/0376                      100          M38/0839 (Application)        100
    The Mulga Rock Uranium deposit has a published resource of 10.8 mt at 0.12% uranium (Mulga Rock Uranium and Multielement      M38/0377                      100          M38/0840 (Application)        100
    Deposits, Officer Basin, WA G. B. Douglas, C. R. M. Butt and D.J. Gray, CSIRO Land and Water, CRC LEME 2003). The deposit is                                              M38/1010 (Application)        100
    located over an area of 7 km² and is hosted within lignites in a buried palaeochannel.                                         Burtville                                  P38/2938 (Application)        100
                                                                                                                                   M38/0261                      100          P38/2939 (Application)        100
    The area remains poorly explored and is considered prospective for uranium rollfront style enrichments.                       M38/0410                      100          P38/2940 (Application)        100
                                                                                                                                   M38/0864 (Application)        100          P38/2941 (Application)        100
                                       Figure 19 – Ethel Hill Project, Geology and Tenement Plan                                   M38/0865 (Application)        100

                                                                                                                                   Cock of the North                          Merolia
                                                                                                                                   M38/1042 (Application)        100          E38/1669 (Application)        100
                                                                                                                                                                              E38/1670 (Application)        100
                                                                                                                                   Comet Well                                 E38/1677 (Application)        100
                                                                                                                                   P38/3232 (Application)        100          M38/0008                      100
                                                                                                                                                                              M38/0863 (Application)        100
                                                                                                                                   Douglas
                                                                                                                                   M38/0425 (Application)        100          Merolia Joint Venture
                                                                                                                                                                              M38/0073                    75.57
                                                                                                                                   Enniskillen                                M38/0089                    75.57
                                                                                                                                   E38/1753 (Application)        100
                                                                                                                                   M38/0236                      100          Mt Lucky
                                                                                                                                   M38/0270                      100          M38/0403                      100
                                                                                                                                   M38/0345                      100          M38/0505 (Application)        100
                                                                                                                                   M38/0394                      100          M38/0506 (Application)        100
                                                                                                                                   M38/0509 (Application)        100
                                                                                                                                   M38/0806 (Application)        100          Napier Well
                                                                                                                                   M38/0807 (Application)        100          E38/0340                      100
                                                                                                                                   P38/2647                      100          E38/0390                      100
                                                                                                                                   P38/3019 (Application)        100          E38/0522                      100
                                                                                                                                                                              M38/0392                      100
                                                                                                                                   Euro                                       M38/0393                      100
                                                                                                                                   M38/0143                      100          M38/0530 (Application)        100
                                                                                                                                   M38/1011 (Application)        100          M38/0531 (Application)        100
                                                                                                                                   P38/3149 (Application)        100          M38/0545 (Application)        100
                                                                                                                                                                              M38/0546 (Application)        100
                                                                                                                                   Hanns Camp                                 M38/0978 (Application)        100
                                                                                                                                   M38/0485 (Application)        100          M38/0979 (Application)        100
                                                                                                                                                                              M38/0980 (Application)        100
                                                                                                                                   Keora Well                                 M38/0981 (Application)        100
                                                                                                                                   M38/0507 (Application)        100          M38/0982 (Application)        100
                                                                                                                                   M38/0508 (Application)        100
                                                                                                                                   M38/0529 (Application)        100          Royal West
                                                                                                                                                                              E38/0937                      100
                                                                                                                                   Laverton                                   M38/1045 (Application)        100
                                                                                                                                   M38/0264                      100          M38/1046 (Application)        100
                                                                                                                                   M38/0318                      100
                                                                                                                                   M38/0387                      100          Sickle
                                                                                                                                   E38/1780 (Application)        100          E38/0915                      100
                                                                                                                                   E38/1817 (Application)        100          M38/1032                      100
                                                                                                                                   E38/1821 (Application)        100
                                                                                                                                   M38/0401                      100
                                                                                                                                   E38/1679 (Application)        100
                                                                                                                                   E38/1680 (Application)        100
                                                                                                                                   E38/1681 (Application)        100




Page 24 Crescent Gold Limited                                                                                                                                                                           Annual Report 2005   Page 25
    Directors’ Report                                                                                                                                  Directors’ Report
    The directors of Crescent Gold Limited submit herewith the annual financial report for the financial year ended 30 June 2005. In order to comply
    with the provisions of the Corporations Act 2001, the directors report as follows:                                                                                     In September 2003, she was invited to consult to Crescent Gold Limited; she was appointed Company Secretary
                                                                                                                                                                           on 10 November 2003 and Chief Financial Officer on 24 March 2005. She is an Affiliate Member of Chartered
    Directors                                                                                                                                                              Secretaries Australia.
    The names and particulars of the directors of the Company during or since the end of the financial year are:

    Name                             Particulars                                                                                                       Roland Hill         NonExecutive Director (Acting Chairman)
                                                                                                                                                                           Appointed 13 May 2005
    Andrew Haythorpe                 Executive Director
                                     Appointed as a NonExecutive Director on 1 April 2003 and as an Executive Director on 1 July 2003 and                                 Roland has extensive resource industry and investment, finance and funds management experience. He
                                     Managing Director 24 March 2005.                                                                                                      has been directly associated with the mining and exploration sector for 10 years, gaining experience in the
                                                                                                                                                                           technical evaluation of several projects of both small and major listed companies.
                                     Mr Haythorpe, a Geologist, has been associated with the mining and exploration sector for 17 years, initially
                                     gaining experience in the technical evaluation of various projects for CRA, Battle Mountain Gold and Renison                          Prior to his appointment at Crescent Gold Limited, Roland was employed as a resource analyst and portfolio
                                     Goldfields. Andrew brings a wealth of skill into the Company, having subsequently evaluated the technical and                         manager with several global investment banks and stockbroking firms over a period of 12 years.
                                     financial aspects of many mining projects as a mining analyst for 7 years (with Suncorp, County Natwest and
                                     Hartley Poynton), and then as a Fund Manager (Global Resources) with Bankers Trust. In more recent years,                             He has performed in the position of Director for several listed and unlisted companies and currently also serves
                                     Andrew has worked as a Director of several junior resource companies.                                                                 as Managing Director of a private investment fund.

                                     Andrew is currently a director of Gronin Pty Ltd, Tesha Pty Ltd, Ouro Pty Ltd, Aurox Pty Ltd and Internickel
                                     Limited.                                                                                                          Alan Phillips       NonExecutive and Independent Director and Chairman
                                                                                                                                                                           Appointed a Director of the Company on 15 June 2000 and resigned 24 March 2005.

    Neil O’Loughlin                  Executive Director                                                                                                                    Mr Phillips has been a Director, Executive Director and Chairman of ASX listed public companies covering a
                                     Appointed as a NonExecutive Director on 17 November 2003 and as an Executive Director on 24 August                                   period of 30 years, specialising in startup and turnaround across a broad range of industries, but predominantly
                                     2004.                                                                                                                                 in the mining exploration and technology industries.

                                     Mr O’Loughlin has a wealth of experience and credentials. He obtained a B.Sc (Hons) in Mining Geology                                 Alan has also been involved in a number of mergers, acquisitions, takeovers, joint ventures, alliances and
                                     from University College Cardiff, Wales and a M.Sc. from the University of Manchester Institute of Science and                         fundraisings in Australia, Asia, Europe and the United States of America. Alan spent five years working in the
                                     Technology. He is a member of the Australasian Institute of Mining and Metallurgy, with seventeen years                               United States as Chief Executive Officer of a large ethanol manufacturing Company owned by Continental Asset
                                     experience in exploration and mining of a range of commodities in Australia and overseas. Neil was previously                         Management of New York. The business experience gained in the United States has proved an invaluable basis
                                     Exploration Director, then Technical Director of Basin Minerals Ltd from 1996 to 2002 when the company was                            for his Australian corporate interests.
                                     the subject of a friendly take over by Iluka Resources Ltd.
                                                                                                                                                                           Alan’s directorships include Jumbo Corporation Limited (Chairman), InterCoal Limited, Verus Investments
                                     He is currently a director of Ezenet Ltd, Redox Diamonds Ltd and Indi Holdings Pty Ltd                                                Limited, Sabena Limited and Sur American Gold Corporation (Canada).

                                                                                                                                                       Dean Gallegos       NonExecutive Director
    Carol New                        Executive Director                                                                                                                    Appointed as a Director on 5 March 2003 and resigned 24 March 2005.
                                     Appointed 24 March 2005
                                                                                                                                                                           Mr Gallegos has 10 years experience in the finance industry. In 1995 he was one of the founders of the Barton
                                     Carol has over 25 years experience working in national retail and latterly WA mineral exploration companies in                        Capital group of companies, an investment banking, stockbroking and corporate advisory firm. Barton listed
                                     accounting and administration roles.                                                                                                  on ASX in 1996. He ceased to be a fulltime employee of the Barton group on 30 June 2002 but remains a
                                                                                                                                                                           consultant.
                                     Carol was employed for ten years by Coles Myer. During this time she gained experience in the accounting,
                                     statistical, legal and company secretarial departments.                                                                               Dean specialises in advising both public and private companies on acquisitions, mergers, capital raisings and
                                                                                                                                                                           balance sheet restructuring. He has managed a significant number of initial public offerings and secondary
                                     She then worked with Barrack House Group Limited establishing office protocols for the controlling entity as                          market capital raisings for public and private companies and has been actively involved in Due Diligence
                                     well as several of its subsidiary companies, and controlled the data entry for the money market.                                      investigations, prospectus drafting and marketing of capital raisings. Dean is a principal of GM Resources
                                                                                                                                                                           Pty Ltd, which has been established to specialise in the identification and assessment of resources projects,
                                     In late 1993, she was employed by Central Kalgoorlie Gold Mines NL (now known as Sherlock Bay Nickel                                  both in Australia and internationally with the view for their funding and/or acquisition by GM Resources or third
                                     Corporation Limited) as Administration Manager. This position required the preparation of all financial                               parties. He is also a director of Roscious Pty Ltd.
                                     information, human relations, tenement management and public reporting.




Page 2 Crescent Gold Limited                                                                                                                                                                                                                               Annual Report 2005          Page 2
    Directors’ Report                                                                                                                                 Directors’ Report
    Directorship’s of Other Listed Companies                                                                                                          Future Developments
    Directorships of other listed companies held by directors in the 3 years immediately before the end of the financial year are as follows:         Disclosure of information regarding likely developments in the operations of the Company in future financial years and the expected results
                                                                                                                                                      of those operations is likely to result in unreasonable prejudice to the Company. Accordingly, this information has not been disclosed in this
    Name                             Company                                                 Period of Directorship                                   report.
    Mr A J Haythorpe                 Aurox Limited                                                Since 2004
                                     InterCoal Limited                                            2000 – 2005
                                     Michelago Limited                                            2000 – 2004                                         Environmental Regulations
                                     Central Kalgoorlie Gold Mines Limited                        2000 – 2003                                         The Company is subject to environmental regulations under laws of Western Australia where it holds mineral exploration tenements, but is not
                                                                                                                                                      aware of any breaches of these laws.
    Mr N T O’Loughlin                Ezenet Limited                                                 2003 – 2005
                                     Basin Minerals Limited                                         1996 – 2002
                                                                                                                                                      Dividends
                                                                                                                                                      In respect of the financial year ended 30 June 2005 the directors recommend that no dividend be paid at this time.
    Company Secretary
    Ms C M New                       Appointed in November 2003, is an Affiliate Member of Chartered Secretaries Australia.                           No dividend has been paid or provided for since the end of the previous financial year.


    Principal activities                                                                                                                              Share Options
    The Company’s principal activity during the financial year was the exploration for gold and other minerals on tenements owned by the Company      Share options granted to directors and executives
    in Western Australia and China.                                                                                                                   During and since the end of the financial year an aggregate of 300,000 share options were granted to the following directors and executives
                                                                                                                                                      of the company:

    Review of Operations                                                                                                                              Directors and                  Number of options                                                              Number of ordinary
    The Company incurred a loss of $2,789,105 for the year ended 30 June 2005 (2004: $2,582,071). During the year the Company has spent               Executives                         granted                                  Issuing entity                    shares under option
    approximately $3.6 million on the expansion of the Feasibility Study and general exploration on its Laverton assets.                              C M New                              50,000                               Crescent Gold Limited                           50,000
                                                                                                                                                      A P Spinks                          250,000                               Crescent Gold Limited                          250,000
    Changes in State of Affairs
    During the financial year there were no significant changes in the State of Affairs of the Company other than that referred to in the financial   Share options on issue at year end or exercised during the year
    statements or notes thereto.                                                                                                                      Details of unissued shares or interests under option are:

                                                                                                                                                                                         Number of                                              Exercise
    Subsequent Events                                                                                                                                 Issuing entity                    shares under                 Class of                   price of                Expiry date of
                                                                                                                                                                                           Option                    shares                      option                     options
    1   On 12 July 2005, Crescent Gold Limited acquired all of the shares in RAB Projects Pty Ltd, for consideration of $45,000 cash and the issue    Crescent Gold Limited               66,872,437                  Ordinary                    $0.20                  30 November 2005
        of 1,500,000 Crescent shares.                                                                                                                 Crescent Gold Limited                1,450,000                  Ordinary                    $0.20                  30 November 2005
                                                                                                                                                      Crescent Gold Limited               17,416,667                  Ordinary                    $0.18                        9 June 2006
        RAB Projects Pty Ltd owns RAB Mining Limited (BVI) which holds 75% of the Xinjiang Joint Venture Company in China.                            Crescent Gold Limited                  500,000                  Ordinary                    $0.20                  31 December 2007
                                                                                                                                                      Crescent Gold Limited               10,000,000                  Ordinary                    $0.20                      2 August 2008
    2   On 14 July 2005 Crescent Gold Limited signed a Sale and Purchase agreement with AngloGold Ashanti Australia Limited (“Anglo”) to
        acquire Anglo’s Laverton exploration interests, royalties and resources to the north, east and south east of Sunrise Dam Gold Mine.           (1) Issued under the Executive and Employee Share Plan.
                                                                                                                                                      (2) It is a condition of these options that the Company’s share trade on ASX at a price of $0.40 cents or higher for a continuous period of 5 days
        Crescent Gold has agreed to pay Anglo $4.4m in cash, of which $250,000 was paid on 13 July 2005 with the balance due on or before             before the options can be exercised.
        December 2006. The purchase and elimination of the royalties substantially enhances the project economics.
                                                                                                                                                      Options exercised during the year are:
    3   On 30 August 2005 Crescent Gold Limited received funds totalling $1,500,000 through the issue of 10,000,000 convertible notes
        convertible at 15 cents on or before 31 March 2007 and at an interest rate of 6% per annum payable six monthly in arrears. These                                                 Number of                   Class of               Amount paid                  Amount unpaid
        funds are to be used for further drilling at Sickle.                                                                                          Issuing entity                    shares issued                shares                  for shares                    on shares
                                                                                                                                                      Crescent Gold Limited                 2,000                     Ordinary                  $0.20                         $NIL
    4   On 31 August 2005 Crescent Gold Limited signed a Binding Sale and Purchase Heads of Agreement with Finching Pty Ltd and Mundena
        Pty Ltd to acquire seven exploration licences located in the Northern Territory for $600,000, payable $50,000 on signing and the balance
        payable in cash or securities, at Crescent’s sole discretion, on or before the date which is 12 months after the granting of the first        Indemnification of Officers and Auditors
        exploration licence.                                                                                                                          During or since the financial year the Company has not indemnified or made a relevant agreement to indemnify an Officer or Auditor of the
                                                                                                                                                      Company or of any related body corporate against a liability incurred as such an Officer or Auditor. In addition, the Company has not paid, or
                                                                                                                                                      agreed to pay, a premium in respect of a contract insuring against a liability incurred by and Officer or Auditor.




Page 2 Crescent Gold Limited                                                                                                                                                                                                                                          Annual Report 2005          Page 2
    Directors’ Report continued                                                                                                                          Directors’ Report
    Directors’ Meetings                                                                                                                                  Director and Executive Details
    The following table sets out the number of Directors’ meetings (including meetings of Committees of Directors) held during the financial year        The directors of Crescent Gold Limited during the year were:
    that Directors were eligible to attend, and the number of meetings attended by each Director (while they were a Director or Committee member).
    During the financial year, 6 board meetings and 2 Audit Committee meetings were held.                                                                A J Haythorpe                   (Managing Director)
                                                                                                                                                         N T O’ Loughlin                 (Executive Director)
               Directors                                    Board of Directors                       Audit Committee                                     C M New                         (Chief Financial Officer and Company Secretary) appointed 24 March 2005
                                                            Held      Attended                       Held    Attended                                    R Hill                          (NonExecutive Director, acting Chairman) appointed 13 May 2005
               Andrew Haythorpe                              6             6                          2          2                                       A S Phillips                    (Chairman, NonExecutive Director) resigned 24 March 2005
               Neil O’Loughlin                               6             6                                                                           D L Gallegos                    (NonExecutive Director) resigned 24 March 2005
               Carol New                                     3             3                                     
               Roland Hill                                   1             1                                                                           The executives of Crescent Gold Limited during the year were:
               Alan Phillips                                 3             3                          2          2
               Dean Gallegos                                 3             3                          2          2                                       A P Spinks                      (Manager Geology)
                                                                                                                                                         B A C Morrin                    (Manager Operations) resigned 5 November 2004

    Directors’ Shareholdings
    The following table sets out each Director’s relevant interest in shares, debentures, and rights or options in shares or debentures of the company   Elements of Director and Executive Remuneration
    or a related body corporate as at the date of this report.                                                                                           Remuneration packages contain the following key elements:

                                Fully paid                  Partly paid                     Executive                                                          a)    Primary benefits – consulting fees based on an agreed daily rate;
    Directors                    ordinary                    ordinary                         share                        Convertible                         b)    Postemployment benefits – none of the directors or executive are paid postemployment benefits;
                                  shares                      shares                         options                         notes                             c)    Equity – shares and share options are issued under the Directors and Employees Share or Option Plans based on the criteria set out
                                                                                                                                                                     in the plan; and
    A J Haythorpe                19,757,500                                                   5,857,500                          250,000                      d)    Other benefits.
    N T O’Loughlin                5,331,272                                                   5,666,667                        2,000,000
    R Hill                        1,590,000                                                                                                           The following table discloses the remuneration of the directors of the company during the financial year.
    C M New                                                                                    100,000                                
                                                                                                                                                                                                 Primary                     Post Employment                        Equity        Other
                                                                                                                                                                                      Salary                 Non          Super Prescribed                      Shares Options Benefits
    Remuneration report                                                                                                                                                               & Fees     Bonus      monetary      annuation Benefits          Other                                        Total
    The Board reviews the packages of all directors and executive officers with due regard to performance and other relevant factors. In order to        Name                            $         $           $              $         $               $            $              $        $       $
    retain and attract executives of sufficient calibre to facilitate the efficient and effective management of the Company’s operations, the Board
    seeks the advice of external advisers in connection with the structure of remuneration packages. The Company is in the process of establishing       A J Haythorpe             91,800                                                                                                 91,800
    relevant performance criteria for the roles of directors and executives as part of its compliance with Corporate Governance requirements.            N T O’Loughlin            77,500                                                                                                 77,500
                                                                                                                                                         C M New                   92,300                                                                                    300           92,600
                                                                                                                                                         R Hill                    14,681                                                                                                 14,681
    Elements of remuneration related to performance                                                                                                      A S Phillips              65,680                                                                                                 65,680
    The services provided by directors and executives include business opportunity identification and evaluation, restructuring and reorganising       (resigned 24 March 2005)
    advice, litigation management, assistance with refinancing and general administrative services. The fees for services were made at normal                                                                                                                             (1)
                                                                                                                                                         D L Gallegos             125,100                                                                    243,000                      368,100
    commercial rates and on an armslength basis. At this point in time remuneration is not linked to the performance of the company.                    (resigned 24 March 2005)
                                                                                                                                                         (1)        These shares were issued to GM Resources Pty Ltd at $0.135 when the criteria of Item 12 of the November 2002 Prospectus was
                                                                                                                                                                    met.

                                                                                                                                                         The following table discloses the remuneration of the executives of the company:

                                                                                                                                                                                                Primary                       Post Employment                 Other
                                                                                                                                                                                      Salary            Non                Super   Prescribed       Equity benefits
                                                                                                                                                                                      & Fees     Bonus monetary            annuation  benefits  Other                 Total
                                                                                                                                                         Name                            $         $      $                    $         $        $     $       $      $

                                                                                                                                                         A P Spinks                   112,338                                                                        1,500             113,838
                                                                                                                                                         B A C Morrin                  59,318                                16,239                                                     75,557
                                                                                                                                                         (resigned 5 November 2004)




Page 0 Crescent Gold Limited                                                                                                                                                                                                                                                    Annual Report 2005    Page 
    Directors’ Report                                                                                                                                    Auditor’s Independence Declaration
    Elements of Director and Executive Remuneration continued
                                                                                                                                                                                                                                                      Deloitte Touche Tohmatsu
    Value of options issued to directors and executives                                                                                                                                                                                               A.C.N. 74 490 121 060

                                                                                                                                                                                                                                                      Woodside Plaza
                                         Options        Options        Options  Total value of                     Value of           Percentage                                                                                                      Level 14
                                         Granted       Exercised       Lapsed      options                         options              of total                                                                                                      240 St Georges Terrace
                                                                                  granted,                       included in         remuneration                                                                                                     Perth WA 6000
                                                                                                                                                                                                                                                      GPO Box A46
    Value at                             Value at       Value at exercised, and remuneration                     for the year                                                                                                                         Perth WA 6837 Australia
                                        grant date      exercise    time of        lapsed                        for the year        that consists
                                                          date       lapse                                                             of options                                                                                                     DX 206
                                                                                                                                                         Board of Directors                                                                           Tel: +61 (0) 8 9365 7000
    Name                                      $            $            $              $                               $                   $
                                                                                                                                                         Crescent Gold Limited                                                                        Fax: +61 (0) 8 9365 7001
                                                                                                                                                                                                                                                      www.deloitte.com.au
                                                                                                                                                         Level 5, 89 St Georges Terrace
    C M New                      (1)          300                                             300                    300                0.3%
    A P Spinks                   (2)        1,500                                           1,500                  1,500                1.3%           PERTH WA 6000
    B A C Morrin                 (3)        3,750                       3,750                                                            
    (resigned 5 November 2004)

                                                                                                                                                          30 September 2005
    Value of options – basis of calculation
    (1)        These options were granted on 24 March 2005.
                                                                                                                                                          Dear Board Members
    (2)        These options were granted on 10 November 2005.                                                                                                                                        Crescent Gold Limited
    (3)        These options were granted on 9 June 2004 and lapsed on 5 December 2004                                                                    In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the
                                                                                                                                                          following declaration of independence to the directors of Crescent Gold Limited.
    (4)        The total value of options granted, exercised and lapsed is calculated based on the following:
          •	   Fair value of the option at grant date multiplied by the number of options granted during the year; plus                                   As lead audit partner for the audit of the financial statements of Crescent Gold Limited for the
          •	   Fair value of the option at the time it is exercised multiplied by the number of options exercised during the year; plus                   financial year ended 30 June 2005, I declare that to the best of my knowledge and belief, there
          •	   Fair value of the option at the time of lapse multiplied by the number of options lapsed during the year.                                  have been no contraventions of:
    (5)      The total value of options included in remuneration for the year is calculated in accordance with Accounting Standard AASB 1046                        (i) the auditor independence requirements of the Corporations Act 2001 in relation to
             ‘Director and Executive Disclosures by Disclosing Entities’, as amended by Accounting Standard AASB 1046A. This requires the                               the audit; and
             following:
          •	 The value of the options is determined at grant date, and is included in remuneration on a proportionate basis from grant date to vesting              (ii) any applicable code of professional conduct in relation to the audit.
             date. Where the options immediately vest the full value of the option is recognised in remuneration in the current year.


    Nonaudit services
    Deloitte Touche Tohmatsu did not provide any nonaudit services, and as a result the general standard of independence imposed by the                  Yours sincerely
    Corporations Act 2001 was not compromised.


                                                                                                                                                          DELOITTE TOUCHE TOHMATSU
    Auditor’s independence declaration
    The auditor’s independence declaration is included on page 33.

    Signed in accordance with a resolution of the Directors made pursuant to s.298 (2) of the Corporations Act 2001.
                                                                                                                                                          Leanne Karamfiles
                                                                                                                                                          Partner
    On behalf of the Directors
                                                                                                                                                          Chartered Accountants



    A J Haythorpe
    Director
    Perth, 30th September 2005




                                                                                                                                                          Liability limited by the Accountants' Scheme,
                                                                                                                                                          approved under the Professional Standards Act 1994 (NSW).

Page 2 Crescent Gold Limited                                                                                                                                                                                                                                Annual Report 2005   Page 
    Independent Audit Opinion                                                                                            Independent Audit Opinion


                                                                                              Deloitte Touche Tohmatsu
                                                                                              A.C.N. 74 490 121 060                                                                                                Page		2	

                                                                                              Woodside Plaza
                                                                                              Level 14
                                                                                              240 St Georges Terrace
                                                                                              Perth WA 6000
                                                                                              GPO Box A46
                                                                                                                         Audit Opinion
      Independent audit report to the                                                         Perth WA 6837 Australia



      members of Crescent Gold Limited
                                                                                              DX 206                     In our opinion, the financial report of Crescent Gold Limited is in accordance with:
                                                                                              Tel: +61 (0) 8 9365 7000
                                                                                              Fax: +61 (0) 8 9365 7001
                                                                                              www.deloitte.com.au        (a)   the Corporations Act 2001, including:
      Scope
                                                                                                                               (i)    giving a true and fair view of the company’s financial position as at 30 June 2005 and of
      The financial report and directors’ responsibility                                                                              its performance for the year ended on that date; and
      The financial report comprises the statement of financial position, statement of
      financial performance, statement of cash flows, accompanying notes to the financial                                      (ii)   complying with Accounting Standards in Australia and the Corporations Regulations
      statements, and the directors’ declaration for Crescent Gold Limited, for the financial year ended 30                           2001; and
      June 2005 as set out on pages 43 to 73.
                                                                                                                         (b)   other mandatory professional reporting requirements in Australia.
      The directors of the company are responsible for the preparation and true and fair presentation of the
      financial report in accordance with the Corporations Act 2001. This includes responsibility for the
      maintenance of adequate accounting records and internal controls that are designed to prevent and
      detect fraud and error, and for the accounting policies and accounting estimates inherent in the
      financial report.                                                                                                  DELOITTE TOUCHE TOHMATSU

      Audit approach
      We have conducted an independent audit of the financial report in order to express an opinion on it to
      the members of the company. Our audit has been conducted in accordance with Australian Auditing                    Leanne Karamfiles
      Standards to provide reasonable assurance whether the financial report is free of material                         Partner
      misstatement. The nature of an audit is influenced by factors such as the use of professional                      Chartered Accountants
      judgement, selective testing, the inherent limitations of internal controls, and the availability of               Perth, 30 September 2005
      persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material
      misstatements have been detected.

      We performed procedures to form an opinion whether, in all material respects, the financial report is
      presented fairly in accordance with the Corporations Act 2001 and Accounting Standards and other
      mandatory professional reporting requirements in Australia so as to present a view which is consistent
      with our understanding of the company’s financial position, and performance as represented by the
      results of its operations and its cash flows.

      Our procedures included examination, on a test basis, of evidence supporting the amounts and other
      disclosures in the financial report, and the evaluation of accounting policies and significant accounting
      estimates made by the directors.

      While we considered the effectiveness of management’s internal controls over financial reporting
      when determining the nature and extent of our procedures, our audit was not designed to provide
      assurance on internal controls.

      The audit opinion expressed in this report has been formed on the above basis.




      Liability limited by the Accountants' Scheme,
      approved under the Professional Standards Act 1994 (NSW).


Page 4 Crescent Gold Limited                                                                                                                                                                                           Annual Report 2005   Page 5
    Corporate Governance Statement                                                                                                                   Corporate Governance Statement
    The ASX Listing Rules require listed companies to include in their Annual Report a statement disclosing the extent to which they have complied   Composition of the Board
    with the ASX Best Practice Recommendations in the reporting period. These recommendations are guidelines designed to produce an                  At the date of this report the Board comprises three executive directors and one nonexecutive director.
    efficient, quality or integrity outcome. The recommendations are not prescriptive so that if a company considers that a recommendation is
    inappropriate having regard to its own circumstances, the company has the flexibility not to follow it. Where a company has not followed all
                                                                                                                                                     Director                         Appointed                Non                Indep             Retiring          Seeking re
    the recommendations, the annual report must identify which recommendations that have not been followed and give reasons for not following
    them.                                                                                                                                                                                                    Executive             endent             at 2005           election at
                                                                                                                                                                                                                                                       AGM              2005 AGM
    A table has been included at the end of this statement which sets out the ASX Best Practice Recommendations and states whether the Company       Andrew Haythorpe                 1 April 2003                No                  No                 No                 N/A
    has complied with each recommendation in the reporting period. Where the Company considered it was not appropriate to comply with a              Neil O’Loughlin               17 November 2003               No                  No                 Yes                Yes
    particular recommendation the reasons are set out in the notes referenced in the table.                                                          Carol New                       24 March 2005                No                  No                 Yes                Yes
                                                                                                                                                     Roland Hill                      13 May 2005                 Yes                 Yes                Yes                Yes
    Corporate governance is the system by which companies are directed and managed. It influences how the objectives of the company are
    achieved, how risk is monitored and assessed, and how performance is optimised.
                                                                                                                                                     The Directors are subject to reelection by shareholders. All Directors, apart from the Managing Director, are subject to reelection by rotation
    Good corporate governance structures encourage companies to create value and provide accountability and control systems commensurate             every three years. The Company’s Constitution provides that onethird of the Directors retire by rotation each AGM. Those Directors who are
    with the risks involved.                                                                                                                         retiring may submit themselves for reelection by shareholders, including any Director appointed to fill a casual vacancy or recruited since the
                                                                                                                                                     date of the last AGM.
    Responsibilities of the Board
                                                                                                                                                     The current Directors have a broad range of qualifications, experience and expertise in managing mineral exploration companies refer to the
                                                                                                                                                     Directors section of the Directors’ Report.
    The Board is responsible for:

       •	    Oversight of the company including its control and accountability systems;
                                                                                                                                                     Independence of NonExecutive Directors
                                                                                                                                                     The board considers an independent director to be a nonexecutive director who meets the criteria for independence included in the ASX Best
       •	    Appointing and removing the managing director and other executive directors and approving their remuneration (subject to
                                                                                                                                                     Practice Recommendations. The Board considers that Roland Hill meets these criteria.
             shareholder approval);

       •	    Appointing and removing the chief financial officer and the company secretary and approving their remuneration;
                                                                                                                                                     Director Access to Independent Professional Advice
       •	    Determining the strategic direction of the company and measuring performance of management against approved strategies;                 The Company acknowledges that Directors require high quality information and advice on which to base their decisions and considerations.
                                                                                                                                                     With the prior approval of the Chairman, all Directors have the right to seek independent legal and other professional advice at the company’s
       •	    Ensuring appropriate resources are available for management to properly carry out approved strategies and business plans;               expense concerning any aspect of the company’s operations or undertakings in order to fulfil their duties and responsibilities as directors. If
                                                                                                                                                     the Chairman is unable or unwilling to give approval, Board approval will be sufficient.
       •	    Approving and monitoring the progress of major capital expenditure, capital management, acquisitions and divestitures, both
             financially and nonfinancially;
                                                                                                                                                     Company Materially Threshold
       •	    Monitoring the company’s medium term capital and cash flow requirements;                                                                The Board acknowledges that assessment on materiality and subsequent appropriate thresholds are subjective and open to change. The Board
                                                                                                                                                     has considered quantitative, qualitative and cumulative factors when determining the materiality of a specific relationship with directors.
       •	    Approving and monitoring financial, operational and other reporting to regulatory bodies, shareholders and other organisations.
                                                                                                                                                     Board Committees
       •	    Determining that satisfactory arrangements are in place for auditing the company’s financial affairs;                                   The board considers that the company is not currently of a size, nor are its affairs of such complexity to justify the formation of separate or
                                                                                                                                                     special committees such as the Nomination Committee, the Audit Committee and the Remuneration Committee. At this time, the board as a
       •	    Reviewing and ratifying systems of risk management, internal compliance and control, legal compliance, and codes of conduct;            whole addresses the governance aspects of the separate or special committees to ensure that it adheres to appropriate ethical standards.

       •	 	 Ensuring that policies and compliance systems consistent with the company’s objectives and best practice are in place and that the       The full board holds meetings at such times as may be necessary to address any general or specific matters. Where necessary the advice of
            company and its officers act legally, ethically and responsibly on all matters.                                                          external advisers is sought.

    The board convenes meetings with such frequency as is sufficient to appropriately perform its responsibilities.                                  When the company’s activities increase in size, scope and nature, the appointment of separate or special committees will be reviewed by the
                                                                                                                                                     board and implemented if appropriate.


                                                                                                                                                     Nomination Committee
                                                                                                                                                     The nomination committee reviews the composition of the board and makes recommendations to the board, where considered necessary, to
                                                                                                                                                     ensure that the board comprises a majority of nonexecutive directors with an appropriate mix of skills and experience. Where necessary, the
                                                                                                                                                     committee seeks the advice of external advisers in connection with the suitability of applicants for board membership.




Page  Crescent Gold Limited                                                                                                                                                                                                                                         Annual Report 2005         Page 
    Corporate Governance Statement                                                                                                                      Corporate Governance Statement
    Audit Committee                                                                                                                                     Managing Business Risk
    The audit committee provides a forum for the effective communication between the board and external auditors. The audit committee                   The company defines business risk as any event or action with the potential to interfere or prevent the company from achieving its objectives.
    reviews:                                                                                                                                            Business risk is broadly defined so as to ensure that due consideration is given to all issues with the potential to impact upon the company’s
    •	 	 the annual and halfyear financial report prior to their approval by the board;                                                                business.
    •	 	 the effectiveness of management information systems and systems of internal control; and
                                                                                                                                                        Risk management is the process of identifying where there is a risk to the business, assessing what the consequences of the risk could be,
    •	 the efficiency and effectiveness of the external audit function, including reviewing the respective audit plans.                                 ranking the risks in accordance with the likely impact, developing and implementing a response to the risk and monitoring implementation.

    The audit committee generally invites executives, as appropriate and the external auditors to attend audit committee meetings. The audit            The board examines and considers areas of significant business risk and implements policy to minimise exposure to these risks based on the
    committee also meets with and receives regular reports from the external auditors concerning any matters which arise in connection with the         following key elements:
    performance of their respective roles, including the adequacy of internal controls.
                                                                                                                                                           •	     An assessment of the potential impact of identified risks and the likelihood of occurrence;
    Remuneration Committee
    The remuneration committee reviews the remuneration policies applicable to all directors and executive officers and makes recommendations              •	     A ranking of the risk in accordance with the likely impact on the organisation;
    on remuneration packages and terms of employment to the board. Remuneration packages, which consist of base salary, fringe benefits,
    incentive schemes (including performancerelated bonuses), superannuation, and entitlements upon retirement or termination, are reviewed               •	     An assessment of the external environment and the control environment in place to manage the risk;
    with due regard to performance and other relevant factors.
                                                                                                                                                           •	     The development of an appropriate response to manage the risk, which may include strategies aimed at eliminating the risk,
    In order to retain and attract executives of sufficient calibre to facilitate the efficient and effective management of the company’s operations,             mitigating the risk, transferring or accepting the risk; and
    the remuneration committee seeks the advice of external advisers in connection with the structure of remuneration packages.
                                                                                                                                                           •	     Monitoring to ensure controls to manage the risks are suitable, have been carried into effect and are periodically reviewed.
    Particulars concerning directors’ and executives’ remuneration and the Company’s directors and employees share or option plans are set out          Areas of risk which are considered at board meetings include:
    in the remuneration report and in notes 14 and 15 to the financial statements.
                                                                                                                                                           •	    Asset protection/development;
    Ethical Standards
    All directors and officers are expected to act with the utmost integrity and objectivity, striving at all times to enhance the reputation and          •	    Financial and operational exposures;
    performance of the company.
                                                                                                                                                           •	    Organisational behaviour;
    As part of the Board’s commitment to the highest standard of conduct, the Company adopts a code of conduct to guide directors and officers
    in carrying out their duties and responsibilities.                                                                                                     •	    Environmental and occupational health and safety matters; and

    Code of Conduct                                                                                                                                        •	    Continuous disclosure obligations.
    •       Good Faith – A director or officer of the company must exercise their powers and discharge their duties in good faith in the best
            interests of the company;                                                                                                                   Board Performance Evaluations
                                                                                                                                                        The board must review its performance and the performance of individual directors and management regularly as part of its monitoring role
    •       Proper Purpose – A director or officer of the company must exercise their powers and discharge their duties for a proper purpose;           with regard to long term growth of the company and shareholder value.

    •       Improper Use of Position – A director or officer of the company must not improperly use their position to:                                  Performance Evaluation Process
            •	 gain an advantage for themselves or someone else; or                                                                                     The board evaluates its performance based on the following criteria:
            •	 cause detriment to the company; and
                                                                                                                                                            •	    Does the board understand the company’s business adequately?
    •        – A director or officer of the company must exercise their powers and discharge their duties with the degree and care and diligence            •	    Does the board know the competition, market and risk factors?
            that a reasonable person would exercise if they:                                                                                                •	    Does the board spend enough time on the long term strategy of the company?
            •	 were a director or officer of a company in the company’s circumstances; and                                                                  •	    Does the board have access to information from management and other sources?
            •	 occupied the office held by, and had the same responsibilities within the company as, the director or officer.                               •	    Is the board enhancing shareholder value to the best of its ability?

                                                                                                                                                        The board must ensure that any performance criteria are regularly reviewed to account for the changing environments facing the company.
    Continuous Disclosure and Shareholder Communication
    The Board is committed to the promotion of investor confidence by ensuring that trading in the Company’s securities takes place in an efficient,    Chairperson
    competitive and informed market. In accordance with continuous disclosure requirements under the ASX Listing Rules, the Company has                 The board reviews the performance of the chairperson based on the following criteria:
    procedures in place to ensure that all price sensitive information is identified, reviewed by management and disclosed to the ASX in a timely
    manner. All information disclosed to the ASX is posted on the company’s website ‘www.crescentgold.com’.                                                 •	    Degree of independence;
                                                                                                                                                            •	    Familiarity with company operations and industry trends;
                                                                                                                                                            •	    Willingness to devote the necessary time to attend meetings, prepare for meetings, and participate in other committees;
    Shareholders are forwarded documents relating to each Annual General Meeting, being the Annual Report, Notice of Meeting and Explanatory                •	    Value to the board;
    Memorandum and Proxy Form, and are invited to attend these meetings. The Company’s External Auditor is also present at Annual General                   •	    Ethical awareness; and
    Meetings to answer any queries shareholders may have with regard to the audit and preparation and content of the Audit Report.                          •	    Communication with colleagues, management and stakeholders.

    The Company has endeavoured to obtain a means of contact with shareholders other than by mail but has not been successful at this point in
    time in finding a means common to all shareholders.

Page  Crescent Gold Limited                                                                                                                                                                                                                                         Annual Report 2005         Page 
    Corporate Governance Statement                                                                                                                  Corporate Governance Statement
    Directors                                                                                                                                       ASX Best Practice Recommendations continued
    The board reviews the performance of its directors based on the following criteria:
                                                                                                                                                           Description                                                                                             Complied    Note
          •	    Familiarity with company operations and industry trends;
                                                                                                                                                    4.3    Structure of the Audit Committee so that it consists of:
          •	    Willingness to devote the necessary time to attend meetings, prepare for meetings, and participate in other committees;
                                                                                                                                                           •        only NonExecutive Directors
          •	    Value to the board;
                                                                                                                                                           •        a majority of Independent Directors
          •	    Ethical awareness; and
                                                                                                                                                           •        an independent Chairperson, who is not chairperson of the Board
          •	    Communication with colleagues, management and stakeholders.
                                                                                                                                                           •        at least three members.                                                                              No    2
    If their performance is deemed unsatisfactory directors are counselled and encouraged to improve their performance. If the board believes
    their performance has not adequately improved, they are asked to retire.
                                                                                                                                                    5.1    The Audit Committee should have a formal charter.                                                             Yes

    For further details of Crescent Gold Limited’s Corporate Governance policies please refer to Corporate Governance section on the company’s      5.2    Provide the information indicated in the Guide to reporting on Principle 4.                                   Yes
    website www.crescentgold.com.

                                                                                                                                                    6.1    Establish written policies and procedures designed to ensure compliance with ASX Listing Rule
    ASX Best Practice Recommendations                                                                                                                      disclosure requirements to ensure accountability at a senior management level for that compliance.            Yes
    The table below contains each of the ASX Best Practice Recommendations. Where the Company has complied with a recommendation during
    the reporting period, this is indicated with a “Yes” in the appropriate column. Where the Company considered it was not appropriate to comply   6.2    Provide the information indicated in the Guide to reporting on Principal 5.                                   Yes
    with a particular recommendation, this is indicated with a “No” and the Company’s reasons are set out in the corresponding note appearing at
    the end of the table.
                                                                                                                                                    7.1    Design and disclose a communication strategy to promote effective communication with the
               Description                                                                                   Complied Note
                                                                                                                                                           shareholders and encourage effective participation at general meetings.                                       Yes
    1.1        Formalise and disclose the functions reserved to the Board and those delegated to management.        Yes

                                                                                                                                                    7.2    Request the external auditor to attend the Annual General Meeting and be available to answer
    2.1        A majority of the Board should be independent directors.                                                            No      1
                                                                                                                                                           questions about the conduct of the audit and the preparation and content of the auditors report.              Yes
    2.2        The Chairperson should be an independent director.                                                                 Yes
                                                                                                                                                    8.1    The Board or appropriate Board Committee should establish policies on risk oversight and management. Yes
    2.3        The roles of Chairperson and Chief Executive Officer should not be exercised by the same individual.               Yes
                                                                                                                                                    8.2    The Chief Executive Officer (or equivalent) and the Chief Financial Officer (or equivalent) should state to
    2.4        The Board should establish a Nomination Committee.                                                                 Yes
                                                                                                                                                           the Board in writing that:
    2.5        Provide the information indicated in the Guide to reporting on Principle 2.                                        Yes
                                                                                                                                                           8.2.1    the statement given in accordance with best practice recommendation 4.1 (the integrity of
                                                                                                                                                                    financial statements) is founded on a sound system of risk management and internal compliance
                                                                                                                                                                    and control which implements the policies adopted by the Board.                               Yes
    3.1        Establish a code of conduct to guide the Directors, the Chief Executive Officer (or equivalent) and any
                                                                                                                                                           8.2.2    the Company’s risk management and internal compliance and control system is operating
               other key executives as to:
                                                                                                                                                                    efficiently and effectively in all material respects.                                         Yes
               3.1.1    the practices necessary to maintain confidence in the Company’s integrity.                                Yes
                                                                                                                                                    8.3    Provide the information indicated in the Guide to reporting on Principal 7.                                   Yes
               3.1.2    the responsibility and accountability of individuals for reporting and investigating reports of
                                                                                                                                                    9.1    Disclose the process for performance evaluation of the Board, its committees and individual Directors,
                        unethical practices.                                                                                      Yes
                                                                                                                                                           and key executives.                                                                                           Yes
    3.2        Disclose the policy concerning trading in company securities by Directors, Officers and Employees.                 Yes
                                                                                                                                                    9.1    Provide disclosure in relation to the Company’s remuneration policies to enable investors to understand
                                                                                                                                                                    (i) the costs and benefits of those policies and
    3.3        Provide the information indicated in the Guide to reporting on Principle 3.                                        Yes
                                                                                                                                                                    (ii) the link between remuneration paid to Directors and key executive and corporate
                                                                                                                                                                        performance.                                                                                     Yes
    4.1        Require the Chief Executive Officer (or equivalent) and the Chief Financial Officer (or equivalent) to
                                                                                                                                                    9.2    The Board should establish a Remuneration Committee.                                                          Yes
               state in writing to the Board that the Company’s financial reports present a true and fair view, in all material,
                                                                                                                                                    9.3    Clearly distinguish the structure of NonExecutive Directors remuneration from that of Executives.            Yes
               of the Company’s financial condition and operational results and are in accordance with the relevant
               accounting standards.                                                                                          Yes
                                                                                                                                                    9.4    Ensure that payment of equitybased Executive remuneration is made in accordance with thresholds
                                                                                                                                                           set in plans approved by shareholders.                                                                        Yes
    4.2        The Board should establish an Audit Committee.                                                                     Yes


Page 40 Crescent Gold Limited                                                                                                                                                                                                                             Annual Report 2005    Page 4
    Corporate Governance Statement                                                                                                                Statement of Financial Performance
    ASX Best Practice Recommendations continued                                                                                                   for the Financial Year Ended 30 June 2005
            Description                                                                                                    Complied       Note                                                                                    NOTE                                  COMPANY
    9.5     Provide the information indicated in the Guide to reporting on Principle 9.                                      Yes
                                                                                                                                                                                                                                                              2005                  2004

    10.1    Establish and disclose a code of conduct to guide compliance with legal and other obligations.                     Yes                                                                                                                             $                      $

                                                                                                                                                  Revenues from Ordinary Activities                                                  2                       220,124                 360,343
    Notes                                                                                                                                         Administration Expense                                                                                    (118,255)              (183,859)

    1.      The composition of the board is reviewed annually to ensure the balance of skills and experience is appropriate and it is envisaged   Communication Costs                                                                                       (111,586)                (72,959)
            that during the next 12 months further independent directors will be recruited to the board.
                                                                                                                                                  Depreciation                                                                                              (252,261)              (249,364)
    2.      Currently the board is not composed of a majority of independent directors therefore the function of the Audit committee is carried   Write down in value of Property, Plant and Equipment                                                      (161,203)                        
            out by the whole of the existing board. As the company grows and the number of independent directors increases, the composition
            of the Audit Committee is expected to change.                                                                                         Directors Fees                                                                                             (13,000)                (91,500)

                                                                                                                                                  Exploration Costs and Write Offs                                                                          (757,738)              (982,719)

                                                                                                                                                  Insurance                                                                                                  (49,700)                (62,974)

                                                                                                                                                  Legal Fees                                                                                                (297,329)              (218,168)

                                                                                                                                                  Other Expenses                                                                                            (266,489)              (323,816)

                                                                                                                                                  Other Professional Fees                                                                                   (478,858)              (499,121)

                                                                                                                                                  Printing and Stationery                                                                                    (50,733)                (39,315)

                                                                                                                                                  Rent                                                                                                       (75,595)                (55,797)

                                                                                                                                                  Staff Costs                                                                                                (85,996)                (87,631)

                                                                                                                                                  Travel Expense                                                                                            (121,222)                (65,278)

                                                                                                                                                  Borrowing Costs                                                                                           (169,264)                 (9,913)



                                                                                                                                                  Loss from ordinary activities before
                                                                                                                                                  income tax expense                                                                                   (2,789,105)                (2,582,071)

                                                                                                                                                  Income tax expense relating to
                                                                                                                                                  ordinary activities                                                                4                                                      

                                                                                                                                                  Loss from ordinary activities after
                                                                                                                                                  income tax expense                                                                                   (2,789,105)                (2,582,071)

                                                                                                                                                  Net loss from ordinary activities attributable
                                                                                                                                                  to members of Crescent Gold Limited                                                                  (2,789,105)                (2,582,071)
                                                                                                                                                  Total changes in equity other than
                                                                                                                                                  those resulting from transactions
                                                                                                                                                  with owners as owners                                                                                (2,789,105)            (2, 582,071)




                                                                                                                                                    – Basic (cents per share)                                                       17                       (2.49)                 (3.42)

                                                                                                                                                  Loss Per Share – Diluted (cents per share)                                        17                       (2.49)                 (3.42)

                                                                                                                                                                                        Notes to the Financial Statements are included on pages 47 to 72.




Page 42 Crescent Gold Limited                                                                                                                                                                                                                                      Annual Report 2005        Page 4
    Statement of Financial Position                                                                                                          Statement of Cash Flows
    as at 30 June 2005                                                                                                                       for the Financial Year Ended 30 June 2005
                                                                                                                                                                                                                            NOTE                                COMPANY
                                                                                  NOTE                                COMPANY                                                                                                                                    INFLOWS
                                                                                                            2005                  2004                                                                                                                         (OUTFLOWS)
                                                                                                              $                     $                                                                                                                   2005                 2004
    CURRENT ASSETS                                                                                                                                                                                                                                        $                    $
       Cash Assets                                                                 21(a)                2,138,587                1,868,173   CASH FLOWS FROM OPERATING ACTIVITIES
       Receivables                                                                  5                     227,639                  302,308   Payments to Suppliers and Employees                                                                    (1,978,506)         (1,190,315)
                                                                                                                                             Interest Received                                                                                          173,881              95,448
    Total Current Assets                                                                                2,366,226                2,170,481   Interest and Other Costs of Finance Paid                                                                 (217,724)             (9,913)
                                                                                                                                             Receipts from Customers                                                                                      6,174              21,961
    NonCurrent Assets
        Property, Plant and Equipment                                                6                    549,516                  937,082   Net Cash used in Operating Activities                                           21(b)             (2,016,175)             (1,082,819)
        Receivables                                                                  5                     44,225                   41,000
        Exploration and Evaluation Expenditure                                       7                 10,193,156                7,122,145   CASH FLOWS FROM INVESTING ACTIVITIES
        Other Financial Assets                                                       8                  2,375,990                2,589,126   Payments for Exploration Activities                                                                    (3,710,999)         (3,476,715)
                                                                                                                                             (Deposit)/Refund for Environmental Bonds                                                                   213,136         (2,589,126)
    Total NonCurrent Assets                                                                           13,162,887               10,689,353   Payments for Plant and Equipment                                                                          (35,898)            (98,220)
                                                                                                                                             Deposits Paid                                                                                               (3,225)           (41,000)
                                                                                                                                             Proceeds on Sale of Assets                                                                                    8,970            210,659
    TOTAL ASSETS                                                                                      15,529,113            12,859,834

                                                                                                                                             Net Cash used in Investing Activities                                                             (3,528,016)             (5,994,402)
    CURRENT LIABILITIES
       Interest Bearing Liabilities                                                 11                                            100,000
       Payables                                                                      9                      710,495              1,179,446   CASH FLOW FROM FINANCING ACTIVITIES
       Provisions                                                                   10                       17,197                 22,216
                                                                                                                                             Proceeds from Issues of Equity Securities                                                               3,914,605              6,527,981

    Total Current Liabilities                                                                               727,692              1,301,662   Proceeds from Issue of Convertible Notes                                                                2,000,000                      
                                                                                                                                             Payment for Share Issue Costs                                                                                                 (280,020)
    NonCurrent Liabilities                                                                                                                  Repayment of Borrowings
        Interest Bearing Liabilities                                                11                  2,000,000                                                                                                                                   (100,000)                      
        Provisions                                                                  10                  2,344,000                2,587,000
                                                                                                                                             Net Cash Provided by Financing Activities                                                              5,814,605           6,247,961
    Total NonCurrent Liabilities                                                                       4,344,000                2,587,000
                                                                                                                                             Net Increase/ (Decrease) In Cash Held                                                                     270,414              (829,260)
    TOTAL LIABILITIES                                                                                  5,071,692                3,888,662
                                                                                                                                             Cash At The Beginning Of The Financial Year                                                             1,868,173              2,697,433

    Net Assets                                                                                        10,457,421                8,971,172    Cash At The End Of The Financial Year                                           21(a)                  2,138,587           1,868,173

    Equity
        Contributed Equity                                                          12                 32,781,944             28,506,590
        Retained Losses                                                             13               (22,324,523)           (19,535,418)

    TOTAL EQUITY                                                                                      10,457,421                8,971,172                                           Notes to the Financial Statements included on pages 47 to 72.




                                        Notes to the Financial Statements are included on pages 47 to 72.




Page 44 Crescent Gold Limited                                                                                                                                                                                                                               Annual Report 2005      Page 45
    Notes to the Financial Statements                                                                        Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                for the Financial Year Ended 30 June 2005
                                                                                                             1.    Summary of Accounting Policies
                       Note     Contents
                                                                                                             Financial Reporting Framework

                        1       Summary of Accounting Policies                                               The financial report is a general purpose financial report which has been prepared in accordance with the Corporations Act 2001, applicable
                        2       Revenue from Ordinary Activities                                             Accounting Standards and Urgent Issues Group Consensus Views, and complies with other requirements of the law.
                        3       Sales of Assets                                                              The financial report has been prepared on the basis of historical cost and except where stated, does not take into account changing money
                        4       Income Tax                                                                   values or current valuations of noncurrent assets. Cost is based on the fair values of the consideration given in exchange for assets.
                        5       Receivables
                        6       Property, Plant and Equipment                                                Significant Accounting Policies
                        7       Exploration Tenements
                                                                                                             Accounting Policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of
                        8       Other Financial Assets
                                                                                                             relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.
                        9       Current Accounts Payable
                       10       Provisions                                                                   The following significant Accounting Policies have been adopted in the preparation and presentation of the financial report:
                       11       Interest Bearing Liabilities                                                      a) Going Concern
                       12       Contributed Equity
                       13       Retained Losses                                                                        The Directors have prepared the financial statements on a going concern basis, which contemplates continuity of normal business
                                                                                                                       activities and the realisation of assets and extinguishment of liabilities in the ordinary course of business and at the amounts recorded
                       14       Directors’ and Executives’ Remuneration                                                in the financial statements.
                       15       Directors and Employees Share and Options Plans
                                                                                                                       The Company will be required to raise additional capital and/or debt finance in order to fund its planned exploration program and to
                       16       Remuneration of Auditors
                                                                                                                       commercialise its tenement assets. If the Company does not raise further capital or debt finance in the short term, it can continue
                       17       Earnings per Share                                                                     as a going concern by reducing planned, but not committed, exploration expenditure until funding is available and/or by entering into
                       18       Contingent Liabilities                                                                 joint venture arrangements.
                       19       Segment Information                                                                    The Directors believe the going concern basis of accounting is appropriate as the Company has a successful track record in raising
                       20       Related Party Disclosures and Director and Specified Executive Disclosures             funds via either debt or equity, this is supported by the receipt of funds totalling $1,500,000 through the issue of convertible notes
                       21       Notes to the Statement of Cash Flows                                                   after year end as disclosed in the subsequent events note (note 25). On this basis the directors believe they will be able to obtain
                                                                                                                       further funding to commercialise the tenement assets in the form currently envisaged.
                       22       Financial Instruments
                       23       Commitments for Expenditure                                                       b) Accounts Payable
                       24       Employee Benefits
                                                                                                                       Trade payables and other accounts payable are recognised when the Company becomes obliged to make future payments resulting
                       25       Subsequent Events                                                                      from the purchase of goods and services.
                       26       International Financial Reporting Standards (‘IFRS’)
                                                                                                                  c)   Acquisition of Assets

                                                                                                                       Assets acquired are recorded at the cost of acquisition, being the purchase consideration determined as at the date of acquisition
                                                                                                                       plus costs incidental to the acquisition.

                                                                                                                       In the event that settlement of all or part of the cash consideration given in the acquisition of an asset is deferred, the fair value of
                                                                                                                       the purchase consideration is determined by discounting the amounts payable in the future to their present value as at the date of
                                                                                                                       acquisition.




Page 4 Crescent Gold Limited                                                                                                                                                                                                  Annual Report 2005          Page 4
    Notes to the Financial Statements                                                                                                                       Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                               for the Financial Year Ended 30 June 2005
    1.    Summary of Accounting Policies (continued)
                                                                                                                                                            1. Summary of Accounting Policies (continued)
         d) Interest Bearing Liabilities  Borrowings
                                                                                                                                                                h) Foreign Currency
              Loans are recorded at an amount equal to the net proceeds received. Interest expense is recognised on an accrual basis.
                                                                                                                                                                     All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date of the
              Ancillary costs incurred in connection with the arrangement of borrowings are deferred and amortised over the period of the                            transaction. Foreign currency monetary items at reporting date are translated at the exchange rate existing at that date.
              borrowing.
                                                                                                                                                                i)   Income Tax
         e) Depreciation
                                                                                                                                                                     Taxeffect accounting principles are adopted whereby income tax expense is calculated on pretax accounting profits after adjustment
              Depreciation is provided on property, plant and equipment, but excluding land and freehold buildings. Depreciation is calculated on                    for permanent differences. The taxeffect of timing differences, which occur when items are included or allowed for income tax
              a straight line basis so as to write off the net cost of each asset over its expected useful life. The following estimated useful lives are            purposes in a period different to that for accounting, is shown at current taxation rates in deferred income tax and income tax benefit,
              used in the calculation of depreciation:                                                                                                               as applicable.

              Plant and equipment                                   5 years                                                                                          The net future income tax benefit relating to tax losses and timing differences is not carried forward as an asset unless the benefit is
              Office furniture and equipment                        4 years                                                                                          virtually certain of being realised.
              Computer equipment                                    3 years
                                                                                                                                                                j)   Receivables
         f)   Employee Benefits
                                                                                                                                                                     Trade receivables and other receivables are recorded at amounts due less any allowance for doubtful debts.
              A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when
              it is probable that settlement will be required and they are capable of being measured reliably.                                                  k)   Recoverable Amount of NonCurrent Assets

              Liabilities recognised in respect of wages and salaries, annual leave and other employee benefits expected to be settled within 12                     Noncurrent assets are written down to recoverable amount where the carrying value of any noncurrent asset exceeds recoverable
              months, are measured at their nominal values, using the remuneration rates expected to be used at the time of settlement.                              amount. In determining the recoverable amount of noncurrent assets, the expected net cash flows have not been discounted to their
                                                                                                                                                                     present value.
              Liabilities recognised in respect of other employee entitlements which are not expected to be settled within 12 months are measured
              as the present value of the estimated future cash outflows to be made by the company in respect of services provided by employees                 l)   Revenue Recognition
              up to the reporting date.
                                                                                                                                                                     Sale of Goods and Disposal of Assets:
         g) Financial Instruments Issued by the Company
                                                                                                                                                                     Revenue from the sale of goods and disposal of other assets is recognised when the company has passed control of the goods or
              Debt and Equity Instruments:                                                                                                                           other assets to the buyer.

              Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual                    m) Goods and Services Tax
              arrangement.
                                                                                                                                                                     Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:
              Transaction Costs on the Issue of Equity Instruments:
                                                                                                                                                                          (i) Where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of
              Transactions cost arising on the issue of equity instruments are recognised directly in equity as a reduction of the proceeds of the                            acquisition of an asset or as part of an item of expense; or
              equity instruments to which the costs relate. Transaction costs are the costs that are incurred directly in connection with the issue of                    (ii)For receivables and payables which are recognised inclusive of GST.
              those equity instruments and which would not have been incurred had those instruments not been issued.
                                                                                                                                                                     The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivable or payables.
              Interest:
                                                                                                                                                                     Cash flows are included in the statement of cash flows on a gross basis. The GST component of cash flows arising from investing and
              Interest is classified as an expense consistent with the statement of financial position classification of the related debt or equity                  financing activities which is recoverable from, or payable to, the taxation authority is classified as operation cash flows.
              instruments.




Page 4 Crescent Gold Limited                                                                                                                                                                                                                                               Annual Report 2005          Page 4
    Notes to the Financial Statements                                                                                                                    Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                            for the Financial Year Ended 30 June 2005
    1. Summary of Accounting Policies (continued)                                                                                                        1. Summary of Accounting Policies (continued)

        n) Exploration and Evaluation Expenditure                                                                                                             p) Provision for Rehabilitation

            Exploration and evaluation expenditure is accumulated separately for each area of interest. Such expenditure comprises net direct                      Provision is made for estimated rehabilitation expenditure, decommissioning and closure costs using the incremental method on a
            costs, but does not include general overheads or administrative expenditure not having a specific nexus with a particular area of                      ‘units of production’ basis over the life of the mine from the time production commences. Future total mine completion costs are
            interest. Expenditure in respect of any area of interest or mineral resource is carried forward provided that:                                         estimated annually on an undiscounted basis taking into account all current environmental and legal requirements and are adjusted
                                                                                                                                                                   on a prospective basis.
            (a)          The Company’s rights of tenure to that area of interest are current; and
                                                                                                                                                                   Rehabilitation costs recognised include regrading of waste dumps, revegetation and erosion and drainage control, in order to allow
                  (i)        Such costs are expected to be recouped through successful development and exploitation of the area of interest or,                    for relinquishment of mining titles in accordance with the licence conditions. Rehabilitation costs associated with exploration and
                             alternatively by its sale; or                                                                                                         evaluation activities are treated as exploration and evaluation expenditure.

                  (ii)       Exploration and/or evaluation activities in the areas of interest have not yet reached a stage which permits a reasonable
                             assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in,                                                                                                                      COMPANY
                             or in relation to, the area is continuing.                                                                                                                                                                                             2005                 2004
                                                                                                                                                                                                                                                                      $                    $
            Identifiable exploration assets acquired from another mining company are recognised as assets at their cost of acquisition, as
            determined by the requirements of AASB1015 “Acquisition of Assets”. Exploration assets acquired are carried forward provided                 2. REVENUE FROM ORDINARY ACTIVITIES
            that point (a) and either of point (i) and (ii) set out above are met. Exploration and evaluation expenditure incurred subsequent to         The operating profit before income tax includes the
            acquisition in respect of an exploration asset acquired, is accounted for in accordance with the policy outlined above for exploration       following items of revenue and expense:
            expenditure incurred by or on behalf of the Company.
                                                                                                                                                         Operating Revenue
            Acquired exploration assets are not written down below acquisition costs until such time as the acquisition cost is not expected to be       Interest received or receivable                                                                             204,980              127,723
            recovered. Exploration expenditure which no longer satisfies the above policy is written off. Evaluation expenditure for each area of
                                                                                                                                                         Other sundry revenue                                                                                          6,174               21,961
            interest or mineral resource is carried forward, but only to the extent to which its recoupment out of revenue to be derived from the
            relevant area of interest or mineral resource, or from sale of that area of interest, is reasonably assured.
                                                                                                                                                                                                                                                                     211,154              149,684
            When an area of interest is abandoned, any expenditure carried forward in respect of that area is written off.                               NonOperating Revenue
                                                                                                                                                         Proceeds on disposal of fixed assets                                                                          8,970              210,659
        o) Provisions
                                                                                                                                                                                                                                                                     220,124              360,343
            Provisions are recognised when the company has a present obligation, the future sacrifice of economic benefits is probable, and the
            amount of the provision can be measured reliably.                                                                                            Expenses
                                                                                                                                                         Written down value of assets sold                                                                            10,000              160,000
            When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable
            is recognised as an asset if it is probable that recovery will be received and the amount of the receivable can be measured reliably.
                                                                                                                                                         3. SALES OF ASSETS
            The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting
            date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cashflows          Sales of assets in the ordinary course of business have given rise to the
            estimated to settle the present obligation, its carrying amount is the present value of those cashflows.                                     following profits and losses:

                                                                                                                                                         Net (Loss)/Profit

                                                                                                                                                         Property, plant and equipment                                                                                (1,030)              50,659




Page 50 Crescent Gold Limited                                                                                                                                                                                                                                          Annual Report 2005        Page 5
    Notes to the Financial Statements                                                                                                            Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                    for the Financial Year Ended 30 June 2005
                                                                                                                         COMPANY
                                                                                                                 2005                2004        6. PROPERTY, PLANT AND EQUIPMENT
                                                                                                                   $                   $
    4. INCOME TAX                                                                                                                                                                                                               Laverton
                                                                                                                                                                                      Office Furniture      Computer           Furniture         Land &
      a)     The prima facie income tax expense on pretax                                                                                                                             & Equipment          Equipment         & Equipment       Buildings        Plant         TOTAL
             accounting profit reconciles to the income tax                                                                                                                                   $                 $                  $                $              $             $
             expense in the financial statements as follows:
                                                                                                                                                   Gross Carrying Amount
                                                                                                             (2,789,105)           (2,582,071)     Balance at 30 June 2004                       21,915       105,528                              36,000    1,100,000      1,263,443
        Loss from Ordinary Activities
                                                                                                                                                   Additions                                      3,074        25,310            7,515                                         35,899
                                                                                                                                                   Write down to Recoverable Amount                                                                       (161,203)      (161,203)
                                                                                                                                                   Disposals                                      (595)                                         (10,000)                    (10,595)
             Income tax expense/benefit calculated at 30%
                                                                                                                                                   Balance at 30 June 2005                       24,394       130,838            7,515              26,000      938,797      1,127,544
             (2004 – 30%) of loss from ordinary activities                                                     (836,731)            (774,621)

             Permanent Differences                                                                                                         
                                                                                                                                                   Accumulated Depreciation
             Nondeductible expenses                                                                                                   8,804
                                                                                                                                                   Balance at 30 June 2004                  (12,335)          (20,693)                                        (293,333)     (326,361)
                                                                                                                                                   Disposals                                     595                                                                            595
             Timing differences and tax losses not brought to
                                                                                                                                                   Depreciation expense                      (6,906)          (27,259)          (4,814)                        (213,283)     (252,262)
             account as future income tax benefits                                                              836,731               765,817
                                                                                                                                                   Balance at 30 June 2005                  (18,646)          (47,952)          (4,814)                        (506,616)     (578,028)
             Income tax expense attributable to loss from
                                                                                                                                                   Net Book Value
             ordinary activities                                                                                                            
                                                                                                                                                   As at 30 June 2004                             9,580        84,835            1,000             35,000        806,667       937,082
                                                                                                                                                   As at 30 June 2005                             5,749        82,886            2,701             26,000        432,181       549,516
        b)   Future income tax benefits not brought to account
              as assets, calculated at 30% (2004  30%):
                                                                                                                                                   Plant relates to the treatment plant and campsite at Laverton. During the year, the values of these assets were assessed by an external
             Tax losses – revenue                                                                             2,201,459             1,274,490      valuer which resulted in a write down to its recoverable value of $432,181.
             Timing differences                                                                                 260,900                90,238
             Recognition of tax losses from prior years not brought into account                              1,933,643                     
                                                                                                                                                                                                                               NOTE                             COMPANY
                                                                                                              4,396,002             1,364,728                                                                                                            2005                 2004
                                                                                                                                                                                                                                                           $                    $

        The taxation benefits of tax losses and timing differences not brought to account will only be obtained if:                                Aggregate depreciation allocated, whether
                                                                                                                                                   recognised as an expense or capitalised as
        a)    Assessable income is derived of a nature and of amount sufficient to enable the benefit from the deductions to be realised;          part of the carrying amount of other assets
        b)    Conditions for deductibility imposed by the law are complied with; and                                                               during the year:
        c)    No changes in tax legislation adversely affect the realisation of the benefit from the deductions.
                                                                                                                                                   Office furniture and equipment                                                                           6,905               11,925
                                                                                                                                                   Computer Equipment                                                                                      27,259               17,439
    5. RECEIVABLES                                                                                                                                 Laverton Furniture and Equipment                                                                         4,814                    
                                                                                                                                                   Plant                                                                                                  213,283              220,000
        Current
        Trade Receivables                                                                                          28,988                                                                                                                                252,261              249,364
                                                                                                                                                   Plant and Equipment
        Interest Receivable                                                                                        31,099              32,275
        GST Receivable                                                                                             95,585             161,286
        Other Receivables                                                                                          71,967             108,747
                                                                                                                  227,639             302,308




        NonCurrent
        Office Premises Bond – This deposit is restricted.                                                            41,000           41,000
        Funds Advanced to Related Entity                                                                               3,225                
                                                                                                                      44,225           41,000




Page 52 Crescent Gold Limited                                                                                                                                                                                                                                Annual Report 2005        Page 5
    Notes to the Financial Statements                                                                                                           Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                   for the Financial Year Ended 30 June 2005
                                                                                    NOTE                             COMPANY                                                                                                        NOTE                        COMPANY
                                                                                                              2005                 2004                                                                                                                 2005                  2004
                                                                                                                $                    $                                                                                                                    $                     $
    7. EXPLORATION TENEMENTS                                                                                                                    12. CONTRIBUTED EQUITY
                                                                                                                                                    135,617,326 fully paid ordinary shares
        Balance at beginning of the year                                                                     7,122,145            4,600,149         (2004: 102,370,485)                                                              (a)              33,192,926          28,714,972
        Transfer to land and buildings                                                                                           (196,000)         Less share issue costs                                                                             (997,910)           (795,310)
        Additions                                                                                            3,828,749            3,700,715         Option consideration                                                                                 586,928             586,928
        Expenditure written off                                                                              (757,738)            (982,719)
                                                                                                                                                                                                                                                      32,781,944          28,506,590
        Balance at end of year                                                                              10,193,156            7,122,145

                                                                                                                                                a) Movements in Ordinary Share Capital – Year Ended 30 June 2005
    8. OTHER FINANCIAL ASSETS                                                                                                                      Description                                   Date                           Issue Price            Shares             $

        Term Deposits                                                                                        2,375,990            2,589,126
                                                                                                                                                    Opening Balance                                                                                  102,370,485          28,714,972
                                                                                                                                                    Share Issue                                         30/07/2004              $    0.120               600,000              72,000
                                                                                                                                                    Share Placement                                     20/01/2005              $    0.135             4,200,000             567,000
        The term deposit represents monies paid as mining                                                                                           Share Placement                                     25/01/2005              $    0.135             2,800,000             378,000
        bonds for the refurbishment of the treatment plant                                                                                          Share Placement                                      3/03/2005              $    0.120               100,000              12,000
                                                                                                                                                    Rights Issue                                        23/03/2005              $    0.135             2,734,634             369,176
    9. CURRENT ACCOUNTS PAYABLE                                                                                                                     Share Issue                                         29/03/2005              $    0.135             1,800,000             243,000
                                                                                                                                                    Share Issue                                          4/04/2005              $    0.135               250,000              33,750
        Trade payables                                                                                         710,495            1,179,446         Shortfall Rights Issue                               6/04/2005              $    0.135            19,259,463           2,600,028
                                                                                                                                                    Rebate Share Issue                                   6/04/2005              $    0.135             1,500,544             202,573
                                                                                                               710,495            1,179,446         Share Issue                                         28/04/2005              $    0.200                 2,000                 400
                                                                                                                                                    Balance of Rebate Share Issue                        6/05/2005              $    0.135                   200                  27

                                                                                                                                                    Balance at end of financial year                                                                 135,617,326          33,192,926
    10. PROVISIONS

        Current:                                                                                                                                    Movements in Ordinary Share Capital – Year Ended 30 June 2004
        Employee benefits                                                                                       17,197               22,216
                                                                                                                                                    Description                                   Date                          Issue Price            Shares             $
                                                                                                                                                                                                                                                                                       .
                                                                                                                                                    Opening Balance                                                                                   64,353,546          22,097,991
        NonCurrent:                                                                                                                                Placement                                           14/10/2003              $    0.230             5,829,565           1,340,800
        Provision for Rehabilitation                                                                                                                Placement                                           24/10/2003              $    0.230             1,505,435             346,250
                                                                                                                                                    Share Issue                                          4/12/2003              $    0.300             1,295,846             388,754
        Balance at beginning of the year                                                                     2,587,000            2,462,000         Settlement                                          19/02/2004              $    0.165               600,000              99,000
        Additions                                                                                              256,000              125,000         Placement                                           16/02/2004              $    0.160             5,937,500             950,000
        Retired                                                                                              (499,000)                             Placement                                           20/02/2004              $    0.160             4,375,000             700,000
                                                                                                                                                    Share Purchase Plan                                 22/04/2004              $    0.170             1,056,926             179,677
        Balance at end of the year                                                                           2,344,000            2,587,000         Placement                                            9/06/2004              $    0.150            13,333,334           2,000,000
                                                                                                                                                    Placement                                            9/06/2004              $    0.150               500,000              75,000
                                                                                                                                                    Placement                                           21/06/2004              $    0.150             3,333,333             500,000
        For a description of this provision, refer to Note 1 (p).                                                                                   Placement                                           21/06/2004              $    0.150               250,000              37,500

    11. INTEREST BEARING LIABILITIES                                                                                                                Balance at end of financial year                                                                 102,370,485          28,714,972

        Current:                                                                                                                                    Fully paid ordinary shares carry one vote per share and carry the right to dividends.
        Unsecured: Loan from a Director related entity                                                                             100,000
                                                                                                                                                b) Movement in Contributed Equity during the Financial Year
        NonCurrent:                                                                                                                                 A total of 38,246,841 new shares were issued during the year ended 30 June 2005.
        Convertible Notes                                                                                    2,000,000                              (2004 : 38,016,939)
                                                                                                                                                       Issued Capital                                          2005                      2004           2005                2004
        The convertible notes are convertible at 20 cents each on or before 1 October 2006 and earn interest at 9% which is paid quarterly in                                                              No. of Shares             No. of Shares        $                   $
        arrears.                                                                                                                                       Balance at the beginning of the year:                 102,370,485              64,353,546      28,714,972          22,097,991
                                                                                                                                                       Issued during the year                                 33,246,841              38,016,939       4,477,954           6,616,981

                                                                                                                                                       Balance at the end of the year                         135,617,326             102,370,485     33,192,926          28,714,972


Page 54 Crescent Gold Limited                                                                                                                                                                                                                             Annual Report 2005         Page 55
    Notes to the Financial Statements                                                                                                                  Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                          for the Financial Year Ended 30 June 2005
    b) Movement in Contributed Equity during the Financial Year continued                                                                              13.    DIRECTORS’ AND EXECUTIVES’ REMUNERATION continued

                                                                                                                        COMPANY                              Elements of Director and Executive Remuneration
                                                                                                                                                             Remuneration packages contain the following key elements:
                                                                                                                 2005                 2004
                                                                                                                   $                    $                    a)    Primary benefits – consulting fees based on an agreed daily rate;
           Share Issue Costs                                                                                                                                 b)    Postemployment benefits – none of the directors or executive are paid postemployment benefits;
           Balance at the beginning of the year                                                                 (795,310)             (515,290)              c)    Equity – shares and share options are issued under the Directors and Employees Share or Option Plans based on the criteria set out
           Issued during the year                                                                               (202,600)             (280,020)                    in the plan; and
                                                                                                                                                             d)    Other benefits.
           Balance at the end of the year                                                                       (997,910)             (795,310)
                                                                                                                                                             The following table discloses the remuneration of the directors of the company during the financial year.

                                                                                                                                                                                                  Primary                        Post Employment                         Equity                     Other
           Option Consideration Capital                                                                                                                                             Salary                     Non           Super    Prescribed                    Shares Options               Benefits
           Balance at the beginning of the year                                                                   586,928              576,928                                      & Fees         Bonus      monetary       annuation   Benefits        Other                                                     Total
                                                                                                                                                             Name                      $             $           $               $          $              $            $              $               $             $
           Issued during the year                                                                                                      10,000

           Balance at the end of the year                                                                         586,928              586,928               A J Haythorpe         91,800                                                                                                             91,800
                                                                                                                                                             N T O’Loughlin        77,500                                                                                                             77,500
                                                                                                                                                             C M New               92,300                                                                                       300                    92,600
                                                                                                                                                             R Hill                14,681                                                                                                             14,681
    2. RETAINED LOSSES                                                                                                                                       A S Phillips          65,680                                                                                                             65,680
                                                                                                                                                             (resigned 24 March 2005)
                                                                                                                                                                                                                                                                              (1)
        Retained losses at the beginning of the year                                                         (19,535,418)          (16,953,347)              D L Gallegos         125,100                                                                       243,000                               368,100
        Net loss attributable to members of the parent entity                                                 (2,789,105)           (2,582,071)              (resigned 24 March 2005)
                                                                                                                                                             (1)    These shares were issued to GM Resources Pty Ltd at $0.135 when the criteria of Item 12 of the November 2002 Prospectus was
        Retained losses at the end of the year                                                               (22,324,523)          (19,535,418)
                                                                                                                                                                    met.

                                                                                                                                                             The following table discloses the remuneration of the executives of the company:

    14. DIRECTORS’ AND EXECUTIVES’ REMUNERATION                                                                                                                                                   Primary                          Post Employment                                          Other
                                                                                                                                                                                        Salary                 Non            Super      Prescribed                    Equity            benefits
        Remuneration report                                                                                                                                                             & Fees     Bonus      monetary        annuation     benefits            Other                                      Total
        The Board reviews the packages of all directors and executive officers with due regard to performance and other relevant factors. In order           Name                          $         $           $                $            $                  $           $               $             $
        to retain and attract executives of sufficient calibre to facilitate the efficient and effective management of the Company’s operations, the
        Board seeks the advice of external advisers in connection with the structure of remuneration packages. The Company is in the process                 A P Spinks             112,338                                                                             1,500                    113,838
        of establishing relevant performance criteria for the roles of directors and executives as part of its compliance with Corporate Governance          B A C Morrin            59,318                                    16,239                                                             75,557
        requirements.                                                                                                                                        (resigned 5 November 2004)


        Elements of remuneration related to performance
        The services provided by directors and executives include business opportunity identification and evaluation, restructuring and                     Value of options issued to directors and executives
        reorganising advice, litigation management, assistance with refinancing and general administrative services. The fees for services were
        made at normal commercial rates and on an armslength basis. At this point in time remuneration is not linked to the performance of the                                               Options         Options        Options      Total value of                  Value of                   Percentage
        company.                                                                                                                                                                              Granted        Exercised       Lapsed          options                      options                      of total
                                                                                                                                                                                                                                            granted,                    included in                 remuneration
                                                                                                                                                             Value at                         Value at       Value at exercised, and      remuneration                  for the year
        Director and Executive Details
                                                                                                                                                                                             grant date      exercise    time of             lapsed                     for the year                  that consists
        The directors of Crescent Gold Limited during the year were:
                                                                                                                                                                                                               date       lapse                                                                         of options
                                                                                                                                                             Name                                 $             $            $                    $                               $                         $
        A J Haythorpe           (Managing Director)
        N T O’ Loughlin         (Executive Director)
                                                                                                                                                             C M New              (1)              300                                           300                          300                         0.3%
        C M New                 (Chief Financial Officer and Company Secretary) appointed 24 March 2005
                                                                                                                                                             A P Spinks           (2)            1,500                                         1,500                        1,500                         1.3%
        R Hill                  (NonExecutive Director, acting Chairman) appointed 13 May 2005
                                                                                                                                                             B A C Morrin         (3)            3,750                       3,750                                                                         
        A S Phillips            (Chairman, NonExecutive Director) resigned 24 March 2005
                                                                                                                                                             (resigned 5 November 2004)
        D L Gallegos            (NonExecutive Director) resigned 24 March 2005

        The executives of Crescent Gold Limited during the year were:

        A P Spinks              (Manager Geology)
        B A C Morrin            (Manager Operations) resigned 5 November 2004

Page 5 Crescent Gold Limited                                                                                                                                                                                                                                                       Annual Report 2005                Page 5
    Notes to the Financial Statements                                                                                                                    Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                            for the Financial Year Ended 30 June 2005
    14.        DIRECTORS’ AND EXECUTIVES’ REMUNERATION continued                                                                                         15. DIRECTORS AND EMPLOYEES SHARE AND OPTION PLANS continued

    Value of options – basis of calculation                                                                                                                 Directors and Employees Option Plan
    (1)         These options were granted on 24 March 2005.                                                                                                Description                                                                  Note                      2005                  2004
                                                                                                                                                                                                                                                                    No.                   No.
    (2)         These options were granted on 10 November 2005.                                                                                             Balance at the beginning of the financial year                                (a)                     950,000                      
                                                                                                                                                            Lapsed during the financial year                                              (b)                   (200,000)                      
    (3)         These options were granted on 9 June 2004 and lapsed on 5 December 2004                                                                     Granted during the financial year                                             (c)                     700,000                950,000
                                                                                                                                                            Exercised during the financial year                                           (d)                                                 
    (4)         The total value of options granted, exercised and lapsed is calculated based on the following:                                              Balance at the end of financial year                                                                1,450,000                950,000
          •	    Fair value of the option at grant date multiplied by the number of options granted during the year’ plus
          •	    Fair value of the option at the time it is exercised multiplied by the number of options exercised during the year; plus                    (a) Balance at the beginning of the financial year ended 30 June 2005
          •	    Fair value of the option at the time of lapse multiplied by the number of options lapsed during the year.                                   Options  Series                 No.           Grant Date       Expiry/Exercise                 Exercise Price            Fair Value
                                                                                                                                                                                                                                 Date                                                 Received
    (5)      The total value of options included in remuneration for the year is calculated in accordance with Accounting Standard AASB 1046                                                                                                                       $                       $
             ‘Director and Executive Disclosures by Disclosing Entities’, as amended by Accounting Standard AASB 1046A. This requires the                   Issued 31 Dec 2003                  600,000           31/12/03             30/11/05                   $0.20                     
             following:                                                                                                                                     Issued 9 June 2004                  350,000            9/06/04             30/11/05                   $0.20                     
          •	 The value of the options is determined at grant date, and is included in remuneration on a proportionate basis from grant date to vesting
             date. Where the options immediately vest the full value of the option is recognised in remuneration in the current year.                       (b) Lapsed during the year
                                                                                                                                                            Options  Series                      No.            Grant Date        Expiry/Exercise          Exercise Price             Lapsed
                                                                                                                                                                                                                                        Date                                            Date
    15. DIRECTORS AND EMPLOYEES SHARE AND OPTION PLANS                                                                                                                                                                                                             $
                                                                                                                                                            Issued 9 June 2004                   50,000            9/06/04             30/11/05                   $0.20                17/10/04
           The Crescent Gold Limited Directors and Employees Share Plan and the Crescent Gold Limited Directors and Employees Option Plan were              Issued 9 June 2004                  150,000            9/06/04             30/11/05                   $0.20                 5/12/04
           established on 31 October 2002 as approved by shareholders at the annual general meeting held on that day.
                                                                                                                                                            (c) Granted during the financial year ended 30 June 2005
           Directors and Employees Share Plan                                                                                                               Options  Series                  No.        Grant Date                Expiry/Exercise          Exercise Price            Fair Value
           As at 30 June 2005, no shares have been issued under the Directors and Employee Share Plan.                                                                                                                                  Date                                          Received
                                                                                                                                                                                                                                                                   $                       $
           Description                                                                                                2005                 2004             Issued 10 Nov 2004                  500,000           10/11/04             30/11/05                   $0.20                     
                                                                                                                       No.                  No.             Issued 24 March 2005                200,000           01/12/04             30/11/05                   $0.20                     
           Balance at the beginning of the year                                                                                              
           Issued through the year                                                                                                                            Granted during the financial year ended 30 June 2004
           Balance at the end of the year                                                                                                                 Options  Series                  No.        Grant Date                Expiry/Exercise          Exercise Price            Fair Value
                                                                                                                                                                                                                                        Date                                          Received
                                                                                                                                                                                                                                                                   $                       $
           Directors and Employees Option Plan                                                                                                              Issued 31 Dec 2003                  600,000           31/12/03             30/11/05                   $0.20                     
                                                                                                                                                            Issued 9 June 2004                  350,000            9/06/04             30/11/05                   $0.20                     
           The purpose of this plan is to:
           •	    reward Directors, consultants and employees for their past performance;                                                                    (d) Exercised during the financial year
           •	    provide long term incentives for participation in the Company’s future growth;                                                             At the date of this report none of the Directors and Employees Options have been exercised.
           •	    motivate Directors and generate loyalty from senior employees and consultants; and
           •	    assist to retain the services of valuable employees and consultants.                                                                       The difference between the total market value of options issued during the financial year, at the date of issue, and the total amount
                                                                                                                                                            received from Executives and Employees is not recognised in the financial statements except for the purpose of determining Director’s
           These options are exercisable at 20 cents on or before 30/11/2005 and are unlisted and nontransferable. In the event of termination of          and Executive’s remuneration in respect of the financial year as disclosed in Notes 14 and 15 to the financial statements. The amounts are
           employment the holder has one month to exercise these options or otherwise forfeit them.                                                         disclosed in remuneration in respect of the financial year in which the entitlement was earned.

           As at 30 June 2005, 1,450,000 options have been issued to employees and consultants under the Directors and Employees Option Plan.
           These options vest at the date of issue.                                                                                                      16. REMUNERATION OF AUDITORS

                                                                                                                                                                    Auditor of the Parent Entity
                                                                                                                                                                    Auditing or review of the financial report                                                  34,200                   29,000


                                                                                                                                                            The auditor of the company is Deloitte Touche Tohmatsu.




Page 5 Crescent Gold Limited                                                                                                                                                                                                                                         Annual Report 2005           Page 5
    Notes to the Financial Statement                                                                                                               Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                      for the Financial Year Ended 30 June 2005
    17. EARNINGS PER SHARE                                                                                    2005                    2004           18. CONTINGENT LIABILITIES
                                                                                                             cents per             cents per
                                                                                                               share                 share           The Company has a contingent liability in respect to an amount claimed by Australian Posters Pty Ltd which is the subject of current
                                                                                                                                                     litigation. The claim amounts to $328,200 plus interest and costs. On the 23 July 2004, the Company submitted that it wished to undertake
        Basic (loss) per share                                                                                  (2.49)                 (3.42)
                                                                                                                                                     third party discovery against the various subcontractors engaged by Australian Posters Pty Ltd to install and maintain the posters.
        Diluted (loss) per share                                                                                (2.49)                 (3.42)

        Basic Earnings per Share                                                                                                                     On 9 May 2005, the Judicial Registrar of the NSW District Court heard brief submissions from both parties. She then adjourned the
        The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:              matter to 10 October 2005 after the conclusion of the Queensland proceedings.
                                                                                                            2005                  2004
                                                                                                                                                     The Company has lodged a statutory offer to settle the matter for $100,000 plus costs. No provision has been recorded in the financial
                                                                                                              $                     $
                                                                                                                                                     statements until the final amount can be reliably measured.
        Earnings (a)                                                                                    (2,789,105)            (2,582,071)

                                                                                                                                                     19. SEGMENT INFORMATION
        Weighted average number of ordinary shares (b)                                                    112,189,014             75,512,015
                                                                                                                                                     During the period to 30 June 2005 the Company operated as a gold exploration company in one geographical segment, namely Western
                                                                                                                                                     Australia.
        (a) Earnings used in the calculation of basic earnings per share reconciles to net loss in the statement of financial performance.

        (b) The options and convertible notes are considered to be potential ordinary shares and are therefore excluded from the weighted
            average number of ordinary shares used in the calculation of basic earnings per share. Where dilutive, potential ordinary shares are     20. RELATED PARTY DISCLOSURES AND DIRECTOR AND SPECIFIED EXECUTIVE DISCLOSURES
            included in the calculation of diluted earnings per share (refer below).
                                                                                                                                                     a) Directors’ and Executives’ Remuneration
        Diluted Earnings per Share
        At 30 June 2005, the Company has recorded a loss. As a result Earnings per Share cannot be diluted.                                               Details of Directors’ and Executives’ remuneration are disclosed in note 14 to the financial statements.

        The earnings and weighted average number of ordinary shares used in the calculation of diluted earnings per share are as follows:            b) Director’s Loans
                                                                                                             2005                 2004
                                                                                                               $                     $                    At 30 June 2004 the Company had borrowed the amount of $100,000 from a Director related entity namely Phillips Exploration Pty
                                                                                                    (2,789,105)                (2,582,071)                Ltd, of which Mr Alan Phillips is a Director and shareholder. The loan was unsecured, bearing interest at 10% p.a. and was repaid in
        Earnings (a)
                                                                                                                                                          full on 31 July 2004. Interest charges totalled to $10,877 ($10,028 to 30 June 2004) over the term of this loan.

                                                                                                                                                     c)   Convertible Notes held by Specified Directors
        Weighted average number of ordinary shares and
        potential ordinary shares (b)                                                                     122,189,014             75,512,015
                                                                                                                                                      The following directors hold convertible notes in the company as at 30 June 2005:

        (a) Earnings used in the calculation of diluted earnings per share reconciles to net loss in the statement of financial performance.              Name                           Balance              Net Other               Balance                Balance           Total
                                                                                                                                                                                          1/7/04               change                 30/6/05                 held
        (b) The following potential ordinary shares are not dilutive and are therefore excluded from the weighted average number of ordinary                                                                                                                nominally
            shares and potential ordinary shares used in the calculation of diluted earnings per share.                                                                                     No.                  No.                    No.                    No.               $
                                                                                                                                                          Specified Directors
                                                                                                               2005                  2004                 A J Haythorpe                                        250,000                250,000                              50,000
                                                                                                                No.                   No.                 N T O’Loughlin                                     2,000,000              2,000,000                             400,000
        Options (30/11/05 $0.20)                                                                           66,872,437            37,819,596
        Options (30/11/05 $0.20) Lapsed                                                                     1,440,000                                    These notes are convertible at 20 cents each on or before 1 October 2006 and earn interest at 9% paid quarterly in arrears.
        Options (30/04/04 $2.60) Lapsed                                                                                             56,750               Interest payments totalling $25,529 have been paid to Indi Holding Pty Ltd a company in which Mr N O’Loughlin has an interest and
        Options (30/04/04 $3.00) Lapsed                                                                                          3,145,000               $5,536 have been paid to Tesha Pty Ltd and Ouro Pty Ltd companies in which Mr A Haythorpe has an interest.
        Options (11/04/05 $0.40)                                                                                                   442,750
        Options (11/04/05 $0.40) Lapsed                                                                       442,750                     
        Options (08/08/08 $0.20)                                                                           10,000,000            10,000,000
        Options (09/06/06 $0.15)                                                                           17,416,667            17,416,667
        Options (31/12/07 $0.15)                                                                              500,000                     
        Employee Options                                                                                    1,450,000               950,000
        Convertible Notes (1/10/06 $0.20)                                                                  10,000,000                     
                                                                                                          108,121,854            69,830,763




Page 0 Crescent Gold Limited                                                                                                                                                                                                                                   Annual Report 2005       Page 
    Notes to the Financial Statements                                                                                                                    Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                            for the Financial Year Ended 30 June 2005
        20. RELATED PARTY DISCLOSURES AND DIRECTOR AND SPECIFIED EXECUTIVE DISCLOSURES                                                                   21. NOTES TO THE STATEMENT OF CASH FLOWS
        (continued)                                                                                                                                                                                                                                                        COMPANY
                                                                                                                                                                                                                                                                    2005                 2004
        d)   Specified Directors’ and Specified Executives’ Equity Holdings                                                                                                                                                                                           $                    $
                                                                                                                                                            a) Reconciliation of Cash
             Specified Directors’ and Specified Executives’ shareholdings as at 30 June 2005 are set out below.
                                                                                                                                                                For the purposes of the statement of cashflows, cash includes
             Ordinary Shares issued by Crescent Gold Limited                                                                                                    cash on hand cash and in banks and investments in money market
             Name                    Balance        Granted as                       Received on       Net Other         Balance               Balance          instruments, net of outstanding bank overdrafts. Cash at the end of the
                                     1/7/04          remuner                        exercise of        change           30/6/05                  held          financial year as shown in the statement of cash flows is reconciled to
                                                       ation                           options                                               nominally          the related items in the statement of financial position as follows:
                                       No.              No.                              No.             No.                 No.                   No.
             Specified Directors                                                                                                                                Cash at bank and on hand                                                                         2,138,587              1,868,173
             A J Haythorpe            7,354,625                                                    12,402,875         19,757,500                   
             N T O’Loughlin           5,182,272                                                       149,000          5,331,272                         b) Reconciliation of Operating Loss after
             R Hill                                                                                1,590,000          1,590,000                            income tax to Net Cash Flows used
                                                                                                                                                               in Operating Activities
             Specified Executives
             A P Spinks                        60,000                                                                       60,000                          Loss from ordinary activities after
                                                                                                                                                                income tax                                                                                     (2,789,105)             (2,582,071)
             Of the shares purchased by A J Haythorpe, 8,802,875 were purchased onmarket and 3,600,000 were purchased offmarket. The
             shares purchased by N T O’Loughlin were purchased onmarket.                                                                                       NonCash Items:
                                                                                                                                                                  Depreciation & recoverable value adjustment of
             Options issued by Crescent Gold Limited                                                                                                               plant and equipment                                                                             413,464                249,364
             Name                   Balance       Granted as       Exer       Other        Bal @        Bal         Vested        Vested     Options             Loss (profit) on sale of assets                                                                    1,030                (50,659)
                                     1/7/04        remuner        cised      change       30/6/05    vested @       but not         and       vested             Exploration Written Off                                                                          757,738                982,719
                                                     ation                                             30/6/05        exer         exer      during
                                                                                                                     cisable       cisable       year
                                                                                                                                                                Changes in net assets and liabilities, net of
                                     No.              No.           No.        No.           No.        No.            No.           No.          No.
             Specified Directors
                                                                                                                                                                effects from acquisition and disposal of
             A J Haythorpe       5,857,500                                            5,857,500     5,857,500              5,857,500                       businesses:
             N T O’Loughlin      5,666,667                                            5,666,667     5,666,667              5,666,667            
             C M New                50,000              50,000                           100,000       100,000                100,000       50,000           (Increase)/ decrease in assets:
                                                                                                                                                                    Current receivables                                                                             74,669               (194,997)
             Specified Executives
             A P Spinks               20,000         250,000                            270,000        270,000                  270,000    250,000           Increase/ (decrease) in liabilities:
                                                                                                                                                                   Current trade payables                                                                        (468,952)                505,609
             Options granted to C M New and A P Spinks are issued under the terms of the Directors and Employees Option Plan and are unlisted                      Current provisions                                                                              (5,019)                  7,216
             options exercisable at 20 cents each on or before 30 November 2005. Each option converts into one ordinary share. These options
             carry no voting rights or rights to dividends and are not transferable and must be exercised within one month of termination or                    Net cash (used in) operating activities                                                        (2,016,175)             (1,082,819)
             otherwise forfeited. The fair value of these options at date of issue is C M New $300 and A P Spinks $1,500. During the year none
             of these options were exercised.                                                                                                               c) Noncash Financing and Investing Activities

        e) Other Transactions with Directors                                                                                                                    During the year the Company 2,750,000 shares totalling $360,750 were issued as per the terms of agreements relating to
           During the financial year, the Company reimbursed companies in which Directors have a relevant interest, at normal commercial                        exploration assets. Share issue costs relating to the placing of the Rights Issue Shortfall and totalling $202,600 were settled
           rates, for out of pocket expenses as follows:                                                                                                        through the issue of 1,500,744 shares.

                                                        2005            2004
                     Company                             $                $                 Associated with          Expense Type
                     Phillips Exploration                              13,700              Alan Phillips            GST
                     Strategic Capital Ltd              7,561           28,194              Alan Phillips            Travel and administration
                     Roscious Pty Ltd                   6,774           10,060              Dean Gallegos            Travel and GST
                     GM Resources                                      14,520              Dean Gallegos            Office Rent
                     GM Resources                     243,000                              Dean Gallegos            Share Issue Per Item 12 of
                                                                                                                     November 2002 Prospectus
        f)   Transactions with Other Related Parties
             There were no transactions with other related parties during the financial year (2004 : nil).




Page 2 Crescent Gold Limited                                                                                                                                                                                                                                         Annual Report 2005          Page 
    Notes to the Financial Statements                                                                                                                     Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                             for the Financial Year Ended 30 June 2005
      22. FINANCIAL INSTRUMENTS                                                                                                                            22.   FINANCIAL INSTRUMENTS continued
        a) Significant Accounting Policies                                                                                                                   d) Net Fair Value
           Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement                 The carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their respective net
           and the basis on which revenues and expenses are recognised, in respect of each class of financial asset, financial liability and equity             fair values, determined by reference to discounted future cash flows.
           instrument are disclosed in note 1 to the financial statements.

        b) Interest Rate Risk                                                                                                                              23. COMMITMENTS FOR EXPENDITURE
           The following tables detail the consolidated entity’s exposure to interest rate risk as at 30 June 2005 and 30 June 2004.                                                                                                                                        COMPANY
                                                                                                                                                                                                                                                                     2005                 2004
                                                                                           Less than 1 year                                                                                                                                                            $                    $
                                                   Average             Variable                 Fixed                NonInterest            Total          Operating Lease Commitments – Perth Office Premises
                                                Interest Rate        Interest Rate          Interest Rate                                                   Payable not longer than 1 year                                                                             80,920              78,030
                                                      %                    $                        $                        $               $              Payable longer than 1 year and not longer than 5 years                                                    184,960             265,880
            2005
            Financial Assets                                                                                                                                                                                                                                          265,880             343,910
            Cash assets                                5.0              2,138,587                                                     2,138,587
            Receivables                                                                                               227,639          227,639
            Other financial asset  Deposit           5.25                                    2,420,215                               2,420,215           The operating lease relates to the Perth Office Premises with a lease term of 5 years, with an option to extend a further 5 years. The
                                                                                                                                                            company does not have the option to purchase the property at the expiry of the lease period.
                                                                        2,138,587              2,420,215                 227,639        4,786,441

                                                                                                                                                            Exploration and Mineral Leases
            2004                                                                                                                                            Payable not longer than 1 year                                                                          1,959,227            1,277,658
            Financial Assets
            Cash assets                               4.9               1,868,173                                                     1,868,173
            Receivables                                                                                               302,308          302,308           The Company has certain obligations to perform minimum exploration work and expend minimum amounts of money in order to
            Other financial asset –Deposit5.0                                                 2,589,126                  41,000        2,630,126           maintain rights of tenure over mining and exploration tenements. The annual minimum expenditure will vary from time to time due to the
                                                                        1,868,173              2,589,126                 343,308        4,800,607           acquisition or relinquishment of licences or mining department variations of the commitment levels by the various mining departments.


            2005                                                                                                                                           24. EMPLOYEE BENEFITS
            Financial Liabilities                                                                                                                                                                                                                                           COMPANY
            Trade payables                                                                                             710,495          710,495                                                                                                                    2005                 2004
            Provision for rehabilitation                                                                             2,344,000        2,344,000                                                                                                                      $                    $
            Employee provisions                                                                                         17,197           17,197           The aggregate employee benefit liability
            Interest bearing liabilities              9.0                                     2,000,000                               2,000,000           recognised and included in the financial
                                                                                                                                                            statements is as follows:
                                                                                              2,000,000               3,071,692        5,071,692
                                                                                                                                                            Provision for employee benefits: (note 10)                                                                   17,197              22,216
            2004
                                                                                                                                                            Accrued Directors emoluments (note 9 (a))                                                                    42,000              20,000
            Financial Liabilities
            Trade payables                                                                                           1,179,446        1,179,446                                                                                                                        59,197              42,216
            Provision for rehabilitation                                                                             2,587,000        2,587,000
            Employee provisions                                                                                         22,216           22,216
            Interest bearing liabilities              10.0                                      100,000                                 100,000           (a) Accrued Directors emoluments are included in the current trade payables balance as disclosed in note 9 to the financial report.
                                                                                                100,000               3,788,662        3,888,662
                                                                                                                                                            The Company has 5 employees at 30 June 2005 (June 2004 – 5).


        c) Credit Risk
           Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the consolidated
           entity. The Company has adopted the policy of only dealing with creditworthy counterparties and obtaining sufficient collateral or other
           security where appropriate, as a means of mitigating the risk of financial loss from defaults.

            The Company does not have any significant credit risk exposure to any single counterparty or any group of counterparties having
            similar characteristics.

            The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the
            Company’s maximum exposure to credit risk without taking account of the value of any collateral or other security obtained.


Page 4 Crescent Gold Limited                                                                                                                                                                                                                                           Annual Report 2005           Page 5
    Notes to the Financial Statements                                                                                                                 Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                         for the Financial Year Ended 30 June 2005
      25. SUBSEQUENT EVENTS                                                                                                                            26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING
                                                                                                                                                           STANDARDS (‘AIFRS’) continued
        1.     On 12 July 2005, Crescent Gold Limited acquired all of the shares in RAB Projects Pty Ltd, for consideration of $45,000 cash and the       Design phase
               issue of 1,500,000 Crescent shares.
                                                                                                                                                          The design phase formulated the changes required to existing accounting policies and procedures in order to transition to AIFRS.
               RAB Projects Pty Ltd owns RAB Mining Limited (BVI) which holds 75% of the Xinjiang Joint Venture Company in China.                         The design phase incorporated:

        2.     On 14 July 2005 Crescent Gold Limited signed a Sale and Purchase agreement with AngloGold Ashanti Australia Limited (“Anglo”) to           •	formulation of revised accounting policies and procedures for compliance with AIFRS requirements;
               acquire Anglo’s Laverton exploration interests, royalties and resources to the north, east and south east of Sunrise Dam Gold Mine.        •	identification of potential financial impacts as at the transition date and for subsequent reporting periods prior to adoption of AIFRS;
                                                                                                                                                          •	development of revised AIFRS disclosures; and
               Crescent Gold has agreed to pay Anglo $4.4m in cash, of which $250,000 was paid on 13 July 2005 with the balance due on or before          •	identification of required changes to financial reporting and business source systems.
               December 2006. The purchase and elimination of the royalties substantially enhances the project economics.
                                                                                                                                                          The design phase was completed prior to the signing of this report.
        3.     On 30 August 2005 Crescent Gold Limited received funds totalling $1,500,000 through the issue of 10,000,000 convertible notes
               convertible at 15 cents on or before 31 March 2007 and at an interest rate of 6% per annum payable six monthly in arrears. These
               funds are to be used for further drilling at Sickle.                                                                                       Implementation phase

        4.     On 31 August 2005 Crescent Gold Limited signed a Binding Sale and Purchase Heads of Agreement with Finching Pty Ltd and                    The implementation phase included implementation of identified changes to accounting and business procedures and enables
               Mundena Pty Ltd to acquire seven exploration licences located in the Northern Territory for $600,000, payable $50,000 on signing           the consolidated entity to generate the required reconciliations and disclosures of AASB 1 First Time Adoption of Australian
                                                                                                                                                          Equivalents to International Financial Reporting Standards.
               and the balance payable in cash or securities, at Crescent’s sole discretion, on or before the date which is 12 months after the
               granting of the first exploration licence.                                                                                                 This phase was completed prior to the signing of this report.
               The financial effect of these subsequent events has not been recognised in these financial statements.
                                                                                                                                                          Impact of transition to AIFRS

      26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING                                                                  The impact of transition to AIFRS, including the transitional adjustments disclosed in the reconciliations from current Australian GAAP
                                                                                                                                                          to AIFRS, and the selection and application of AIFRS accounting policies, are based on AIFRS standards that management expect to
          STANDARDS (‘AIFRS’)                                                                                                                             be in place, or where applicable, early adopted, when preparing the first complete AIFRS financial report (being the halfyear ending
                                                                                                                                                          31 December 2005). Only a complete set of financial statements and notes together with comparative balances can provide a true
             For annual reporting periods ending on or after 30 June 2005, Accounting Standards AASB 1047 ‘Disclosing the Impacts of Adopting             and fair presentation of the Company’s financial position, results of operations and cash flows in accordance with AIFRS. This note
                                                                                                                                                          provides only a summary, therefore, further disclosure and explanations will be required in the first complete AIFRS financial report for
             Australian Equivalents to International Financial Reporting Standards; requires disclosure of:                                               a true and fair view to be presented under AIFRS.
               •        any known or reliably estimable information about the impacts on the financial report had it been prepared                        There is a significant amount of judgement involved in the preparation of the reconciliations from current Australian GAAP to AIFRS,
                        using AIFRS; and                                                                                                                  consequently the final reconciliations presented in the first financial report prepared in accordance with AIFRS may vary materially
                                                                                                                                                          from the reconciliations provided in this note.
               •        if the impacts are not known or reliably estimable, a statement to that effect.
                                                                                                                                                          Revisions to the selection and application of the AIFRS accounting policies may be required as a result of:
             For reporting periods beginning on or after 1 January 2005, the Company must comply with Australian equivalents to International
             Financial Reporting Standards (AIFRS) as issued by the Australian Accounting Standards Board.                                                •	changes in financial reporting requirements that are relevant to the Company’s first complete AIFRS financial report arising from
             This financial report has been prepared in accordance with Australian accounting standards and other financial reporting                     new or revised accounting standards or interpretations issued by the Australian Accounting Standards Board subsequent to the
             requirements (Australian GAAP) applicable for reporting periods ended 30 June 2005.                                                          preparation of the 30 June 2005 financial report;
                                                                                                                                                          •	additional guidance on the application of AIFRS in a particular industry or to a particular transaction; and
             Transition management                                                                                                                        •	changes to the Company’s operations.
             Since the issue of the Company’s halfyearly report for the year ended 31 December 2004 the directors have continued to monitor              Where the application or interpretation of an accounting standard is currently being debated, the accounting policy adopted reflects
             the developments in AIFRS and the potential impact it will have on the Company. In doing so, the company obtained assistance from            management’s current assessment of the likely outcome of those deliberations. The uncertainty relating to the accounting guidance
             external advisers.                                                                                                                           is disclosed in the relevant accounting policy note and where practicable, the expected impact of the alternative interpretation is also
                                                                                                                                                          disclosed.
             The Company is expected to be in a position to fully comply with the requirements of AIFRS for the halfyear report for the halfyear
             ending 31 December 2005 and the annual financial report for the year ending 30 June 2006.
                                                                                                                                                          The rules for first time adoption of AIFRS are set out in AASB 1 First Time Adoption of Australian Equivalents to
             Assessment and planning phase                                                                                                                International Financial Reporting Standards. In general, AIFRS accounting policies must be applied retrospectively to
                                                                                                                                                          determine the opening AIFRS balance sheet as at transition date, being 1 July 2004. The Standard allows a number of exemptions to
             The assessment and planning phase generated a high level overview of the impacts of conversion to AIFRS on existing accounting               this general principle to assist in the transition to reporting under AIFRS. The accounting policies note includes details of the AASB 1
             and reporting policies and procedures. This phase included:                                                                                  elections adopted.

             	 •	       high level identification of the key differences in accounting policies and disclosures that are expected to arise from
                        adopting AIFRS; and
             	 •	       assessment of new information requirements affecting management information systems, as well as the impact on the
                        business and its key processes.

             The assessment and planning phase was completed prior to the signing of this report.




Page  Crescent Gold Limited                                                                                                                                                                                                                                       Annual Report 2005          Page 
    Notes to the Financial Statements                                                                                                                 Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                         for the Financial Year Ended 30 June 2005
      26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING                                                               26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING
          STANDARDS (‘AIFRS’) continued                                                                                                                    STANDARDS (‘AIFRS’) continued

          The significant changes in accounting policies expected to be adopted in preparing the AIFRS reconciliations and the elections                  (c)   Impairment continued
          expected to be made under AASB 1 are set out below:
                                                                                                                                                                There is no expected impact of this change in treatment on transition.
          (a)        Reclassifications
                                                                                                                                                                Reversals of impairment
                 AASB 101 prohibits the presentation of items of income or expense as extraordinary, either on the face of the income                           Under current Australian GAAP impairment losses have not been reversed.
                 statement or in the notes. The nature and amount of material items will be disclosed separately in the notes to the financial
                 statements.                                                                                                                                    Under AIFRS an impairment loss will be reversed if there has been a change in the estimates used to determine the
                                                                                                                                                                recoverable amount. An impairment loss will be reversed only to the extent that the asset’s carrying amount does not exceed
                 Noncurrent assets classified as held for sale and the assets and liabilities of a disposal group classified as held for sale will             the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
                 be presented separately from other assets and liabilities on the balance sheet. A noncurrent asset (or disposal group) is                     recognised.
                 classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through
                 continuing use, the asset (or disposal group) is available for immediate sale in its current condition, and its sale is highly                 There is no expected impact of this change in treatment on transition.
                 probable.
                                                                                                                                                          (d)   Taxation
                 This is expected to result in $10,000 being reclassified from property plant and equipment at 1 July 2004 and a reduction to                   On transition to AIFRS the balance sheet method of tax effect accounting will be adopted, rather than the liability method
                 the carrying amount of $200 to reflect the expected selling costs.
                                                                                                                                                                applied currently under Australian GAAP.

          (b)    Property, plant and equipment                                                                                                                  Under the balance sheet approach, income tax on the profit and loss for the year comprises current and deferred taxes.
                 Property, plant and equipment will be measured at cost under AIFRS. However, as permitted by the election available under                      Income tax will be recognised in the income statement except to the extent that it relates to items recognised directly in
                 AASB 1, at transition date certain items of property, plant and equipment are expected to be recognised at deemed cost, being                  equity or arises in a business combination, in which case it will be recognised in equity or taken into account in the initial
                 an eventdriven fair value measurement previously established at the date of that measurement as deemed cost under AGAAP.                      accounting for the business combination.

                 As carrying amounts, depreciation rates and useful economic lives are not expected to change there is no effect on the
                 income statement for the financial year ended 30 June 2005.                                                                                    Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at
                                                                                                                                                                reporting date, and any adjustments to tax payable in respect of previous years.
                 Under AIFRS the gain or loss on the disposal of property, plant and equipment will be recognised on a net basis as a gain
                 or loss rather than separately recognising the consideration received as revenue. An amount of $8,970 is expected to be                        Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying
                 reclassified from revenue to other expenses for the financial year ended 30 June 2005.                                                         amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

          (c)    Impairment                                                                                                                                     The following temporary differences will not be provided for: the initial recognition of assets and liabilities that affect neither
                 Under current Australian GAAP the carrying amounts of noncurrent assets valued on a cost basis, other than exploration                        accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not
                 and evaluation expenditure carried forward, are reviewed at reporting date to determine whether they are in excess of their                    reverse in the foreseeable future. The amount of deferred tax provided will be based on the expected manner of realisation of
                 recoverable amount. If the carrying amount of a noncurrent asset exceeds its recoverable amount the asset is written down                     the asset or settlement of the liability, using tax rates enacted or substantively enacted at reporting date.
                 to the lower amount, with the writedown recognised in the income statement in the period in which it occurs. Where a group
                 of assets working together supports the generation of cash inflows, recoverable amount is assessed in relation to that group
                 of assets. In assessing recoverable amounts, the relevant cash flows have not been discounted to their present value.                          A deferred tax asset will be recognised only to the extent that it is probable that future taxable profits will be available against
                                                                                                                                                                which the asset can be utilised. Deferred tax assets will be reduced to the extent it is no longer probable that the related tax
                 Under current Australian GAAP the collectibility of receivables is assessed at each reporting date and a allowance is raised                   benefit will be realised.
                 based on the age of the outstanding overdue balance to allow for doubtful accounts.
                                                                                                                                                                Due to the complexity of the tax accounting under AASB 112, management are still reviewing the expected impact of these
                 Under AIFRS, the carrying amount of the Company’s noncurrent assets will be reviewed at each reporting date to determine
                 whether there is any indication of impairment. If any such indication exists, the asset will be tested for impairment by                       adjustments.
                 comparing its recoverable amount to its carrying amount.
                                                                                                                                                          (e)   Rehabilitation provision
                 If there is any indication that an asset is impaired (or for those tested annually), the recoverable amount will be estimated for
                 the individual asset. If it is not possible to estimate the recoverable amount for the individual asset, the recoverable amount of             Under current Australian GAAP, provisions are made for mine rehabilitation and restoration on an incremental basis during
                 the cash generating unit to which the asset belongs will be determined.                                                                        the course of the mine life. The provision is determined on an undiscounted basis based on current costs, current legal
                                                                                                                                                                requirements and current technology.
                 A cash generating unit will be the smallest identifiable group of assets that generate cash inflows largely independent of the
                 cash inflows of other assets or group of assets, each cashgenerating unit must be no larger than a segment.                                   Under AIFRS, the present value of restoration obligations is recognised at commencement of the mining project where a
                                                                                                                                                                legal or constructive obligation exists at that time. The provision is recognised as a noncurrent liability with a corresponding
                 An impairment loss will be recognised whenever the carrying amount of an asset, or its cash generating unit, exceeds its                       amount capitalised into property, plant and equipment. At each reporting date the rehabilitation liability is remeasured in line
                 recoverable amount. Impairment losses will be recognised in the income statement unless they relate to a revalued asset,                      with changes in discount rates, and timing or amount of the costs to be incurred. As the assets are not revalued any changes
                 where the impairment loss will be treated in the same way as a revaluation decrease.                                                           in the liability are added or deducted from the related asset, other than the unwinding of the discount which is recognised as
                                                                                                                                                                interest in the income statement as it occurs.
                 Impairment losses recognised in respect of a cash generating unit will be allocated first to reduce the carrying amount of any
                 goodwill allocated to the cash generating unit and then to reduce the carrying amount of the other assets in the unit pro rata                 If the change in the liability results in a decrease in the liability that exceeds the carrying amount of the asset, the asset
                 based on their carrying amounts.                                                                                                               is written down to nil and the excess is recognised immediately in profit or loss. If the change in the liability results in an
                                                                                                                                                                addition to the cost of the asset, the recoverability of the new carrying amount is considered. Where there is an indication that
                                                                                                                                                                the new carrying amount is not fully recoverable an impairment test is performed (refer (c)).



Page  Crescent Gold Limited                                                                                                                                                                                                                                       Annual Report 2005           Page 
    Notes to the Financial Statements                                                                                                              Notes to the Financial Statements
    for the Financial Year Ended 30 June 2005                                                                                                      for the Financial Year Ended 30 June 2005
        26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING                                                             26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING
           STANDARDS (‘AIFRS’) continued                                                                                                                  STANDARDS (‘IFRS’) continued

                The value of the rehabilitation provision in the financial statements at 30 June 2005 is based on an assessment conducted                 Summary of transitional adjustments
                annually by the Department of Industry and Resources. This provision is measured as the present value of the future
                expenditure and a corresponding rehabilitation asset is recognised. On an ongoing basis the rehabilitation liability will be             The following table sets out the expected adjustments to the statements of financial position of the Company at transition to AIFRS as
                remeasured in line with the changes in the time value of money and additional disturbances will be recognised as additions               at 1 July 2004 and for the AIFRS comparative period balance sheet as at 30 June 2005.
                to the corresponding asset and rehabilitation liability. The rehabilitation asset will be accounted for in accordance with the
                accounting policy applicable to the asset to which it relates i.e. Exploration and Evaluation and AASB6.
                                                                                                                                                           Proforma Statement of Financial Position as at 30 June 2005
                At transition, the rehabilitation provision recognised under Australian GAAP represented the present value of the required
                restoration provision under AIFRS. No impact is expected to the accounts for the financial year ended 30 June 2005.                                                                                                 1 July 2004                                 30 June 2005

          (f)   Employee benefits and others providing similar services                                                                                                                                                             Transition                                   Transition
                                                                                                                                                                                                 Note                 AGAAP                         AIFRS         AGAAP                          AIFRS
                                                                                                                                                                                                                                      impact                                       impact
                                                                                                                                                                                                                        $                             $             $                              $
                                                                                                                                                                                                                                        $                                            $
                Share based payments
                Under current Australian GAAP no expense is recognised for options issued to employees and others.                                                                 Assets
                                                                                                                                                                          Current assets
                Under AIFRS, the fair value of options granted must be recognised as an employee benefit expense with a corresponding
                increase in equity. The fair value will be measured at grant date taking into account market performance conditions only, and                 Cash and cash equivalents                                1,868,173            0       1,868,173      2,138,587             0       2,138,587
                spread over the vesting period during which the employees becomes unconditionally entitled to the options. The fair value                               Trade receivables                                302,308            0         302,308        227,639             0         227,639
                of options granted will be measured using the binomial method, taking into account the terms and conditions attached to the                        Total current assets                                2,170,481            0       2,170,481      2,366,226             0       2,366,226
                options. The amount recognised as an expense will be adjusted to reflect the actual number of options that vest except where
                forfeiture is due to market related conditions.
                                                                                                                                                                    Noncurrent assets
                No adjustment will be made for options granted before 7 November 2002 which have vested before 1 January 2005. Options
                granted after 7 November 2002 remaining unvested at 1 January 2005 will be recognised in the opening balance sheet                        Property, plant and equipment        (a),(b),(c),(e),(h)       937,082      (10,000)        927,082        549,516             0         549,516
                through retained earnings resulting in a nil impact on transition.                                                                                            Receivables                                 41,000            0          41,000         44,225             0          44,225
                                                                                                                                                                   Exploration tenements                               7,122,145            0       7,122,145     10,193,156             0      10,193,156
                For the financial year ended 30 June 2005, employee benefits expense and retained earnings are expected to be increased by
                $1,747 and consulting fees expense and retained earnings are expected to be increased by $29,530 representing the options                          Other financial assets                              2,589,126            0       2,589,126      2,375,990             0       2,375,990
                expense for the period.                                                                                                                    Available for sale investments                                      0        9,800           9,800              0             0               0
                                                                                                                                                                      Deferred tax assets                     (g)              0            0               0              0             0               0
          (g)   Earnings per share                                                                                                                            Total noncurrent assets                                10,689,353         (200)     10,689,153     13,162,887             0      13,162,887
                Under AIFRS, an additional measure of basic and diluted earnings per share is calculated using the profit or loss from                                       Total assets                             12,859,834         (200)     12,859,634     15,529,113             0      15,529,113
                continuing operations attributable to the ordinary equity holders of the parent entity. The basic and diluted earnings per share
                                                                                                                                                                               Liabilities
                for the discontinued operations is calculated and disclosed separately.
                                                                                                                                                                      Current liabilities
                The earnings per share for the financial year ended 30 June 2005 calculated on the AIFRS adjusted results are expected to be:                   Interest bearing liabilities                  (c)        100,000            0         100,000              0             0               0
                                                                                                                                                                                  Payables                             1,179,446            0       1,179,446        710,495             0         710,495
                  Basic EPS from continuing operations:                          $(0.025)
                                                                                                                                                                                Provisions                                22,216            0          22,216         17,197             0          17,197
                  Diluted EPS from continuing operations                         $(0.025)                                                                       Total current liabilities                              1,301,662            0       1,301,662        727,692             0         727,692
                                                                                                                                                                Noncurrent liabilities
          (h)   Financial instruments
                                                                                                                                                                Interest bearing liabilities                                   0            0               0      2,000,000             0       2,000,000
                The Company expects to take advantage of the election in AASB 1 to not restate comparatives for AASB 132 Financial                                              Provisions                (c),(h)      2,587,000                    2,587,000      2,344,000             0       2,344,000
                Instruments: Disclosure and Presentation and AASB 139 Financial Instruments: Recognition and
                Measurement. There are no expected adjustments in relation to these standards for 1 July 2004 or the financial year                                Deferred tax liabilities                   (g)              0                            0              0             0               0
                ended 30 June 2005 as current Australian GAAP is expected to continue to apply.                                                           Total noncurrent liabilities                                2,587,000                    2,587,000      4,344,000             0       4,344,000
                                                                                                                                                                         Total liabilities                             3,888,662                    3,888,662      5,071,692             0       5,071,692
                                                                                                                                                                               Net assets                              8,971,172                    8,970,972     10,457,421                    10,457,421
                                                                                                                                                                                    Equity
                                                                                                                                                                       Contributed equity                             28,506,590            0      28,506,590     32,781,944        31,077      32,813,221
                                                                                                                                                                          Retained profits                           (19,535,418)           0     (19,535,418)   (22,324,523)                  (22,355,800)


                                                                                                                                                         Amounts recognised directly in
                                                                                                                                                    equity relating to noncurrent assets                                      0         (200)           (200)             0             0               0
                                                                                                                                                                classified as held for sale
                                                                                                                                                                               Total equity                            8,971,172         (200)      8,970,972     10,457,421             0      10,457,421




Page 0 Crescent Gold Limited                                                                                                                                                                                                                                                    Annual Report 2005           Page 
    Notes to the Financial Statements                                                                                                   Directors’ Declaration
    for the Financial Year Ended 30 June 2005
                                                                                                                                        The Directors declare that:
       26. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING
           STANDARDS (‘IFRS’) continued                                                                                                 a)   The financial statements and notes as set out in pages 43 to 72:
                                                                                                                                                  •	 comply with accounting standards; and
                                                                                                                                                  •	 give a true and fair view of the financial position and performance of the Company.
            Proforma Statement of Financial Performance for the year ended 30 June 2005
                                                                                                                                        b)   In the Directors’ opinion;
           The following table sets out the expected adjustments to the statements of financial performance of the Company and the                •	 the financial statements and notes are in accordance with the Corporations Act 2001; and
           consolidated entity for the year ended 30 June 2005.                                                                                   •	 there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
                                                                                                                                                        and payable.
                                                                                       For the year ended 30 June 2005
                                                                                                Transition                              Signed in accordance with a resolution of the Directors made pursuant to s.295 (5) of the Corporations Act 2001.
                                                                              AGAAP                                       AIFRS
                                                                    Note                          impact
                                                                               $’000                                      $’000
                                                                                                   $’000                                On behalf of the Directors
                                                        Revenue      (b)          220,124          (11,194)                  208,930
                                         Other operating income                         0            2,424                     2,424


                                         Administration expense                 (118,255)                0                 (118,255)
                                          Communications costs                  (111,586)                0                 (111,586)    Andrew Haythorpe
                                                    Depreciation                (252,261)                0                 (252,261)    Director
                                                   Directors fees     (i)         (13,000)               0                   (13,000)
                                               Exploration costs    (c),(e)     (757,738)                0                 (757,738)
                                                                                                                                        Dated at Perth this 30th of September 2005
                     Impairment of property, plant and equipment      (f)       (161,203)                0                 (161,203)
                                                       Insurance     (b)          (49,700)               0                   (49,700)
                                                      Legal fees                (297,329)                0                 (297,329)
                                                 Other expenses                 (266,489)            8,970                 (257,519)
                                         Other professional fees                (478,858)          (29,530)                (523,588)
                                          Printing and stationery                 (50,733)               0                   (50,733)
                                                            Rent                  (75,595)               0                   (75,595)
                                                      Staff costs                 (85,996)          (1,747)                  (87,963)
                                                 Travel expense                 (121,222)                0                 (121,222)
                                                Interest expense                (148,266)                                  (148,266)
                                      Other costs of finance paid                 (20,998)               0                   (20,998)


              Loss from ordinary activities before income tax                  (2,789,105)         (31,077)               (2,820,182)
                                            Income tax expense       (g)                0                0                         0


                Loss from ordinary activities after income tax                 (2,789,105)         (31,077)               (2,820,182)
     Net loss from ordinary activities attributable to members
                                                                               (2,789,105)         (31,077)               (2,820,182)
                                      of Crescent Gold Limited
       Total changes in equity other than those resulting from
                                                                              (2,789,105)         (31,077)               (2,820,182)
                          transactions with owners as owners


           Summary of impact of transition to AIFRS on retained earnings
           The impact of the transition to AIFRS on retained earnings as at 1 July 2004 is summarised below:


                                                                                                        $’000
     Retained earnings as at 1 July 2004 under AGAAP                                                 (19,535,418)
     AIFRS reconciliation:
     – recognition of noncurrent assets held for sale                                                        (200)
     – impact of taxation                                                                                         0
     – net adjustment in respect of the restoration provision
     Retained earnings as at 1 July 2004 under AIFRS                                                 (19,535,618)


Page 2 Crescent Gold Limited                                                                                                                                                                                                                        Annual Report 2005   Page 
    Additional Stock Information                                                                                                             Additional Stock Exchange Information
    (as at 31 August 2005)                                                                                                                   (as at 31 August 2005)
    Stock Exchange Listing                                                                                                                   TOP 20 HOLDERS
    The Company’s ordinary shares and options are quoted by the Australian Stock Exchange Limited. The Home Exchange is Perth and the ASX
    code is CRE.                                                                                                                             Twenty Largest Shareholders                               Number of Shares           % of Issued
                                                                                                                                                                                                                                    Shares

    Holders of classes of Equity Securities                                                                                                         1.    Westpac Custodian Nominees Limited              21,215,977                  15.47
                                                                                                                                                    2.    HSBC Custody Nominees (Australia)               12,449,849                   9.08
       Class                      Number on Issue                   Exercise Price              Expiry Date                Number of                3.    Ouro Pty Ltd                                    12,100,000                   8.82
                                                                                                                            Holders                 4.    Tesha Pty Ltd                                    5,857,500                   4.27
                                                                                                                                                    5.    Bajjah International Limited                     5,000,000                   3.65
    Ordinary Shares                    137,117,326                                                                             1,143              6.    Indi Holding                                     4,666,667                   3.40
                                                                                                                                                    7.    Nefco Nominees Pty Ltd                           4,100,000                   2.99
    Options                                                                                                                                         8.    ANZ Nominees Limited                             3,315,679                   2.42
    CREAM                               10,000,000 (1)                     $0.40                 02/08/2008                          1              9.    Oman Nominees Pty Ltd                            3,000,000                   2.19
    CREO                                66,872,437                         $0.20                 30/11/2005                        387              10.   Merrill Lynch (Australia) Nominees Pty Ltd       2,993,381                   2.18
    CREAW                                1,450,000                         $0.20                 30/11/2005                          7              11.   Exploration Capital Partners Limited             2,666,667                   1.94
    CREAZ                               17,416,667                         $0.18                  9/06/2006                          8              12.   Mr E Mercaldo                                    2,666,666                   1.94
    CREAB                                  500,000                         $0.15                 31/12/2007                          1              13.   Citicorp Nominees Pty Ltd                        1,847,600                   1.35
                                                                                                                                                    14.   National Nominees Limited                        1,512,129                   1.10
                                                                                                                                                    15.   Ouro Pty Ltd                                     1,500,000                   1.09
        (1) It is a condition of these options that the Company’s shares trade on ASX at a price of $0.40 cents or higher for a continuous          16.   Mrs J Kailis                                     1,300,000                   0.95
            period of 5 days before the options can be exercised.                                                                                   17.   LJL Investments Pty Ltd                          1,300,000                   0.95
                                                                                                                                                    18.   Mr B G & Mrs J E Pelling                           900,000                   0.66
                                                                                                                                                    19.   WA Energy Consultants Pty Ltd                      800,000                   0.58
                                                                                                                                                    20.   Mr B Vyner                                         700,000                   0.51
    Distribution of Quoted Equities
                                                                                                                                                                                                          89,892,115                  65.54
    Ordinary Shares                                                                         Number of Shares            Number of Holders
    1 1000                                                                                         83,458                        143
    1001 – 5000                                                                                    702,048                        239
    5001 – 10,000                                                                                1,665,870                        195
    10,001 – 100,000                                                                            17,232,966                        435
    100,001 and over                                                                           117,432,984                        131        Twenty Largest Optionholders – Listed Only                 Number of Options          % of Issued
                                                                                               137,117,326                      1,143                                                                                               Options

                                                                                                                                                    1.    Westpac Custodian Nominees Limited              23,125,331                  34.58
                                                                                                                                                    2.    HSBC Custody Nominees (Australia) Limited        7,256,777                  10.85
    Non Marketable Share Parcels                                                                                                                    3.    Tesha Pty Ltd                                    5,857,500                   8.76
    The Company has 276 shareholdings which are less than a marketable parcel.                                                                      4.    Perth Select Seafoods Pty Ltd                    4,000,000                   5.98
                                                                                                                                                    5.    ANZ Nominees Limited                             2,883,333                   4.31
                                                                                                                                                    6.    Mr J Darroch                                     1,118,000                   1.67
                                                                                                                                                    7.    Mr N O’Loughlin                                  1,000,000                   1.50
    Options                                                                                 Number of Options           Number of Holders           8.    Mr L C Anderson                                    910,207                   1.36
    1 1000                                                                                          21,761                        51               9.    M & K Korkidas Pty Ltd                             810,138                   1.21
    1001 – 5000                                                                                    258,692                         90               10.   Tuahanas Pty Ltd                                   800,000                   1.20
    5001 – 10,000                                                                                  766,686                         89               11.   I E Properties Pty Ltd                             700,000                   1.05
    10,001 – 100,000                                                                             4,412,761                        105               12.   Mr B Vyner                                         700,000                   1.05
    100,001 and over                                                                            61,412,537                         52               13.   Sons of Gwalia Ltd                                 625,000                   0.93
                                                                                                   66,872,437                        387            14.   Mr S T O’Loughlin                                  624,512                   0.93
                                                                                                                                                    15.   K & V Lamb Pty Ltd                                 600,000                   0.90
    Non Marketable Options Parcels                                                                                                                  16.   Mr G J & C A Roberts                               600,000                   0.90
    The Company has 285 option holdings which are less than a marketable parcel.                                                                    17.   Symington Pty Ltd                                  545,000                   0.81
                                                                                                                                                    18.   Mr C J Milton                                      535,620                   0.80
                                                                                                                                                    19.   Eureka Town Pty Ltd                                500,000                   0.75
                                                                                                                                                    20.   Geraldton Agricultural Services Pty Ltd            500,000                   0.75
                                                                                                                                                                                                          53,691,418                  80.29




Page 4 Crescent Gold Limited                                                                                                                                                                                               Annual Report 2005   Page 5
    Additional Stock Exchange Information                                                                                                     Additional Stock Exchange Information
    (as at 31 August 2005)                                                                                                                    (as at 31 August 2005)
    Voting Rights
    Voting rights of members are set out in Article 28 of the Company’s Constitution.                                                         Holders of Unquoted Securities continued
                                                                                                                                                                                                                   No. Held                  % of Class
    Only holders of ordinary shares are entitled to vote, either in person or by proxy, attorney or corporate representative.
         -	 On a show of hands, to one vote, and
         -	 On a poll, to one vote for each share held.                                                                                            c) Options expiring 31 December 2007
                                                                                                                                                      exercisable at 15 cents.
    Holders of options do not have a right to vote.
                                                                                                                                                      E Mercaldo                                                       500,000                    100.00

    Substantial Shareholders                                                                                                                                                                             Total on issue: 500,000                  100.00
    The following substantial shareholdings have been notified to the Company:
                                                                                                                                                   d) Options expiring 2 August 2008 exercisable
              Name of Shareholder                                                          No. of Shares Held                                         at 20 cents. Shares must trade at $0.40 for a
                                                                                                                                                      continuous period of 5 days before exercising
       •	     Geological Resources Partners & it's Associates                                  10,991,777
       •	     DKR Saturn Management Ltd Pty & it's Associates                                  13,068,000
                                                                                                                                                      Name of holder
       •	     Tesha Pty Ltd, Ouro Pty Ltd and Mr A Haythorpe                                   19,757,500
                                                                                                                                                      Tomorrow Corporation Pty Ltd                                  10,000,000                    100.00

                                                                                                                                                                                                      Total on issue: 10,000,000                  100.00
    OnMarket BuyBack
    There is no current onmarket buyback.


    Holders of Unquoted Securities
                                                                                              No. Held                          % of Class
            a) Options expiring 30 November 2005
               exercisable at 20 cents

               Name of holder
               D Kingsnorth                                                                        600,000                            41.37
               A Spinks                                                                            250,000                            17.24
               S Allen                                                                             100,000                             6.90
               E Broome                                                                             50,000                             3.45
               C New                                                                               100,000                             6.90
               J Skey                                                                              100,000                             6.90
               S Craig                                                                             250,000                            17.24

                                                                                  Total on issue: 1,450,000                          100.00

            b) Options expiring June 2006 exercisable at

               Name of holder
               Cogent Nominees Limited                                                           2,000,000                            11.48
               Exploration Capital Partners Limited                                              2,866,667                            16.46
               Fastrack Capital Partners                                                         3,333,333                            19.14
               Haywood Securities                                                                  250,000                             1.44
               Middlemarch Partners Limited                                                        966,667                             5.55
               Edward L Mercaldo                                                                   666,667                             3.83
               Edward L Mercaldo <Mercaldo Family Trust>                                         2,666,666                            15.31
               Indi Holdings Pty Ltd                                                             4,666,667                            26.79

                                                                                Total on issue: 17,416,667                           100.00




Page  Crescent Gold Limited                                                                                                                                                                                                      Annual Report 2005     Page 

				
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