094eb9bc6063d87503e525.pdf
ACN. 000 317 251
MARKET RELEASE 1st October 2015
ROCKLANDS COPPER PROJECT (CDU 100%)
Update on Financial Statements for period to 30 June 2015
Cloncurry miner, CuDeco Limited (ASX Code: CDU, CuDeco) advises it is deferring the issuing of its year-end accounts until it completes an assessment of the carrying book value of its Rocklands Group Copper Project (Rocklands).
Under the accounting standards a review is required for an asset at each reporting date for an asset when there is an indication of a possible impairment (a triggering event). For CuDeco, the triggering event has resulted from the current market capitalization of the Company being significantly lower than the carrying value of its net assets.
The Company has completed an internal assessment of the Rocklands asset, however the finalisation of the assessment is subject to; the Board receiving further input by third parties which may confirm or adjust the amount; approval by the Board to any amendments; and a review by the Company's external auditors.
Given the above assessment of the Rocklands asset is critical in determining its carrying value in the Financial Statements, the Board has resolved to defer the issuing of the Financial Statements for 30 June 2015 until the Rocklands asset impairment assessment can be completed.
The Company anticipates the Financial Statements for the period to 30 June 2015 will be released by 21 October 2015. Further details on any impairment will be provided in future announcements and within the Financial Statements.
Yours faithfully
B Bamonte Company Secretary
Unit 34, Brickworks Annex,19 Brolga Avenue, SOUTHPORT 4215
Phone: +617 5503 1955 Facsimile: +617 5503 0288 Email: admi n@ cudeco. com. au