Annual report for EL 25169 White Lady Project for the period 6 November 2008 to 5 November 2009

Abstract

Exploration activities on the project within the reporting period were impacted by the world financial crisis and the decision by the Company to dramatically cut back on exploration budgets and conserve cash with the overriding concern being Company survival. The Company undertook a desk top review of all of its tenements including previous exploration on EL 25169 and determined that more detailed analysis of data provide by a previously flown Variable Time Electro magnetic Survey (VTEM ) was required before Newera could seriously consider the future of EL 25169 within Newera's tenement portfolio. Southern Geoscience Limited (SGL) were contracted to undertake a review of the VTEM data, and were able to provide locations of several moderate to weak VTEM anaomalies within EL 25169. SGL were subsequently requested to model up a large moderate to weak VTEM anomaly in the north east portion of the tenement and wrap it over a digital terrain model, providing a precise location of the anomaly as it relates to the local terrain. No field trips were undertaken within the reporting period.