2006 Annual Report on MLN 1058 and MCN 3333 to MCN 3339 AuQuest Project Period Beginning 30th December 1996 and the Period Ending 31st December 2006

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999. This is a bridging annual report to cover the period from This strategy includes targeting dislocations that host economic gold mineralisation within regional structures that intersect known stratigraphical and structural features of the Pine Creek Geosyncline. Over the past three years, the Company's focus in the Northern Territory has been the development and subsequent operation of Stage 3 of the Quest 29 dump leach operation during 2003-2004, and the completion of the resource drilling, feasibility study and start of underground mine development at Tom's Gully which will produce approximately 40,000ozpa of gold. Approximately $2.5m has been spent on ground at Tom's Gully and other tenements within the AuQuest Project, as part of the company's exploration strategy, over the previous 18-month period. The Feasibility Study on Tom's Gully Underground has been completed and underground development started in September 2005 with the mill currently undergoing final commissioning. Quest 29 and Tom's Gully are part of the AuQuest project, which covers approximately 1000 square kilometres of exploration license. It is expected that exploration on these EL's will find additional open cut ores which can be treated through the Tom's Gully plant and exploration has focused on these EL's and targets during 2005. Work completed on this tenement has comprised of literature reviews and initial data entry to GIS of historical work.