Fourth year relinquishment report for EL 22224 'Monzonite', 20 March 2004 to 19 March 2005

Abstract

Exploration Licence EL 22224 Monzonite is part of three contiguous tenements that Giants Reef refer to as the Rosella project area. This report records the exploration work completed on the portion of no continuing interest of the relinquished area of EL 22224 during the fourth year of tenure, from the 20th March 2004 to the 19th March 2005. The tenement was acquired to search for large base metal deposits associated with a broad gravity feature called the Rosella Gravity Anomaly, centred in the western region of the tenement. EL 22224 was included within a package of tenements which were subject to a combined quantitative/qualitative ranking, based on geological, geophysical & geophysical characteristics and other parameters covering work status, target type, land status and economics. The tenements were down graded to 'Non-Core A' which includes areas comprising only limited Warramunga Formation, weak anomalies, no proven corridors of mineralisation, however they still comprise areas that are largely unexplored. Whilst Giants Reef intends to carry out geochemical work on these tenements in the next year of exploration, the Company is in the process of actively pursuing a JV for these tenements.