Fifth annual report on EL 8786 First Light 8 March 2003 to 7 March 2004

Abstract

This report details exploration undertaken by Giants Reef Mining Limited (Giants Reef) on EL 8786 First Light, for the period from 8 March 2003 to 7 March 2004. On the 13 June 2001, Giants Reef Exploration Pty Ltd, a wholly owned subsidiary of Giants Reef, purchased all of the shares in Normandy Tennant Creek Pty Ltd (NTC) from Normandy Consolidated Gold Holdings Pty Ltd, a subsidiary of Normandy Mining Limited. The name NTC has been changed to Santexco Pty Ltd (Santexco), which is wholly owned subsidiary of Giants Reef. Targets are ironstone-related gold-copper deposits. Previous exploration within EL 8786 has highlighted a number a of prospective targets including the 7300 West target, which comprises two distinct magnetic-geochemical anomalies. The western anomaly falls entirely within EL 8786, while only a small portion of the larger eastern anomaly is within the tenement holding. The remainder of the eastern anomaly falls within Santexco's adjacent tenement SEL 8665 tenement. Work carried out on EL 8786 during Year 5 included a revised interpretation of airborne magnetics and gravity data and its incorporation into the companies exploration GIS. This analysis has enabled Giants Reef to define with greater confidence more specific targets that will require further testing. Giants Reef has announced that as part of an accelerated exploration program, exploration in eastern region of the Tennant Creek Goldfield, that incorporates EL 8786, will be one of its highest ranked priorities for the 2004 calendar. Giants Reef intends to commence exploration activities in the region encompassing EL 8786 by conducting either a detailed gravity, vacuum drilling or regolith drilling. Encouragement from these programs will determine the next phase of exploration.