Eighth annual report on EL 9358 Delta 13 May 2003 to 12 May 2004

Abstract

Giants Reef view the Licence as prospective for ironstone-related gold-copper deposits due to its location on the Nob line structure and presence of strong magnetic anomalies. Work proposed for this year included a detailed gravity survey, however exploration was postponed due to higher priority definition drilling at Warrego hanging wall and the newly discovered Malbec West gold deposit, leaving minimal personal and resources for regional exploration. Giants Reef has announced that as part of an accelerated exploration program, exploration in eastern region of the Tennant Creek Goldfield, that incorporates EL 9358, will be one of the highest ranked priorities for the 2004 calendar. Giants Reef intends to commence exploration activities in the region encompassing EL 9358 by conducting a detailed gravity survey over the Barracuda, Baloo, Big Heart and Desert Gold prospects and pending favourable results follow this work up with regolith drilling. Encouragement from these programs will determine the next phase of exploration.