4th Annual report for EL 22068

Abstract

EL22068 is held by Arnhem Highway Estate Pty Ltd and John Michael Lewis. Renison Consolidated Mines NL signed an 'Option to Purchase' Agreement with the tenement holders in January 2004. Renison are now the Operators and Managers of the project. Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999, targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation within the Pine Creek Geosyncline. EL22068 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, which covers what the Company has called the Noonamah-Corroboree trend. Processing of Northern Territory Government supplied 400 m spaced aeromagnetic and radiometric data and a small 200 m line spacing aeromagnetic survey carried out by the Company has significantly enhanced the detail of the underlying geology and the subsequent interpretation of the prospectivity of that area. Over the past two years, the Company's focus in the Northern Territory has been firstly, the development and subsequent operation of the Quest 29 dump leach operation and secondly on completing the feasibility study on an underground mine development at Tom's Gully producing approximately 40,000ozpa of gold. Approximately $1.5m has been spent on exploration and the associated feasibility study components at Tom's Gully. The Feasibility Study is due for completion in late 2004. Quest 29 and Tom's Gully are part of the AuQuest project, which covers approximately 1100 square kilometres of exploration licenses including EL22068. 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 will focus on these EL's and targets on completion of the Feasibility Study. Work completed on this tenement has comprised gridding, regolith mapping, BLEG soil sampling and RAB drilling.