2004 Annual Report for EL 23177 AuQuest Project for period beginning 13 August 2003 and ending 12 August 2004

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999. 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. EL 23177 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, covering what the Company has called the Noonamah-Corroboree trend. Processing of Northern Territory Government supplied 400 m spaced aeromagnetic and radiometric data 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 the development and subsequent operation of Stage 3 of the Quest 29 dump leach operation and on completing the feasibility study on an underground mine development at Tom's Gully producing approximately 40,000ozpa of gold. Approximately $1.75m has been spent on the ground at Tom's Gully and other tenements within the AuQuest Project, as part of the companies exploration strategy, over the previous 12 month period. The Feasibility Study on Tom's Gully Underground and is due for completion during October 2004. Quest 29 and Tom's Gully are part of the AuQuest project, which covers approximately 1100 square kilometres of exploration licenses including EL 23177. 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 of literature reviews and initial data entry to GIS of historical work. A meeting with the native title claimants is hoped to be arranged shortly so field work can be undertaken in the near future.