Partial relinquishment report for EL 22168 Wonarah, for the period ending 3 August 2004

Abstract

This final report summarises exploration activities completed on relinquished portions of EL 22168 during the period 4th August 2000 to 3rd August 2004. The tenement forms part of a project area held by AKD Limited being explored for large tonnage phosphate deposits. Since March 1999, Rio Tinto was AKD's joint venture partner and spent AUD$2.4 million in exploration over the project tenements. Rio Tinto withdrew from the JV in December 2002. Drilling of seven RC holes on the relinquished portions of EL 22168 either intersected deep phosphorite or failed to intersect phosphorite mineralisation of any significance. The excessive overburden and poor grade rules out any potential for economic phosphate resources in these areas.