Annual report for EL 7997, for the twelve-month period ending 2 November 2004

Abstract

Exploration Licence No 7997 was previously subject to the former South Tanami Joint Venture (STJV) and exploration was conducted by Newmont Tanami Pty Ltd on behalf of the holder of the Licences. During the course of the last 12 months, the respective parties to the STJV have assessed exploration conducted to date under the terms of the joint venture and the ongoing participation in this project. As a result, Newmont Tanami Pty Ltd has withdrawn from the joint venture arrangements and Placer Dome Asia Pacific is currently operator of activities being conducted on this Exploration Licence. Notwithstanding the level field activities have been conducted within Exploration Licence No 7997 during the past twelve months, considerable time has been spent bringing the former joint venture to an end, which in turn has required ongoing compilation and assessment of data to enable the operator to formulate a strategy for the further exploration or divestment of its interests in the Exploration Licence.