Annual and final report for EL 22783 year ending 21 March 2004

Abstract

No exploration was conducted on the licence either during the current year or in the previous year. Administrative expenses of the Company in the 2003 financial year totalled in excess of $500,000 which amount excludes tenement rent. All of this was attributable to efforts to raise exploration funds to service the Company's exploration titles in the NT which task has now been achieved. We estimate that some $15,000 of this amount can be allocated to EL 22785 in its second year of grant This amount is sufficient to meet the Exploration Covenant for Year 2 ($15,000).