5th annual report on EL 22068, 1 September 2004 to 30 August 2005

Abstract

Renison Consolidated Mines owns and operates the Quest 29 and Tom's Gully gold mines in the Top End of the Northern Territory. These mines are part of Renison's AuQuest project which covers approximately 1000 square kilometres of exploration licences including EL 22068. Renison has been developing a regional exploration strategy in the NT, targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation, within the northern Pine Creek Geosyncline. EL 22068 'Steve's Hill' forms part of a regional package of tenements that have a north-west trend, which covers what the Company has called the 'Noonamah-Corroboree Trend'. The licence straddles a conspicuous zone of dislocation evident in processed aeromagnetic imagery. Several recently discovered gold prospects are aligned along this zone of dislocation over 2.5 kilometres strike extent within the Steve's Hill tenement. Fieldwork on EL 22068 began in 2004 and consisted of Regolith mapping, RAB Drilling, soil sampling, rockchipping and costeaning. The programme was aimed at defining the extent of the gold mineralisation, and on understanding the structural controls involved. It is expected that exploration of EL 22068 and the other regional tenements will discover additional open cut ores which can be treated through the Tom's Gully plant. Exploration will focus on both structural targets and new gold prospects discovered throughout the tenements. Work completed over the past year on EL 22068 has comprised RC Drilling, costeaning, rockchipping and channel sampling.