2005 Final report for EL 9161, AuQuest Project, period beginning 2 August 2004 and ending 1 August 2005

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999 targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation within the Pine Creek Geosyncline. EL 9161 forms a part of a regional package of tenements which include, Quest 29 and Tom's Gully and are part of the AuQuest project, which covers approximately 1,000 square kilometres of exploration license including EL 9161. EL 9161 is thought to host down dip mineralisation of the Tom's Gully Reef, drill hole TGD 327 drilled by Carpentaria in 1992 intersected the reef system with minor mineralisation, this hole is located 100 m north of EL 9161 boundary. A further $750,000 worth of drilling has just been completed on the Tom's Gully Underground resource which is believed to extend into EL 9161. This drilling was aimed at increasing the current combined indicated and inferred resources of 1.82 million tonnes grading 8.1g/t for total contained gold of 472,000 Oz. This drilling program included further step out drilling near EL 9161. During this program holes TGD 432-7 intercepted the reef system and returned results which appear high grade and good consistent widths (results pending) within the Tom's Gully Reef Structure the southern most hole of this group is located 600m north of the lease boundary showing continuity in high grade mineralisation trending towards EL 9161. A MLN Application has been applied for over the entire area of EL 9161 and part of the adjoining tenement EL 22206. Further description in an ASX announcement is due out next week. During the year a ground SAM survey was completed over MLN 1058 which extended into EL 9161 but it is being reported under the MLN.