Partial relinquishment report for EL 23092 'South Urapunga', for the period 12 February 2006

Abstract

EL 23092 was acquired to investigate the prospective Vizard Group within the northern McArthur Basin for lead-zinc deposits similar to the McArthur River deposit. The EL was granted on 13 February 2003 over 466 blocks and was reduced in area to 224 blocks on 12 February 2005 with a further reduction to 112 blocks on 12 February 2006. No fieldwork has been conducted on the relinquished area. No further work is considered warranted on the areas relinquished from EL 23092. Red Metal's Urapunga Project in the McArthur Basin comprises Exploration Licence 23092 (Urapunga South) and Exploration Licence Application 23139 (Urapunga North), which are located in northeast Arnhem Land, adjacent to the Roper River, some 490 km southeast of Darwin. This report covers only exploration over the relinquished area of EL 23092.