Partial relinquishment report for EL 5701

Abstract

Application for EL5701 was made on 24th August 1987 and it was granted to Allender, Hosking and LeBrun on 17th February 2004. Goldsearch Limited has a Joint Venture agreement whereby it can earn up to 70% in EL5701. Independence Group NL was earning a 51% interest in Goldsearch's share of EL5701 as part of a Joint Venture Heads of Agreement signed on the 25th August 2000. Independence Group NL withdrew from the Joint venture over EL5701 on 14th of November 2005. Conditional to the granting of the tenement, an aboriginal heritage exclusion zone survey was completed and notification of the relevant exclusion zones received by the JV along with access approval on the 17th October 2003. The tenement area before the exclusion zones comprised of 1,559 km(2). The subsequent tenement area with the exclusion zones comprises of 1165 km(2). A 50% reduction of EL5701 was completed in February 2006 this report details work completed over the 600km2 area relinquished. During the exploration program 210 magnetic lag and 210 soil samples were collected and analysed for gold and other elements. No results considered to be significant.