Annual report for EL 23912 Bynoe Project, year ended 17 June 2006

Abstract

This report outlines exploration activities carried out over EL 23912 at the Bynoe Project area, south of Darwin, NT, in the period ending 17 June 2006. Geological and geochemical information collected last year has been reviewed and collated. A site assessment visit was carried out late in 2005. No further field exploratory work has been completed in the reporting year. Options to further exploit the mineral potential of the Bynoe project are being actively pursued. Since our last annual report, Sons of Gwalia is in the final stages of undertaking a corporate restructure which will be submitted to creditors for approval shortly and if approved, it is expected that the company will merge from administration in October 2006. This will result in the appointment of a new Board and senior management and continuation of Sons of Gwalia's tantalum assets of which the Bynoe tenements are an important component.