Partial relinquishment report for EL 24024 'Stirling', for the period 24 May 2004 to 23 May 2006

Abstract

Exploration Licence 24024 'Stirling' is located approximately 300km northnorthwest of Alice Springs in the Northern Territory. The licence was initially granted to Anglo American Exploration (Australia) Pty Ltd (AAEA) and then transferred to Continental Nickel N.L. (Continental; a wholly owned subsidiary of Goldstream Mining N.L.) on 8th September 2004. During the Year 2 Annual Report period, a compulsory partial surrender was made to reduce the area from 211.6km2 to105.8km2. This surrender report describes all exploration activities conducted on the surrendered blocks during their tenure. No field activities have been conducted on the relinquished blocks, however data and literature reviews were undertaken to assess previous exploration and to determine the mineralisation potential of the project area. Continental concluded that although Poseidon Gold Limited (Poseidon) have explored a small portion of the licence area for gold with soil sampling, the majority of tenement area remains untested.