Final report on EL 9358 Delta 13 May 1996 to 12 May 2006

Abstract

Giants Reef considered EL 9358 to be in a prospective location to host ironstone-related gold-copper deposits, given the presence of a number of magnetic targets, structural geometry, their position along the Eldorado-Juno-Nobles Nob trend. As part of the Giants Reef evaluation and ranking study, exploration data within ELs 9358 underwent validation and integration into the companies new exploration geological information system. This together with a re-examination and interpretation of high quality magnetic data has enabled Giants Reef to compare targets within this EL with targets elsewhere in the Tenant Creek Goldfield and aid in planning the next phase of regional exploration. Centralian Minerals Limited has concluded that the prospect of discovering a significant ore body is limited and therefore has let the automatic expiration of EL 9358 to proceed in May 2006. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this. Automatic expiration of EL 9358 occurred on 12 May 2006, at the end of its tenth year of tenure.