Sixth and final annual report for EL 7294 'Borroloola', for the period ending 14 June 2006

Abstract

This report is the sixth and final exploration report for exploration licence EL 7294 Borroloola on the Bauhinia Downs 1:250,000 map sheet within the McArthur Basin and centred on the township of Borroloola, Northern Territory. Ashton Mining Limited (Ashton) and Anglo American Exploration (Australia) (AAE) signed the Batten Trough Farm In and Joint Venture Agreement that included EL 7294 on 29th September 2003. AAE withdrew from the joint venture and handed the tenements back to Ashton on 24th March 2006. No field-based exploration activities were carried out within EL 7294 during the sixth year ending 14th June 2006. Six years of exploration activities by Ashton (and RTE) and AAE did not identify any significant Zn-Pb-Ag mineralisation within EL 7294. Remaining exploration opportunities for large scale Zn-Pb-Ag deposits within EL 7294 are limited and not worthy of additional work. Ashton relinquished EL 7294 on 14th June 2006. AAE carried out no ground-disturbing work that required rehabilitation.