Relinquishment report for EL 24081 'Taylor Creek', for the period 20 July 2005 to 19 July 2006

Abstract

Exploration Licence 24081 'Taylor Creek' is located approximately 160km south of Tennant Creek in the Northern Territory. The licence was initially granted to Anglo American Exploration (Australia) Pty Ltd and then transferred to Continental Nickel NL (Continental; a fully owned subsidiary of Goldstream Mining NL) on 9th September 2004. Continental reduced EL 24081 from 674.1km2 to 339.5km2 on 19th July 2006. This partial relinquishment report details exploration activities conducted on the surrendered blocks during their tenure. Exploration carried out on the relinquished portions of EL24081 by Continental comprised geological reconnaissance and data / literature reviews in order to assess the nickel potential of the licence. It was determined that further geophysical and geochemical surveys would be required to identify prospective lithologies within the area. Continental recognised that the magnetic highs in the SE corner of EL24081 appear to be slightly discordant to the local metasediments. This magnetic anomaly will need to be tested by drilling or ground EM survey.