Annual report for EL 24644, period ending 9 January 2007

Abstract

Lagoon Creek Resources Pty Ltd. are exploring EL 24644 for potential uranium and gold mineralization, with large known deposits to the east within the Westmoreland system, as well as a series of known mineral occurrences such as 'Calvert North' and 'Calvert South' which occur in association to the Calvert Fault which runs North West through the Tenement. Exploration during the past year has comprised of geophysical data analysis and reprocessing. A combination of the record wet season, as well as the current mineral boom presenting serious problems in the acquisition of drilling contractors and field staff has led to delays in the rigorous field and drill program we now have planned for 2007. Information on past exploration is limited, however the area is regarded as potentially prospective for uranium, gold and diamond exploration. There are also several manganese occurrences documented on the northern edge of the tenement, the largest being 'Masterton'.