Annual report for EL 24666 period ending 15 March 2007

Abstract

Lagoon Creek Resources are exploring EL24666 for potential uranium and gold mineralisation, with large known deposits to the East of the EL's within the Westmoreland system, as well as a series of known mineral occurrences such as Calvert North and Calvert South that occur in association to the Calvert Fault which runs North West to the North of this tenement. Previous work also points toward possible diamondiferous sediments in the west of the tenement. EL24666 consists of 384 sub blocks and was acquired by Lagoon Creek Resources on the 15 March 2006, for a duration of 6 years. The EL covers 1,254sq/km and is located to the south of Calvert Hills Station. Benmara cattle Station lies within the tenement, in the North. Information on past exploration is limited; however the area is regarded as potentially prosperous for Uranium, Gold and Diamond exploration. 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.