EL 24358 2nd Annual Report for the period ending 15 March 2007

Abstract

Hartz Range Mines Pty Ltd ('HRM') has continued operations on EL 24358. During the past year database compilation from open file company reports was completed. SPOT 5 (High resolution) and Landsat 7 satellite imagery was purchased and processed. An airborne magnetometric and radiometric survey designed to join the survey conducted in 2005 by Lagoon Creek Resources Pty Ltd on the Debbil Debbil JV was completed and processed. Analysis of these data continues. An extended wet season and cyclone activity has largely prevented field access and field ctivity has been limited to reconnaissance mapping. Lagoon Creek Resources Pty Ltd ('LCR') continued operations under the joint venture agreement with HRM on the Debbil Debbil JV covering EL 24358. This work comprised a review and database compilation of previous exploration activity in the area based on open file company reports, purchase and image processing of Landsat 7 and SPOT 5 satellite imagery. Processing and interpretation of the airborne magnetometric and radiometric surveys flown in 2005 have been completed.