2007 Annual report on EL 24325 'Mountain Valley', period ending 8th March 2007

Abstract

The Bekut, Miller & Versluis Partnership ( BMVP ) are exploring the EL for carbonate hosted Pb - Zn deposits. The target mineralisation style is seen to the north east at Bulman where discordant high grade mineralisation exists proximal to late dolerite dykes and sills and broadly stratabound mineralisation has been drilled to the east. The area is also considered prospective for uranium and diamond mineralisation. Exploration during the year comprised minor reconnaissance work. The current mineral boom and late wet seaon in 2006 led to delays in engaging qualified personnel to conduct more rigorous ground based exploration which is planned for the 2007 field season. Exploration from the 1950's to 1970's has indicated zinc-lead mineralisation hosted in shelf carbonate and sandstone lithologies of the McArthur Basin with occurrences at Galena Cliffs within the Licence area. Exploration during the current year has entailed minor field reconnaissance by Mr Peter Miller. Planning for the coming year is to undertake ground based magnetics and geochemistry.