Partial relinquishment report for EL 8845 'Lake Buck', 23 March 2001 to 22 March 2007 and final report for EL 9475 'Mt Charles East, 23 March 2001 to 22 March 2007

Abstract

Exploration Licences 8845 and 9475 are situated approximately 600 kilometres northwest of Alice Springs and were explored as part of the North Eastern Tanami project. Both tenements were granted to AngloGold Australia Limited (Anglogold) on 23 March 2001 and were purchased by Tanami Exploration NL (TENL), a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company in June 2005. Exploration Licence 9475 expired at the end of the sixth year of tenure. Exploration Licence 8845 was reduced in area at the time of renewal. This report details the exploration completed within the surrendered tenement areas from 23 March 2001 to 22 March 2007. All field exploration on EL's 8845 and EL 9475 was carried out by Anglogold in the first three years of tenure apart from one rock chip sample by TENL. Posthole geochemical RAB and aircore drilling outlined a number of Au and As anomalies, which were tested with angled aircore drilling and RC drilling. Sub-economic intersections were encountered at the Oracle, Morpheus, Neo and Elias prospects on EL 9475 and at the Trinity prospect on the relinquished area of EL 8845. Follow-up RC drilling returned best results at the Oracle and Trinity prospects with intercepts including:

5m at 1.06 g/t Au from 105m in ORRC0009

3m at 1.44 g/t Au from 121m in TRRC002

1m at 2.51g/t Au from 138m and 1m@2.36g/t Au from 146m in TRRC0012.