7th Annual report on EL 22068, period beginning 2 August 20056 and ending 3 August 2007

Abstract

EL 22068 is held by Arnhem Highway Estate Pty Ltd and John Michael Lewis. Renison Consolidated Mines NL signed an 'Option to Purchase' Agreement with the tenement holders in January 2004. During this time Renison were Operators and Managers of the project. The option to purchase has now lapsed and the tenement will revert to the Tenement Holders as operators and managers. Renison had been developing a regional exploration strategy in the NT, targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation, within the northern Pine Creek Geosyncline. EL 22068 'Steve's Hill' forms part of a regional package of tenements that have a north-west trend, which covers what the Company has called the 'Noonamah-Corroboree Trend'. The licence straddles a conspicuous zone of dislocation evident in processed aeromagnetic imagery. Several recently discovered gold prospects are aligned along this zone of dislocation over 2.5 kilometres strike extent within the Steve's Hill tenement. The source of the significant surface mineralisation found by the local prospectors in the form of nuggets and specimen pieces has not as yet been located by any significant hard rock intercepts. Several low order anomalies have been found, but none significant enough to explain the amount found by prospectors. Limited field work was completed during this year due to financial and personal constraints. The sale of the TGM assets which was initiated in February 2007 and the lapsing of the option to purchase also limited work.