EL 22579 5th Annual Report for the period ending 14 August 2007

Abstract

Exploration of the Wollogorang Project has been continued by Hartz Range Mines Pty Ltd ('HRM') covering the northern and western parts of the EL 22579. Work carried out during this period consists of completion and interpretation of the airborne magnetometric and radiometric surveys, editing and manipulation of the compiled database of previous exploration activity in the area, data assessment and target generation. Field work has been limited to reconnaissance during this period with field activities currently focussed on adjacent tenements. Several new targets have been identified for follow up work in the coming field season. A field camp has been established just north of the main road between Wollogorang Station and Redbank Mine. Lagoon Creek Resources Pty Ltd ('LCR') continued operations on the Debbil Debbil Uranium Project in the south-eastern part of the EL. This work consisted of a stream sediment geochemical survey and reconnaissance. Field camp construction has been completed.