Relinquishment report on EL 8696, EL 9442 and EL 9449, from 22 August 2002 to 21 August 2007, Lake Mackay Project

Abstract

The Lake Mackay Project is located approximately 460km WNW of Alice in the western Arunta region. Partial relinquishments were completed on three Exploration Licences - EL 8696, 9442 and 9449. All tenements are registered to Tanami Exploration (TENL), a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company. Exploration was carried out in the first two years by Newmont Exploration (Newmont) and over the following three years by TENL. It consisted of geochemical sampling, data assessment, RAB and Aircore drilling. No significant results were received from the Newmont rock chip and lag sampling on the relinquished tenement areas. Geochemical sampling and RAB drilling by TENL identified the Ohau prospect on the relinquished portion of EL 8696. The Ohau prospect is defined by a lag geochemistry gold-arsenic anomaly peaking at 102ppb Au. In the fourth year of tenure a follow-up lag sampling program was undertaken, followed by an Aircore drilling program. Drilling beneath the interpreted E-W strike of the peak surface lag anomaly returned a best intercept of 2m at 0.45g/t Au from 32m.