Annual report on EL 24602

Abstract

EL 24602 forms part of Minemakers' Port Keats Salt Project, located on the Northern Territory's west coast, approximately 200km southwest from Darwin. Minemakers Pty Ltd holds 100% interest in this tenement. Minemakers aims to drill test a large seismic structure on the Northern Territory coastline. It has previously been interpreted to be a salt dome. If this proves to be the case, conventional solution mining technology could enable the Company to set up a major salt production facility, exporting to the Asian markets. Whilst the target lies mainly in EL 24602, the tenement is entirely covered by the sea. A key to the evaluation of the prospect and subsequent production, should the structure be proved to contain salt, is access to a land tenement so that saturated brines from solution mining may be evaporated. During the tenement year it wasn't possible to meet with the Traditional Owners to discuss the progressing of Minemakers' two terrestrial EL applications (EL 24728 and EL 25555) and meeting was held with senior officers of the Department in August so as to acquaint them with the situation. Subsequent to year end a meeting was held at Wadeye and the company is hopeful that land based exploration may be able to get underway during the 2009 dry season.