Partial Relinquishment Report for EL 25007 and EL 23792 for the period 1 November 2005 to 31 October 2007

Abstract

This is the first partial relinquishment report on AusQuest's Plenty River tenements, EL 23792 and EL 25007. The tenements were granted their current combined reporting status on September 10th 2007. Exploration on the project has targeted magnetic dipole anomalies as potential kimberlite or lamproite pipes beneath sand cover. Work relating to the relinquished tenement area during the life of the tenement is summarised as follows; One sample was taken within the relinquished part of EL 25007 during the 2005 initial loam sampling programme over the two tenements to test magnetic dipole anomalies; Two samples were taken within the relinquished part of EL 23792 during the 2006 background loam sampling programme over the two tenements to test areas not covering magnetic dipole anomalies. Rio Tinto Exploration withdrew from the joint venture in June 2007.