Annual report for EL 24666 period ending 15 March 2008

Abstract

Lagoon Creek Resources are exploring EL 24666 for potential uranium and gold mineralization, with large known deposits to the east, within the Westmoreland system, as well as a series of known mineral occurrences such as Calvert North and Calvert South which occur in association to the Calvert Fault that runs North West to the north of the Tenement. Previous work also points toward possible diamondiferous sediments in the west of the tenement. Exploration during the past year has comprised of geophysical data analysis and reprocessing and targeting along with an independent summary report prepared by Rob Search. This data was then used to establish key target areas for our ground based exploration. The current mineral boom presenting serious problems in the acquisition of drilling contractors and field staff has led to delays in the rigorous field program we now have planned for 2008. Information on past exploration is limited, however the area is regarded as potentially prospective for uranium, gold and diamond exploration. Lagoon Creek Resources initial focus was to have the radiometric and magnetic data, previously flown by The Australian Geological Survey, reworked and reprocessed by GeoDiscovery Group. Initial reconnaissance work has been undertaken as well as the collation and review of previous exploration activities. A work proposal for two specific areas was established and ground reconnaissance of the two study areas has shown access to be reasonable. Alex Teluk from Rob Search was contracted to prepare an independent Geological Report for the Lagoon Creek Tenement package within Benmara and Calvert Hills. Several extracts can be read within this report. Alex's work will be used to help focus exploration targeting for the forthcoming field campaign. The results of the report suggest a favorable environment for an under explored uranium province.