Partial relinquishment report for EL 23629, for the year ended 6 March 2008

Abstract

The Arunta Project is located approximately 250km NNW of Alice Springs in the Northern Territory. The North Arunta Province is dominated by a series of Palaeoproterozoic sedimentary sequences intruded by granite plutons and mafic sills. Quaternary and Tertiary cover conceals large areas of bedrock in the area however the region has seen exploration for a variety of commodities including gold, base metals, iron ore, uranium and diamonds. A review of previous work by Proto Resources & Investments Ltd on EL 23629 has confirmed the prospectivity of the area covered by the Falconbridge airborne EM (GEOTEM) acquired in 2003. As such, it is recommended that Proto execute a 50% reduction relinquishing those subblocks outside of the area of interest. Only a tiny fraction of this area was covered by the geophysics.