2008 Final annual report for EL 24644, period ending 9 January 2009

Abstract

Lagoon Creek Resources Pty Ltd (LCR) are exploring EL 24644 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 has a North West strike through the tenement. Information on past exploration is limited, however the area is regarded as potentially prosperous for Uranium, Gold and Diamond exploration. There are also several Manganese occurrences documented on the Northern edge of the tenement, the largest being 'Masterton,' named after the Masterton sandstone. Exploration during the past year has comprised of geophysical data analysis and reprocessing and targeting using an independent summary report prepared by Rob Search. This data was then used to establish key target areas for our ground based exploration. This exploration was undertaken in August 2008 and comprised soil, stream sediment and rock chip sampling as well as a ground scintillometry survey. Following analysis and interpretation of field and assay data Lagoon Creek Resources has decided to surrender the tenement as un-prospective for gold and uranium. LCR will focus instead on its two contiguous tenements to the south.