Mount Bundy AN 25438 Annual report for the period 5 March 2008 to 4 March 2009

Abstract

This report details exploration activities conducted by Territory Resources Limited for Mount Bundey style haematite/magnetite mineralisation within AN 25438 during Year 2 ending 4th March 2008. Exploration activities during the reporting year comprised: 1) A review of all historical data, including that collected by Territory Resources in the 2007 - 2008 drilling season; 2) Rehabilitation of all previously drilled holes on the tenement; 3) Field inspections to familiarise new exploration staff. Territory Resources replaced it's entire exploration crew during the year; 4) Pit mapping of the existing Mount Bundy pit; 5) An Aboriginal Heritage Survey over the Mount Bundy tenements that include the areas cover by AN 25438; 6) Drill program design and pegging over the tenement; 7) Preparation of an EOMP for the Mount Bundy area. The drilling program was not conducted since higher priority targets associated with the Frances Creek iron ore operations ramp up and evaluation required more urgent assessment. Application for tenement renewal was submitted, after approval had been obtained from Mr Terry Baldwin, the underlying land owner. The drilling will be completed during the 2009 - 2010 drilling season.