Annual report for EL 24666 period ending 16 March 2009

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. Information on past exploration is limited, however, the area is regarded as potentially prosperous for Uranium, Gold and Diamond exploration. 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, undertaken in August 2008. Fieldwork across EL 24666, EL 24644 and EL 24645 consisted of soil, stream sediment and rock chip sampling, as well as a ground radiometric survey using GF instruments (scintillometer). In EL 24666, a total of 52 soil samples, 5 rock chip samples and 7 stream sediment samples were sent for analysis at ALS in Mount Isa. Radiometric readings were obtained at 53 sites within the tenement. Following analysis and interpretation of field and assay results, Lagoon Creek Resources has established key prospective areas in which to focus its exploration work in 2009.