Combined annual report for EL 8824, EL 9295, EL 9616 Southern Tanami Project

Abstract

The abovementioned exploration licences have been included in the Combined Report for the Southern Tanami Project with a due date of 23 April annually. During the eighth year of tenure further analysis of the open-file data was undertaken which indicated a requirement to undertake additional field work to gain an improved understanding of the regolith. It was planned to complete this field work in conjunction with further onground reconnaissance of the regolith to assess the effectiveness of previous work, and to undertake additional regolith geochemical sampling programs as appropriate. However the Tanami exploration budget was unfortunately curtailed in August 2008 due to cost-overruns on the Company's Coyote Gold Project. As a result exploration programs have been deferred in 2009 until the second half of the year at which time the Company expects to fund exploration from mining revenue. No field work has taken place within the last twelve months.