First Relinquishment Report EL 24818 for 9 Blocks Dropped for the period 18 January 2006 to 17 January 2009

Abstract

Korab Resources Ltd successfully carried out a program of exploration on EL 24818 over a period of three years as described in their Annual Reports for Years 1, 2 and 3. Korab had been granted a full waiver of reduction after Year 2 of tenure. Korab applied for a waiver of reduction of 9 blocks, instead of the 17 blocks required, in late 2008 and was granted that partial waiver. This report describes the work done relative to the 9 blocks dropped. Two lines of detailed radiometrics were done on the area relinquished.