Partial Relinquishment Report for SEL 23659 MacPeak for the period 3 April 2003 to 19 March 2009

Abstract

SEL 23659 - Mac Peak - as part of the Central Project, was granted to Australian Tenement Holdings Pty Ltd on 3rd April 2003. This report is a Partial Relinquishment report on exploration carried out on the area surrendered for the period 3rd April 2003 to 19 March 2009. Since 2003 exploration programs carried out over the tenement area comprised regional structural and geological mapping, reconnaissance and infill BLEG soil sampling, and a regional gravity survey. No field exploration has been conducted since 2006, but the tenement has been retained as it is important for ATH to ensure that there is a reasonable amount of exploration land to include with the TMJV/Groundrush Mining Leases as a saleable package. If we reduce the ATH landholdings in the vicinity of the TMJV/Groundrush Mining Leases and processing infrastructure, the likelihood of securing a sale to an established junior Mining Company or Initial Public Offerings may be diminished. In addition, all of the area covered by the project area is considered prospective for gold mineralisation similar to the Tanami, Twin Bonanza, Old Pirate and Groundrush deposits and any purchaser will require time to effectively evaluate the exploration potential of the area. Further to our recent discussions with the Department of Regional Development, Primary Industries, Fisheries and Resources, Newmont Australia Limited (Newmont) anticipates recommencing the divestment of the ATH exploration tenements and TMJV/Groundrush mining leases in the second half of 2009 subject to an improvement in market conditions. During 2009 Newmont is planning to continue with its environmental auditing of ATH tenements to ensure the success of previous rehabilitation of exploration disturbances.