Final report on EL 10079 Settlement 1 May 2003 to 30 April 2009

Abstract

This Final Report records exploration work done on EL 10079 between 1 May 2003 and 30 April 2009. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this. Since Emmerson's purchase and listing on the ASX exploration activity has commenced and the area covered by EL 10079 is currently being analysed, interpreted and entered into the companies database. On completion of this task the licence area will be ear marked for further geophysical surveys to definitively evaluate the area for prospectivity, under its new title SEL 27142. Although no field work was carried on EL 10079 during this time Emmerson considers EL 10079 to remain prospective until further geophysical evaluation can be conducted, and provided with good results drill testing of targets identified. Therefore with reassessments of previous exploration work and the analysis and interpretation of newly captured data to be conducted during the remainder of 2009 and into 2010 all Emmerson Tenure, including EL 10079 (now SEL 27142) remain 'prospective'. Automatic cancellation of EL 10079 occurred on 30 April 2009 upon the 6th anniversary date.