Year 5 annual report for EL 24142 Mt Ringwood for the period 4 October 2008 to 3 October 2009

Abstract

This report is the fifth Annual Report of the exploration of EL 24142 for the period 4th October 2008 to 3rd October 2009. The Year 4 Annual Report in fact covered drilling completed late in the previous reporting period and processing of results completed early in year 5. The drilling results showed quartz veining, disseminated sulphide and mineral alteration features along with elevated gold and arsenic values in areas that have previously (2007 reconnaissance program) been identified as being potentially mineralised. Upon review, the blocks containing this diffuse mineralisation have been relinquished. The Company experienced significant funding difficulties during the year, causing the postponement of proposed extension of the reconnaissance program. It now proposes that such reconnaissance should be undertaken on the remaining blocks during year 6.