Relinquishment report for EL 24142 Mt Ringwood

Abstract

During the reporting period (4 October 2004 to 3 October 2009) Australasia Gold's program culminated in the implementation of a follow up aircore drilling program that was designed to test the gold-arsenic anomalies found in the 2007 reconnaissance aircore drilling program. A total of 93 holes (2154m) were drilled and 1436 samples taken. Drilling results show elevated gold and arsenic values in areas that have previously been identified by 2007 aircore program as being potentially mineralised zones. The highest value obtained in that year's program was 0.3ppm Au in the western portions of Traverse 3. The eastern ends of each traverse do not contain any anomalous values. The Company has released to Open File its Annual Reports for the whole of EL 24142 for the first five years of the Licence which contain all the results of these programs.