Indiana Project EL's 24194, 24427, 27439 Annual technical report 1 February 2009 to 30 January 2010

Abstract

This report summarises work completed on EL 24194, EL 24427 and EL 24739 for the year ending the 30 January 2010. The project area is located approximately 220km northeast of Alice Springs, south of the Plenty Highway. Work completed over the tenement area during the reporting period includes the following: Rehabilitation; and rockchip sampling. Results from the 2008 VTEM survey indicate multiple high quality targets. Two were drill tested in 2008. Although drilling failed to intersect economic mineralisation, significant sulphides (with considerable copper) were intersected in both drillholes. This confirmed the effectiveness of the electromagnetic surveying techniques - particularly VTEM in screening the area. Modelling of the ground EM completed over a number of the remaining VTEM targets suggests basement conductors are present and are worthy of drill testing. These targets plan to be drill tested in 2010.