First annual and final report on EL 27047, period ended 20 January 2010

Abstract

During the first and only year of tenure, research into the geology of the tenement EL 27047, five surrounding tenements and potash potential of the Amadeus Basin was carried out. No joint venture partner could be found to fund deep drilling and seismic programs, therefore in the best interests of shareholders the tenement EL 27047 were relinquished. No on-ground exploration was carried out during the first year of tenure. Expenditure for the year was $7960 on EL 27047.