Final report on EL 10351, year ended 6 February 2010

Abstract

EL 10351 is located east of and adjacent to Rustler's Roost Project area, where a group of gold mines have produced significant quantities of gold during 1990s. It covers 1 graticule block only and was applied for on 13 February 1999, and granted on 7 February 2004 to Rustler's Roost Mining Pty Ltd for a period of 2 years. It was granted 2 subsequent renewals, and it expired on 6 February 2010. In 2004, Rustler's Roost Mining Pty Ltd was wholly owned subsidiary of William Resources. In 2005 control of Rustler's Roost Mining Pty Ltd was handed over to Valencia Ventures which embarked on a program of evaluation and feasibility of Rustler's Mining's Mt Bundy Project, which also included EL 10351. During the tenure of EL 10351, company's mainly focussed on the feasibility study of Rustler's Roost mining project and spent over $2.0 M. Examination of previous annual reports on EL 10351 shows that no on-ground exploration activity was conducted by Rustler's Roost Mining Pty Ltd, and no data were provided when EL 10351 was handed over to Crocodile Gold Australia, and it expired immediately after that. During the final year ending on 6 February 2010, EL 10351 was handed over to crocodile Gold Australia. Crocodile Gold conducted due diligence on the project along with reconnaissance visit, tenement administration and report writing. This activity cost a total of $5040.00.