Partial relinquishment report for the period ending 5 October 2009

Abstract

This report records exploration undertaken over the areas relinquished from EL 25091, EL 25092, EL 25094, and EL 25143 for the period from 5th October 2006 and 5th October 2010. The tenements were originally granted to Mincor Resources NL then transferred to Mincor Zinc Pty Ltd on 10 April 2007. Work in these tenement areas was retarded for the first year by the delay in negotiation of an access agreement with the Central Land Council. The work and expenditure program for these tenements during the next year consisted of a geological and geophysical review of existing data and information towards determining the possible location of zinc - lead mineralization in the southern Georgina Basin. Exploration carried out subsequently comprised a detailed gravity survey (2 km point spacing), 3 dimensional modeling of the regional geology based upon interpretation of these data coupled with stratigraphic boundaries extrapolated from historic seismic traverses and associated drill hole logs, as well as collection and geochemical analysis of stream sediment and soil samples.