Annual and final report on EL 24867 Rum Jungle for the period 15 March 2010 to 14 March 2011

Abstract

The following is the Annual and Final Report for the Rum Jungle Project, EL 24867, for the reporting period 15 March 2010 to 14 March 2011. Uranium West Limited (a wholly owned subsidiary of Crescent Gold Limited) was the licence holder with Southern Uranium Limited (SNU) as managers of the tenement until 19 January 2011, when the Joint Venture between the two groups was terminated. Southern Uranium had proposed an expenditure of at least $100,000 for Year 5 on EL 24867 and planned to complete a minimum of three (3) and a maximum of six (6) RC drillholes after the GA Tempest AEM data had been fully evaluated. However, following further reviews of prospectivity the Joint Venture decided to focus expenditure on other opportunities. Subsequently Uranium West surrendered EL 24867.