Combined annual and relinquishment report for EL 25144, EL 25145 and EL 25213 year eding 24 November 2010

Abstract

During the year, no exploration activity was undertaken on the Exploration Licences as the Company became increasingly frustrated with financial and administrative delays with the CLC. While significant admin costs were incurred, no other acceptable costs were incurred by the Company. The decision has been made to relinquish the entire area of each of EL 25144, EL 25145 and EL 25213. It has become apparent to the Company that it does not have appropriate tolerance for continued financial outgoings to these tenements. The Company does not have a 'warehousing' mentality, nor any intention of ruining the good faith with the NT Government given a number of waivers have been granted in the past. EL 25145, EL 25144 and EL 25213 is hereby relinquished in their entirety by the Company.