Annual exploration report EL 24966 Tennant Creek West for period ending 17 September 2011

Abstract

All drilling was completed in the previous year. A total of 175 diamond sample assays were returned that were not reported in the year 4 annual report. No significant results were returned from these samples. A report for Joint venture partners Panoramic Resources was completed for the 2010 drilling. The conclusion was that: The drilling effectively tested the main geophysical targeting criteria across the 4km strike length of the Bluebush Southeast Prospect. Geophysical anomalies were either explained by dense ultramafic rock types or magnetite mineralisation not associated with significant gold or copper grades. The lack of gold and copper mineralisation over the 4 km strike length would suggest a distinct lack of mineralising events in the region. Given the lack of success it is recommended that the joint venture on this tenement should be put on hold. In addition, further work at Bluebush Southeast would likely require extensive further negotiations with traditional owners with respect to access and it is felt that these additional burdens are prohibitive given the likely exploration success.