Combined annual report for the period ending 26 October 2011

Abstract

The Rockhampton Downs Project, located approximately 90 to 235 km NE of Tennant Creek, is a sub-project of Vale's Georgina Phosphate Exploration Project and covers Cambrian sediments of the Georgina Basin. The sediments of the Georgina Basin range in age from late Proterozoic to early Paleozoic. Outcrop within the project is limited with basement largely concealed beneath Cenozoic sediments. Phosphate exploration work on Rockhampton Downs in 2011 consisted of a AAPA Certificate, rock chip sampling (35 samples), geophysical interpretive targeting, line clearing and reconnaissance reverse circulation (RC) drilling and rehabilitation. A Geophysical Basin Modelling Study was completed over Vale's Georgina Project, including Rockhampton Downs, to gain a better understanding of the Georgina Basin and assist with phosphate drill targeting. A total (8) Reverse Circulation (RC) holes were drilled on ELs 27193 and 27195 for a total 973 m and 514 composite samples. Rock chip and drill assay results for 2011 will be available in the next reporting period. Further drill targeting using RC drill results and geophysical modelling studies is planned for the 2011-2012 reporting period.