Finniss Range Project, EL 26467 East Charlotte, Annual report for the period 23 June 2011 to 22 June 2012

Abstract

Exploration in the current reporting period included the ongoing literature review and the broadening of this work to include the adjacent tenements - EL's 25603, 26467 and 25521. No specific field exploration was undertaken with the exception of a regional reconnaissance and prospect assessment. The planned drilling of the 7Up prospect in 2010 was not undertaken as the target was considered to have limited prospectivety for lithium mineralisation. The abandoned Ah Bung mine is located in the south-eastern corner of EL 26467. The workings comprise shallow shafts and pit on two parallel pegmatites which crop out for a length of 50m. In 1986 Greenex completed 190 metres of costeaning and 135 metres of auger drilling. The average grade of 10 channel samples was 113 g/t SnO2 and 44 g/t Ta2O5. The overall volume and grade was considered by Greenex to be uneconomic. Altura will continue its review of all available historic data with particular attention to the recorded lithium assays.