Partial relinquishment report 25 October 2010 to 24 October 2012 Epenarra EL 27757

Abstract

The work and expenditure program for EL27757 consisted of a geological and geophysical review of existing data and information towards determining the location of possible phosphate mineralisation within the tenement as well as any possible base metal potential. NRE carried out a detailed desktop evaluation but also a detailed on-ground geological assessment of EL27757. NRE conducted an initial helicopter assisted reconnaissance program in relation to its Epenarra Prospect area which included an area covered by this Relinquishment Area. NRE also collected various samples during this activity and engaged in geological mapping of the area. In relation to the relinquishment area, no samples were taken as there was nothing of interest to be seen when looking at the target areas in the tenement. The decision to relinquish part of this tenement was based on results gained on a regional scale. In a subsequent exploration program following NRE?s initial helicopter assisted reconnaissance program, NRE attended the Alice Springs Core Library for the purposes of analysing waterbore cuttings available within or in close proximity to its Epenarra Prospect. One water bore located in the relinquishment area was tested by NRE using a portable XRF and where NRE felt appropriate, also sent some regional samples to ALS Laboratories for confirmation of initial analysis by portable XRF. In relation to the relinquished area, NRE has conducted extensive review of all previous exploration data and its newly acquired data and believes that no further exploration is warranted at this time.