Year 7 Annual and final report for period 6 April 2006 to 14 December 2012

Abstract

During Year 6 of EL 24837, following a review of its exploration priorities, Investigator reported to the Calvert Hills JV that it intended to seek expressions of interest from potential new JV partners or purchasers. Although there was some initial interest, potential third parties declined to take the matter further. Investigator then advised Uranium West that it wished to dissolve the Calvert Hills JV and in 2012 Uranium West decided to take on the management of EL 24837. On 30th November 2012, Focus Minerals Limited, the parent company of Focus Minerals (Laverton) Limited (formerly Crescent Gold Limited of which Uranium West is a wholly owned subsidiary), announced that shareholders had approved a fund raising placement to Shandong Gold International Mining Corporation Limited. On 21st December 2012, Focus Minerals announced completion of the placement that saw Shandong Gold become a 51% shareholder. Initial use of the funds was planned to be targeted on the company's gold assets and to compliment this strategy a decision was made prior to the placement to divest some non-gold projects, including EL 24837.