Combined second annual report for the period 20 April 2012 to 10 April 2013 and final report for period 20 April 2011 to 10 April 2013, EL 28198

Abstract

The area was originally identified as a conceptual target area based on proprietary methods and modelling conducted by Paradigm Geoscience Pty Ltd. The principal target commodity was diamonds. In later years further concepts were developed which involved the search for base metals and copper-nickel-platinoids. Historical exploration in the region had focused on the potential for diamonds and base metals, but was limited due to poorly developed drainage and widespread alluvial and aeolian cover. Due to economic factors Crossland was forced to re-evaluate its position on the Lake Woods Project and elected to forgo any exploration within the Year 2 (2012-2013) reporting period. During the year the company attempted to locate a Joint Venture partner to assist in exploration on the Lake Woods licences and other projects belonging to Crossland. Crossland believes that there is potential for diamond-bearing occurrences in the immediate region, and as a result the company is retaining a reduced area in the current adjacent licence. No exploration has been carried out by Crossland on the subject licence for the period since granting in April 2011.