EL 28108 Rainbow Serpent Annual and final report for the period 2 December 2010 to 1 December 2012

Abstract

During the reporting period Greywolf Resources NL undertook a compilation of open file reports and historical exploration results. The company also instigated talks with the Aboriginal Native Title and landowners. A strategic review of the project was competed and it was recommended that the project continue into the second annual report. Due to the difficulties in getting into the exploration site without significant investment, the company felt that at such time as a geologist could be sent to start phase 1 exploration we intend to wait for our Chinese partner who has assured us that he intends to supply the capital and incur any expenses with the understanding that the area if successfully explored will need extensive infrastructure. However, after geological desktop research Chinese investor was not interested in the tenement because no significant valuable mineral found. Greywolf decided to surrender the whole area and drop the project in Reynolds Ranges.