Partial relinquishment report EL 28169, period ending 1 May 2013

Abstract

Kronos has undertaken an intensive literature search to find all available information on the Amadeus Basin and its unit of interest. Kronos' exploration rationale included a literature search where access to all available literature from previous private and governmental basin studies and mineral and petroleum explorations in attempt to further understand what was currently known about potential mineral deposits in existing reports. The information Kronos has obtained to date indicates the potential mineral deposits within the tenure. However further research has indicated that the extent of the resource and the feasibility in pursuing the exploration of same would not be as viable in the relinquished area. While Kronos' fundamental objectives and rationale have not changed, the exploration results from the second year have expanded the scope and potential for this region. The discovery of surface minerals found within the tenure, are encouraging indicators to justify fieldwork activities. Kronos has retained the most prospective 223 sub-blocks, as these remaining sub-blocks are closer to the potential economic zone.