Year 2 Reduction report EL 28387 Green Ant Creek, Tipperary Project, for period ending 6 July 2013

Abstract

EL28387 was granted for a period of six (6) years in 2011 to expire on 6 July 2017. The tenement was reduced to 93 blocks from 185 blocks at the end of year 2 in compliance with compulsory reduction requirements. No exploration was completed on the relinquished blocks as exploration on this tenement was postponed whilst the company re-organised its exploration strategy and land holdings with a view to be listed on the ASX during 2013. This re-organising is progressing successfully, although taking longer than expected, and includes the acquisition of a large gold project in far north Queensland from Republic Gold. No further exploration is recommended on the relinquished blocks which show little geophysical anomalism and are within deep non prospective cover sequences.