Year 2 Reduction report EL 28388 Hayward Creek, Tipperary Project, for period ending 6 July 2013

Abstract

EL 28388 was granted for a period of six (6) years in 2011 to expire on 6th July 2017. The tenement was reduced from 43 to 22 at the end of year 2 in compliance with year 2 compulsory reduction requirements. No exploration was completed on this tenement as exploration 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.