Tenement summary report for the period 13 November 2009 to 13 November 2010

Abstract

Universal Splendour Investments (USI) has taken up exploration license EL 27312 which is located around the Borroloola area in the Northern Territory. This tenement is part of a group of nine tenements collectively referred to as the Gulf project area. To date the Gulf project has had a full background review, including an assessment of previous exploration, manganese mineralisation model, data compilation and a preliminary interpretation of the tenements. EL 27312 is of low priority and low prospectivity with respect to Mn mineralisation. No attempt was made to visit this tenement as road access appeared difficult.