Annual combined report on EL 23517 Watts Creek, EL 23532 North Ringwood, EL 24403 Mt Douglas and EL 25119 Douglas Creek for the period ending 3 April 2013

Abstract

The four Exploration Licences, ELs 23517, 23532, 24403 and 25119 (the TOP - TOC Project Areas), are in the Pine Creek Geosyncline located between 110km and 150km southeast of Darwin. They were granted to M Teelow, G Orridge and G Clarke (the TOC syndicate) and M Teelow, G Orridge and H Pinniger (the TOP syndicate) between May 2003 and October 2006. The main commodity to be sought was gold, with uranium and base metals as other possible targets. In the first two years exploration work was undertaken by the Titleholders, but later operations were taken over by Terra Gold Mining PL, GBS Gold Australia PL, Element 92 PL and Crocodile Gold Australia PL under various option and split-commodity agreements with the titleholders. The Terra - GBS Group went into liquidation in 2009-10. The repeated changes in operators exploring the TOC-TOP tenements resulted in discontinuities and limitations in field operations and reporting: no significant new mineral discoveries were made. The Titleholders (TOP-TOC) are now seeking new partnerships to proceed with ongoing exploration, emphasising basic fieldwork, including mapping, sampling and drilling, which had been largely neglected by the previous operators. Failing this, some or all of the titles are expected to be surrendered in the third quarter of 2013.