Combined annual report for EL 26302, EL 26303, EL 26304, EL 26305, EL 26307, EL 26308, EL 26309, EL 26310, EL 26311, EL 26312, EL 26314, EL 26701, EL 26702, EL 26703 for the year ending 7 April 2009

Abstract

The company completed the following activities on the tenements during 2008: Compilation of historical Company Reports from past exploration activities; Compilation, merging and processing of public geophysical datasets to create magnetic, radiometric and gravity images to help map the regolith, surficial and basement geology, and basement structures; Field reconnaissance to ascertain road access and station community issues; Collection of one rock sample on the northern tenements for phosphate; and analysis for P and other elements; Rock Phosphate market research into sale and operating cost pricing. Key results from the 2008 work include: Identification of basement magnetic and gravity linears that parallel the structural trend hosting the giant McArthur River, Century and Mt Isa base metals deposits; Identification of surficial uranium radiometric anomalies that map potential phosphorite horizons prospective for uranium and phosphate mineralisation; Access by station tracks is good and the tablelands terrain is generally flat and poorly vegetated; A single sample was collected within the tenements which recorded weak P values; Support for a sustained rock phosphate sale price of US150 per tonne for the next 4-5 years.