EL 27026 Annual report 3 September 2011 to 2 September 2012

Abstract

In January 2012 Fertoz signed an Agreement to transfer the ownership of the Roper Project to Ebony Iron Pty Ltd. As part of the Agreement Fertoz retained the rights to any fertiliser deposits. Consequently Fertoz did not carry out any work on the tenements. Ebony Iron Pty Ltd engaged Terra Search Pty to undertake a review to identify the areas likely to be prospective for Iron Ore with the intention of relinquishing the non-prospective regions at the end of the third year. They recommended further investigation of 19 subblocks at Tanumbirini because of a magnetic anomaly. It is possible this could be the pipe of an iron ore body. They however concluded that the depth of Cretaceous sediments makes the chances of developing an economic phosphate or iron ore deposit unlikely on the remainder of the tenement.