EL 25165 Annual report for the period 7 November 2010 to 6 November 2011

Abstract

During May 2010 (year 4), a field reconnaissance was made to locate access to the planned drill sites. Some minor access upgrading will be required prior to drilling. Some access was still boggy in May. This program was then planned for year 5 in the dry season preferably around May or June 2011. This was delayed while discussions continued with a group who were to finance the ongoing programs but this recently fell through. Discussions are now with alternative potential investment parties. It is now planned to convert the planned drilling to RC with diamond core tails to be drilled in Year 6. The conductors and an anticline targets also represent possible gold targets. Any drill intersections will be followed up by further drilling in the next program either later in 2012 or in 2013 if a Renewal of the licence is granted.