Sixth annual report EL 24932 Frazer North for the reporting period 17 July 2011 to 16 July 2012

Abstract

Exploration on EL 24932 was limited during the year due to the sale of the Frazer Project by Equator Resources Limited to TUC Resources Limited. TUC are actively and successfully exploring similar targets in the Rum Jungle-Pine Creek region. The project review and sale process took much of 2011 (year 6 for this tenement) resulting in no on ground exploration being undertaken on the tenement. The sale was completed in February 2012 and was registered on 4/4/2012. An exploration review of the project was completed in 2011 prior to the sale process which demonstrated that EL 29432 covers an important section of the offset north extension of the highly prospective Rum Jungle Woodcutters anticline where prospective stratigraphy intersects a north south fault. In the coming year exploration is proposed to review the entire project with respect to rare earth element, uranium, gold and base-metal potential with a view to drill testing priority targets in subsequent years.