Total relinquishment report over the West Batchelor Iron - Uranium Project EL 26257 29 April 2009 to 7 April 2015

Abstract

During April 2014 consulting geologists Kastellco Geological Consultancy conducted a review of existing historical exploration data within the Northern Territory Geological Survey Database. This was conducted for over the Project area to identify any potential for base metal - uranium. The results identified 2 major iron targets that warrant further work immediately. Based on the review, it was recommended the exploration licence area was to be relinquished upon the collapse of the iron prices around the world and the location of the Project located within the Litchfield National Park. The board of Directors have concluded if any mineral resources would be delineated within the National Park, it would be deemed too difficult to access mineral leases and permitting required for extraction.