Partial surrender report for EL 29520 for period 15 January 2014 to 14 January 2015

Abstract

There has been no on ground exploration activity competed on EL 29520 in the current reporting period, primarily due to the company focus on the nearby Toms Gully mine and a tightened exploration budget reflecting the current economic climate. Work has been limited to desktop reviews and data compilation using available NTGS data sets. These data sets have allowed the company to evaluate the potential for economic mineralisation within the tenement and has been the principle rationale behind the compulsory second year reduction. The potential for significant economic mineralisation in the surrendered portion of EL 29520 is considered low.