Annual Report on the Mount Todd Project Area for the period 5 March 1997 to 4 March 1998

Abstract

Mining was suspended on 15 November 1997 due to low gold price and Phase II design faults. The mine was placed on care and maintenance and administrators appointed. Prior to suspension, a small high grade repeat structure at the Quigleys prospect was targeted with 5 RC holes, but was unsuccessful. At this location 11 metallurgical core holes were drilled, but no test work was completed. At the Batman deposit 18 holes were drilled to bring all ore within the final pit design into the proved and probable ore reserve category. The proven-probable ore resources at the Batman deposit is 94.51 million tonnes at 1.07 g-t Au.