Annual exploration report EL 23270 Woolwonga North year ending 19 February 2010

Abstract

During the year under review, GBS Gold Australia remained under voluntary administration. The main activity, however, has been to prepare assets for sale. For this purpose, a review of the tenement along with tenement ranking and evaluation was undertaken, which identified significant potential of the project area. In addition, a few trips with interested parties were also undertaken. Proposed future work would involve detailed interpretation of the magnetically anomalous NW trending signature parallel to the Woolwonga structure in the south and the drilling of broad spaced RAB - Air Core holes to basement under the colluvial - alluvial cover that masks a good deal of the landholding.