Annual report for AN 413

Abstract

AN 413 is located about 138 km south-east of Darwin, adjacent to the Brocks Creek project area, where a number of gold mines are operating to produce ore for treatment at Union Reefs mill. It covers 2 blocks and was applied for on 11 February 1994, and granted on 5 May 2006 to Dominion Gold Operations Pty Ltd for a period of four years. Currently, Territory Goldfields Pty Ltd and Buffalo Creek Mines Pty Ltd (wholly owned subsidiary of GBS Gold Australia Pty Ltd) are in negotiation with Dominion Gold Operations Pty Ltd to acquire the tenement. It appears that some arrangements have been agreed upon between the parties. As a result, no exploration activity was conducted during the reporting period. GBS Gold Australia regards the tenement a strategic asset and will conduct a dedicated exploration program subject to satisfactory execution of transfer deed. In view of its close proximity to the main gold mining operation located in the Brocks Creek project area, the tenement is important to GBS Gold Australia for further expansion of mining operation.