Arcadia Project Annual report for the period 18 November 2013 to 17 November 2014 ML 29999

Abstract

Difficulties with respect to access to tenement ML 29999, and a number of other granted mining tenements in the region, more generally known as Mount Samuel, continue as a consequence of land council interference. In addition, ML 29999 falls within the area of a wider application for an exploration licence (ELA 7809) which has also been placed under moratorium. Under the current circumstances the company has not entered onto the tenure during the reporting period and therefore not been able to generate new information for inclusion in the Annual Technical Report. Historical records and the Company's structural analysis of the mineral field clearly point to importance of this tenement and its extremely high prospective character. Accordingly the company values the assets highly and has moved to keep them in good standing by the payment of the annual rentals. The company looks to a future opportunity to meaningfully advance work programs at such time as a resolution to the tenement access constraints can be achieved.