EL 27240 Annual exploration report ending 8 November 2010

Abstract

EL 27240 is a granted lease within the Redbank Copper operational area in the Northern Territory, and currently is in its first year of tenure. An experienced regional exploration manager has been hired by the company and planning of ground mapping, geochemical sampling and geophysical surveys are underway for the 2011 dry season ahead of area reduction in 2011. Work undertaken during the period consisted of a regional compilation of open file and available data from all known sources completed by external consultants under the direction of the company's exploration and regional exploration managers. This compilation has been indexed and is currently undergoing geo-referencing and point extraction of data where required. Field review, although delayed and restricted by abnormally wet ground conditions during 2010, has been completed in preparation for the planned 2011 field sampling during the dry season. An assessment of digital data sets and the subsequent maps derived from the GIS compilation has been completed and detailed interpretation of existing geophysical information has commenced to provide assistance with detailed targeting for follow-up filed sampling.