Combined annual report for period ending 12 November 2011, EL's 22359, 23063, 23065, 23992, 26822

Abstract

Exploration Licences 22359, 23063, 23065, 23992 and 26822 were granted to Messrs Hosking, LeBrun and Allender on the 13.11. 2008 with whom Sipa Exploration NL had signed a Farm-In Agreement for these licences on the 15.12. 2005. Together with EL Applications 26823 and 26824 they form Sipa's West Warrego Project. Sipa negotiated another Joint Venture - Farm In agreement with Image and Meteoric Resources for Exploration Licences 23764, 24363, 24255 and 24138 and Exploration Licence Application 24257. Sipa then integrated both tenement packages into a single Tennant Creek Project. Copper, gold bismuth are the main commodities explored for. The activity in the current reporting period focused on the acquisition of an airborne magnetic survey. This survey was delayed due to mustering activity on Phillip Creek Station and was finally flown in September/October 2011. The raw data are currently processed and imaged. The aeromagnetic data which have been acquired in this reporting period on the tenements are expected to generate a range of targets for follow-up ground gravity surveys, termite mound sampling and drill testing.