Combined annual report for EL 8696, EL 8697, EL 9442 and EL 9449 Lake Mackay project form 21 August 2010 to 30 October 2011

Abstract

ABM explores these tenement for the potential of gold mineralisation. The tenements are currently subject to a Joint Venture Agreement with Deep Yellow Limited which explores the tenements for uranium. Exploration during the reporting period year included surface sampling, geophysical surveying and drilling. The best overall assay result of 0.037ppm Au came from a subsoil (B) Horizon sample (sample ID TPSL000001) which was collected 300m southwest of the Taupo prospect on EL 8696. The gravity survey generated four targets which were prioritized and followed up with deep RC drilling. At the Tekapo prospect area the drilling program encountered several high grade intersections which confirmed and extended the magnitude of previously encountered mineralisation in Tanami Gold NL holes. Geological information has prompted the need for a petrologic study which has been initiated. At the Manapouri prospect area the drilling program intersected a number of key geological units and provided insight into the distribution and composition of igneous suites, sedimentary deposits, and metamorphic facies. Gold and multi-element results have prompted further work to uncover vectors for economic gold mineralisation. The maximum assay value returned was 9.7 ppm from a 1m sample interval from a depth of 31m in hole TKRC100003 (Tekapo).