Annual report EL 25026 15 August 2010 to 14 August 2011

Abstract

Great Western Exploration Limited was the operator of a joint venture with the tenement holder from 15 October 2009 to 14 January 2011 which included EL 25026. The joint venture lapsed on the 15 January, 2011 after GTE failed to meet an option payment. The joint venture agreement clearly stated tenements were to be kept in good standing. Up until the JV termination GTE spent in excess of $685,000 on the combined tenement package. GTE's proposed work program for the period included reconnaissance traverses in areas recently relinquished and geological prospecting. On termination of the joint venture fieldtrips to ground check the GTE work were conducted as well as a major collation of database work. Reinterpretation and computer modelling of previously submitted geophysical data was also carried out. During July an ironstone horizon was discovered which will be followed up in the next reporting period.