EL 22240 Third annual report 24 July 2003 to 23 July 2004

Abstract

Drilling of two RC drill holes targeting a shallow modelled gravity body to the west of the mineralised Malbec West ironstone was completed during Year 2 with disappointing result. In terms of explaining the gravity anomaly (density contrast) it was a good result and adds to GRM's growing understanding and expertise in relation to interpretation and ranking of these often subtle and weak gravity anomalies. Exploration will continue within EL 22240, primarily to identify strike extensions to the operating Malbec West Gold Mine. Geophysical interpretation of the Year 3-4 gravity survey data by Frank Lindeman of Lindeman Geophysics, Melbourne, continues to be refined and reprocessed. A number of shallow gravity targets remain to be drill tested.