Annual exploration report MLN 51 - MLN 57 inclusive, Caroline Group, year ending 4 November 2004

Abstract

No field work was completed on the leases during the report period. The Burnside Joint Venture has used the three months since acquisition to locate and study available data on the Union Reefs field. A structural interpretation was carried out based on SPOT imagery. This work including reporting was costed at $350.00. In the following year, 2005, the Joint Venture is expected to focus expenditure on developing sufficient gold ores from its known first rank deposits at Pine Creek and Burnside with a view to initiating a mill start-up. Activity at Caroline Group will be confined to data acquisition and review, the results of which will determine the relative value of the prospect.