Year 2 Annual report for EL 9768 Bullock Creek, 10 September 2003 to 9 September 2004

Abstract

In late September 2003, Striker Resources NL (Striker) entered into a 'Letter of Intent' with Rio Tinto Exploration Pty Ltd (Rio Tinto) with respect to the Merlin Orbit Exploration Tenements, which surround the decommissioned Merlin Diamond Mine in the Batten region of the Northern Territory. The Merlin Orbit properties consist of six granted tenements, namely EL 9058, 9768, 9840, 9893, 10189, 22101 and one exploration licence application 24192 totalling approximately 1,800km2. The tenements were held by Ashton Mining Limited ('Ashton') (a wholly owned subsidiary of the Rio Tinto Group). On 21 May, 2004 a Sale/Purchase Agreement, Deed of Assignment and Transfer Instrument were lodged at the Department (D91965, D91966, D91967). These documents concerned the transfer of 100% interest in the subject licences, including EL 9768, from Ashton to Bulgurri Diamonds Pty Ltd, a wholly-owned subsidiary company of Striker Resources. Striker will be the manager of these tenures. Striker has agreed with Rio Tinto to honour all existing commitments and arrangements that Rio Tinto Ltd has entered into with respect to the exploration licences. Due to negotiations between Striker and Rio Tinto on the formalities of the 'Letter Of Intent', diamond exploration was limited to reassessing of existing datasets during the reporting period 10th September, 2003 to 9th September, 2004.