Eleventh Annual exploration report for ERL 130 Esmeralda, year ended 16 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. 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 Esmeralda will be confined to data acquisition and review of the two gold deposits, the results of which will determine whether the contained resources can be factored into a start-up decision at Union Reefs.