Annual report for EL 23531

Abstract

Our company entered into an agreement with another exploration company, Stanton Resources Ltd (soon to be listed) (formerly Conico Pty Ltd) for further exploration and development of the mining project. This year alone they have spent significant amounts of funds totalling up to $100,000 which included site investigation, G.P.S preparation on site, soil examination for drilling pads, exploration and infill drilling program and consulting reports. In fact they were to begin the Infill drilling program in early October. Unfortunately the work program was postponed until full clearance from AAPA and DBIRD is established. As there was a slight delay, along with the warning of early start of rainy season this has now been postponed to April 2005.