EL 8134 Kilgour Gorge Final report on exploration activities period ending 23 November 2003

Abstract

EL 8134 formed part of a farmin agreement between Rio Tinto Exploration Pty Ltd and Diamond Mines Australia Pty Ltd. DMA were to conduct predominantly diamond exploration over the tenements utilizing the Falcon airborne gravity gradiometer to detect kimberlite pipes. Gravity Capital Ltd is managing the farmin arrangement for Diamond Mines Australia and owns 40% of DMA. During the final year of tenure of EL 8134, Gravity reviewed the data compiled by Rio Tinto and elected to fly the Falcon system over the entire tenement as part of a larger survey covering neighbouring Rio Tinto-controlled tenements included in the DMA-Rio Tinto Exploration Agreement. At the time of reporting, the results of the survey were just to hand and the interpretation/ targeting process had just commenced. EL 8134 expired on 23 November,2003 and it has been re-applied for by Ashton Mining Limited as ELA 24168. The new ELA has been included in the farmin agreement with DMA.