SEL 8665 Shark Fifth annual report 8 March 2003 to 7 March 2004

Abstract

Substitute Exploration Licence 8665 Shark, is located between 6 km and 20 km east and southeast of Tennant Creek. Access to the Licence area from Tennant Creek township is via the sealed road to the Peko and Nobles Nob mines, and then along the un-sealed Gosse River road. A network of un-sealed tracks extends from these roads to provide reasonable vehicular access throughout the remainder of the tenement. SEL 8665 Shark covers an area of 17 graticular blocks (56.45 km2) and was granted to Normandy Tennant Creek Pty Ltd (NTC) on 8 March 1999 for a period of six years. On 13th June 2001, Giants Reef Exploration Pty Ltd, a wholly owned subsidiary of Giants Reef Mining Limited, purchased all of the shares in NTC from Normandy Consolidated Gold Holdings Pty Ltd, a subsidiary of Normandy Mining Limited. The name Normandy Tennant Creek Pty Ltd (NTC) has been changed to Santexco Pty Ltd (Santexco), which is wholly owned subsidiary of Giants Reef Mining Limited. This report records exploration undertaken by Giants Reef Mining Limited (Giants Reef) on Substitute Exploration Licence 8665 Shark for the period from 8th March 2003 to 7th March 2004. Targets are Tennant Creek-style magnetite ironstone associated gold and copper ore bodies. Several targets and prospects have been identified within SEL 8665, from the NTC data and from Giants Reef's research of other previous exploration. The 7300 West prospect is regarded as the most prospective target in SEL 8665 with the potential for the discovery of a medium to large Au (+/- Cu) resource. The potential for the discovery of shallow oxide resources is considered to be high and the prospect is ranked as an immediate exploration target. Giants Reef has announced in its Half Yearly Report to the ASX that, as part of an accelerated exploration program, exploration in eastern region of the Tennant Creek Goldfield, including EL 9293, will be one of its highest ranked priorities for the 2004 calendar. Accordingly Giants Reef anticipates it will commence exploration activities over the 7300 West Prospect by conducting either a detailed gravity, vacuum drilling or regolith drilling program. Encouragement from these programs will determine the next phase of exploration.