EL 10316 'Reward' Second annual report for the period 22 July 2003 to 21 July 2004

Abstract

The Batten Trough Farm In and Joint Venture Agreement was entered into between Rio Tinto Exploration Pty Ltd (North Mining Limited and other Rio Tinto companies) and Anglo American Exploration (Australia) Pty Ltd during 2003. This Agreement was signed on 29 September 2003 and it has been lodged with the Department for registration. Under this Agreement, Anglo American Exploration (Australia) Pty Ltd is carrying out work on this license. Since the Agreement with North Mining (Rio Tinto) was signed, work carried out by Anglo American Exploration (Australia) on EL 10316 has comprised of a review of all previous exploration in the Batten Trough dating back over 40 years, reinterpretation of this data and selection of suitable target areas with the potential to host 'world-class' orebodies. There was little opportunity to undertake fieldwork in 2003 due to the Joint Venture agreement with the Rio Tinto group being finalised late in the field season. 2004 field activities have been delayed until June due to an excessively long wet season; this fieldwork had originally been planned for April. Permission was received in March 2004 from the Director of Mines, Northern Territory Government, for drilling evaluation of the Project to commence. In addition there is an Aboriginal Protection Authority (AAPA) certificate in place to undertake work in selected areas.