Annual report on EL 10368 AuQuest Project 16 June 2003 to 15 June 2004

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999 targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation within the Pine Creek Geosyncline. EL 10368 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, which covers what the Company has called the Noonamah-Corroboree trend. Processing of Northern Territory Government supplied 400m spaced aeromagnetic and radiometric data and a small 200m line spacing aeromagnetic survey carried out by the Company to the north of the tenement has significantly enhanced the detail of the underlying geology and the subsequent interpretation of the prospectivity of that area. A more detailed magnetic survey is planned for EL 10368 as a more appropriate method of assessing the prospectivity of the tenement. Over the past two years, the Company's focus in the Northern Territory has been firstly, the development and subsequent operation of the Quest 29 dump leach operation and secondly on completing the feasibility study on an underground mine development at Tom's Gully producing approximately 40,000ozpa of gold. Approximately $1.5m has been spent on exploration and the associated feasibility study components at Tom's Gully. The Feasibility Study is due for completion in August 2004. Quest 29 and Tom's Gully are part of the AuQuest project, which covers approximately 1100 square kilometres of exploration licenses including EL 10368. It is expected that exploration on these EL's will find additional open cut ores which can be treated through the Tom's Gully plant and exploration will focus on these EL's and targets on completion of the Feasibility Study. Work completed on this tenement has comprised of literature reviews and data entry to GIS of historical work. A meeting with the native title claimants is hoped to be arranged shortly so field work can be undertaken in the near future.