Annual exploration report on SEL 9927 Maud Creek Project, year ending 30 November 2004

Abstract

In this report, a summary of previous exploration program along with recent development have been presented. Hill 50 Gold NL acquired the Maud Creek Project tenements from Dolomatrix International Limited in 2001. Hill 50 conducted diamond and RC drilling programs at the main zone at Chlorite Hill. In 2002, Harmony Gold acquired this project and commissioned a photogeological mapping and remote sensing interpretative study, and at the same time further diamond and RC drilling was carried out on the core mineral claims. A review of the Maud creek project by Harmony Gold confirmed that a significant primary gold resource was present beneath the oxide open pit, and the project was seen as geographically isolated from from its core projects. It was decided to sell the asset. Much of 2004 was devoted to arranging and preparing data for prospective buyers and no further exploration was undertaken on SEL 9927. It has recently been announced that Terra Gold has an option to purchase the project, and if exercised, ownership will change hands before mid 2005.