First combined annual report for EL 9403 Jess and EL 10406 Montana, 1 May 2003 to 30 April 2004

Abstract

This combined report details exploration undertaken by Giants Reef Exploration Pty Ltd and Santexco Pty Ltd a wholly owned subsidiary of Giants Reef Mining Limited (Giants Reef) on EL 9403 Jess and EL 10406 Montana, for the period from the 1 May 2003 to the 30 April 2004. Targets are ironstone-related gold-copper deposits. As part of the Giants Reef evaluation and ranking study in Year One, exploration data within EL 9403 and EL 10406 underwent validation and integration into the companies new exploration geological information system. This, together with a re-examination and interpretation of high quality magnetic data, has enabled Giants Reef to compare targets within the EL with targets elsewhere in the Tenant Creek Goldfield and aid in planning the next phase of regional exploration. However, follow-up exploration was postponed due to higher priority definition drilling at the Chariot gold deposit and the devlopement of exploration models for haematite dominant ironstone orebodies. Giants Reef has announced in its Half Yearly Report to the ASX that, as part of an accelerated exploration program, exploration in the eastern region of the Tennant Creek Goldfield, that incorporates EL 9403 and EL 10406, will be one of its highest ranked priorities for the 2004 calendar. Giants Reef intends to commence exploration activities in the region encompassing EL 9403 and EL 10406 by conducting a detailed gravity survey over the tenements. Encouragement from these programs will determine the next phase of exploration.