Barrow Creek Project EL 23186 Annual Technical Report for the period 15 July 2003 to 14 July 2004

Abstract

Mithril Resources entered into a Heads of Agreement with Imperial Granite and Goldstake over approximately half the tenement area (referred to as the designated area) in late 2003. The focus of this area is the historical Ni/Cu mineralisation contained in a mafic intrusive at 'Prospect D'. Following initial data gathering (ground geophysics) on the project BHP Billiton elected to joint venture into the property in the first quarter of 2004. Work completed over the designated area during the reporting period included: Review of existing data; Consultation with the CLC and Native Title Claimants; Planning, execution and interpretation of a ground electromagnetic survey; Planning, execution and interpretation of a ground gravity survey; Preliminary field visit. This work confirmed the presence of nickel-copper mineralisation and highlighted a number of areas worthy of further work, including an airborne EM survey, further ground EM and diamond drilling of untested conductors identified during the reporting period. It is planned for this work and further heritage surveys to be completed in the next 12 months.