ML 1059 at Moline Report on activities for twelve months ending 15 August 2005

Abstract

MLN 1059 encloses the main Moline open pits which were worked for gold during the 1989-92 period, as well as small satellite pits that were developed during the same time. An option agreement to purchase the tenements between Teelow and Finching Pty Ltd and Terra Gold Mining have agreed on terms to take over this option, and it is expected that a heads of agreement will be signed shortly. Terra Gold Mining is currently financing and managing exploration and mining activities on the property with the objective of resuming open pit mining in the short term, and exploring the potential for underground mining in the longer term.