Annual exploration report EL 24051 Margaret River Year ending 9 August 2005

Abstract

During the year a program of exploratory RAB drilling was extended into EL 24051 as part of a larger program testing the SE strike extensions of the Woolwonga structural trend. Within EL 24051 this work comprised 28 holes for a total of 359 m. The program did not locate anomalous gold values. In August 2004 the joint venture purchased the gold treatment plant and tenements at Union Reefs. At the same time it sold its smaller plant at Brocks Creek to Tanami Gold NL. It is hoped that with this acquisition gold resources under the group management will commence development in 2005. Expenditure on EL 24051 during 2004-2005 comprised RAB drilling and remote sensing interpretation. A forward program of reconnaissance mapping and geochemistry along the NE limit of the Pine Creek Tectonic Zone is recommended.