Second Combined Annual Report for EL 9403 Jess and EL 10406 Montana, 1 May 2004 to 30 April 2005

Abstract

This combined report details exploration undertaken by Giants Reef Exploration Pty Lted and Santexco PtyLtd a wholly owned subsidiary of Giants Reef Mining Limited (Giants Reef) on Exploration Licences 9403 Jess and 10406 Montana, for the period from the 1st May 2004 to the 30th April 2005. Targets are ironstone-related gold-copper deposits. Exploration during the year included a detailed ground gravity survey and a RAB drilling program. Whilst the results from the RAB drilling over the Anomaly 5 target indicate there is little potential for shallow oxide mineralisation there still exists potential to test the magnetic anomaly at depth. Proposed Exploration for year three will most likely include further geophysical remoding of the Anomaly 5 magnetic target and geochemical sampling over the remainder of the EL's.