2005 Annual report on EL 22232 AuQuest Project period beginning 3 September 2004 and ending 2 September 2005

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999 targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation within the Pine Creek Geosyncline. EL 22232 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, which covers what the Company has called the Noonamah-Corroboree trend. It is expected that exploration on these EL's will find additional open cut ores which can be treated through the Tom's Gully plant and exploration will focus on these EL's and targets now mining has commenced on the underground orebody at Tom's Gully. Over the past two years, the Company's focus in the Northern Territory has been on the resource drilling, feasibility studies and development of the underground mine and mill upgrade at Tom's Gully which will produce approximately 45,000ozpa of gold from early 2006. During this time approximately $3 million has been spent on ground at Tom's Gully and other tenements within the AuQuest Project, as part of the company's exploration strategy. Work completed on this tenement has comprised rock chipping, field mapping, literature reviews and data entry to GIS of historical work.