Annual report on EL 10368 AuQuest Project period begining 16 June 2004 to period ending 15 June 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 10368 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 once mining and milling begins during 2005. Over the past two years, the Company's focus in the Northern Territory has been the development and subsequent operation of Stage 3 of the Quest 29 dump leach operation during 2003/04, and the completion of the resource drilling and feasibility study on underground mine development at Tom's Gully which will produce approximately 40,000ozpa of gold from late 2005. Approximately $1.75m has been spent on ground at Tom's Gully and other tenements within the AuQuest Project, as part of the company's exploration strategy, over the previous 12-month period. Work completed on this tenement has comprised rock chipping, field mapping, literature reviews and data entry to GIS of historical work.