Batchelor Project Annual report EL 9501 Year ended 12 September 2005

Abstract

The development of the Winchester Magnetite Project within EL 9501 remains on hold pending improvement in the world Mg market. Several RC drillholes from the magnesite exploration were re-assayed for basemetals and gold, providing a number of anomalies for follow-up. A RAB programme commenced in November 2004 but was cut short by the wet season and in the following year, management of the project changed hands to a new entity. The anomalies remain to be tested and there is renewed interest in the uranium potential for the area. EL 9501 expired in September 2006, but an application for a substitution exploration licence has been lodged to facilitate a further 4 years to complete exploration and examine development options for the magnesite.