Combined annual report for the Eastern Project Area 16 November 2004 to 15 November 2005

Abstract

Exploration Licences ('EL's') in the Eastern Project Area (EPA), were acquired by Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd are wholly owned subsidiaries of Centralian Minerals Limited (formerly Giants Reef Mining Limited). This combined report records the exploration work completed on these EL's during the EPA Combined Reporting period from 16 November 2004 to the 15 November 2005. Total expenditure on the EL's during their anniversary dates was $288,023.51 versus covenant of $167,400. Expenditure on granted Leases and Claims underlying the EL areas was $257,040. These ML/MC expenditures include geophysical surveys, RAB drilling totalling 4385m, RC drilling totalling 2300m and field support costs covering the Peko East, Susan, Golden Kangaroo, Cats Whiskers and Eldorado Group Prospects. The ML/MC expenditures in the Eastern Project Area is exclusive of the EL expenditures above.