EL 24351 McCallum Creek Annual exploration report for the period ending 22 February 2006

Abstract

EL 24351 is situated near the northern margin of the Burnside granite, and includes part of the Margaret Granite to the northeast. Work during the first year of tenure included a literature and geochemical data review, which highlighted a NW-trending geochemical anomaly delineated by previous explorers, such as Acacia. Acacia did not complete follow-up work in testing this anomaly due to management changes after being taken over by Anglogold in 2000. GBS Gold is in the process of acquiring 100 percent of the Burnside Project, and EL 24351 is part of this project. Work in Year 2 is expected to evaluate the geochemical anomaly by completing the geochemical data capture, evaluating geophysical data produced by Acacia, some field mapping and drilling (depending on rig availability).