Annual report on exploration activities for EL 22307 year four of tenure 6 August 2005 to 5 August 2006

Abstract

During the past year of tenure, limited work has been completed within EL 22307, primarily due to weather and drilling contractor availability issues. A single loam sample was collected on anomaly TAN016 during the period. The loam sample returned a single chromite and TAN016 was subsequently nominated as a drill target. However, the prolonged effect of the 2005-2006 wet season in the Gulf region of the NT, coupled with poor drilling contractor availability has prevented further work during the 2006 field season. It appears unlikely that the company will be able to secure a drilling contractor prior to the onset of the 2006-2007 wet season.