Annual technical report EL 27349 for year two Frazers Project Area for the period 30 September 2011 to 29 September 2012

Abstract

Equator Resources had been committed to exploring this project with significant expenditure from airborne geophysics, diamond, RAB and RC in 2010. However due to a change in company strategy Equator decided to sell the Frazer Project (including this tenement), to TUC Resources. TUC are actively and successfully exploring similar targets in the Rum Jungle-Pine Creek region. The project review and sale process took much of 2011 (year 2 for this tenement) resulting in no on ground exploration being undertaken on the tenement. The sale was completed in February 2012 and the tenement transfer completed shortly before the anniversary of this licence. The tenement covers a highly prospective section of the Woodcutters Anticline and fault structure making it a core part of the Frazers Project.