Annual report for MLN 1058

Abstract

MLN 1058 is located about 100km SE of Darwin and part of the Mount Bundy project area held by Renison Consolidated Mines. It covers 681.8 hectares and was granted on 8 March 1989 and will expire on 02 August 2014. Toms Gully gold mine and processing facility is located within the tenement. On 25 July 2007, GBS Gold Australia Pty Ltd acquired the whole tenement package held by Renison Consolidated Mines including MLN 1058 by virtu of sale agreement between two companies. Documents have been filed with the appropriate Government agencies to transfer these tenements including MLN 1058 from Renison Consolidated Mines to GBS Gold Australia Pty Ltd. During the transfer period, GBS Gold has the responsibility and risk of the Toms Gully gold mine and related assets including statuary reporting. In previous years, MLN 1058 has been reported as part of the Mount Bundey project which is effective no more. During the current reporting period, no exploration activities were carried out. On transfer of the tenement, GBS Gold will take full responsibility of mining and reporting and revised mining and processing plan will be reported to the Department.