Annual exploration report MCNs 68 to 91 year ending 31 December 2007

Abstract

The project area covering MCNs 68-91 are located south of the Toms Gully Mine, and encompass several prospects. These MCNs were acquired by GBS Gold Australia Pty Ltd in July 2007 from Renison Consolidated Mines NL and Toms Gully Holdings Pty Ltd. These tenements were first applied for some sixteen years ago and have been explored sporadically. The Project area is located within the northern portion of the Pine Creek Orogen. The MCNs 68-91 mainly lie within the South Alligator Group, a sequence of tightly folded strata which unconformably overlies the Mount Partridge Group. Towards north, Mount Bundey Granite intrudes the orogenic sequence. During the reporting period, exploration activity included literature review of previous work, planning for the upcoming field season, tenement administration and report preparation. Ongoing technical review of the project area will be completed next year which will lead to identify full potential of the area. It is expected that next year GBS Gold Australia will embark on ground exploration program in the area. As a result, the project area will undergo ground-truthing, soil/rock sampling, and if warranted, will lead to air core or RC drilling program.