Harts Range Garnet Project, Group annual report, year ending 22 January 2007, EL 10150, EL 25098, EL 24360, EL 25099, EL 10331, EL 9851, EL 24378, EL 24641, EL 10372, EL 9410, EL 23090, EL 23088, EL 23087, EL 23089

Abstract

Olympia Resources Ltd has concentrated this year on conducting marketing studies on the Aturga abrasive deposit, identifying water for the project and conducting a regional assessment of tenements east of the Aturga deposit. The main thrust of the years work has been completing a revised feasibility study on the Aturga deposit with a lower production level and more selective grading of garnet that resulted from the marketing study completed by Mr Robert Brand on the Australian abrasive requirements. Further resource level drilling was completed on the coarse grained garnet portion of the Aturga deposit. The study has demonstrated that the project is feasible and the Company has moved toward financing. Eleven water bores were drilled on EL 24360 in the continuing studies on a potential source of water in the Ambalindum Sandstone. Pump testing of these bore is continuing. The eastern tenements EL's 23087-23090 have had reconnaissance drilling completed on them during this year and a recommendation has been made to abandon heavy mineral sand exploration on these tenements. Reconnaissance drilling was also completed on EL 24360 and EL 10372 on areas that access has been approved by the CLC. Reports associated with these studies have been appended to this report.