Final report on EL 9978 Wonarah Northen Territory for the period 30 September 2006 to 27 September 2007

Abstract

EL 9978 formed part of Minemakers' Wonarah Phosphate Project, located on the Barkly Highway 240km east of Tennant Creek in the Northern Territory, Australia. Minemakers held 100% interest in this tenement. The EL has now been incorporated into SEL 26451 which was lodged on 25 September 2007. EL 9978 was surrendered on 27 September 2007. The Wonarah phosphate deposit was purchased by Minemakers from Indo Mines Limited (formerly AKD Limited) in 2006 and Indo retains a 10% vendor claw-back right with respect to EL 9976, EL 9978, EL 9979, EL 22168 and EL 24562. The Wonarah Phosphate deposit was discovered in 1967 and the Indo-Rio Tinto joint venture drilled up a rock phosphate resource estimated at a JORC-compliant 72Mt at 23% P2O5 (at a cut off grade of 15%). The known phosphate resource does not lie within EL 9978. During the reporting period, Minemakers has continued to carry out data compilation and review in order to plan a program of scout reconnaissance drilling during the field season.