2007 Annual report on EL 23178, AuQuest Project Area, period beginning 8 March 2006 and ending 7 March 2007

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999. This strategy includes targeting dislocations that host economic gold mineralisation within regional structures that intersect known stratigraphical and structural features of the Pine Creek Geosyncline. EL 23178 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, covering what the Company has called the Noonamah-Corroboree trend. Processing of Northern Territory Government supplied 400m spaced aeromagnetic and radiometric data has significantly enhanced the detail of the underlying geology and the subsequent interpretation of the prospectivity of that area. Quest 29 and Tom's Gully are part of the AuQuest project, which covers approximately 1000 square kilometres of exploration licenses including EL 23178. It is expected that exploration on these EL's will find additional open cut ores which can be treated through the Tom's Gully plant and exploration has focused on these EL's and targets during 2007. Rock Chipping and mapping completed during the year has located several interesting areas at the intersection of anticlinal folds with the Noonamah-Corroboree magnetic trend, including Brahman Hill which has returned several highly anomalous rock chips over a 100m strike extent. Work completed on this tenement has comprised of rock chipping, field mapping literature reviews, data entry to GIS of historical work.