Combined annual report for the western project area 16 May 2006 to 15 May 2007

Abstract

Exploration Licences ('ELs') in the WPA, were acquired by Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd are wholly owned subsidiaries of Emmerson Resources Pty Ltd. This combined report records the exploration work completed on these ELs during the WPA Combined Reporting period from 16 May 2006 to the 15 May 2007. SEL 24979 WALTERS was granted to Giants Reef on 28 April 2006. This SEL covered existing Giants Reef tenure EL's 9472, 9574, 9789, 9800, 10403 and 22729, these EL's automatically expired on granting of the SEL. As a result of the restructure for the sale of Centralian Minerals under administration, all former Centralian Minerals Limited (and its subsidiaries, including Giants Reef Exploration) tenements were void of in-ground exploration over the administration and Emmerson's purchase period. Emmerson Resources purchased Centralian Minerals Limited and all its subsidiaries, including Giants Reef Exploration on 1st August 2006, and now with the employment of new administration and geological staff Emmerson Resources Pty Ltd will reassess all previous exploration work conducted over the licence area with the aim of generating geophysical/geological test targets, pending favourable results regolith drilling.