Combined first annual report 28 May 2006 to 27 May 2007 substitution exploration licences 24979 Walters 24980 Kestell

Abstract

Substitute Exploration Licenses (SEL's) 24979 Walters and 24980 Kestell are a consolidation of tenure previously held by Giants Reef Exploration Pty Ltd and Santexco Pty Ltd and was acquired to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd and Santexco Pty Ltd are wholly owned subsidiaries of Emmerson Resources Pty Ltd. This report records the exploration work done on SEL 24979 & SEL 24980 during the first year of tenure from the 29th May 2006 to the 28th May 2007. 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 Pty Ltd and Santexco Pty Ltd) 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.