Annual report on exploration licence EL 23172 AuQuest Project Area for the period 6 May 2006 to 5 May 2007

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999 targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation within the Pine Creek Geosyncline. EL 23172 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, which covers what the Company has called the Noonamah-Corroboree trend. It is expected that exploration on these EL's will find additional open cut ores which can be treated through the operational Tom's Gully plant. Approximately $2.5m has been spent on ground at Tom's Gully and other tenements within the AuQuest Project, as part of the company's exploration strategy, over the previous 18-month period. The Feasibility Study on Tom's Gully Underground has been completed and underground development started in September 2005 with the mill undergoing final commissioning, Following commissioning and 6 months of processing an offer to buy Tom's Gully Mine was made by GBS in March 2007 this deal was finally signed on 25th of May and is now pending share holder approval. Since the offer was made Renison has completed no work on any Northern Territory tenements. Partially due to the sale but also due to Renison's Project Geologist resigning.