Annual report for period ending 26 February 2008 Exploration License 22440

Abstract

A significant amount of effort and expenditure was put into the planning, superintendence, execution and preliminary interpretation of geophysical surveys over the period. A new airborne EM survey using the RepTEM system was carried during the period by external contractor GPX Geophysics at the cost of $39494 (ex-gst). In addition, a new airborne magnetics and radiometrics survey was flown by external contractor UTS Geophysics over part of EL22440 at the cost of $5624 (ex-gst) making a grand total of $45118 (ex-gst) paid to external airborne contractors. A six day field trip to locate tracks was successfully conduced during the period. Significant effort was put into mineral exploration business planning activities related directly to EL22440. Final results of current geophysical interpretation that is being carried out will lead to recommendations of a drilling program for the new year. A $100,000 budget has been allocated to a drilling program in the new year and is subject to clearances. Other exploration expenditure is expected to be a minimum of $30,000 and includes field work, interpretation by consultants and geochemical analysis.