EL 24565 Exploration activities report for the 12 month period to 4 December 2008

Abstract

Field reconnaissance of the tenement in early 2008 yielded anomalous mineralisation associated with brecciation, analogous to that at known deposits on ERL 94. A planned 11,000 km aerial survey of the lease suffered a significant delay at the commencement of the field season, the survey subsequently completed in July, and the data has been processed and images generated, highlighting several areas of anomalism and significant structures of interest in areas on cover. Heavy workload on external geophysical consultants has delayed detailed geophysical interpretation, and planned follow-up work in the form of XRF soil surveys and gravity work was not able to be commissioned prior to the advent of the wet. The company has applied for a 12 month waiver of the 3rd year 50% reduction as we attempt to better define and test targets generated out of the work programme completed, and of that still commissioned and uncompleted.