Annual report for period ending 16 August 2008 Exploration License 24539

Abstract

A significant amount of expenditure was put into the planning, superintendence, execution and preliminary interpretation of geophysical surveys over the period. A new airborne magnetic and radiometric survey was flown by external contractor UTS Geophysics over a large part of EL 24539 at the cost of $16876 (ex-gst). Airborne EM survey lines were collected using the RepTEM system carried out by external contractor GPX Geophysics at the cost of $1499 (ex-gst), making a grand total of $18375 (ex-gst) paid to external airborne contractors. Thirteen days was spent in the field where geological mapping and geochemical sampling was carried out as follow up to geophysical interpretation carried out using new geophysical airborne data. Various samples were sent to a laboratory for analysis. Continued geophysical and geological interpretation and integration with results from field work are expected to lead to further geological surveying and sampling and probable drilling in the new field season. Although expenditure of $30,000 has been nominated for the new field season, significantly higher expenditure is anticipated, subject to approval of a drilling program.