Annual technical report Warumpi Project for the period 11 September 2007 to 11 September 2008 EL 6861 Walrus

Abstract

During 2008, exploration efforts consisted of data analysis and compilation, as well as, work programme design and submission to the Central Land Council (CLC). This work was started in April 2008 after Lassact Pty. Ltd.'s changing in joint venture partners. Fieldwork was anticipated in 2008 for initial assessment of the property, but an inability to obtain ground access approval in 2008 resulted in the deferment of our scheduled work programme. The 2008 Work Programme was submitted and received by the CLC on July 31st, 2008. Due to a staff shortage and the recent mineral boom the CLC informed us it will be unable to process our work programme until the early part of 2009. Based on the prospective nature of the Warumpi area and the grassroots stage of current exploration, all future exploration programs intend to examine the region for base and precious metal potential. Archival and new collect Quickbird data will be acquired over the tenements. After a desktop study of the area is completed, a new work programme will be submitted to the CLC. Exploration and reconnaissance sampling of the Warumpi Project area will commence in 2009, following approval of the submitted work programme. Based on the results of the 2009 exploration program, further geochemical sampling will be recommended over priority targets, and prospective regions will then require follow-up sampling and possible drill testing. All figures in this document are based on the 2008 work programme submittal.