Annual report for the period 22 July 2006 to 21 July 2007 EL 10316 Reward Batten Programme

Abstract

Exploration Licence (EL) 10316 Reward covers an area of 752.46 km and is located within the McArthur Basin, approximately 50 km southwest of Borroloola, on the Bauhinia Downs 1:250,000 map sheet. It was granted to North Mining Limited (North) on 22nd July 2002 for a period of six years. A waiver of reduction in area of EL 10316 was granted to North until 21st July 2007. EL10316 Reward is considered prospective for base metal mineralisation (Pb-Zn-Ag) given its proximity and geological similarities to the McArthur River (HYC) base metal mine. No field-based exploration activities were carried out for the year ending 21st July 2007. During the year an annual report (period ending 21st July 2006) was completed and exploration data compiled for a divestment package. North is currently in advanced negotiations with respect to securing a joint venture partner to continue exploration for McArthur River style Pb-Zn mineralisation on EL 10316.