Combined annual report for the Western Project Area 16 May 2007 to 15 May 2008

Abstract

Exploration Licences ('ELs') in the WPA, were acquired by Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd are wholly owned subsidiaries of Emmerson Resources Pty Ltd. This combined report records the exploration work completed on these ELs during the WPA Combined Reporting period from 16 May 2007 to the 15 May 2008. Total expenditure on the WPA tenure during the reporting period was $45,900.00 versus covenant of $102,500.00. The next reporting period will encompass the commencement of exploration activities by Emmerson Resources Ltd which includes extensive detailed geophysical surveys and pending favourable results drilling programs over Emmerson's tenement package, including all tenements in the Western Project Area. Geophysical modelling of historical magnetic data and newly captured data in the next tenure year will be aimed at modelling primary targets for drill testing. The presence of prominent magnetic anomalies and a series of major north west trending fault places the Western Project Area as a target area in terms of its prospectivity potential.