Combined second annual report 28 April 2007 to 27 April 2008 SEL's 24979 Walters 24980 Kestell

Abstract

Substitute Exploration Licenses (SEL's) 24979 Walters and 24980 Kestell are a consolidation of tenure previously held by Giants Reef Exploration Pty Ltd (GRE) and Santexco Pty Ltd (San) and was acquired to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd and Santexco Pty Ltd are wholly owned subsidiaries of Emmerson Resources Pty Ltd. This report records the exploration work done on SEL 24979 & SEL 24980 during the second year of tenure from the 28th April 2007 to the 27th April 2008. During the reporting period Emmerson Resources Ltd has worked diligently to list on the Australian Stock Exchange, with a successful listing on 17 December 2007, following the successful Initial Public Offering raising $20 million. All Giants Reef tenure including SEL's 24979 & 24980 were void of any activities during this ASX listing period. Now following the successful listing and raising of $20 million dollars Emmerson Resources Ltd has commenced an aggressive exploration strategy covering all tenements held by the company in the Tennant Creek Mineral field and includes SEL's 24979 & 24980. Exploration activities have commenced and includes detailed ground gravity surveys, airborne geophysical surveys and exploration drilling. The detailed ground gravity surveys will be conducted over SEL's 24979 & 24980 during June & July 2008. The airborne geophysical survey will be conducted during May and June 2008, and includes SEL's 24979 & 24980. The data gathered from these surveys will be analysed and processed with the aim of generating targets for drill testing.