Annual report on EL 25794 from 11 June 2010 to 10 June 2011

Abstract

In the year under review, a number of reconnaissance field visits were undertaken along with completion of geophysical survey of the project area. Geological and geophysical data were reviewed in order assess the mineral potential of the project area, which will help to define targets for drilling. Negotiations were held with land owners to commence on-ground exploration activity and also with some companies to explore the project area under a JV agreement. Geological and geophysical investigation suggest that project area potential for REES, PGE, Cu, Ni, Co, Au and U mineralisation. Recent geophysical and geological data modelling has highlighted mineral potential for a number of mineral commodities. In the next reporting year, further interpretation of recently acquired high resolution geophysical data will take place. Selected part of EL 25794 will be mapped and soil and rock chip sampling will take place. This program will lead to target selections for further perusal and will ultimately lead to RC/RAB drilling.