Exploration licence 25019 Ooratippra second annual report 26 July 2007 to 27 July 2008

Abstract

This report covers the exploration work carried out on EL 25019 during the second year of tenure from the 26 July 2007 to 25 July 2008. Work done includes: research; satellite imagery interpretation; geophysical interpretation; surface sampling of magnetic anomalies; drainage and stream sampling; petrology; field reconnaissance; and land-owner liaison. Results from the sampling carried out during the first year and those so far from the second year did not produce any encouraging results from EL 25019, but the Company considers that the position of the Project in the Georgina basin and the untested magnetic anomalies justify further exploration. Also, the diamond expertise brought by the services of Global Diamond Exploration Services will enhance the Company's likelihood of success for year three.