Combined annual report for EL 23887 Rawlins East and SEL 24032 Crawford for the period 15 July 2007 to 14 July 2008 Barrow Creek JV

Abstract

This report is the combined annual report for EL23887 (Rawlins East) and SEL24032 (Crawford) and, as such, describes the exploration activity pertaining to all exploration on the licence from the 15th of July 2007 to the 14th of July 2008. The tenements are part of an area covered by the Barrow Creek Joint Venture (BCJV) between Newmont Tanami Pty Ltd (Newmont) who are managers of the joint venture and Yuendumu Mining Company NL (YMC). The BCJV tenements are located approximately 300 km north of Alice Springs, and are being explored for economic gold mineralisation. Fieldwork commenced on the 6th of May 2003 after the signing of an Indigenous Land Use Agreement (ILUA) with traditional owners and the Central Land Council. Work undertaken comprised of a reconnaissance program to check out future access for drilling rigs along with minor soil and lag sampling. More recently the tenements were included in Newmont's Tanami Regional Framework study which highlighted the prospectivity of the area. A detailed helicopter borne gravity survey was conducted in late 2006 and a 100m line spacing airmag survey was completed over portions of EL23887 in July 2007. Reconnaissance RAB holes were drilled along access tracks in the west of the leases during May 2006. A comprehensive regional reconnaissance BLEG sampling program was carried out during the reporting period with a limited number of Lag samples taken as well. Regolith interpretation is being finalised and the geological interpretation of the geophysical data will aid in formulating future programs.