EL's 5888, 8809 and 22965 combined annual report Supplejack Project for the year ending 31 December 2008

Abstract

The abovementioned exploration licences have been granted Combined Reporting status with an annual submission date of 28 February. Exploration Licence 22965 expired on 12 February 2009. A Final Report is due by 12 May 2009 and will follow in due course. Expenditure details are provided individually by tenement and expenditure reports for EL5888 and EL8809 were lodged on 18 September 2008; and 13 November 2008 respectively. Field exploration programs were reduced during 2007/2008 due to problems with the commissioning of the Coyote Gold Project. Exploration comprised geological reinterpretation and target generation based on the 2006 results and new regional models of gold mineralisation. The next drill program, consisting of approximately 265 RAB/AC holes was designed and a Work Area Clearance proposal submitted to the Central Land Council. A reconnaissance survey of the tenement was undertaken in July 2008 to assess access conditions to the area of the planned drill program. The CLC have advised that an on-ground clearance will be necessary prior the drilling program: advice regarding dates of the clearance is pending. The drilling has been deferred to late in the 2009 field season. Rehabilitation audits of 2006 drilling were completed in September 2008. As no field work has been conducted for either tenement in the combined reporting period, we ask that this letter be accepted in lieu of the Combined Annual Report for the year ending 31 December 2008.