Annual technical report Warumpi Project for the period 11 September 2007 to 10 September 2008 El 10379 Pedro

Abstract

The Warumpi Project is managed and operated by Apex Geoscience Australia Pty. Ltd. (APEX), on behalf of Matador Mining Pty. Ltd. (Matador). Mineral tenure and ownership is held by Lasact Pty. Ltd. The Warumpi Project tenements are centered approximately 350 kilometres west-northwest of the town of Alice Springs, within the Southern Arunta region of the Northern Territory of Australia. The Warumpi Project area comprises three granted exploration licences and two exploration licence applications, totaling 2500.5 square kilometers. For many years, the Warumpi Project area was unavailable for mineral exploration due to the Aboriginal Land Rights Act (1976). The tenement region is located within the Haasts Bluff Aboriginal Land Trust, and is pursuant to the Aboriginal Land Rights Act (1976) [section 41]. This land is therefore Aboriginal Freehold Land and does not invoke Native Title claims. The stratigraphy of the Warumpi region is highly favourable for its potential to host significant mineralization within large scale structural systems. The Warumpi region has undergone very limited exploration. The only work in the region has been completed by the Northern Territory Geological Survey (NTGS) between 2004 and 2007 and consisted of geological mapping, whole rock geochemical sampling, and some stream geochemical work. The limited NTGS work warrants sampling of prospective areas within the Warumpi Project group of tenements. During 2008, exploration efforts consisted of data analysis and compilation, as well as, work programme design and submission to the Central Land Council (CLC). This work was started in April 2008 after Lassact Pty. Ltd.'s changing in joint venture partners. Fieldwork was anticipated in 2008 for initial assessment of the property, but an inability to obtain ground access approval in 2008 resulted in the deferment of our scheduled work programme. The 2008 Work Programme was submitted and received by the CLC on July 31st, 2008. Due to a staff shortage and the recent mineral boom the CLC informed us it will be unable to process our work programme until the early part of 2009. Based on the prospective nature of the Warumpi area and the grassroots stage of current exploration, all future exploration programs intend to examine the region for base and precious metal potential. Archival and new collect Quickbird data will be acquired over the tenements. After a desktop study of the area is completed, a new work programme will be submitted to the CLC. Exploration and reconnaissance sampling of the Warumpi Project area will commence in 2009, following approval of the submitted work programme. Based on the results of the 2009 exploration program, further geochemical sampling will be recommended over priority targets, and prospective regions will then require follow-up sampling and possible drill testing. All figures in this document are based on the 2008 work programme submittal.