EL 8994 Rover Project - Rover Field Annual Report reporting period 8 March 2007 to 7 March 2008

Abstract

Exploration activities completed during the reporting period include: Maintenance of the local tracks for access purposes; Infill ground based gravity survey over portions of the tenement area; Trial downhole EM survey at Explorer 108; Selected downhole magnetic survey; Drill site preparation; Diamond drilling on two prospects Explorer 108; and Demobilisation of the camp facilities at Ngapamilarnu Outstation Infill gravity survey completed on portions of the tenement area to complement the 2006 survey. A trial downhole EM survey was completed however results were considered less than satisfactory. A total of 41 drill holes were completed during the reporting period at the Explorer108 Pb-Zn-Ag prospect for a total advance of 16304 metres. Further encouraging zones of mineralisation were encountered with mineralisation now defined over 500m x 300m within an anticlinal setting. The first ever JORC compliant Total Identified Mineral Resource Estimate was completed and is summarised as 8.7 Mt at 5.6% combined Pb & Zn, 20g/t Ag, 0.3g/t Au using a lower cut-off grade of 2.5% combined Pb+Zn. The resource remains open in several directions and contains a higher grade component of 4.0 Mt at 8.2% combined Pb and Zn, 25g/t Ag, 0.3g/t Au using a 5% combined Pb+Zn cut-off. The proposed 2008 programme is planned to include the trial surface geophysics, aspects of a preliminary scoping study and limited diamond drilling.