EL 24989 Rover Project - Rover Field annual report reporting period 7 March 2007 to 6 March 2008

Abstract

This report covers exploration completed on EL24989 during the reporting period 7 March 2007 to 6 March 2008. The Rover Project is located approximately 100km west of the Tennant Creek township and comprises a number of granted tenements and applications that fall within aboriginal freehold lands of the Karlantijpa South Land Trust and Karlantijpa North Land Trust. The project area is considered prospective for copper and gold and base metals mineralisation associated with Iron Oxide Copper Gold (IOCG) mineralising systems. The tenement EL24989 is granted over a very small window of crown land and essentially is unworkable in rspect to the access provided within the surrounding Aboriginal Freehold land. Accordingly, the Company has agreed to carry out work on this tenement under the surrounding tenement Deeds of Exploration negotiated with the local traditional owners through the Central Land Council (CLC). Exploration activities completed during the reporting period include: - Ultra detailed ground based gravity survey over the entire tenement area and surrounding area covering the Rover 1 prospect - Ultra detailed ground magnetic survey over the entire tenement area and portions of the surrounding area covering the Rover 1 prospect - Processing of the gravity and magnetic surveys The ultra detailed ground based gravity and magnetic surveys were completed over the entire Rover 1 prospect target area. EL24989 covers approximately 20% of this prospect area and subsequent surveys. Initial processing of the new gravity data has highlighted a number of regional scale features, including a coincident gravity high with the discrete and intense magnetic high at Rover 1. The Rover 1 prospect also lies to the immediate north east of the a major regional scale gravity high complex and shows a number of significant bounding and cross cutting features with the dominant structures in a north west orientation. The proposed 2008 programme at Rover 1 is planned to include the establishment of a field camp at the original Rover 1 camp site, deep diamond drilling to confirm previous reported copper-gold-cobalt-bismuth mineralisation, further diamond drilling to extend this mineralisation both laterally and up-dip. This programme and tenement is part of a larger programme at Rover 1 associated with the surrounding tenement EL 24541, which was recently granted in late December 2007.