Annual report EL 9979 Wonarah Northern Territory for the period 31 January 2007 to 30 January 2008

Abstract

EL 9979 forms part of Minemakers' Wonarah Phosphate Project, located on the Barkly Highway 240km east of Tennant Creek in the Northern Territory, Australia. Minemakers holds 100% interest in this tenement. The EL had been subject to Combined Reporting approval together with EL's 9976, 22168 and 24562. As those other licences were surrendered on 27 September 2007, EL 9979 is now subject to a stand alone Report. The Wonarah phosphate deposit was purchased by Minemakers from Indo Mines Limited (formerly AKD Limited) in 2006 and Indo retains a 10% vendor claw-back right with respect to EL 9979 and former EL's 9976, 9978, 22168 and 24562. The Wonarah Phosphate deposit was discovered in 1967 and the Indo-Rio Tinto joint venture drilled up a rock phosphate resource estimated at a JORC-compliant 72Mt at 23% P2O5 (at a cut off grade of 15%). During the reporting period, Minemakers has continued to carry out data compilation and review in order to plan a program of reconnaissance drilling during the field season.