Combined annual report for the Northern Project area 16 August 2007 to 15 August 2008

Abstract

Exploration Licences ('EL's') in the Northern Project Area (NPA), were acquired by Giants Reef Exploration Pty Ltd (Giants Reef), TC8 Pty Ltd (TC8) and Santexco Pty Ltd (Santexco) to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef, TC8 and Santexco are wholly owned subsidiaries of Emmerson Resources Ltd (Emmerson). This combined report records the exploration work completed on these EL's during the NPA Combined Reporting period from 16 August 2007 to the 15 August 2008. During the reporting period, exploration conducted over the NPA was limited to desktop studies and the reassessment and re-analysis of historical data and models. Total expenditure on the EL's during their anniversary dates was $83,564.00 versus covenant of $107,900.00.