Frances Creek Project Combined annual report for the period 24 February 2007 to 24 February 2008 combined tenement group AN 389, ELs 10137, 22269 to 70, 23237

Abstract

This report details exploration activity for iron mineralisation conducted by Territory Iron Pty Ltd within the combined Frances Creek Tenement Grouping (AN 389, EL23237, EL10137, EL22269, EL22270) during the year ending 24th February 2008. These activities were conducted under an iron ore rights acquisition agreement with Arafura Resources NL for iron ore mineralisation only within the tenements. During the reporting period Territory Iron undertook regional geological mapping, and HyVista Corporation was contracted by Territory Iron to acquire and process HyMap airborne hyperspectral scanner imagery covering the area. During the reporting period Territory Iron was granted ML24727 (5th April 2007), ML25087 (24th April 2007), ML25396 (24th April 2007) and ML25152 (24th April 2007) which partly fall on AN 389, EL10137 and EL22270.