MLC 682 Annual report 2009, Warrego Tailings

Abstract

The annual report for MLC is due to be lodged on 12 January 2009 due to the anniversary date of this particular lease occurring in October. MLC 682 was applied for on 5 July 1989 by North Mining Limited. An authority to occupy the area was issued on 6 April 1990 and the lease was granted on 15 October 1990 for a period of 25 years. MLC was then transferred to Santexco Pty Ltd on 28 July 1993 and further transferred to Territory Resources Limited on 19 May 2003. MLC 682 is currently subject to a sale agreement to AARD Metals Limited. The Agreement was registered on 28 November 2008. The sale betweent he two parties has been delayed and as a consequence Territory Resources Limited has given AARD Metals Limited an extension of time to 28 February 2009 to meet the conditions precedent in the Agreement. As a result of the intended sale, no work has been completed on the Warrego tenement during the past year. Please accept his letter as the annual report for 2009.