Annual report EL 26423, 22 April 2008 to 21 April 2009

Abstract

Coherent exploration models focusing on several commodities have been established and include targets for gold and minor basemetals. A comprehensive information memorandum has been compiled and was used to attract a partner in March 2008 who hopes to list on the ASX in the upcoming months. Due to prevailing market conditions the listing process has been delayed until conditions become more favourable. Part of the listing process has included several fieldtrips into the area to assess the mineral potential of the tenement and makes up the bulk of the field component. Further processing of existing data has been used to assist in more detailed target selection. This included rectification of open file company maps into MGA52 and digitizing of rockchip data as well as re-interpretation of some drilling data. Anomalous rockchip data for gold is concentrated in the northwestern portion of the tenement which may consist of a structurally separate lithological package compared to those further east.