Annual report for EL 25669, EL 25576 and EL 25670 Mount Todd Project for the period ended 14 March 2009

Abstract

The three tenements, EL's 25669, 25576 and 25670 comprise a significant portion of the Mount Todd Project area and cover 1 062.23 square km (90% of the project area). The tenements are situated approximately 42 km north of the town of Katherine. This annual report documents the work completed on the tenement group comprising EL's 25669, 25576 and 25670 for the period March 15, 2008 to March 14, 2009. The licences were granted to Vista Gold Australia Pty Ltd. by the Northern Territory government on March 15, 2007. Vista Gold Australia Pty Ltd. is the operator and managing the exploration work. Work on the project during 2008-2009 included prospecting and rock sampling on tenement EL 25576. There was limited field work comprising initial reconnaissance traverses carried out on EL's 25669 and 25670 during Year 2 as work was concentrated on the larger EL 25576 as well as ongoing drilling on the Mount Todd Mineral Leases. Work on EL's 25669 and 25670 covered general research on previous exploration activities in addition to the initial reconnaissance traverses.