AN 364 Mount Fitch North Annual report for the year ended 1 July 2009

Abstract

In April 2007 the tenement holder Compass Resources Limited entered into a series of Joint Ventures with Hunan Nonferrous Metals Corporation (HNC) for exploration and mining of base metals on Compass's tenements in the Batchelor Region. When the joint ventures were set up Compass Resources Limited was appointed operator of the Regional Exploration Joint Venture and as such was responsible for all reporting. On 29 January 2009, Compass Resources Limited appointed Ferrier Hodgson as Joint and Several Voluntary Administrators of the company. On 17 February 2009, Ernst and Young were appointed Joint and several Receivers and Managers of Compass Resources Limited. This appointment was pursuant to registered charges held over the Company in favour of HNC (Australia) Resources Pty Ltd. On 1 May 2009 the Joint Venture Partners appointed HNC (Australia) Resources Pty Limited (HAR), a wholly owned subsidiary of HNC, as operator of all Joint Ventures. HAR is responsible for reporting on all Compass tenements which are subject to the Joint Ventures. AN 364 is one of these tenements. This tenement is considered prospective for uranium, copper, lead, zinc, cobalt and nickel mineralisation. During the year geological mapping, historical data compilation, data validation, photogrammetry of 2006 aerial photos and delineation of sulphide mineralisation continued and development of a 3D model commenced.