Annual report ML 24510 for period ending 6 September 2009

Abstract

During September 2008 the previous tenement holder Matilda Minerals Ltd was placed into receivership due to cash flow problems with its Tiwi Islands Andranangoo Project located within ML 24510. In July 2009, Olympia Resources Ltd (now renamed to Matilda Zircon Limited) purchased the Tiwi Island assets of Matilda Minerals from the administrators of Matilda Minerals with the aim of re-establishing mining and processing activities on the island. A reappraisal of the mineral resources at Andranangoo has been undertaken and a review of the rehabilitation at Andranangoo coupled to a review of required actions prior to recommencing operations has also been undertaken by environmental consultants EcOZ. Mining and processing operations commenced at Andranangoo in early November 2006 and were completed in September 2008. The vast majority of the economic mineralisation within ML 24510 (at a nominal 2 percent HM cutoff) has been mined with only remnant mineralisation at a lower grade remaining. No further exploration is required to define mineralised zones.