Annual report AN 515 Year 4 period ending 27 September 2009

Abstract

Korab Resources' activities on AN515 in Year 4 of tenure have consisted mainly of detailed search of previous exploration of the Geolsec Phosphate prospect by the BMR and the NTGS. Some historical core samples have been located and resampled for assay. In addition the detailed ground radiometric survey of the entire tenement was completed and resulted in the discovery of likely new near surface phosphate mineralisation. Korab's head office in Perth is continuing to negotiate with possible joint venture partners to develop the phosphate deposit. As well, markets for the phosphate are being investigated in Australia as well as overseas. In preparation for the development of the phosphate prospect Korab, through its wholly owned subsidiary Geolsec Phosphate Operations Pty. Ltd., has applied for ML 27362 to cover the entire AN 515.