EL 24472 West Finniss Fourth annual report for the year ended 9 November 2009

Abstract

Compass Resources Limited was placed in voluntary administration in January 2009 and then placed under a deed of company arrangement from 1 May 2009 for a period of 12 months. This report for EL 24472 covers work on the tenement during the period November 10 2008 to November 9 2009. Under the terms of the JV agreement between Compass Resources Limited and HNC, a wholly owned subsidiary of HNC named HNC (Australia) Resources Pty Ltd (HAR) will continue exploration activities in 2009/2010 on the tenement. EL 24472 is strategically located adjacent to current operations (Browns Oxide) and a number of ongoing feasibility studies at Area 55, Mount Fitch Cu and Browns Sulphide. HAR is currently reviewing all polymetallic potential of the district and EL 24472 forms part of the exploration program for future mine development. Up until 30 April 2009, work carried out by Compass Resources comprised the continuation of field mapping and the update of the GIS database. Since 1 May 2009, HAR has been reviewing the work carried out by Compass on this EL (and others) so that work programs can be put in place during the 2010 field season.