EL 8845 and EL 9474 Combined annual report Northeastern Tanami Project

Abstract

The abovementioned exploration licences have been included in the Combined Report for the North Eastern Tanami Project with a due date of 23 April annually. During the eighth year of tenure a wide-spaced drilling program was planned to undertake broad testing over previously undrilled structural (aeromagnetic) targets. A work program was submitted to the Central Land Council, however the Tanami exploration budget was unfortunately curtailed in August 2008 due to cost-overruns on the Company's Coyote Gold Project. As a result exploration programs have been deferred in 2009 until the second half of the year at which time the Company expects to fund exploration from mining revenue. A CLC work program and update to the MMP is currently in preparation. No field work has taken place within the last twelve months.