Frances Creek Project Annual report for the period 10 July 2008 to 9 July 2009 EL 22270

Abstract

This report details exploration activity conducted by Territory Iron Pty Ltd within the Frances Creek Tenement EL 22270 during the year ending 9th July 2009. These activities were conducted under an iron ore rights acquisition agreement with Arafura Resources NL for iron ore mineralisation within the tenement. During the reporting period, Territory Iron undertook the following work: Reconnaissance and geological mapping, Geophysical drill target generation. Total expenditure for the tenement during the reporting period was $7,500. During 2009 expenditure relating solely to exploration on tenement EL 22270 is estimated at $30,000 and relates to the cost of RC drilling (of the recently generated targets).