Annual exploration report Caroline Group year ending 4 November 2009 MLN 51 to MLN 57 inclusive

Abstract

The Caroline Group of tenements comprises MLNs 51-57 and is situated about 170km SE of Darwin, Northern Territory, and 8km north of Pine Creek. This group is only 4km south of the Union Reefs mill and due to their close proximity is considered significant in Crocodile Gold Australia's port folio. The Caroline tenements were initially the subject of a base metals search in the late 1960s. Subsequent soil and costeaning work by Aztec Resources showed gold and arsenic anomalism occurred adjacent to a zone of historic shallow base metal workings. Acacia Resources Limited explored the area in the 1990s. Exploratory RC drilling located narrow but significant gold intercepts towards the southern end of the group, adjacent to a regionally significant but barren dolerite dyke. In 2008-09 reporting period, Caroline Group of tenements remains under care and maintenance. Several Administrators continued their efforts to restructure the company, or for possible sale. For this reason the main activity was a technical review, tenement ranking and valuation for possible sale. In April 2009, Crocodile Gold Australia announced to acquire the liquidated assets held by GBS Gold Australia in the Northern Territory. Crocodile Gold Australia intends to explore the project area aggressively and after a review of the project, a campaign of in-fill soil sampling will be carried out. If new targets are identified that will lead to RC drilling.