Fourth annual report on EL 24814 McArthur River Project

Abstract

Genesis Resources Ltd is extremely happy to advise the Northern Territory Department Mines and Energy that the company officially listed on the Australian Stock Exchange (ASX) on 27 October 2009. Through the initial public offer, Genesis raised AUD$4,000,000 through the issue of 20,000,000 shares. Based on the late listing date and the onset of the wet season, no exploration activities were preformed, however, the company applied for a Mineral Lease over this area on the 15 December 2009 (MLA 27888) and is implementing an aggressively program over these projects. From the above attachment, Genesis has committed to spending at least $165,000 by next month on Aerial Electromagnetic Surveys over EL 24814 and EL 24817, with an additional $20,000 to fly aerial magnetics as part of the electromagnetic survey, totaling over $185,000 in acquiring data (not including another $15,000 to $20,000 in geophysics modeling and target generation). As part of the Company aggressive exploration program and commitment, we are scheduled to fly these areas during the course of next month. We have schedule approximately 236.7 line kilometres.