Annual exploration report SEL 25054 for period ending 17 April 2010 Maud Creek Project

Abstract

During most of the reporting period, previous owner, GBS Gold Australia, remained under voluntary administration. Under the instructions of Several Administrators, SEL 25054 was reviewed, ranked and evaluated in order to prepare the asset for sale. Crocodile Gold Australia purchased all assets held by GBS Gold Australia (liquidated), located in the Northern Territory. After meeting regulatory and statuary requirements, these assets including SEL 25054 were transferred to Crocodile Gold Australia on 6 November 2009. Crocodile Gold Australia immediately commenced exploration, mining and processing activities in the region. Crocodile Gold Australia regards SEL 25054 highly due to its strategic significance in providing mill feed in the long run. The tenement has very prospective geology and may contain significance gold resources similar to that of adjacent Maud Creek gold deposit. It is expected that similar style of gold mineralisation will continue in SEL 25054, which surrounds the existing gold deposit. During the reporting period, only a peripheral review of the tenement was undertaken and work completed during the reporting period included: reconnaissance visit; technical review of the tenement; planning for up-coming field season; report writing and tenement management activities.