EL 24822 Ooratippra Fourth and final annual report 4 April 2009 to 3 April 2010

Abstract

Southwestern Mining Company Pty Limited (Southwestern) was granted EL 24822 on the 4 April 2006. The Company also held four adjoining Exploration Licences numbered EL 22488, EL 24869, EL 24993 and EL 25019. Southwestern's Ooratippra ELs were transferred from Southwestern Mining to Acacia Minerals Pty Limited and were lodged with the Department in September 2007. Acacia Minerals was a wholly owned subsidiary of Adelaide River Resources Limited which subsequently changed its name to NT Resources Limited which listed on the Australian Stock Exchange (ASX) in February 2010 thereby raising $3,000,000 by public subscription. EL 24822 and adjoining Licences are worked as one project previously known as the 'Ooratippra Diamond Project' and now known as the Ooratippra Project. The Ooratippra Project area covers a major regional magnetic anomaly coinciding with a regional gravity anomaly within basement rocks of the concealed Altjawarra Craton that remain virtually untested. The gravity anomaly is of similar strength to those at Prominent Hill and Olympic Dam, two well-known examples of Iron Oxide Copper Gold Uranium ('IOCGU') style of mineralisation in South Australia. An alternative interpretation of the anomalies could be as either kimberlitic or carbonatite intrusions. EL 24822 was automatically cancelled on the 3 March 2010 and the area is now within SELA 27526. During this year however, principal efforts have been preparing the Company for listing on the Australian Stock Exchange (ASX) and exploring the Frazers-Acacia Prospect. Consequently, only minimal exploration was carried out on EL 24822. This Fourth and Final Report summarises the exploration work carried out on the Licence during the fourth year of tenure and from the date of grant to the 4 April 2009 to 3 April 2010 and since the date of grant. The area covered by EL 24822 is now part of SEL 27526 over which a major gravity survey and soil sampling programme is planned for July-August 2010 as part of the Company's search for an Olympic Dam style deposit.