Ninth annual report EL 22178 Lake Sarah North, MacFarlane 2 Project from 22 May 2009 to 24 May 2010

Abstract

EL 22178 Lake Sarah North was granted to Otter Gold NL (OGNL) on 8 June 2001. In 2002 OGNL was taken over by Normandy NFM / Newmont, which had the tenement registered by Australian Tenement Holdings Pty Ltd (ATH), a holy owned subsidiary of Newmont. EL 22178 was explored by ATH, which is considered to be prospective for gold mineralisation similar to the Tanami, Twin Bonanza, Old Pirate and Groundrush deposits. In December 2009 ABM Resources NL (ABM) purchased ATH including EL 22178. ABM explored the tenement for the potential of gold mineralisation. EL 22178 consists currently of two areas one is located 15km and the bigger one is 38km from the Western Australia - Northern Territory boundary in the Tanami Desert region, approximately 600km North West of Alice Spring. All previous exploration has been outlined in the preceding annual reports. No on-ground exploration was conducted during the ninth year of term due to the sale of EL 22228 from ATH to ABM; therefore this report covers nothing conducted during the reporting period.