Annual exploration report SEL 10341 Pioneer, Union Reefs Project year ending 29 September 2010

Abstract

During the year under review, Crocodile Gold Australia took over the control of SEL 10341 and other assets held by GBS Gold Australia (liquidated), and commenced mining, processing and exploration activities in the region. So far, over 150 M have been spent on acquisition, mining, processing and exploration activities in the region. The new owner embarked on the due diligence of all the assets including SEL 10341. Crocodile Gold regards SEL 10341 highly due to its close proximity to the Union Reefs gold mines and mill, and having extension of similar geological structures which host gold mineralisation. An in-depth review of the project area has shown that it play an important role for the supply of ore to the Union Reefs mill. Furthermore, the tenement also holds good potential for uranium and base metals mineralisation which will be explored with the help of JV partner. Other activities included: reconnaissance visit, technical review of the tenement, planning for up-coming field season and report writing and tenement management activities. This program costed a sum of $8790.00.