Roper River Iron Ore Project EL 24101 Sherwin Creek - Mount Scott Sixth annual report for period 20 August 2009 to 19 August 2010

Abstract

Exploration activity completed by Sherwin Iron for the reporting period included a literature survey and review, whilst field work including reconnaissance helicopter sampling, rock chip sampling and geological mapping. Three separate helicopter reconnaissance field trips were carried out for varying purposes. Initial due diligence was carried out by Batavia, project valuation by SRK Consulting and investor briefing to a Korean group, and a Chinese producer. One reconnaissance visit included the collection of samples from EL 24101. With assay results from hand specimen samples to 48%Fe. A literature review report was prepared by Batavia summarising historic exploration and existing documented resources so that the total iron ore potential could be effectively assessed and to focus the field exploration accordingly. A set of geological base plans was prepared to facilitate detailed geological mapping on Deposits A and B by consulting group 'Remote Sensing and Geological Services'. In summary the limited mapping conducted indicated, 'the iron deposits are an end product of cyclical sedimentary activity within a very shallow, restricted, moderate to high energy sedimentary basin. The iron deposits are variable from a near surface veneer of pisolitic to massive hematite to multiple bands of considerable thickness'. Survey Graphics conducted an aerial photography survey over the Roper River Iron Projects at 1:30,000 scale with approximately 45 photo positions of the 406 frames within EL 24101. The late wet season extending into May 2010 restricted time available for exploration.