MLN 631 to 636, 1108 Annual exploration report ending 31 December 2010

Abstract

Redbank Copper Operations operates from a series of small mining leases (MLN 631-636 and MLN 1108), previously producing copper from a stockpile leach operation located within the mining leases surrounded by ERL 94. Placed on care and maintenance in 2009, and the project has been undergoing an intensive review and exploration and program. During this reporting period the exploration effort has: compilation of all data generated by the 2009 field season; stream sampling survey; soil sampling surveys; laterite sampling survey; integration of geotechnical data, and drill testing targets identified. In the twelve months to the end of December 2010 the company completed around 3400m of RC drilling across the total project. New JORC compliant resource estimates are currently be calculated by independent consultants SRK Consulting Pty Ltd to add to the Cu resource inventory of 6,244,000 tonnes at 1.5% Copper / tonne containing 95,900 tonnes of copper, the company currently has identified. The company has completed a mine and subsequent development study and is committed to mining oxide deposits at Redbank when statutory approvals have been obtained.