Combined annual and final report for the period 12 December 2005 to 2 February 2018 George/Amangal Project EL 24550 and EL 27354

Abstract

During the 2016-2017 reporting period no field work or drilling was undertaken on the tenements due funding and low staff numbers during the prevailing softness in the minerals industry. Within the reporting period, the combined tenements were surrendered to the mines department due to a lack of market attractiveness towards the project and therefore low funding opportunities. Magnetite Mines Limited will continue to pursue their flagship iron projects in South Australia, the Razorback and Olary Projects. In the preceding 12 years following grant of the tenements (2005 - EL 24550 and 2009 - Amangal), the George Amangal project has been investigated for vein type uranium coincident with the Adelaide River Mine and the George Creek Prospect and more recently gold prospectivity.