Annual report EL 26423 15 April 2010 to 14 April 2011

Abstract

Great Western Exploration Limited (GTE) was the operator of a joint venture with the tenement holder from 15 October 2009 to 14 January 2011 which included EL 26423. The joint venture lapsed on the 15 January 2011 after GTE failed to meet an option payment. The joint venture agreement clearly stated tenements were to be kept in good standing. Up until the JV termination GTE spent in excess of $685,000 on the combined tenement package. GTE's proposed work program for the period was geological mapping, rock chip sampling and drilling to test potential southern extensions of the Pine Creek gold deposits. Only limited office studies were carried out in conjunction with the greater Pine Creek Project.