Annual report EL 27417 South Lands

Abstract

Imperial Granite and Minerals (IGM) Heavy Mineral Project consists of three exploration licences located on the Northern Territory, South Australian border. The project is comprised of three licences, EL 27417, EL 27418 and EL 27419. The licences were applied for and are currently owned by Imperial Granite and Minerals. IGM are currently finalising a purchase agreement with Globe Mineral Pty Ltd. Once the agreement is finalised the licences will be owned 100% by Globe who will assume responsibility for all of the Legal and Departmental requirements. In February 2010 the ownership of the licences was transferred to Universal Splendid Investments a Chinese company. The transfer agreement included provision for the tenements to be returned to IGM after 12 months if USI decided they did not want to pursue the exploration opportunity. After some preliminary field work USI decided to return the tenements to IGM. The return was completed in March 2011.