Annual report on EL 27050 7 September 2010 to 6 September 2011

Abstract

Great Western Exploration Limited was the operator of a joint venture with the tenement holder from 15 October 2009 to 14 January 2011 which included EL 27050. 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 included ground radiometric surveys, geological mapping, rock chip sampling as well as drilling to test uranium and gold targets in the area. A 26 hole RC program was concluded during the period with several significant results.