EL 23722 Annual report for year ended 17 September 2011

Abstract

Compass Resources has undertaken extensive exploration programs for both base metals and uranium mineralisation within the Batchelor area for the last decade. This has resulted in the definition of oxide base metal resources at Browns, Browns East, Area 55 and Mt Fitch with a world class sulphide base metal resource has been defined at Browns-Browns East. A low grade uranium resource has also been estimated for Mt Fitch. Browns Oxide Plant is currently under care & maintenance and Compass Resources is in Administration. Despite this, exploration has continued. During the reporting period, work carried out focussed on finalising and validating the compilation of all historical exploration data into a new corporate database management system (DataShed) and GIS system (ArcView). A new geological structural model was developed for the district and detailed airborne helicopter EM and magnetic surveys covering all tenements in the Batchelor district completed.