Roper River Iron Ore Project EL 24101 Sherwin Creek - Mount Scott Seventh Annual Report for period 20 August 2010 to 19 August 2011

Abstract

Exploration activity completed by Sherwin Iron for the 2010-2011 reporting period has included geological mapping and sampling at Sherwin Creek (26 rock chip samples from Deposit E) and Mt Scott (34 rock chip samples from 9 localities within Deposits G,H,I,J,K,L). Extensive planning and preparation of drill site access and drill pads was required for drilling, conducted at Sherwin Creek (209 RC holes for 8937 m and 4989 samples at A, B, C and E and 26 diamond drill holes for 837m at B and C) and Mt Fisher (70 RC holes for 2017m and 374 samples at M and P and 6 diamond drill holes for 72 m at M). A resource estimate was carried out by SRK Consulting for Deposit M at Mt Fisher, being 15.6Mt at 44.0%Fe, 4.4% Al2O3, 26.9%SiO2 and 0.13% P (at a 35% Fe cut off). A geological interpretation of all existing radiometric and aeromagnetic data was carried out by Southern Geoscience over EL 24101 and the remainder of the Roper River Iron Ore Project. This resulted in a 100,000 scale structural and lithological map with additional exploration targets identified, though not limited to EL 24101.