Annual Report EL 10379 Reporting Period 11 September 2010 to 10 September 2011

Abstract

This report covers exploration on EL 10379 for the period of September 11, 2010 to September 10, 2011. EL 10379 is part of the Warumpi Project area approximately 300km west of the Alice Springs Township that falls within the Haast Bluff Land Trust. The Project area is considered to be prospective in a multitude of economic mineralisation ranging from copper and gold to base metals within structurally controlled high grade metamorphic terrain. The tenement was granted on 11th of September 2007 and exploration activities are governed by the negotiated Deed of Exploration with the Central Land Council on behalf of the traditional aboriginal owners. Previous work completed by the NTGS in the late 1990's to early 2000's resulted in new Proterozoic ages for the Warumpi Province, defining it as being formed during a crucial development of the Australian continent. Such deposits as Broken Hill, Mount Isa and McArthur River share similar ages to the newly defined Warumpi Province. The area is interpreted to also have potential for a similar style of mineralisation as newly discovered AngloGold's Tropicana deposit (5M+ oz Au). The province has seen little to no previous exploration work throughout the area and is considered to have high potential for economic mineralisation. Heritage surveys were completed and approvals provided for reconnaissance style surface sampling in March 2010. Unfortunately, due to corporate changes the previous joint venture company withdrew from the project prior to completing any on ground exploration activities. Subsequently, Lassact searched for another corporate partner, with a number of groups completing desktop reviews and a helicopter supported feild inspection. In November 2011, Westgold Resources Ltd entered into a joint venture agreement with Lassact Pty Ltd to explore the tenements and has the right to earn up to 80% equity in the tenement. Westgold is submitting this annual report on behalf of Lassact.