Annual Report for year ending ending 1 February 2012 ML 23839 Mount Porter

Abstract

ML 23839, which hosts a modest gold resource at Mount Porter, was granted to Arafura Resources on 2 February 2005 for a period of twenty-five years. ML 23839 is part of Arafura's Mount Porter-Frances Creek gold project, which currently comprises six tenements. Three of these tenements, including ML 23839, are owned outright by Arafura. The mineral rights on the remaining three tenements are shared with Territory Resources Limited. Activity on ML 23839 during the reporting period included substantial work in support of Arafura's strategy to divest its interest in Mount Porter-Frances Creek via a commercial transaction with Global Mineral Resources Limited. Unfortunately, this transaction collapsed due to volatility in global equity markets.