Bridging Report for 2008 - 2012 MCN's 5230 and 5231 Wally's Gully

Abstract

MCN's 5230 and 5231 were pegged as a result of coarse, nuggety gold being discovered by Wladamir (Wally) Falko and Jim Mazlin whilst conducting a metal detecting operation on the area covered by EL 9155 which was held by NT Gold Pty Ltd and Dave Langley. Wally Falko, Jim Mazlin, Neville Manhire and Dave Langley have revisited these claims on several occasions during the period from 2008 to 2012 but despite many hours of further detecting have been unsuccessful in their endeavours. RUB Pty Ltd indicated an interest in conducting further exploration work on the two claims and acquired a 50% shareholding in the tenements. After reviewing the results obtained by William Australia under a joint venture with NT Gold Pty Ltd and Dave Langley and considering the lack of any encouraging results from further detecting efforts it was decided that the claims lacked sufficient potential to commit any further effort or expense. We are currently considering transferring our interests in these two claims to another party that has expressed an interest in conducting a scout drilling program with their own equipment.