EL 24821 Annual Report for period ending 28 July 2012 SE Bathurst

Abstract

This annual report covers EL 24821 located on the south east corner of Bathurst Island near Nguiu. During the reporting period no mineral sand exploration work was completed because of the exceptional circumstances the company found itself in. The company's processing plant was completely destroyed by fire in July 2011. The area is prospective for zircon and rutile rich mineral sands however suitable exploration areas must be outside of environmentally sensitive zones. The tenement was purchased by MZI Resources (previously Matilda Zircon) from the Administrator of Matilda Minerals in July 2009. It is recommended the tenement EL 24821 be relinquished as the small size of the beach and the various tidal inlet configurations suggest a mineral deposit of any economic significance is very unlikely. Management is considering the work program presented to meet the DOR requirements and a decision is expected within 8 months on the surrender.