EL 24851 Annual Report for period ending 28 July 2012 South Bathurst

Abstract

This annual report covers EL 24851 located on the south coast of Bathurst Island. 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 24851 be retained as there is an opportunity to further explore the tenement in conjunction with the Kilimiraka tenement to the west. Management is considering the work program presented to meet the DOR requirements and a decision is expected within 8 months on resources for exploration.