EL 23722 Year 9 Annual Report for year ended 17 September 2012

Abstract

During the reporting period, work carried out focussed on reprocessing and generating targets from the detailed airborne EM and magnetic surveys previously flown over all tenements in the Batchelor district. While no specific source to the uranium anomalism was detected some EM targets were identified. Compass Resources also emerged from Administration in February 2012 following a re-organisation of debt and equity. As the tenement is still considered prospective and Compass was yet to staff up, it was decided to continue with obtaining additional geophysical data to improve target definition for all tenements within the Batchelor district. It was decided to fly the tenement (and all Compass tenements in the Batchelor district) with a Falcon Gravity survey. Once agreement was reached with its Joint Venture partners on other tenements in the district contracts for this survey were completed and signed with Fugro. The survey, after delays caused by aircraft availability issues, is now scheduled for December 2012.