EL 25429 Jervois Project, Annual Report for the reporting period 2 February 2012 to 1 February 2013

Abstract

Activities undertaken by Kentor Minerals (NT) Pty. Ltd included: 16 hole Diamond and Reverse Circulation drilling program - 5,399.10 metres; A new area designated as the Ghubko Prospect Area was identified and preliminary field activities were undertaken on this area; Re-logging of historical core for RQD, Recovery, Magnetic Susceptibility; Structural interpretation; and Resource Upgrade. Resource modeling based on drill hole results from the 2012 program produced a 13 percent increase in contained copper to 170,000 tonnes at the Jervois Project. A 20 percent increase in contained silver to 11.6 Moz, and an additional exploration target potential of 50,000 to 1000,000 tonnes of copper was a result of the successful campaign. Metallurgical and feasibility studies into the viability of the project have been on-going for the reporting period and will continue into the next reporting period. Significant field work on EL 25429 resulted in the discovery of the 'Chubko Prospect' which will be the focus of ground exploration activities during the 2013 field season. The total resource at Jervois has increased to: 13.5 Mt at 1.3 percent copper and 25.8 grams per tonne silver containing 170,416 tonnes of copper and 11.6 million ounces of silver, based on a cut-off grade of 0.5 percent copper. A maiden gold resource of 69,000 ozs has been identified and will be expanded on into 2013.