Mount Peake Project First Annual Report ELR 29627, 17 December 2012 to 16 December 2013

Abstract

ELR 29627 is part of the Mount Peake Project operated by Enigma Mining Ltd, a wholly owned subsidiary of TNG Ltd. The project area is located approximately 220km NNW of Alice Springs in the Northern Territory and covers portions of the Mount Peake (SF53-05) 1:250,000 map sheet. It lies within the Stirling and Anningie Pastoral Leases and is subject to Native Title. The project comprises seven granted exploration licences; EL 27069, EL 27070, EL 27787, EL 27941, EL 28491, EL 29578 and EL 29867, and an exploration licence in retention, ELR 29627. In addition three Mining Lease applications; ML 28341, ML 29855 and ML 29856, have been taken out within the project area. Total area covered is approximately 1454 km2 in the north-central portion of the Paleoproterozoic Arunta Province. The main focus of the Mount Peake project has been evaluation of the potenitally world class Fe-V-Ti deposit which lies within ELR 29578. The project is currently under a Definitive Feasibility Study with expected completion by the end of 2014. Snowden Mining Industry Consultants Pty Ltd (Snowden) completed an updated JORC compliant Resource estimate for the Mount Peake V-Ti-Fe Project in March 2013. The revised resource estimate was based on drilling completed in late 2012, and was intended to convert predominantly Indicated and Inferred Resource material to Measured Resource status.