The following are current projects for the company, with other projects under review...

Mount Sandy Tenement

The Mount Sandy Tenement holding consists of application M21/154 which overlays P21/602 – 604 as per statutory conversion regulations. The tenement has an area of 420Ha and is located adjacent to the Great Northern Highway 30km south of Cue. Vegetation is sparse and access is considered very good.

The licence lies within the Archaean Meekatharra-Wydgee greenstone belt, and comprises a north-northeasterly trending sequence of basalt, dolerite, tuffaceous siltstone, carbonaceous shale, chert and banded iron-formation. Minor granitic and felsic porphry bodies have intruded this sequence. Quartz veining and irregular quartz blows occur.

Historically, at least several hundred ounces of gold have been recovered from dry- blowing and metal detecting activities. Prior to 1994, Sons of Gwalia Ltd carried out mapping, auger soil sampling and interpreted aeromagnetic data. Auger soil sampling to a depth of 500mm indicated numerous zones of N – NE trending >25ppb Au soil anomalism, the largest of these being 900m x 150m. These anomalies are adjacent to areas of prospecting and dry blowing where cover consists of thin colluvium. Subsequent RAB and RC drill testing of soil anomalies and old workings returned a best intersection of 20 m @ 0.29 g/t Au from quartz veins within schistose siltstone, basalt and dolerite. Other RAB and RC intersections include 12m@0.39g/t, 8m@0.35g/t, 8m@0.49g/t and 4m@0.62g/t. These intersections were generally located at less than 20m depth.

SOG’s also conducted an aeromagnetic interpretation which outlined several major and numerous minor fault and shears. In particular a dilatant zone was interpreted along one of these major structures and another was inferred. This structural interpretation does not seen to have been used for drillhole planning criteria. Despite completed drilling having been nowhere near comprehensively testing all locations with a good mineralisation potential, the ground was farmed out to Nimrod Resources NL. Nimrod planned to include the tenement as part of a package as the basis for a stockmarket float. This did not go ahead at that time and the agreement lapsed without any work being completed. Nimrod however drew some interesting comparisons between the Mt Sandy geological setting and that at Tuckabianna and other known mineralised areas in the same greenstone belt.

The obvious future strategy here would be a re-evaluation and integration of the previous soil sampling and drilling with the aeromagnetic information. A drilling program could then be proposed to test areas of potential mineralisation.

Mount McClure Tenement

E36/389 is located 50km NE of Leinster in the eastern goldfields. The tenement covers an area of 29 graticular blocks, being approximately 73.8km2.

The tenement lies over part of the western contact of the Yandal Greenstone Belt. Poorly exposed sediments and volcanics form the margin of the belt on the eastern side of the tenement. A number of NNW striking shears have been identified in this contact zone. Immediately to the west of this is a zone of foliated granite and mafic and felsic volcanic rocks. Further to the west again lies a belt of undeformed granitoid rocks which is mostly overlain by Quaternary sand plain and alluvial deposits. The Mt McClure Fault lies 2km to the east of the tenement boundary and is host to a series of gold deposits including Success, Parmelia, Challenger and Dragon.

Audax Resources carried out soil and lag sampling over the South part of the tenement during 1995. Several Au soil anomalies were delineated, the best of which persisted over 700m and which was open to the south (Chilli anomaly). Subsequent RAB drilling failed to locate a significantly mineralised source. During 2003/2004 George Lee conducted soil and stream sampling which extended the Chilli anomaly and defined others along the E margin of the tenement. Under a joint venture agreement, Bronzewing Gold NL acquired aeromagnetic data and carried out an Aircore drilling program. Interpretation of the aeromag data delineated a pattern of cross cutting shears or faults across the central area of soil anomalism. Drilling was frustrated by shallow depths of weathering and holes were generally short, the deepest being only 17m. 22 holes were drilled on 4 lines for only 189m and tested 3 of the soil anomalies . Significant results include 4m@0.27g/t, 4m@1.1g/t and 4m@0.21g/t. All significant results were less than 8m depth. This program did not effectively test the soil anomalies as drillhole spacing was too wide and drill lines were too far apart. Nevertheless, Bronzewing withdrew from the agreement. Future work could include further soil sampling to infill blank areas on the sampling grid as well as more extensive RAB drill testing of the soil anomalies.

Mt Rankin

The Mt Rankin tenements comprise Mining Leases 77/302, 77/661, 77/716, 77/1035 and application for Exploration Licence 77/1211. They are located about 15 kilometres west south west of Southern Cross. Access is via the Great Eastern Highway and then on gazetted Shire roads.

The Mt Rankin Project is situated in the Southern Cross Province of the Archaean Yilgarn Craton. The Project area is dominated by a prominent Banded Iron Formation (BIF) ridge, which trends northwest within a sequence of amphibolitic mafic and occasional ultramafic lithologies. The Rankin and Jaguar pits are situated in close proximity to a crosscutting northeast –southwest fault. Previous reports suggest a close relationship to these cross cutting faults, the BIFs and gold mineralisation. Detailed evaluation of the aeromagnetic data was recommended to identify further, possibly more subtle structures.

Gold was discovered in the area in late 19th century when a number of small underground operations produced average grades of around 7g/t. Modern exploration for gold as been conducted since the mid 1980s by various companies. This culminated in the 1990s with the mining of the Mt Rankin and Jaguar open pits. Mt Rankin had a reserve of 195,000 @ 2.55g/t and Jaguar a measured resource of 62,450 @ 3.5g/t. There is the suggestion from Burmine that 15,000t may remain at the base of both pits at a grade of 2.5-3g/t. Some of the more obvious future strategies include:

• Detailed evaluation of the aeromagnetic data to locate structural targets which focus gold mineralisation.

• Detailed evaluation of the good regional database

• Establish the amount and grade of ore remaining in the Rankin and Jaguar pits

• Evaluate potential for gold mineralisation at depth, especially high grade “Golden Pig style”.

• Evaluate parallel BIFs for potential gold mineralisation.

Previous explorers have recommend “drilling of the dextral fault between the Rankin and Jaguar pits which exhibits magnetite destruction” and “evaluation of the strongly folded BIF ridge 50-100m north-east of Jaguar which appears to be untested and may have potential for iron ore”.

Below: A Map of the location of Tenements (click on map for larger version)