Lakes Project - Curnamona Craton - Uranium

• Drilling on the Lake Frome South tenement near the Gould’s Dam uranium deposit has discovered anomalous uranium in reduced channel sands.  Follow-up drilling planned.

Maitland Project - Gawler Craton - Copper-Gold

• Maitland project successfully joint ventured to Minotaur Exploration Limited. Field work to begin next quarter.

Mount Isa Inlier - Copper-Gold

• Electromagnetic modelling on Lily Creek indicates the source to the strong conductivity target is possibly located 500-700 metres below the base of the current drill hole. Follow-up program planned.
• Three dimensional magnetic modelling on the Corkwood project highlights untested target adjacent to broad copper and gold intercepts.
• Innovative processing of magnetic data defines new target zones for base metals on the Walford Creek East project.

Eucla Basin - Zircon-Titanium

• Bemax Resources Ltd on schedule to drill test exciting headland target on the Barton project in April pending final environmental approval.

New Projects - Red Metal 100%

• Electromagnetic surveying to begin next quarter on the Saunders Creek project, South Australia, testing a new intrusion hosted nickel-copper target concept.
• Drill targets defined with potential to delineate large tonnages of direct-shipping grade phosphate rock on the Swift Hills project 10 kilometres south of Incitec Pivot’s Phosphate Hill Mine.

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