Snake Well Project  (gold)- Giralia 100% of gold rights, Zinc Co Australia earning up 75% interest in commodities other than gold (Conquistador JV)

The Company’s advanced gold project at Snake Well is located in the Western Murchison Province, 450 kilometres north of Perth in Western Australia. The project covers an area of approximately 300 square kilometres and includes control of over 45 kilometres of strike of an undeveloped gold camp in the Archaean Tallering greenstone belt.

Gold resources at Snake Well comprise 170,000 ounces within 2.85 million tonnes @ 1.8 grams per tonne gold at Snake Well, in lode mineralisation and near surface laterite hosted mineralisation.

Mafic rocks host the major Rabbit Well anomaly in the south of the project area which hosts gold mineralisation associated with shearing, porphyry intrusives and quartz veining (Mixy and Calisi lodes), along with widespread gold in near surface lateritic gravels (Lop, Buckshot, Warren and 1080 deposits). The Asp anomaly, 6 kilometres west of Rabbit Well, also hosts shallow lateritic mineralisation and lode targets. The mafic schist hosted Royal Standard lode at the eastern end of the tenement package produced approximately 68,000 tonnes of ore at a recovered grade of 13.1 grams per tonne ("g/t") gold between 1897–1937, from underground mining to a depth of only 75 metres below surface, which remains the only recorded gold production from the belt.

A felsic sequence in the north of the greenstone belt at Snake Well hosts a gold resource with copper lead zinc and silver credits (A-Zone), and the Conquistador, Constrictor and Rabbit North prospects.

The information in this report that relates to Identified Mineral Resources for the ‘Mixy’ deposit is based on information compiled by Stephen Hyland, Principal Consultant of Ravensgate The information in this report that relates to Identified Mineral Resources for ‘A-zone’ deposit is based on information compiled by R E Williams, Consultant, who is a Member of The Australasian Institute of Mining and Metallurgy. The information in this report that relates to Identified Mineral Resources for the ‘Calisi 1’, ‘Calisi 2’, ‘Royal Standard’ and Snake Well laterite deposits is based on information compiled by Rodney Michael Joyce, who is a Member of The Australasian Institute of Mining and Metallurgy and a full-time employee of the Company, Messrs Hyland, Williams and Joyce have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”, and have consented to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Gold Exploration Activity - Giralia 100% interest
A total of 15 RC holes for 1112 metres were completed during August 2007 to follow up intersections of 2 metres @ 14.3 grams per tonne gold from 9 metres depth at the Warren lode, and 9 metres @ 2.16 grams per tonne gold and 6 metres @ 2.48 grams per tonne gold at Rabbit Well North prospect. Several anomalous intersections were returned as shown on the table on page 16.