Ann: Central Eyre Iron Project and Gawler Iron Pr, page-2

re: Ann: Central Eyre Iron Project and Gawler... Summary from one of their secondary projects:

Daily drilling rates consistently exceeding 175m using one RC rig.

Three targets tested by means of single traverses North Fingerpost Hill, Northwest Fingerpost Hill 4 and Boomer.

An approximately 100m wide body of magnetite gneiss was intersected at North

Fingerpost Hill and a minimum width of 40m of magnetite gneiss was drilled at Northwest Fingerpost Hill 4. A steeply south-easterly dipping body of magnetite
gneiss with a horizontal thickness of 80-90m was intersected at Boomer.

Initial drilling has provided valuable information on the correlation between geophysics and geology. The drilling programme for the remainder of this round of
drilling will be adjusted accordingly.

First batch of 1018 samples dispatched to analytical laboratory for XRF analysis.