ann out, page-26

yup - last update

The Company is pleased to advise that all gold assay results have now been received from a recent drilling program of 101 vertical air core holes at the Horse Well gold project in the
Yandal Greenstone Belt of WA.

Future program

Future work will consist of follow up air core drilling at the Warmblood and Mustang prospects and other newly identified gold anomalies. Some of this drilling will involve angled air core holes to intersect vertical zones of mineralisation in between the widely spaced reconnaissance drill holes. RC drilling will follow once mineralised zones are defined.

The Company is also reassessing historical exploration activities with a view to implementing
a cohesive program of new target generation involving geological mapping, surface geochemical sampling and regional geochemical drilling over the next six months.

The priority target for this reassessment will be the poorly tested 10 kilometre southern strike
extensions of the Warmblood geological trend.

Given these recent exciting drill results the Company will accelerate the exploration effort at the Horse Well Project over the next six months, and will provide an update on these plans in the short term.