Parker Range Gold ProjectReviewThe Company is in the process of...

Parker Range Gold Project
Review
The Company is in the process of a complete review of its Parker Range Gold Project. A great
deal of the work previously announced has been completed and the review will shortly conclude
by -
undertaking new resource and mining studies in the light of the significant rise in the gold
price;
re-examining options for possible campaign mining at Golden Virgin, Buffalo and Spring Hill;
re-evaluating prospects in order to re-prioritise targets at Parker Range;
in view of the high holding costs and annual work commitments associated with the very large
number of tenements held at Parker Range, evaluating a farm out of the Company’s
prospects and/or significantly reducing the number of tenements held;
expedite the grant of mining leases at Centenary to permit drilling to re-commence at this
high-grade prospect;
review historic data showing that the Mt Caudan area, in the western part of the Parker Range
project, is host to goethitic iron mineralisation. Investigations between 1965 and 1976
reported to the Department of Industry and Resources suggested Iron content of up to 60 to
62 per cent Fe (refer March 2005 Quarterly Report); and
This review will be completed during the March 2006 quarter. Upon the completion of the review,
the directors will consider options for expediting development of resources and high-priority gold
exploration targets at Parker Range.
One option to be considered will be a spin-off to a new listed subsidiary as a path to separately
raise the new capital required to take advantage of current buoyant conditions for resources, with
the gold price at a 25-year high.
Moodong Well
During the quarter, the Company acquired a 90% interest in the Moodong Well prospect which is
prospective for uranium and other minerals. Moodong Well is located in the Ashburton Mineral
Field, WA, near Nanutarra and is about 1,250 kilometres north of Perth.
The prospect is contained within exploration licence application E08/1577, which adjoins
E08/1410 held by Vital Metals Limited to the north-west and adjoins E08/1561 held by Globe
Uranium Limited to the south.
The application area covers 19 graticular blocks, including the area of mineral claims once held
by Afmeco Pty Ltd, who carried out an exploration program in 1974-75, reporting¹ a Metamorphic
Suite, consisting of pelitic sediments with some calcareous units, metamorphosed to upper
greenschist-lower amphibolite facies with zones of granulite facies (amphibolites). The suite has
been affected by migmatization and retrograde metamorphism. This sequence is intruded by
granitoids and unconformably overlain by Middle Proterozoic sandstones of the Bangemall
Group.
Several anomalous environments were found.
• Hematite, magnetite and gossanous veins containing minor barite and malachite had best
assays of 1300 ppm uranium, 1.5% copper and 800 ppm lead;
• Silicified shear zones had a best assay of 880 ppm uranium;
• Sheared, weathered ferruginised rocks with up to 140 ppm uranium;
• Mineralized mafic rocks in pegmatite gave 470 ppm uranium and 240 ppm copper.

Review of data will be undertaken by the Company and a preliminary reconnaissance program
will be planned for early 2006.