due diligence, page-2

FLE has ties with SER. SER has ties with ORO. Join the dots. This is all from the SER website.


Peter Armitage, (Non Executive Director) FCA FAICD.
Peter began his professional career over 40 years ago with an international accounting firm, specialising in start-ups and work-outs. After qualification he was invited into partnership of a national firm that he maintained until he set up his own practice in 1978, of which he remains principal. Since the early 1980s he has been a director of a number of listed exploration companies in both Australia and New Zealand concentrating on fiscal aspects of project modelling and procurement of capital. Recently he has been responsible for a number of successful IPOs supervising Due Diligence and Corporate Governance matters as well as attending to all compliance matters. Mr. Armitage has also been involved in various consulting assignments in Peoples Republic of China, Canada, USA, Hong Kong and UK for Fortune 500 companies. He is currently Chairman of Shoreline Minerals Limited an unlisted public company with iron sand interests in Chile and a Non-Executive director of ASX listed Oroya Mining Limited.


Myall Creek Copper Project:

The Myall Creek Copper Project (EL3538) covers an area of 381 km² and is located on the southern Stuart Shelf between Whyalla and Port Augusta, a highly prospective part of the eastern margin of the Gawler Craton. SER holds a 50% interest in the licence. The license area is immediately west of the Torrens Hinge Zone and close to the sites of the Hiltaba granites. Copper and base metal mineralisation has been delineated over a wide area and in a range of the Proterozoic host rocks in this region.

The exploration programme was focused on a prospect named Honeymoon Dam. The Honeymoon Dam Prospect is 2.5km south of the known Myall Creek mineralisation zone. Depths to the mineralisation zones in the area are in the range of 50-150m.

Two holes were completed after hitting basement rocks, with mineralisation evident in the holes. The third and final hole encountered a number of difficulties and ceased at 105.2 meters, some 10 meters short of the interpreted mineralised zone. The hole was called to a halt due to poor weather conditions. Further drilling will depend on weather and rig availability. The core for the two completed holes has not been submitted for assay and analysis at this stage. The Joint Venture partners have agreed not to submit the cores for analysis until the third and final hole has been completed. This means it could be sometime before results are available. As soon as the rig resumes operations an announcement will be made on the ASX.

Joint Venture documentation regarding Myall Creek has been finalised between SER and U Energy Pty Ltd and its parent company, Fleurieu Mines NL. Mark Muzzin is a director and major shareholder in Fleurieu Mines NL.