Maitland JV - Gold (Alamar Resources Limited earning 75%)

On 15 June 2009 the Company announced that it had entered into a Joint Venture agreement with Alamar Resources Limited (“Alamar”) over its non-core gold prospect at its Maitland tenement group in the Yandal Belt Western Australia. Under the agreement Alamar has the exclusive right to earn 51% interest over 24 months by spending a minimum of $200,000. Following this Alamar has the right to earn a further 24% joint venture interest by spending an additional $130,000 over 12 months. If Aragon elects not to contribute further after this stage then its interest will be diluted (and Alamar’s interest increased) by 1% for every $10,000 of expenditure incurred by Alamar. If Aragon dilutes down to 10% then it may elect to convert its joint venture interest to a royalty. The royalty is equal to 1% of the gross proceeds of sale from minerals produced on the tenements.

During the year Alamar completed 83 drill holes (12 RAB and 71 air-core) at an average depth of 63 metres. The drilling was designed to test a 6 kilometre strike length of sheared granite-greenstone contact concealed beneath transported cover. The programme was successful with the most notable result being 4 metres at 1.91g/t of gold at a depth of 26 to 30 metres and established the location of the granite-greenstone contact beneath the transported cover. This intersection is open for 800 metres and warrants follow-up drilling. By completing this programme, Alamar has earned a 51% interest in the Maitland joint venture.