Rover 1

Rover 1 (Au-Cu-Bi-Co) Prospects

Rover 1 is a major gold and copper rich ironstone system where historical drilling has already intersected significant mineralisation. The previous drilling outlined potential for a large pipe-like ironstone body over 100 metres wide and more than 200 metres in strike length. Historical geophysical modelling of the body has postulated that the ironstone body may be of significant size.

The drilling only focussed on a small section of the interpreted ironstone body but results show the body contains at least 3 sub vertical copper lodes containing 1 to 2% Cu and 0.5 to 3g/t Au. These lodes vary from 5 to 30 metres wide. In addition to the copper several holes intersected a zone intense chlorite alteration containing very high-grade gold over 10g/t (see Table 2).

The Rover 1 system has many of the characteristics of the large Warrego mine near Tennant Creek where over 0.5Moz of high-grade gold averaging 20g/t was discovered in two distinct pods during mining of the much larger copper-rich ironstone system.

Table 2 – Historical high grade gold intercepts from Rover 1

The Company has made significant progress towards the grant of this tenement. An on site meeting was held with the Traditional Owners and Central Land Council (CLC) and as a result agreement on access conditions has been reached. A successful clearance survey over Rover 1 and adjacent application areas has also been completed. In addition the Federal Government has recently approved the proposed Exploration Access Agreement paving the way for the Northern Territory Government tenement granting process to be completed.

It’s likely that drilling will commence at Rover 1 immediately after the completion of the wet season in early 2008.

(Updated October 2007)