Explorer 142

Explorer 142 (Cu-Au-Bi-Co) Prospects

The Explorer 142 prospect shows very strong similarities to Cu – Au mineralisation seen in many Tennant Creek orebodies, particularly the Warrego Mine. The Warrego Mine was the largest mine in Tennant Creek with over 1.5 million ounces of gold and 175,000 tonnes of copper produced.

Historical drilling in the 1970’s intersected encouraging copper and gold mineralization in two holes approximately 120m apart and included the following results:

The 2006 Westgold drilling initially aim to test continuity of mineralisation, thickness and grade between the two earlier intersections with the first hole NR142D001 intersecting:

The best copper mineralisation is intimately associated with a zone of intense magnetite – chlorite alteration along the northern margin of the ironstone body.

The second hole NR142D002 targeted the ironstone body approximately 50m vertically above the initial Westgold hole and encountered 19 m @ 0.54% Cu and 0.05 g/t Au, in a hematite dominated ironstone indicating that the tenor of the mineralisation is strongly controlled by the magnetite portions of the ironstone system.

In late 2006, a hole targeted the magnetic ironstone body approximately 140m below the mineralised and magnetite dominant zone and intersected a strongly hematite rich zone with only weak sulphide development. The best intersection from this hole was 1m at 1.4% Cu and 0.2g/t Au

Company is planning to undertake a number of down hole geophysical surveys prior to further drilling in late 2007 or early 2008. The surveys will be used to identify major off hole magnetic targets.

(Updated October 2007)