QUARTERLY REPORT
3 Months Ending 31
December 2007
KEY
RESULTS
Conrad Silver Project,
NSW
·
An initial resource estimate has been
completed for the area drilled near the King Conrad Shaft.
·
The resource amounts to approximately 10.4
million ounces of silver equivalent.
·
This is a substantial part of what will be
required to justify reopening the Conrad Mine.
·
Preliminary metallurgical results are
encouraging.
·
The Greisen Lode contains significant
native silver.
·
Regional exploration on the Conrad
tenements has identified attractive additional targets.
·
Good grades of silver, lead and zinc are
indicated, while some new prospects contain significant molybdenum, bismuth
and/or tin.
·
Drilling to expand the mineral resource at
Conrad will resume in early February.
Mt Isa Region Copper
Projects, Qld.
·
A drilling program commenced at Volga was terminated prematurely due to unsatisfactory
performance by the drilling contractor.
·
Only four holes were completed before
suspension of the program.
·
Three of those holes intersected
interesting copper and/or gold values.
Other Projects
·
Evaluation of new gravity concentration
technology promises to enhance scope for production at Elsmore and elsewhere.
·
Oberon Project converted to a financial
interest in a new IPO.
Corporate
- Exploration
expenditure during the Quarter was approximately $715,000.
- Placement
raises $5.7 million.
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