Recent exploration has focused on Browns (the site of our best defined base and specialty metal resource), Browns West, Browns East, Mt. Fitch Copper, and Mt. Fitch South, with the view to expanding our base metal inventory and to diversify the resource base with new commodities, (zinc intercepts were recorded during the 2006 drilling programme).

The three Browns targets are all considered to be part of one major mineral deposit, with better results in many of the step out drill holes confirming the pattern of metal zoning and the strata bound nature of the mineralisation.

Continued drilling will result in a better definition of base metal distribution and an overall increase in the size of the resources in the Browns area.

The Mt. Fitch copper prospect is a discrete mineralised system with many similarities to Browns, which requires supplementary drilling to fully delineate the resource.

Browns

Browns continues to grow as a major world class ore deposit with drilling showing the deposit to continue to deeper levels and a greater extent laterally than previously believed. It is likely to eventually continue from Browns East to an as yet undetermined western extension incorporating the latest western zone zinc mineralization.

Deep drilling at the central Browns deposit is being undertaken to follow up previously reported significant intersections, and to test the depth continuity of the deposit at deeper levels.

Initial results obtained are encouraging and show that copper and lead sulphide mineralisation continue to greater depths than previously known, significantly upgrading the tonnage potential.

Above: Cross Section Browns Deep Drill Holes

Browns East

Drilling at Browns East is underway to more fully define the existing copper resource.

Deeper RC drilling near the historic Intermediate copper mine has intersected copper mineralisation in places associated with uranium.

This zone of copper-uranium mineralisation is interpreted as being of the same nature and origin as that previously mined at the Whites mine, located 500 metres to the east.

An ongoing drill programme is planned for 2007 to more fully define this exciting prospect.

Above: Cross Section Browns East Copper/Uranium Prospect

Browns Zinc

The Browns Zinc prospect is located at the western end of the Browns Deposit. Drilling has shown a systematic westerly change in sulphide composition from lead rich to zinc rich, with the width and grade of the zinc mineralisation increasing significantly with depth.

A substantial RC and deep diamond drill hole programme to further define this mineralisation is planned for 2007.

Above: Long Section Browns Zinc Prospect showing Grade Thickness Contours

Mt. Fitch Copper

The Mt. Fitch copper resource is located approximately 8 kilometres to the north of Browns and occurs in the same stratigraphic sequence of Palaeo-Proterozoic shales and dolomites as the Browns deposit.

Drilling has shown the copper rich mineralisation dips to the west, and remains open to the north and northwest. Defining the limits of this mineralisation remains an exploration priority. The Mt. Fitch Uranium deposit is located immediately to the west of the copper resource.

Mt. Fitch South

The Mt. Fitch South prospect is a recent copper cobalt nickel discovery located immediately south of the Mt. Fitch copper resource. Additional drilling is planned to evaluate this discovery.

Mt. Fitch West

To the west of the Mt Fitch Uranium prospect, potential exists for additional copper cobalt nickel mineralisation hosted in the Whites Formation shale. This potential new zone was intersected in the 2006 drill programme.