The Phillips Find Project is located some 50 kilometres north of Coolgardie and consists of granted tenements totalling 38 square kilometres. The tenement package contains the Phillips Find Mining Centre where some 50,000 ounces of gold has been mined. The Newminster Deposit, within the Phillips Find Mining Centre, has a current JORC Indicated Resource of 84,111 tonnes at 4.62 grams per tonne for 12,500 ounces and JORC Inferred Resource of 32,265 tonnes at 2.50 grams per tonne for 2,600 ounces at a 0.8 gram per tonne lower gold grade cut-off. The current high gold price makes this small resource extremely attractive, potentially supplying the Company with another valuable revenue stream in the short to medium term.

Regionally, the Phillips Find Mining Centre is located at the intersection of several major gold producing structures. Controls on gold mineralisation are both lithologically and structurally complex. Alteration is intense throughout the system. Open pit mining is relatively shallow at 50 metres depth below surface. Previous drilling to over 100 metres depth clearly indicates gold mineralisation continues at depth. Management rates the Phillips Find Mining Centre high on the list of exploration opportunities within the Company’s tenement portfolio.

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