Thursday, 24 July 2008: ASX Announcement

HIGHLIGHTS  

• The Company has acquired an exclusive option to purchase three mining leases over one kilometre of mineralised strike length (47 hectares) within the Mt Grainger goldfield in South Australia.
  
• The Mt Grainger goldfield yielded over 2,000oz of gold at an average grade of 13g/t until the end of small-scale mining in 1915.  Only minimal sub-surface exploration has been carried out since the mid-1970s.
  
• The 6-9m wide mineralised lode within the leases is known to be gold-bearing from surface to a depth of 101m, and is open and untested below this depth.
  
• The Company believes this project could have potential to produce early cash flow at a low capital cost.
  
• Exploration aimed at producing a JORC Resource will commence immediately. 

Click here to view the announcement online