Ann: TORRENS UPDATE - JV PARTNERS AGREE STAGE 1 DRIL PROGRAM, page-2

“Firstly I would like to acknowledge the efforts of Argonaut and particularly its Managing Director, Lindsay Owler, without whose persistence the Joint Venture would not now be on the verge of re-commencing drilling at one of the most exciting greenfields copper targets in Australia.

“Preparations are underway and we will shortly be awarding contracts for drilling, infrastructure construction and logistics with the aim to commence drilling before the end of the calendar year. The Stage 1 drilling program will consist of 8-10 drill holes focusing on the highest priority drill targets.

“Drill holes are likely to be between 700m and 1,500m. The Joint Venturers have been undertaking extensive analysis of the available geological information, including results of the aerial gravity survey undertaken earlier this year, to identify the highest priority drill targets.”