Ann: Quarterly Activities Report , page-2

It is inrediable what is on. Key Points include:

(a) Beebyn Iron Ore Project (100%): Fully permitted 83 hole drilling program to extend the current JORC hematite resource

(b) McPhee Creek Iron ore Project (100%): Fully permitted for 139 hole drilling program to test potential of 8km long range for remnant CID and bedded hematite near Nullagine

(c) Earaheedy Iron Ore Project (100%): Awaiting final permitting for a further 128 hole drilling program for likely August 2009

(d) Western Creek Iron Ore Project (100%): further drilling - not sure when

(e) During May Giralia expanded the Yerecoin project with the acquisition of key adjoining ground from Polaris Metals NL (�gPolaris�h). Geological mapping and sampling (30 rock samples + in addition to previous drilling from the last quarter) of outcropping iron formations on the newly acquired Polaris tenement returned an average iron grade of 35%Fe, numerous targets for first pass drill program have been defined.

(f) Anthiby Well: The Company plans further drilling to test for resource extensions particularly around and to the west of the Western Mesas, and to conduct beneficiation testwork to establish whether the lower grade CID and SCID mineralisation is amenable to low cost upgrading using screening.

(g) Lake Frome Joint Venture (25%): A potential sleeping giant. Lake Frome Joint Venture is located adjacent to the operating Beverley in�situ leach uranium mine in South Australia. 2002 Tempest EM data was reviewed and reinterpreted during the quarter, and that gravity geophysical surveys commenced late in the quarter on the JV tenements. Heathgate has recently extended its mineral production leases at Beverley to the east and south, to now directly adjoin Giralia's tenements. Giralia's tenements contain (?) the direct extensions of the Beverley East and Deep South deposits.

(h) Snake Well Gold Project: The Company is still continuing discussions with parties interested in joint development of the Snake Well gold project.