half year financial report is out now

EXPLORATION

Exploration to date on the projects below has demonstrated that they each have the potential to host
significant new mineralisation. Extensive drilling is programmed to extend through the March and June
Quarters of 2008. Exploration highlights on project areas include the following.

The Mt Forrest Iron Project covers some 17km of iron formation east of Geraldton and North of
Koolyanobbing. Exploration completed to date has successfully identified:·high grade hematite surface samples to +60% Fe·magnetite mineralisation indicated at depth·positively characterised by very low phosphorus content·five target areas (Fe1 ­ Fe5) identified >55% Fe.

The Yilgarn-Avon JV Uranium Project covers 350km of the Yilgarn River palaeodrainages through
Southern Cross, Muckinbuddin and Quairading and has shown:·uranium enriched waters to 1000ppb in headwaters·lignite carbon traps along the palaeochannel.

The Mortlock JV Copper-Gold Project covers a newly identified mineralised high grade metamorphic suite
of rocks in the Western Gneiss terrain immediately east of Perth. Significant widths of low-grade Cu-Au
mineralization at Forrest Centre and Southern Brook have been traced over 6 kilometres and remains open
along strike. Recent AEM geophysics has identified five new anomalies for copper-gold mineralisation.