Iron Ore

Yalleen JV - WA

  Yalleen JV (API 70%, Helix 30%) covering 600km² of the upper reaches of the Robe River drainage system (50km SE of Pannawonica).

  First drill program at Kumina Creek in December 2006 identified buried channel iron deposit 2700m by 900m up to 30m thick grading up to 60% iron.

  2007/2008 $2.3M drilling program currently testing several hundred million tonne exploration target.

  Subsequent drilling confirms variable thickness of mineralised CID of up to 24m thick at both Kumina Creek and Robe Exit.

  Bonham target area 8km² with initial Fe results 45% to 52% up to 10m thick.

  JORC resource expected Q2 2008.

Gold

Tunkillia - SA

  Tunkillia resource 800,000oz Au with exploration upside.

  JV with Minotaur Exploration earning 51% by spending $5M by 31 March 2009.

  Minotaur advised May 2007 of studies into commencement of mining - results pending from Minotaur.

Glenburgh - WA

  Glenburgh resource 108,000oz at 3.1g/t Au with exploration upside.

  New targets identified with exploration drilling underway. Results pending.

  Potential development and mining scenarios have commenced.

Uranium

Gawler Region - SA

  Toro Energy to expend $2M by May 2009 to earn 51% on Gawler Uranium JV.

  Five priority paeleo-channel uranium targets identified by EM survey.

Generative

  Adelaide Geosyncline new ground acquisitions targeting gold and copper systems.

  Historical production 200,000t @ 5% Copper.

  West Pilbara base metal exploration underway.