EL 4941 (Panaegis 100%)

Amalgamated with ELs 3316 and 4594.

Nine prospects identified at present, situated in three reef lines:

• ARGYLE,
• BUTLER’S &
• NORRIS.

Heathcote Reef Lines

Historically the Heathcote Goldfield was also worked predominantly to less than 50m (water table) with a recorded field grade of 1.9 g/t. However, this grade is skewed from the 1990’s low grade Hird’s Open Cut production and if this is taken out the estimated average grade from the historical reefs is 27.5 g/t with several reefs (Butlers, Alabama and Argyle Reefs) recording above 30g/t.

Further geological analysis is continuing and a soil sampling and costeaning program is currently being planned.