Overview

Ann Mason | Blue Rose | Cork Tree | Arrino | Sentinel

Ann Mason Copper Gold Molybdenum Project - Nevada USA

One of the major underdeveloped copper deposits in the world
100% owned by a junior company
810 million tonnes @ 0.44% copper and 0.004% molybdenum (7.1 billion pounds copper)
Exciting high-grade copper targets at Shamrock and “5000”
Large copper oxide target at Blue Hills, positive initial copper oxide leach recoveries

2009

Drilling planned
Focus on high grade copper targets at Shamrock and ‘5000’
Blue Hills copper oxide target assessment -
Ann Mason environmental assessment submitted to Nevada BLM

Blue Rose Copper Gold Molybdenum Project - South Australia (Olary JV)

Project Description
The Blue Rose copper-gold joint venture project covers 2 tenements with a total area of approximately 1,000 square kilometres. PacMag is the manager of the JV and holds a 51% interest; Giralia Resources retains a 49% contributing equity.

Drilling by former owner Giralia and more recently by PacMag has intersected significant copper and gold mineralisation within a sedimentary rock sequence adjacent to an altered Ordovician granite body (Anabama Granite) that is similar in age to the world class Cadia-Ridgeway deposits in New South Wales. Both secondary and primary mineralisation has been discovered at Blue Rose, with better intersections including 46 metres @ 2.2% copper and 0.8 g/t gold from 11 metres depth, (including 28 metres @ 3.0% copper and 0.8 g/t gold), 41 metres @ 1.62% copper from 9 metres depth, (including 24 metres at 2.14% copper, 0.12 g/t gold), 48 metres @ 0.82% copper, 1.01 g/t gold from 84 metres, 27 metres @ 1.41% copper, 0.33 g/t gold from 73 metres and 48 metres @ 1.04% copper, 0.22 g/t gold.

Preliminary metallurgical testwork indicates the copper oxide mineralisation is amenable to conventional acid leaching. Beneath the oxide zones drilling has intersected copper-gold-molybdenum sulphide mineralisation, which is open to extension along strike.

The Blue Rose Joint Venture is currently considering approaches from external parties interested in progressing development of the copper-oxide mineralisation at Blue Rose. The joint venture remains committed to the district and will continue to focus on the large highly prospective exploration acreage with drilling in progress at Netley Hill and further drilling planned of two additional targets.

Location
Olary Region South Australia, 300km north east of Adelaide

Project Status
Diamond drilling commenced in mid-January at the Netley Hill Prospect. The target has key parameters of a large porphyry copper-molybdenum mineralised system.

Induced polarisation (IP) geophysical surveying in August 2007 defined a very strong (10–30ms), large (3 km long by 1 km wide x 400 metre deep) IP chargeability anomaly below strongly anomalous copper and molybdenum results intersected in historic shallow percussion drill holes at Netley Hill.

Copper and molybdenum grades in previous drill holes increase at depth and are open at end of all holes drilled above the IP anomaly. Notably, the IP and geochemical anomalies lie at the centre of intense surface alteration within a 5 kilometre diameter (bulls-eye) magnetic anomaly in Ordovician age granite rocks intruded by porphyritic dykes.

The results from the geophysical survey integrated with the geology, previous drilling and magnetics were combined to define an outstanding drill target that will be tested in the current drill program. The Company has commenced an initial four hole diamond drilling program, with two fences of two holes to a planned depth of approximately 350 metres to test the central portion of this exciting target. The drill program will be approximately 5-6 weeks in duration

Cork Tree Copper Project - Western Australia

Project Description
Corktree is on the western edge of the Earaheedy Basin in Western Australia. The area has previously been explored by WMC and CRA, whose drilling returned samples including 24 metres @ 0.22% copper, 16 metres @ 0.26% copper, and 3 metres @ 1.6% copper.

The primary source of the widespread secondary copper mineralisation at Corktree has not yet been found, nor has the near-surface anomaly been closed off. The location of the prospect at the edge of a mid-Proterozoic sedimentary basin abutting a basement high, and the presence of metalliferous inclusions in hydrocarbons, suggest potential for large sediment hosted base metal mineralisation such as that mined at Mount Isa in Queensland.

Location
Western Australia

Project Status
Awaiting tenement grant.

Arrino Copper Project - Western Australia

Description
The Arrino prospect is located in the Irwin sub-basin, 250 kilometres north of Perth. Known copper mineralisation at Baxters has previously been subjected to exploration by MIM, BHP and CRA, including geophysics and limited drilling (better intersections include 4.5 metres @ 2.35% copper). A substantial aeromagnetic anomaly and partly coincident gravity feature east of known copper mineralisation remains unexplained and untested. A surface copper in soil anomaly is coincident with the up-dip projection of the western edge of the magnetic feature, and drilling in this area recorded native copper and malachite disseminations.

Location
Western Australia, (refer to map)

Project Status
Data compilation of previous exploration activities has commenced on the Arrino Project in order to refine drill targets.

Sentinel Project (North Dakota, USA) - PacMag 100%

Last Updated 26 February 2009

Near surface, flat lying, high grade uranium-germanium-molybdenum mineralisation
Initial resource drilling on first deposit (Church) completed
Resource estimate in progress
Metallurgical testwork for uranium positive

2009:

Resource estimate in progress
Finalize germanium and molybdenum metallurgical testwork
Scoping study
Commence resource drilling on regional prospects

Proposed Merger