Exploration

Proximity to Existing Gold Locations:The Wamboyne tenements covers approximately 50km of the Gilmore Suture, a major gold bearing structure in NSW. There ware a number of old gold and base metal workings warranting detailed investigation. EL7045 shares eastern perimeter with Cowal Gold Mine tenement that produces 250,000 oz og old a year.

Numerous Exploration Targets:These include: untested magnetic low Gidginbung-type epithermal gold in andesite (high sulphidation gold) and magnetic high signature Peak type deposit; cobar polymetallic deposits and quartz-carbonate gold associations that have little surface expression; and propylitically altered andesites that are the host rock target to much gold mineralisation.

Reports of possible mineral deposits:Fractures where mineral disposition, such as Monza and Gidingbung occur have already been reported to the south of the tenement on the Gilmore Suture. The most prospective portion of this structure is included in the licence area.

Possible Gold Deposits:The Gilmore Suture and splays are likely to contain mineralisation in the style of Cowal Gold Mine.

Gold Resources:The nearby Cowal Mine in a collapsed caldera. At Cowal the Proved and Provable Reserves are 2.5M oz. Measured, Indicated and Inferred Resources total 65 Mt at 1.24g/t Au (2,686,664 ozs).

Wamboyne Anomalies:A circular gravity low lies within the tenement similar to that at Northparkes that overlies the cluster of porphyry gold-copper ore bodies and surroundings. A similar circular diameter gravity low also underlies Escondida porphyry copper-gold district in Chile, thus establishing a geological and geophysical correlation between Chilean and NSw porphyry copper provinces.

Cowal type gold deposits

Locate porphyry copper-gold mineralisation within favourable geophysical and structural locations associated with the Gilmore Suture.

Determine Iron resources in identified pisolite channel deposits.

Drill Olafs base/precious metal prospect. Follow up E.M. targets in the northwest.

Altius’ recently flown high resolution aeromagnetic/radiometric survey defined the iron mineralisation and further targets for ground follow up.

Complete beneficiation and mining feasibility studies by end 2012 whilst concurrently assessing demand and potential supply scenarios.