45% Interest

The Troy Creek copper-gold-PGM project is situated 900 km northeast of Perth and 260
km northeast of Wiluna in Western Australia. The Company's tenements cover an area
of 270 sq km on the northern margin of the Palaeoproterozoic Earaheedy Basin.

Drilling by the Company at the Main Gossan prospect in 2008 and 2009 intersected high
grade copper sulphide mineralization with intersections that included 3 metres @
3.39% Cu from 91 metres; and 8 metres @ 1.47% Cu from 76 metres and 4 metres
@ 3.04%Cu from 104 metres, in two holes 50m apart along strike. The copper
mineralization consists of fine grained stratiform copper and iron sulphides in graphitic
and calcareous shales.

Exploration within the tenements has also identified multi-element anomalous
geochemistry in sedimentary rocks over a widespread area extending for over 20 km
strike length. Closely associated with the copper mineralization are Platinum Group
Metals with up to 8 metres @ 0.79 g/t PGM + Au having been obtained from RAB
holes.

The structural setting of the project area within the Stanley Fold Belt on the margin of the
Archaean Yilgarn Craton is favorable for the development of several different styles of
base metal and precious metal mineralization including iron oxide-copper-gold (IOCG)
deposits.

At the end of 2010 the Company finalised an agreement with Sydney based company,
Zodiac Resources Ltd, whereby Zodiac may earn a 55% interest by spending $3 million
on exploration within three years and a 75% interest by spending an additional $4
million on exploration and development within 5 years. Zodiac will have the option to
acquire a 100% interest in the Troy Creek project within five years of commencement of
the joint venture for a purchase price of $5 million – this amount being separate to the
joint venture commitments.