Name of the Project
Tick Hill gold project.

Location
The project is located in Queensland, Australia.

Project Owner/s
Carnaby Resources.

Project Description
Tick Hill has total indicated and inferred resources estimated at 837 000 t grading 2.47 g/t gold.

A scoping study has proposed the development of a mining and toll treatment operation.

Scheduled processing of the 348 000 t mined ore, at a grade of 2.47 g/t, is planned to occur over a 12-month period to recover about 25 211 oz
of gold.

Mining of the openpit cutback and the tailings dam stockpile will be completed by contract mining. Contract mining equipment required to complete the material movement, including excavators, dump trucks and loaders will be provided and operated by the mining contractors on a bank cubic metre rate. The openpit cutback will require drill-and-blast.

The tailings dam stockpile is free dig and requires only excavation using a front-end loader or excavator.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The capital cost of the project is estimated at $295 000, including a $39 000 contingency.

Planned Start/End Date
Site establishment is expected to take three months.

Latest Developments
The results of the scoping study have demonstrated compelling economics warranting the immediate advance to prefeasibility studies.

Ongoing discussions are in progress with third parties for toll treatment options and contract miners regarding a potential joint venture arrangement.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Carnaby Resources, tel +61 8 9320 2320.