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           Operations :: Australia


Hill End, AUS
Home of Bullion
Prospect D
Prospect D "A"
Exploration Targets

Home of Bullion Mine, N.T., Australia

Home of Bullion Mine is 50% owned by Goldstake.  The mine has produced 2,500 tons of 22.5% copper.  A report by ASARCO (US) and EZ INDUSTRIES (pre NI 43-101) estimates a resource of 126,000 tons of 15% copper from surface to a depth of 210 ft.  

An estimated 7000 tons of 10% grade copper is stockpiled at surface.
Goldstake and its joint ventures partners plan to diamond drill 9 Holes (900 metres total) to confirm these historical reserves and then commence open-pit mining for recovery of the copper, silver, lead and zinc in this deposit, concurrently carrying out drilling to extend the reserves on this “Main” reef, and developing further resources on a cluster of reefs exposed on the surface in close proximity to the “Main” reef.  

See following map (Exhibit 1) for specific mine locations.

See Dr. Derek McBride's, Qualified Person, OSC National Instrument 43-101 Compliance Report for Goldstake in our Presentation & Webcasts section.

Prospect D – Nickel, Copper, Gold, N.T., Australia

Goldstake owns 50% of this properrty which is approx. 30 kms. from the Home of Bullion Mine.

An agreement with Mithril Resources and Falconbridge allows their joint venture to earn a 75% of Prospect “D” by spending $5 million [by July 2007] and paying $200,000 cash to GXP and partners after spending the first $1 million.

As at October 31, 2005, approx. $800,000 has been spent.

Pre NI 43-101 Drill Indicated Reserves:

  • 1972, 11 diamond drill holes along a 2 km strike length to a depth of 300 ft. indicated probable resource of:

               Tonnage     Copper     Nickel     Width
Oxide      1,633,600   0.512%    0.151%     30’
Sulphide  1,530,200  0.621%    0.247%     28’

  • Drill intersections as high as 1.48% Copper, 0.48% Nickel, 215 grams silver & 5.8 grams Gold over 16.9 ft. at shallow depth (hole 7)
  • Gold & Silver values not given for most of 1972 drill results but a mining operation would produce Gold & Silver as well as  Copper & Nickel

Project Priorities:

  • Develop further ore reserves on ore body. Dimensions 550' x 15' x 660' x 2.8sg.
  • Mine 500 thousand tons (approx.) whilst developing further reserves..
  • Cost to feasibility, $3 million Australian. Total length of anomaly is over 5,000
  • feet.
Additional Exploration Targets:

Mulbangas  50%
Is a surface copper outcrop in Northern Territory, Australia
Part of a mineralized strike line of approximately 40 km North to South

Barrow Creek Copper Anomaly 50%
This magnetic anomaly was identified by an induced polarization survey conducted by the NT Government Survey.

Utopia  -  NT, Australia 50%
Located 300 km north of Alice Springs
Exploration License #24355 covers approx. 500 square km
Tantalum/Tin mineralised layered pegmatite over 5 km long and 140 M wide on surface
Assays of up to 2 pounds tin (Sn) & 1 lb. Tantalite (Ta)
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