·         Project comprises two approved exploration licences and four exploration licence applications over a combined area of 120 square km in the Tennant Creek district, as a result of geological targeting work conducted on BHP Billiton’s extensive Australian database by the Company’s geological consultant, Douglas Haynes Discovery Pty Ltd.  

·         The Tennant Creek district has yielded some 5 million ounces of gold and 350,000 tonnes of copper since large scale mining began in 1934. Gold-copper ore bodies in the district are typically high grade averaging 9 g/t gold and 2.1% copper, and are associated with distinctive magnetic anomalies, due to the abundance of the magnetic iron oxide, magnetite.

·         Significantly less exploration has been conducted in the district for non-magnetic gold-copper ore bodies. Such ore bodies are predicted to occur in the Tennant Creek district, but will not have the usual geophysical characteristics of the known gold-copper deposits. They will be associated with discrete gravity anomalies, with either a very weak coincident or adjacent magnetic anomaly, like Minotaur Resources’ Prominent Hill and BHP Billiton's Olympic Dam deposits in South Australia.

·         Gunson’s tenements and tenement applications cover weak magnetic anomalies with associated gravity responses in favourable geological settings, where little or no previous exploration has been carried out. The targets on these areas can be tested quickly and cheaply with ground geophysics and shallow geochemical drilling.

·         A 20 hole drilling program on the two approved exploration licences is scheduled for late 2008.

·         The other four exploration licence applications lie on aboriginal freehold land and no agreement has been reached for exploration access.  This is due to a difference of opinion on uranium mining - the Company's position is that it must be allowed because of the occurrence of by product uranium in deposits such as Olympic Dam.