Other Exploration Projects

The Company also holds interests in several exploration projects in Western Australia and the Northern Territory.

The Wembley Gold Project is located approximately 12km south of Montezuma’s Peak Hill Gold Project.  Montezuma is earning an 85% interest in the tenements by spending $500,000 on exploration on granted mining lease M52/801.

The mining lease covers the Durack and Outback prospects, which host a modest gold resource of 568,000 tonnes grading 2.3g/t gold (42,700 contained ounces). The resource comprises an indicated resource of 390,000 tonnes grading 2.2g/t gold containing 27,600 ounces and an inferred resource of 180,000 tonnes grading 2.6g/t gold containing 15,100 ounces. Mineralisation occurs as steeply dipping lodes within volcanic rocks.

In the Wiluna district of Western Australia the Company holds a 10% free carried interest to a decision to mine or expenditure of $2 million in the Abercromby Well Joint Venture with MPI Nickel Pty Ltd. The tenement is prospective for gold mineralisation.

During 2004 Grange entered into an option to a purchase agreement with Murchison Copper Mines Pty Ltd over the Horseshoe Lights copper gold mine.

The Horseshoe Lights copper gold mine is located approximately 140km north of Meekatharra in Western Australia. The Company operated the mine between 1992-1994 and during that time produced copper concentrates for export.
Substantial resources of low-grade copper bearing material are present at Horseshoe Lights in stockpiles, dumps, tailings and in-situ hard rock resources. Previous work has shown that the tailings and stockpiles are readily amenable to leaching. The Company continues to seek opportunities to establish a copper leaching operation on site.

The Company holds equity in several tenements in the Tennant Creek region in the Northern Territory. The most prospective area with potential to host a high-grade gold, copper, bismuth resource is the Mt Samuel prospect located approximately 6km south of Tennant Creek. Access to the Mt Samuel property is currently not available due to the presence of an Aboriginal sacred site. In May 2006 the Company entered into a Memorandum of Understanding with Westgold Resources NL whereby Westgold could farm in on the tenements subject to it negotiating an Access agreement with the traditional custodians.