Sub Audio Magnetics over Whispering Ridge and Sunday Creek from 2007 Australia

OMODEI MINING ENTERPRISES

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Sub Audio Magnetics over Whispering Ridge and Sunday Creek from 2007

In summary, please note that over the past 19 years, a revolution in exploration technology has resulted from a combination of free-thinking inventors with the development of powerful computers, satellite global positioning and imaging systems, innovative exploration and mining software and miniaturization of geophysical equipment. The Holder and its Technical Advisor, intends to take full advantage of these new technologies in undertaking its exploration.

The Holder will also rely heavily on the use of SAM as a high tech targeting device. SAM is a recently developed technique that enhances the time-worn prospecting tool, the hand held magnetometer, by the electrification (or “hot wiring”) of those rocks prior to measurement. The data that SAM generates describes variation in rock conductivities. Mineralized rocks are generally more conductive than most rocks. Recent SAM-generated discoveries in Western Australia & Queensland have occurred in areas where conductive ore deposits are covered in recent publications on the web. This technique has already been used in New South Wales with great success. Inversely, by also using in gold prospect in New South Wales, they hope to be able to locate areas of non-conductive, silica-rich rocks that are associated with gold thereby generating drill targets.

Gap Geophysics Australia Pty Limited (GAP) was commissioned by Queensland Iron Development Corporation Pty Ltd to conduct a geophysical survey using GAP’s proprietary Sub-Audio Magnetics (SAM) technique over four (4) areas at the Sunday Creek Prospect, Mount Garnet, Queensland (see below). The first survey incorporated the area of Whispering Ridge, overlapping into EPM 15896.

The second survey, executed over five (5) square kilometres between Conical and Boeing Hills and surrounding areas was carried out during the period 1 August to 10 August 2008. Full details of all works carried out in the above survey areas are covered in the First, Second and Third Annual Reports for EPM 15896 and Second & Third Annual Reports of MDL 298.

A third survey for EPM 15896 was completed in early December 2009 and interpreted in March 2010 (refer the Second Annual Report MDL 298), as a priority over the proposed gradient IP survey due to potential magnetic interferences between the two technologies if captured at the same time. The third SAM survey in the period under review covered two (2) separate areas. The first is in the North Quadrant and stated as the Boundary survey. The second is in the Central Quadrant and stated as the Jurassic Park survey. The location of these two surveys, to the earlier works, are as shown in DIAGRAM below. The original interpretations of the SAM data from Whispering Ridge MDL 298 and Sunday Creek EPM 15896 have now been compared/evaluated against the Jurassic and Boundary surveys to evaluate the similarities in various anomalies.

In order to cover a larger area surrounding the Sub Audio Magnetics (SAM) data already captured and evaluated, it has been suggested by Gap Geophysics to use their new technologies using helicopters instead of ground capture. This potential to do future exploration in this manner is being evaluated.

Diagram - SAM Survey Results TMI comparing work at between MDL 298 and EPM 15896 overlaid on Google Earth Image Boundary-Jurassic captured December 2009 interpreted March 2010 to Sunday Creek captured 2008 interpreted 2009 and Whispering Ridge captured 2007 interpreted 2008.

WHISPERING RIDGE MAGNETITE

PROJECT MDL 298

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SUB-AUDIO MAGNETICS SURVEY & INTERPRETATION

Jurassic SAMS Survey Grid Interpretation

Boundary SAMS Survey Grid Interpretation

Surface Magnetite Outcrops Northern Quadrant

Surface Rocks near Joffs Find 2010 EPM 15896

Steep Gully containing Surface rock outcrops of Magnetite

in Northern Quadrant 2010 EPM 15896

Whispering Ridge Magnetite Project MDL 298 Far North Queensland

The dominant anomalous feature lies within the Sub-Audio Magnetics (SAM), Jurassic Park (JP), and Sunday Creek (SC) TIM-RTP data set. It is the east-west series of magnetic highs that trend from a wide area, and merge perfectly with C1-C3 anomalies.

This east-west trend is a juxtaposed overprint and is perhaps a series of mineralised intrusions or deeply weathered volcanic centres, which require detailed geological, geophysical and geochemical follow-up. If you look at all of the data we have, the Palmerville Fault Zone (PFZ) trends north-northwest – south-southeast; whereas the east-west trend described in the above paragraph is a big target, a “Tier 1” type image.

Please note that the same east-west trend continues further eastward, on the Sunday Creek grid, from targets to the eastern edge of that grid. Of particular note are the intersecting magnetic linear features. This might be a sleeper and should also thoroughly investigated.

The C-1 magnetite-gold target (Jurassic Park grid) stands out as a large drilling target which is orientated east-west elongate; this is antithetical to the Palmerville Fault trend. This is a perfect structural play. It is an IP priority grid, as the drilling needs better definition.

Detailed interpretation of this SAM data, show that there is a corridor of five (5) discrete ground magnetic anomalies (including the Boundary deposit area) that trend southeast to northwest. These are Joff’s Find to the south and another target to the west; which, all require soils gridding and detailed prospecting. These five (5) targets are valid because of our previous geochemistry work at Boundary and Joff’s deposits (as detailed in the Third Annual Report EPM15896).

The Boundary and Joff’s Find appear to be classical bullseye Tennant Creek style drilling targets; which are both sizeable targets too, showing that the expenditure on proceeding with the SAM’s Gap Geophysics programme is now showing valuable results.

Additional target definition on Boundary Grid from Gap Geophysics Interpretation.

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to date 2010