Melrose

Melrose can be described as an advanced gold exploration play with the added potential of near term production. The project has an established gold resource base of 306,000 ounces and Korab will undertake further work, including metallurgical and additional drill testing, to determine the most appropriate development option for the whole or part of the resource.

Another feature of Melrose is the wide extent of surficial gold anomalism. Anomalous gold is common throughout the 25km of strike within the project area, and previous exploration has already identified number of targets that are sufficiently advanced to warrant drill testing.

In addition, the existing gold resources appear to have further ore potential at depth. Previous composite drill intersections that include 56 metres at 3.6 g/t from 49 metres, 22 metres at 11.6 g/t from 90 metres, 14 metres at 6.3g/t from 77 metres, 17 metres at 14.2g/t from 153 metres and 5 metres at 11.0g/t from 120 metres, justify further examination.

In October and November 2005, Korab has conducted definition drilling program at the Bungarra and Hurleys deposits. Drilling has confirmed the supergene nature of the Bungarra and has outlined areas of high grade mineralisation grading up to 211 g/t gold (6.8 ounces of gold per tone of ore). It also appears that the mineralisation is open at depth and laterally. While the assays results are being processed to enable ore reserves estimation, Korab is rapidly moving towards a decision to mine.

Lohengrin

Lohengrin project covers an area of 1,800 km2 south east of Paraburdoo in WA. Korab is targeting unconformity related uranium mineralisation within Middle Proterozoic and Lower Proterozoic units. The tenements cover favourable geological environments similar to unconformity-related uranium deposits at Jabiluka in the Northern Territory.

Mt. Elephant

The Mt Elephant project contains several volcanogenic base metal and gold targets and by modern standards is under explored. The main gossan horizon for example has only been drilled in the main area of outcrop with a best result of 3 metres @ 1.32% Cu from 105 metres. At the same time a number of sub cropping gossan zones have been identified up dip from this horizon and will form early targets for further testing.

In November/December 2005, Korab has conducted an extensive electromagnetic survey of the area around the main gossan. The results the survey expected to be available in late December 2005 will be used to assess the likelihood of the presence of sulphide mineralisation. 

Maitland

Maitland project is located 60 km north west of Korab's Melrose project in Western Australia. Maitland immediately adjoins Lake Maitland uranium project owned by Redport Limited. Maitland project contains several extensions of the Lake Maitland uranium mineralisation. Korab is currently preparing an exploration program covering sections of the 160 square kilometer area of the project. The program will be implemented in stages over 2006 and 2007.

Darlot East

At the Darlot East project our consultants have identified exploration targets for structurally controlled deposits that formed synchronously with the 3 million ounce Darlot gold deposit. Aeromagnetic surveys and geochemical sampling have produced several targets for drilling. During 2005 geological mapping and drill logging produced additional information to help explain the origin of the mineralisation at the site. Korab is currently working on an exploration program which will be implemented 2006.

Throssell

Throssell project covers an exploration area of 800 km2 on the northeast margin of the Yilgarn Craton in WA. It is a uranium, gold and base metals project. The western edge of the tenements covers a fundamental deep seated fault with a possible displacement of 7 km that forms the boundary between the Yilgarn Block and the Of?cer Basin. The project includes a strongly anomalous WNW trending magnetic feature which is coincident with several discrete gravity anomalies and structural features. Korab is targeting roll-front and surficial calcretic style uranium mineralisation.

Having secured an agreements with the Indigenous stakeholders, Korab is preparing to conduct a shallow drilling program in mid 2006 to test the anomalies extending along the Laverton road.