The Company's principal objective is to create shareholder wealth through the discovery and development of mineral deposits. This objective will be met through the assessment of a range of mineral commodities located within the existing Tenements.

It is committed to applying the Company funds in an efficient manner and providing above average and sustainable returns through both capital appreciation and the payment of dividends when in a position to do so.

2012 Objectives

The Titanium / Vanadium / Hematite Project represents the major asset and value add project for shareholders and will be the focus of strategic efforts over the next 12 months.

These objectives will likely include;

• Construction and completion of a pilot plant processing facility in 2012 to demonstrate Titanium / Vanadium / Hematite flowsheet and produce marketing sample to attract off-take and investment / strategic partners;
Delivery of the following development approval requirements:
• Achieving Reserve status on Titanium / Vanadium in magnetite Resource;
• Financial modelling and valuation of Titanium / Vanadium / Hematite project;
• Mining Lease;
• Mining Agreement with landholders;
• Environmental Assessment;
Commencement of definitive feasibility studies on Titanium / Vanadium / Hematite project