In October 2010 the Company instructed Boyd to conduct a full review of existing and newly acquired 2D seismic data, together with the exploration data gathered by Rio Tinto Exploration during 2008 and 2009 for its Derby Salts tenements in Western Australia.

Derby Salts’s five exploration licences cover some 1,236km² of claims in the Kimberley region of Western Australia overlying the Canning Basin.

The Company announced Boyd’s summary findings in May 2011. Boyd had established that the Mallowa Salts are continuous with minimal disturbance, with salt mineralisation ranging from approximately 179 to 630 metres in thickness over a number of representative lines at a depth ranging from approximately 500 to 1,300 metres.

There was no evidence of major faulting within the licence areas and five potential drill targets were identified. These results warrant further study and the Company is now working with its consultants to plan the next phase of exploration work.