The West Wyalong Tenements are located one kilometre to the east of the West Wyalong township and approximately 470 kilometres west of Sydney . EL 5915 contains part of the historic West Wyalong goldfield.

The rocks underlying EL 5915 form part of the Palaeozoic Lachlan Geosyncline which is divided into a number of structural zones. EL 5915 is situated over the boundary of two of these, the Wagga-Omeo Zone to the west and the Parkes zone to the east. This boundary is defined by a major sub-structure, the Gilmore Suture, a mobile crustal zone of prolonged and intense deformation coupled with igneous activity. A number of significant mineral deposits and many small deposits are distributed along this structure.

A review of geophysical data within the West Wyalong Tenement has indicated a subtle circular gravity low (<21 milligal) corresponding to localised magnetic highs which was interpreted to be a vent or late stage intrusive phase of the dense intrusion. The main zones of anomalous geochemistry in the area form an annulus around this apparent late stage intrusive feature. It is thus considered to define an area where future exploration should be concentrated. Various zones of apparent alteration, faulting and localised intrusions have been identified elsewhere in the area. Many of these appear to have been ignored or under-explored. Several of these features have encouraging correlations with geochemistry.

In November 2007 Argent undertook an initial phase of drilling comprising three vertical percussion holes of a proposed six-hole programme. The holes were drilled to depths of up to 120m for a total 336m. The purpose of this drilling was to begin the evaluation of the potential for disseminated copper gold mineralisation in the vicinity of the dense non-magmatic igneous body identified from the review of the geophysical data.

Holes APG1 and APG2 intersected diorite with chlorite alteration, epidote and up to 1% pyrite. No significant gold mineralisation was identified from analysis of the chips. Hole APG3 intersected chlorite schist with carbonate veining and minor quartz. Analyses of the chips generally returned low gold values except for the 2m interval between 106-108m, which returned a grade of 19.1 g/t. See figure 4. This is a significant result as gold mineralisation had not been reported from this area previously.

In addition, a further 600m of inclined percussion drilling was carried out to evaluate reef extensions at depth below abandoned workings at the Callback, Mallee Vale, Stanley Blow, Pine Ridge and Pine Hill mines and encouraging results were obtained from two holes. Mallee Vale hole AMV2 intersected four metres from a depth of 28m which returned a grade of 6.11g/t gold and Pine Ridge hole APR2 intersected two metres from a depth of 36m which returned a grade of 1.48 g/t gold.

West Wyalong Exploration Programme

A three phase programme is proposed for EL 5915:

• A VTEM survey over the whole area to evaluate the potential for sulphide deposits.
• A further program of at least three further percussion holes are proposed to continue the evaluation of the concept of disseminated copper gold mineralisation. It is proposed that the holes will be drilled to at least 100m with the possibility that one or more holes will be drilled deeper if there is evidence of increasing mineralisation and/or alteration with depth.

• Further drilling is proposed to evaluate extensions at depth of gold mineralisation below old mine workings.

A more detailed description of the geology, exploration history and prospectivity of the West Wyalong Tenements is set out in the Independent Geologist's Report included in Section 8 of this Prospectus.