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Borium Project

The Borium Project tenement surrounds the Kidston Gold Mine lease which has a historical production of over 3,500,000 ounces of gold valued at >A$2.1 billion. This mine targeted a breccia pipe structure and it is not unexpected that further occurrences could be identified on these tenements. The tenement holding is approximately 300km2 and covers a significant number of the gold bearing strikes that have occurred across this volcanic region.

Of interest to Kangaroo Metals Limited is the region around Mt Borium. This region has been previously drilled to shallow levels (~150 metres), however, the geological data suggests that a Kidston-type breccia body may lie at depths of between 400 to 1500 metres and missed by the initial exploratory drilling.

The Mt Borium site will be a priority for Kangaroo Metals Limited to explore.

Exploration Plan

Situated to the northwest of the Kidston gold mine, Mt Borium hosts a zinc, copper and gold deposit which was initially investigated towards the end of the Kidston mine era. Geochemical sampling identified a gold, lead and copper halo, which was found to be associated to an Induced Polarisation anomaly. Shallowing drilling indicated a broad low-grade gold mineralisation.

Mt Borium is an intrusive breccia body hosted in the surrounding district scale granodiorites. While previous drilling did intersect gold over moderate lengths, an additional program focusing on modelling the geology to better understand possible host zones will be needed.

Strategy

KML will undertake aeromagnetics and geochemistry to rationalise the previous data and a short drilling program in the first quarter 2008 will be undertaken to test this project before extending the program.