Rossarden District, Tasmania

The Rossarden district contains the town of the same name, which serviced the Storey's Creek and Aberfoyle mines, the town of Avoca on the main east coast highway and also the village of Royal George which is adjacent to the old mine of that name.  It is a strongly mineralized district with numerous additional prospects for tin, tungsten, uranium, coal and base metals.  Minemakers intends initially to assess the main old mines, and the uranium potential, then to seek for new deposits utilising modern exploration methods.

The aim is to develop open cuts over the old Aberfoyle and Storey's Creek underground mines which are separated by 3km.

It is envisaged that a common mill would treat material from both deposits and, depending on relative metal prices on the day, production could be preferred from either Storey's Creek (which is tungsten-rich) or Aberfoyle (which is tin-rich).  The Lutwyche underground mine would be brought on stream as the pits mature, and the Royal George open cut would provide supplementary feed which would be trucked to Rossarden.  Modern exploration will seek buried deposits.

Aberfoyle

Tin (Tungsten)

In a conceptual pit to a depth of 110m, a mineralization estimate of 5.5 Mt @ 0.1% tin @ 0.06% tungsten was made by a previous operator.  It was based on drilling and underground mapping.  This covers only a zone around the main old underground workings and Minemakers perceives considerable upside along strike and nearby.

Minemakers completed a Stage 1 RC drilling programme around the old workings and released the drill results on 21 June 2007.

The assays were below expectations based upon the previous operator's work, particularly in the case of tungsten.  A re-assaying programme is currently underway.

Initial testwork on re-treatment of dump material from the historic mining core is promising.

3D computer modelling of the old reef systems has been completed.

Storey's Creek

Tungsten (Tin)

The Storey's Creek mine has lesser surface drilling. However, the extent of stockwork mineralization exposed at surface and indicated in historic plans of old workings and drillholes leads to optimism that a large resource, amenable to open-cut mining, can be defined.

Initial work included compilation of a GIS database of all available historic mining information and modelling of reef structures and mineralization targets.

These targets were tested by a 17 hole 2,021m RC drilling programme in late 2007. Preliminary results were released to market on 24 October 2007.

Storey's Creek historic production favoured tungsten related to tin by a factor or 6 to 1.  Minemakers' drill results for tin are encouraging and indicate widespread tin mineralization beyond the main reefs exploited in the past.  However, the tungsten assays are disappointing to date and are generally less than the tin ones.  These results may be due to an inappropriate assay technique for tungsten and assays are being repeated by different techniques.  On 16 January 2008, the Company announced a first improvement in tungsten assays by a different analytical technique and that further re-assaying had been initiated.

Lutwyche

Tin (Tungsten)

Extensive drilling from surface resulted in discovery of a major underground tin and tungsten deposit less than 1km from Aberfoyle.

It was accessed from underground and considerable development and blocking out of ore was completed, and a 400m shaft was raise bored to surface.

A mineralization estimate of 1Mt @ 0.9% combined tin and tungstate was made and production was initiated.  The collapse of the tin price caused mine closure in 1982, leaving the mineralization body largely developed and intact.

Minemakers' intention is to bring Lutwyche into production once open cut operations have begun at Aberfoyle and Storey's Creek and after a new mill has been built.

Royal George

Tin

Based on historic drilling, an estimate of mineralization of 1.2 Mt @ 0.34% tin was made and this is open at depth and along strike. The topography favours a future open cut operation.

Minemakers has recovered old drill core and assay records and believes that there is substantial additional mineralization, albeit at lower grade, adjacent to the greisens which were historically mined.

This leads to potential to decrease stripping ratio and reducing unit mining costs of mineralization.

Nonetheless, Royal George is too small to support a stand-alone processing operation.  It is intended that it be mined as a satellite operation with ore being trucked to the future central milling facility which may be established at Aberfoyle.

Castle Carey

Uranium

Old reports indicated that a sedimentary block of carbonaceous shale in the Rossarden district was highly radioactive, and these reports suggested potential grades which could be economic at today's prices.

Minemakers has moved to acquire tenure over all of the known occurrences of the stratigraphic unit, the Castle Carey Shale.  Much of it lay within the Company's granted EL27/2004, which includes the Storey's Creek, Aberfoyle and Royal George tin and tungsten mining centres and the rest has been secured by a new EL application.

Work to date by Minemakers has included:

• Drilling of three holes in the original Castle Carey area, two of which intersected highly encouraging uranium intersections at 0.22 lbs/tonne and 0.42 lbs/tonne respectively.
• Scouting of the stratigraphic unit in the Rossarden area.  To date, four other anomalous areas with a radiometric response at least as high as that in the original discovery area.
• Flying of detailed radiometrics in the immediate Castle Carey area.  Data was recently received and is being interpreted.

Mines and Resources Tasmania ("MRT") flew a detailed radiometric survey over north eastern Tasmania and it has covered all of Minemakers' tenements.  The data became available at the end of 2007.  It has been acquired and interpretation has begun.

Tasmania United Uranium

Uranium

The Rossarden area is underlain by a granite complex which has a high uranium content.  Several prospects have been discovered in the past and have received some evaluation.

Minemakers drilled three diamond holes into the Tasmania United Uranium Prospect – where historic grades of 13.6% U₃O₈ (300 lbs/t) had been reported – looking for a fault offset repetition of the original discovery.  The programme was unsuccessful.

The MRT radiometric data (refer to the Castle Carey section) will be assessed over the granites in a quest for hitherto unrecognised mineralization.

Photos

RC Drilling at Storey's Creek	Tasmania United Digging	Drilling Castle Carey
Drilling Castle Carey	Drilling Castle Carey