Project Overview

Mt Watson Project

The Mount Watson tenements (EPM 15933 and EPM 15986) cover 103.6km2 and are located 115km north-northeast of Mount Isa, and approximately 120km northwest of Cloncurry.

The primary exploration targets at the Mount Watson and Boomarra tenements are structurally-controlled copper-gold mineralisation which are often referred to by geologists as "iron oxide copper-gold (IOCG) deposits".

The Mount Watson tenements surround the Mt Watson open-cut copper mine which is on care and maintenance. In 2008, this mine produced 8.08 million tonnes at an average grade of 0.9% copper.

There are a number of other significant historical copper mines and prospects within the area of the Mt Watson tenements. These include the Hidden Treasure copper deposit with an oxide Mineral Resource of 300,000 tonnes at an average grade of 1.3% copper; as well as several exploration prospects at Mount Earl, Mount Wonder, Tewinga and Anomaly P ranging from early stage to advanced.

From Ishine¡¯s first round RC drilling campaign in 2010, the strong copper mineralisation was evidenced in some of the drill holes. The further drilling campaign was carried out in 2012.

Boomarra

The Boomarra tenement (EPM15723) cover an area of 119.8km2 and is located approximately 100km north of Cloncurry within the Carpentaria Basin, where the depth of the cover is significant and is variably estimated from 100m to more than 600m across the region.

Due to the depth of cover, little exploration for copper-gold mineralisation has been completed in this area, however, modern geophysical surveys have defined a number of prospective targets within buried Proterozoic basement rocks. Several distinct "bulls eye" magnetic highs have been detected within the Boomarra tenement over a strike of approximately 26km, within a north-northeast trending magnetic high.

The magnetic domains are interpreted by Ishine to reflect the presence of extensive hydrothermal iron-oxide-sulphide alteration zones developed within the Proterozoic basement. These alteration zones may contain copper-gold mineralisation.

Ishine¡¯s diamond drill revealed the mineralisation of molybdenum as illustrated:

Narembeen

Ishine¡¯s VTEM survey for partial project tenements E70/3880 at Narembeen Western Australia shows anomalies in various areas.

Halls Creek

Ishine¡¯s VTEM survey for partial project tenements E80/4478 and E80/4450 at Halls Creek Western Australia shows encouraging anomalies.

Capricorn

Ishine continuously carried out field reconnaissance for its tenements in various parts of Australia. Out crop of Mj group formation on a tenement in Upper Gascoyne and Ashburton indicated similar type to Mt Isa base metal mineralisation.

Farm-in Arrangements

Ishine has entered into agreements entitling it to earn up to an initial 70% interest in joint ventures in relation to the Tenements as follows:

Boomarra

Ishine may earn up to an initial 70% interest in a joint venture by paying the vendor $25,000 and issuing the vendor 1,000,000 Shares and 2,500,000 Options and by spending up to $950,000 on exploration over 42 months, with a minimum expenditure of $200,000 in the first 12 months.

Mt Watson

Ishine may earn up to an initial 70% interest in a joint venture by paying the vendor $25,000 and issuing the vendor 1,000,000 Shares and 2,500,000 Options and by spending up to $800,000 on exploration over 42 months, with a minimum expenditure of $200,000 in the first 12 months.