Current activities – On 18 June 2005 the Blanche No 1 exploratory geothermal well was spudded, 8 kilometres west of the Olympic Dam mine in South Australia, and just 5 km from a 275 kv transmission line.

Blanche No. 1 is the first in a series of cored exploratory wells that are planned to be drilled or to deepen existing mineral exploration drill holes to depths ranging from 1,500 to 2,000 metres during the second half of 2005 in the Company’s geothermal energy licences (“GEL's”) around the Olympic Dam mine. Each well is estimated to cost in the order of AUD$400,000 to $500,000 to drill to a depth of 1,500 to 2,000 metres.

The wells are designed to test the rocks at depth in an extensive region of elevated heat flows identified by shallower, mineral exploration core holes drilled by WMC and others. The exploratory wells will better define at depth the temperature, geothermal gradients and geo-mechanical rock stress regime and other rock properties at different locations within the heat flow anomaly. The current exploratory drilling is the first phase in the Company’s plans to recover geothermal energy from the GEL's and become a significant producer of zero emissions base load electricity.

Data collected from the exploratory drilling will assist the Company in selecting the optimal location to drill the first deep geothermal energy well and establish a pilot circulation cell to facilitate trial electricity generation. Considerably higher temperatures are expected from much greater depths when Green Rock drills its first geothermal energy well.