Projects

Late in the 2004-2005 financial year Goldsearch commenced a due diligence study of the Panoan Island gold project in the Philippines.

Based on the positive outcome of this study Goldsearch entered into a Heads of Agreement with Medusa Mining Limited in late September 2005 whereby Goldsearch will joint venture a gold project over the former Pinut-an Gold Mine and surrounding areas. Under the terms of the agreement Goldsearch can earn a 50% interest in the project by funding the first US$1,000,000 of project exploration and development expenditure.

The heads of agreement are conditional upon finance being obtained. Medusa Mining, which is a highly experienced operator in the Philippines, will be the project manager.

The latest project data is available in the 2005 Annual Report