Gulf Mines Limited has acquired two companies, Hartz Range Mines Pty Ltd, and Ebagoola Gold Mines Pty Ltd, who in turn own major tenement
holdings over areas in the Northern Territory and North Queensland respectively.. In the opinion of Managing Director, Graham Reveleigh, who is a qualified geologist, these tenements have the potential to host significant deposits of base metals, uranium, gold and diamonds.

The Company’s exploration strategy in these areas was initially twofold:
- The acquisition of all previous exploration data for the areas and its incorporation into a digital database to highlight under-explored,
known mineralised zones, their extensions and/or repetitions.
- The acquisition of new, high resolution, airborne magnetic and radiometric data to discover previously undetected target areas,
based on alteration and structure.

These acquisitions have been completed and have resulted in a number of promising target areas based on geology, geochemistry and geophysics. Targets represent potentially large mineralised systems that require deep drilling to establish their ultimate potential for hosting economic mineralisation. Proposed programs of exploration involve a high component of drilling designed to rapidly advance these target areas to major project status. The Company has the expertise on its Board and in its senior management to successfully explore these targets and make them ready for development.

It is the Company’s long term strategy to bring these prospects into production by constructing appropriate mining operations, as fast as can
be achieved technically and pay shareholders dividends from the proceeds of mining.