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The 2007 year marked the most active period of gold exploration to date by Pacrim with operations firmly focused on advancement of the Redcliffe Gold Project Outside of the Redcliffe Project, progress continues to be made by the Company’s partners on farmed out operations at Fosterville (managed by Gold Fields Australasia Pty Ltd), and the Grants Creek and Angelo Projects in the East Kimberley of Western Australia (managed by Metminco Ltd) and the PNG Manus Island Project (managed by Triple Plate Junction Plc)

Redcliffe Gold Project - Leonora, Western Australia Angelo & Grants Creek - Halls Creek, Western Australia Fosterville Regional Joint Venture - Fosterville East, Victoria Manus Island - Manus Island, Papua New Guinea Blue Dam - Kalgoolie, Western Australia

Redcliffe Gold Project

LOCATION: LEONORA, WESTERN AUSTRALIA
(PACRIM 100%)

Pacrim has a 100% interest in a group of tenements covering an area of over 885 square kilometres located northeast of Leonora in the Eastern Goldfields of Western Australia.

The Redcliffe Gold Project covers approximately 65 kilometres of strike length of the Mertondale Shear Zone along with parallel and associated structures providing a large number of targets, few of which have been subject to significant exploration programmes to date.

An estimated 400,000 ounces of gold has been produced from the Mertondale Shear Zone from historic mines and open pits that operated in the 1980s and 1990s. These include the shallow Nambi and Redcliffe pits that produced in excess of 90,000 ounces from within the Pacrim project area.

Over the preceding year Pacrim’s exploration focus has been on gaining further understanding of mineralisation occurring within Nambi, Golden Terrace South and the Redcliffe Pit prospects.

In addition to exploration, programmes were designed to build the Company’s knowledge working towards the establishment of a resource base. The 2008 year will also see the development of numerous additional exploration targets that exist and are being defined within the Redcliffe Gold Project.

During 2007 reverse circulation drilling programmes were carried out at Golden Terrace South, Nambi Pit, West Lode and Redcliffe Pit prospects aimed at locating, and further defining zones of gold mineralisation.

An overview of exploration data was also undertaken, including reviewing geophysical and geochemical data and past drilling. An extensive folio of gold exploration targets has been generated. Prioritisation of exploration programmes is being undertaken with RAB drilling initiated early 2008 at The Hub prospect, located within the intervening 20 km strike length of the Mertondale Shear Zone, between the Golden Terrace and Nambi prospect areas.

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GOLDEN TERRACE SOUTH

The Golden Terrace South prospect lies on the Mertondale Shear Zone and consists of a zone of gold mineralization occuring over a 250 metre strike length to date. No past mining has been undertaken.

High grade gold mineralisation has included intercepts of 24m @ 12.04g/t, and 9m @ 15.11g/t gold in the oxidised and transitional zones of the weathering profile.

Follow up RC drilling during the December quarter yielded additional intercepts of gold mineralisation, including
8m @ 22.64g/t, 14m @ 12.03g/t and 13m @ 8.09g/t gold. These results were also supergene in nature and show the mineralisation to be associated with quartz veining and ferruginised structures.

Subsequent deeper RC drilling intersected significant widths of primary gold mineralisation supporting the considerable potential for the existence of depth extensions of the mineralised systems. Initial results from 5 metre composite samples out of the first deep hole, GTCR 83 returned 55m @ 3.60g/t gold from 95m down hole. Additional deeper RC holes were drilled below GTRC 83 and also along strike to the north and south. Single metre assays for the this drilling programme returned results including 19m @ 4.71g/t, 25m @ 3.97g/t, 10m @ 4.71g/t, 9m @ 2.55g/t, 22m @ 3.05g/t, and 15m @ 4.12g/t gold.

Diamond core drilling was initiated in early 2008 to provide material for further geological data and for preliminary metallurgical test work including rock density information.

RC Drilling Results - Golden Terrace South - June Quarter 2008

Hole ID	East(GDA)	North(GDA)	Azimuth/Dip	From	To	g/t Au
GTRC090	357560	6838100	270/-60	56	59	3m @ 5.87
GTRC090				58	59	inc 1m @ 14.95
GTRC090				73	77	4m @ 2.82
GTRC090				79	87	8m @ 2.05
GTRC092	357560	6838140	270/-60	66	69	3m @ 2.36
GTRC094	357550	6838160	270/-60	47	53	6m @ 3.15
GTRC094				61	63	2m @ 5.63
GTRC094				72	73	1m @ 5.30
GTRC095	357540	6838180	270/-60	34	35	1m @ 7.17
GTRC096	357560	6838180	270/-60	86	93	7m @ 2.74
GTRC096				97	100	3m @ 4.60 (EOH)
GTRC097	357550	6838200	270/-60	46	48	2m @ 2.19
GTRC097				54	57	3m @ 9.48
GTRC097				56	57	inc 1m @ 22.10
GTRC099	357520	6838220	270/-60	53	54	1m @ 5.16
GTRC100	357490	6838300	270/-60	51	52	1m @ 8.18
GTRC100				59	60	1m @ 3.28
GTRC101	357500	6838320	270/-60	69	72	3m @ 1.88
GTRC102	357500	6838340	270/-60	63	66	3m @ 1.53
GTRC125	357540	6838340	270/-60	85	90	5m @ 4.29
GTRC125				109	117	8m @ 3.15
GTRC126	357560	6838340	270/-60	88	90	2m @ 2.27
GTRC126				97	100	3m @ 1.23
GTRC126				102	112	11m @ 3.13
GTRC128	357540	6838460	270/-60	85	91	6m @ 2.34
GTRC130	357560	6838420	270/-60	88	92	4m @ 1.68
GTRC130				134	142	8m @ 3.12
GTRC131	357560	6838360	270/-60	92	94	2m @ 2.60
GTRC131				99	109	10m @ 2.00
GTRC131				128	132	4m @ 2.44
GTRC131				142	145	3m @ 1.44
GTRC131				151	154	3m @ 1.19
GTRC131				164	166	2m @ 1.65
GTRC132	357550	6838320	270/-60	96	99	3m @ 2.53
GTRC132				104	111	7m @ 2.15
GTRC133	357550	6838240	270/-60	67	70	3m @ 3.56
GTRC133				72	74	2m @ 8.04
GTRC133				77	82	5m @ 3.31
GTRC133				98	102	4m @ 5.09

GDA 94 coordinates Zone 51 from GPS. Gold values were determined by KalAssay Laboratories using conventional fire
assay technique. Intervals were calculated using a 1g/t lower cut off, no upper cut, and a maximum of 1m internal waste.

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GOLDEN TERRACE NORTH

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NAMBI AREA PROSPECTS

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REDCLIFFE PIT/WEST LODE

Pacrim’s initial RC drilling in the September quarter confirmed the existence of substantial gold mineralisation at the Redcliffe Pit prospect.

Intercepts of 8m @ 4.09g/t, 6m @ 4.46g/t, and 4m @ 3.65g/t gold from above the base of oxidation and intercepts of 4m @ 3.10g/t and 5m @ 2.05g/t gold were returned from fresh rock with associated traces of fresh sulphides.

The mineralisation lies beneath, and along strike from the former shallow open pit and occurs in both mafic and felsic lithologies with silica/sericite/biotite alteration over a strike length in excess of 300 metres. Follow up RC drilling at the Redcliffe Pit prospect returned better intersections of 9m @ 2.18g/t, 7m @ 2.17g/t, and 3m @ 13.57g/t gold.

Pacrim’s initial RC drilling at the West Lode prospect also intersected multiple mineralised zones with results including 4m @ 5.16g/t, 3m @ 5.07g/t, and 3m @ 4.74g/t gold.

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NAMBI SOUTH PIT

RC drilling is planned at the Nambi South Pit, approximately 400 metres along strike from the main Nambi Pit.

A detailed programme of rock chip channel sampling has revealed numerous highly mineralised gold zones assaying up to 34.2 g/t gold.

The Nambi South Pit was excavated as a test pit during the time of operation of the main Nambi Pit. The target zone was only partially delineated by drilling and included an intercept of 30m @ 4.88g/t gold. Work carried out by Pacrim has demonstrated that a substantial portion of the mineralised zone remains in situ.

Twenty two samples taken from the walls of the bottom of the pit averaged 5.03 g/t gold. These included weighted averages of 7m @ 8.64g/t, 8m @ 3.61g/t, 5.5m @ 8.54g/t, 7.3m @ 5.00 g/t gold.

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NAMBI / NAMBI PIT

The mineralised zone exposed in the Nambi Pit is sub-vertical and consists of a silica/pyrite/pyrrhotite/biotite lode with variable, amphibole, chlorite & sericite.

Pacrim’s first round of RC drilling in mid 2007 tested a 370 metre strike length below the pit floor to a depth of around 110 metres where results included, 10m @ 8.45g/t, 6m @ 6.66g/t, 5m @ 8.02g/t gold.

A second round of drilling, consisting of 9 deeper RC holes demonstrated continuation of the gold mineralised silica/sulphide lode to approximately 160 metres vertical depth (~100 metres below the pit floor).

A south plunging shoot of higher grade mineralisation is interpreted and has returned better intercepts of 7m @ 6.12g/t, 5m @ 5.63g/t, and 4m @ 4.11g/t gold.

Two additional mineralised zones have been discovered toward the northern end of the pit. The zones, referred to as E1 and E2, lie to the east of the main lode and have enhanced the gold potential of the Nambi Pit environs and they indicate the likely presence of further high grade shoots.

The second round of RC drilling intersected the E1 & E2 zones at shallow depths in several holes with results including 2m @ 12.70g/t, 3m @ 4.90g/t, and 2m @ 7.92g/t gold.

A third round of drilling is to test the zone at greater depth and to provide diamond core for preliminary metallurgical test work including rock density measurements.

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IN ADDITION TO THE ADVANCED PROSPECTS WITH DEMONSTRATED RESOURCE POTENTIAL, THERE ARE NUMEROUS ATTRACTIVE EXPLORATION TARGETS WITHIN THE REDCLIFFE GOLD PROJECT.

 

EXPLORATON TARGETS

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BARRY & KELLY

RC Drilling Results - Barry Prospect - June Quarter 2008

Hole ID	East(GDA)	North(GDA)	Azimuth/Dip	From	To	g/t Au
GTRC090	357560	6838100	270/-60	56	59	3m @ 5.87
GTRC107	357420	6841280	270/-60	51	52	1m @ 3.43
GTRC109	357460	6841280	270/-60	53	54	1m @ 8.67
GTRC115	357460	6841360	270/-60	80	81	1m @ 4.71
GTRC115				100	101	1m @ 3.32
GTRC118	357460	6841400	270/-60	97	100	3m @ 3.90
GTRC118				97	98	inc 1m @ 9.18
GTRC120	357440	6841440	270/-60	28	29	1m @ 5.03
GTRC120				46	49	3m @ 2.07

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727

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THE HUB

The Hub prospect represents a new target area that consists of projected continuations of the Mertondale Shear Zone extending between the Nambi and Golden Terrace prospect groups.

Recent interpretation of magnetic data by Pacrim suggests favourable structural settings exist, with several disruptive cross cutting features intersecting projected trends of the same suite of lithologies that are host to gold mineralisation elsewhere along the Mertondale Shear Zone.

Transported soil and sand cover over much of the area is considered to have a masking effect on geochemical anomalism thus, sub-surface work is required.

Pacrim has commenced a first pass RAB/AirCore drilling programme of approximately 10,000 metres to test The Hub and other structural, geophysical, and geochemical targets at Golden Terrace and
on E37/727.

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