The Nalesbitan property, located in the Bicol Peninsula some 300kms east of Manila, comprises a granted mining lease (approx 481 ha - current to October 2012)  surrounded by Mining Claims for a total area of 11.46 km2 with major gold-copper prospectivity. Mineralisation identified to date consists of two adjacent zones of hydrothermal type, almost certainly associated with a deep primary porphyry copper-gold system.

The Millsite-Singko zone is a steeply dipping lode system, with sheeted and stockwork gold-copper sulphide quartz veins. This mineralised zone was fortuitously discovered in 1989, and illegal artisanal miners over the subsequent 10 years were estimated (in 1997) to have recovered in the order of 500,000 oz gold from working the oxidised near-surface bedrock and scree over an area of 400m by 200m. Only some 250 miners, of several thousand in the early 1990's, remain on the property due to the depletion of easily recoverable, near-surface, free gold.

ElDore has recently commenced drill-testing the lower elevation, eastern (Singko) sector of the Millsite-Singko zone for the first time. The initial two diamond cored holes were drilled to better define the western extent of the zone. Minor copper-gold mineralisation was found at a shallow depth in the first hole, which intersected partly altered volcanic rocks and provided evidence for a significant fault, apparently limiting the near-surface (above 200m vertical depth) western extension of this zone. Recent grab sampling of dumped lode material, currently being recovered from small underground workings by artisanal miners in the eastern sector of the zone, averaged (for 11 samples) 8.7 g/t gold, 36 g/t silver, and 1% copper. A composite 12 kg sample of stockwork veined lode material from inside an adit provided an assay of 10 g/t gold, 47 g/t silver and 3.14 % copper. This eastern sector of the Millsite-Singko zone is currently being drilled.

The detailed geometry of the Millsite-Singko mineralised zone is poorly known, and the presence of artisanal miners' workings, including huts, has precluded costeaning the area to better define the mineralised structures. Nevertheless, it is considered that this mineralised zone could have dimensions in the order of 200m to 500m in length (including 200m below thin basalt cover) and 50m to 150m in width, and this area is the focus of current and planned diamond core drilling. Recent sampling of lode material has provided assays averaging in the range of 3 to 10 g/t gold with up to 3% copper.

Thus, an earlier estimate by RobSearch that the Millsite-Singko lode has an exploration target potential to 150m vertical depth of  "1.5 million oz gold with a possible grade of 1.5 to 3 g/t gold and significant additional copper mineralisation" is in part, a focus for the current drilling program. It should be noted, however, that this exploration target is conceptual and it is uncertain if the current drilling program will result in discovery of a Mineral Resource on the property. The first major mineralisation discovered in the area was gold, which occurs on the western 700m strike of the Nalesbitan Hill, associated with deeply weathered and leached silica-pyrite hydrothermal breccias. High grade lodes were mined underground pre- and post-World War II. In the period 1977-89, exploration by a subsidiary of the then major Australian mining company, Renison Goldfields Consolidated Limited (RGC), defined the remaining low-grade gold resource and commenced a small, open pit-heap leach mining operation in 1990. Mining was very inefficient and gold recovery was well below expectation. The operation was closed after 5 months. It was estimated in 1995 that in the order of 100,000 oz gold remains of the 1989 pre-mining resource, at a grade of about 2.5 g/t gold, using a 1.25 g/t gold cut-off grade. ElDore has commissioned an expert review to recommend the additional drilling that may be required to categorise the resource under the current JORC Code and define the exploration potential. RGC sold the Nalesbitan property in 1996, never having recognised, or explored, the property for its copper porphyry potential. The first ground geophysical surveys were carried out by the Canadian-listed company Triarx Gold Corporation Inc (Triarx) in 1996, providing promising results. However, being unable to finance follow-up exploration drilling, the property was sold in 1997 to Sagacity Partners Pty Limited (Sagacity). Further ground geophysical, geochemical and geological surveys were carried out through the period 1997 to 2000 by Sagacity. A major review of regional, district geology and exploration data, commissioned by Sagacity in early 2005, incorporated significant new data from recent government geological and geophysical surveys in the Nalesbitan region. This review demonstrated that the property is favourably located at the intersection of major crustal boundaries, and airborne radiometric surveys have clearly defined a major zone of potassium enrichment indicative of a significant porphyry copper system. The review concluded that the multiphase hydrothermal alteration and the sheeted and stockwork vein mineralisation at Nalesbitan was analogous in type to some very large porphyry systems and mines, including the major Tampakan copper-gold deposit in the southern Philippines island of Mindanao.

The proposed exploration program is focussed on an aggressive current drilling program, using two rigs drilling up to 5,000 meters in +20 holes. This drilling program is currently intended to be completed by end of the first quarter, 2006 or possibly by the end of 2005. The budget is a reasonable estimate of the costs of the proposed technical program.