Fosterville South Exploration Ltd V.FSX

From MD&A -just released

[Torchie1]

Currently the Company is: Drilling at Golden Mountain project; Has completed a drilling program at the Moormbool project and is awaiting final assay results; Has completed a series of drilling programs at the Lauriston project and is awaiting final assay results; Continuing fieldwork at multiple other projects in preparation for drilling. Announced the resignation of James Hutton as director and chairman of the board due to health reasons of an immediate family member. Mr. Hutton will continue to support the company in an advisory capacity on an as-needed basis Announced the grant of incentive stock options for the purchase of a total of 3.6 million common shares to employees, technical staff, directors and consultants of the company, pursuant to the terms of the company's stock option plan. The options are exercisable at a price of $1.57 per share for a period of five years. Reported the results of a soil sampling program at Enoch’s Point goldfield (Walhalla Gold Belt Project) and Reedy Creek goldfield (Providence Gold Project) that has detected five significant As-Sb epizonal anomalies. Soil sampling and assaying in the areas are ongoing. Epizonal gold mineralised systems have arsenic-antimony mineralisation haloes that are used as trace element pathfinders, such that the larger the halo then the larger the potential gold mineralization. Based on the location of some of these anomalies, the Company has been recently active in the area strategically expanding the footprint of the land package and through its wholly owned subsidiary Currawong, has increased the size of its Walhalla Gold Belt Project by filing two additional tenement applications totaling 218km2. These new tenement applications border the Enoch’s Point, Harbinger and Pinnacles tenements. The Company now holds contiguous tenements and tenement applications covering approximately 72km of strike in the western and central parts of the Walhalla Gold Belt.