Terramin Australia Limited advise that drilling has commenced at Wild Horse, which is located 15 kilometres east of Murray Bridge in South Australia. The initial one-hole programme will target the distinct Wild Horse aerial magnetic anomaly located on the western edge of a magnetic granite pluton. The Wild Horse anomaly exhibits the classic Western Pacific porphyry deposit style of ringed magnetic zonation, a magnetic core surrounded by a demagnetised peripheral zone.

The magnetic body is approximately 1,300 metres by 2,000 metres and has been modelled from a depth of approximately 100 metres to 1,400 metres. The drilling programme is funded by Newmont Australia in accordance with the Wild Horse Earn-in Agreement. The key terms of the Earn-in Agreement are: Newmont Australia may earn a 51% interest in the project if it spends $3 million on exploration activities over four years; Newmont Australia may elect to earn an additional 24% interest in the project by spending a further $20 million over six years, after which the parties can proportionally contribute or dilute; and If Terramin's interest dilutes to below 10%, this converts to a 1% NSR royalty.