Ann: Red Bore Exploration Update , page-5

The news today although disappointing that we do not get Santa to visit with some goodies, just shows me the jury is still out.

What did the report tell us?

That the intensity of the anomalism suggests that the
chargeable zones should be visually recognisable, however geological logging of the four drill holes did not
identify anything that would explain the source of the anomalies and it is considered that the anomalies
remain untested by drilling.

In other words, they do not know what has caused the strong anomaies. BUT, perhaps the positive side is it is not nasty rocks that are giving the readings. ie Magnetie, shale etc. The geology still falls within the same geology as SFR discoveries.

I do not know how deep they drilled or if this was a factor, by this I mean perhaps they need to explore deeper.

I have not written off this project as its obvious the Geologists are feeling their way using the latest technology to work out just where to go next.

Down hole EM survey results will be key and I will wait for these results before any major decision.

Getting back to the Uranium assets, I am still firmly bullish about their Ngalia Basin area. In my opinion that will be the big factor in the 2011 push through a dollar. I feel the buy support is on the uranium prospects.