*uranium*, page-4

mulga uranium deposit If Bullion can finalise this deal it would be a feather in the cap. Mike Fewster from Eaglefield Holdings is a switched on cookie and has been sitting on Narnoo Project for a number of years when uranium was a dirty word. A resource of 46,000t uranium (non JORC compliant as work was done prior to this system) with sound grades 2.42lb/tonne.

It is an interesting play for two reasons. Within the Narnoo Project are two other commodities. First is Scandium and this could be classified as a future metal as it is used in premium aluminium alloys (military aerospace systems) and an additive to solid oxide fuel cells (necessary for hydrogen fuel cells). Mr Fewster has kept this out of the Bullion deal (probably very smartly). Secondly and similarly as with one of the world's great uranium fields in Canada, the Athabasca basin, there is also significant fossil fuel reserves in the form of oily lignite, a type of coal. The seam that hosts the Mulga Rock deposit could host equivalent oil reserves of up to a billion barrels. The Athabasca Tar Sands in northern Alberta/Saskatchewan are host to the world's second largest oil deposit, and is what is termed as unconventional, ie requires high oil prices to be viable to extract.

Ironically I have been researching the Mulga Uranium deposit for just a few days and blow me down, announcement out. I am taking the punt anyway. Good luck!