ann q., page-3

URANIUM
• CONFIRMATION OF U-Mo POTENTIAL AT CLONCURRY
- Detailed rock sampling of Toolebuc Limestone has confirmed uranium
and molybdenum mineralisation, with individual assays up to 270ppm
U3O8 and 355ppm MoO3
- The blanket-like nature of the Toolebuc Limestone opens up the
possibility for a large deposit of molybdenum-vanadium-uranium within
the Cloncurry permits, given that the geology is similar to the extensive
V-Mo limestone deposits at nearby Julia Creek
- RC drilling is planned for the next quarter
• EXPLORATION PERMITS OFFERED FOR GRANT IN MT ISA REGION
- New permits at Cloncurry, Blue Bush and Jacktim are expected to be
- The new permits will more than double the Company’s prospective
uranium ground in the Mt Isa region to 430 square kilometres
TUNGSTEN AND BASE METALS
• WHITE ROCK TUNGSTEN PROJECT
- Several high-grade tungsten drill intersections were made at White Rock
during the quarter, including 12 m @ 1.54% WO3 with 640 ppm MoO3,
and 11 m @ 0.40% WO3 with 0.16% SnO2
- Further drilling at White Rock is planned for Aug-Sep07
- Metallurgical test-work awaited on magnetite for coal washing purposes
- Drilling will commence in July at the adjacent Mica Hill wolframite
• DRILLING UNDERWAY AT FROGMORE COPPER PROSPECT
- RC drilling is currently targeting high-grade copper mineralisation
adjacent to the old Frogmore copper mine (12,000 tonnes grading 10%
copper mined, late 1800’s)
- An encouraging air-core drill intersection of 4m grading 3% combined
Pb-Zn-Cu from 30m will be followed up with RC drilling immediately