***$3.8 billion uranium resource***, page-13

Net assetts as per most recent annual report show as
$3,182,631.
The top 20 shareholders hold 105 Million out of 155 odd Million (No. 1 Shareholder Abbottsleigh P/L holds nearly 72 Million = 41.35%) shares, so really theres only about 50 Million (40%) shares out there currently.
And then there's all that AGS Maldon gold (and copper/gold in S.A. Gawler Craton tenement) that's just waiting to be mined with the existing and operational plant at Maldon, not withstanding the fact that the price of gold is now going through the roof, making the economics of getting it out of the ground and hence becoming more commercially viable, all that much better.
And the same with all that 'U' that they will be able to sell almost immediately after being free carried through to the decision to mine via the farm-in partner (75%) Heathgate/Beverley mine. There is also two additional and potential gold/copper targets that have been earmarked on the AGS 'U' Beverley tenement, and these will be drilled in conjunction with the balance of the 'U' drilling ongoing currently.

'Environmental Issues'
'Alliance is fully committed to balancing the
needs of all stakeholders.
The operations of the Consolidated Entity in
Australia are subject to environmental regulations
under the laws of the Commonwealth and the
States in which they operate.
The only foreseeable environmental issues
affecting the Company relate to its exploration,
mining and treatment operations. In Victoria, the
Department of Primary Industry (DPI) has caused
rehabilitation bonds to be lodged against the
Company’s mining and exploration tenements to
a total of $323,500 (2004: $325,000).
Various government and local authority bodies
control and monitor the Maldon Gold Project
throughout the year and regular meetings of the
Environmental Review Committee are held. This
committee comprises representatives from various
government departments, local government, the
local community and project management.
Since 30 June 2004 the Company has
commenced a drilling program in Maldon.
All exploration and maintenance activities are
conducted in accordance with work plans,
which have been approved by the DPI.'

'Significant Changes in the State of Affairs'
'Over the past financial year there have been a
number of significant changes that have
occurred:

* The Company undertook a significant drill
campaign in Maldon;
* The Company’s Joint Venture partner in South
Australia, Quasar Resources Pty Ltd has
made an Uranium Discovery on the Alliance/
Quasar Joint Venture Tenements;
* Quasar Resources has earned 75% in the
Joint Venture by spending over $450,000.
Alliance has a free carry until there is a
decision to mine; and
* The Company undertook a 1:2
non-renounceable entitlement issue and
raised nearly $1.7 million (before costs).'

'Likely Developments'
'The Company is continuing to reactivate the
Maldon Gold Project in Victoria, to explore in
South Australia and to assess other resource
projects. Some specific developments include:

* Investigation of a small diameter shaft or a
smaller diameter decline to permit extraction
of bulk sample in Maldon;

* Test other targets generated by the geological
review of the Maldon goldfield;
* Commencement of an exploration program
at Alliance’s Gawler Craton iron-oxide
copper-gold property in South Australia; and
* Quasar Resources Pty Ltd, our Joint Venture
partner in South Australia:
## has just commenced a ~ 40 hole infill and
step-out Uranium drill program; and
## plans to commence drilling on the M1 & M2
copper-gold targets on the same tenements,
now that the necessary Native Title
clearance has been obtained.'

'Matters Subsequent to the
End of Financial Year'
'Other than those matters described below, since
30 June 2005, the Directors are not aware of
any matter or circumstance that has significantly
or may significantly affect the operations of the
consolidated entity or the results of those
operations, or the state of affairs of the
consolidated entity in subsequent financial years.

* Drilling has just been completed in Maldon,
results from the last holes are still outstanding;
* The Company has begun investigating the
development of an exploratory shaft or a
small decline opening to permit extraction
of a bulk sample in Maldon;
* Alliance’s farm-in partner in South Australia,
Quasar Resources Pty Ltd (75%) has
advised that:
## Geochemical analyses confirm radioactivity
as being due to uranium;
## Host sediments considered to be equivalent
of the Eyre Formation, which is the host
rock to the Honeymoon & Gould’s Dam
uranium deposits within the southern
Frome Basin;
## EM (electro-magnetic) survey completed;
## Native Title Heritage Survey completed;
## A minimum 40 hole rotary mud drilling
program has commenced and results
have been reported for 5 holes already
completed;
## Quasar has earned its 75% interest in the
Project. Alliance has a 25% free carry to
decision to mine.'
**************
All of the above-mentioned data (indicated with quotation symbols) has been extracted from the most recent annual report as announced.
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