Ann: Corporate Restructuring Update , page-2

Thundelarra wishes to update the market on the progress of its program to rationalise its corporate
structure and exploration activities to adapt to the current adverse market conditions.
The exploration portfolio continues to be evaluated project by project. The principal focus will be on
wholly- or majority-owned projects targeting copper mineralisation ± other base metals. Our priority
targets are at Pyramid (Pilbara, WA); Allamber (Pine Creek, NT); and Curara (Gascoyne, WA).
Drilling programs are in preparation for Pyramid and Allamber, with start dates anticipated for early
July. Details will be advised when timing is confirmed.
As a result of the technical assessment, Thundelarra is likely to joint venture or dispose of a number
of projects. This will be an ongoing process of evaluation. Uranium remains a core asset but activity
will be at tenement maintenance levels until a recovery is apparent in global sentiment for uranium.
A review of personnel and other overheads in the context of the new focus on fewer projects has
resulted in a reduction in the staff count. The Executive has also implemented a reduction in staff
remuneration across the company, from the CEO down. The effect of these initiatives, which will
come into effect from July 1 and which have the full support of the Board, will be a reduction in
overheads in the order of three quarters of a million dollars annually.
Thundelarra’s exploration from 1 July will be spearheaded by Costica Vieru, an experienced field
geologist with a Masters Degree in Geology and 30 years field exploration. Most of Costica’s
experience in that time has been in WA’s Bangemall, Ashburton, Bryah and Canning Basins in
copper-gold-base metal exploration, immediately relevant to Thundelarra’s current focus. Costica has
worked for Sandfire Resources, Consolidated Minerals, Independence Gold, and Resolute, amongst
others. He is supported by a team of enthusiastic young geologists and experienced field personnel.
Costica’s geological insights will be complemented by CEO Tony Lofthouse, also a qualified geologist
but with the added benefit of 29 years in the financial services sector covering both equity and debt
instruments and services. Tony’s understanding of project finance, hedging and corporate banking
combines with his experience of resource analysis in the equity sector to provide a level of insight into
the share market price drivers that will hopefully, with exploration success, translate to a renewed
recognition of the potential that exists in Thundelarra’s project portfolio.
For Further Information Contact:
Mr Tony Lofthouse – Chief Executive Officer
+61 8 9321 9680
THUNDELARRA EXPLORATION LTD
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Nice to see cuts backs from the CEO down.
Going on with some of the stuff I've been reading of late, the metals we are looking for aren't expected to be as popular with the investing public, because of the world economic slow down, especially in Europe and China....just hope China can prove them wrong with where they think it's heading.
Just hope if we can find the likes of Copper, there is a good High grade resource there...a bit like SFR...may be wishful thinking.

Regards
Dabru