Ann: Multiple targets identified from ground EM a, page-3

re: Ann: Multiple targets identified from gro... Always hope with a drill in the ground with 100 holes planned at Junction. Nevada results pending. Phas 2 drilling in the Yorke Peninsula underway. Lots happening - whether we get geologically lucky is another thing altogether. Fair long shot. $7.7m cash at the end of 12/10 with 800K cash spend for the quarter ending in March. Next quarterly will be of note re- fiscals.

Sydney - Monday - April 4: (RWE Australian Business News) -
Marmota Energy Ltd (ASX:MEU) has completed additional ground
electromagnetic (EM) surveys at Junction Dam in preparation for Phase 3
drilling planned to commence shortly.
The ground EM survey was completed over the 5km-long 'Bridget'
prospect immediately to the north of the 'Saffron' prospect.
Ground EM data played a significant role in drill target
vectoring processes over Saffron, where high grades of uranium have been
intercepted by Marmota.
Multiple strong conductive zones have been mapped by the new EM
survey, defining this part of the Yarramba Palaeochannel, which also
hosts the nearby Honeymoon development.
The EM data from the recent survey compares favourably to EM
data previously acquired over the adjoining Saffron prospect.
EM signatures returned from the depth of uranium mineralisation
at the Saffron prospect are interpreted to be the same as at the Bridget
prospect. This is considered "very encouraging" for significantly
increasing the size of the current zone of mineralisation.
One hundred holes are planned for Phase Three drilling,
scheduled to commence in the first weeks of April. Twenty of the
drillholes will be used to test targets at the Bridget prospect, with
the remaining holes to be utilised for expansion drilling at Saffron.

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Marmota Energy is set to further increase its ownership interest
for the uranium rights at Junction Dam.
It has been notified by Teck and its partners that they do not
intend to contribute to the 2011, Phase 3 drilling program.
Following planned expenditure on the Junction Dam project in
2011, Marmota is set to further increase its ownership interest in the
uranium rights from the current 74.5pc interest it holds in the joint
venture.