Ann: Murphy drill results - wide uranium-copper a, page-4

re: Ann: Murphy drill results - wide uranium-... Phase one drilling intersects 100 metre-wide zone of strong hematite-chlorite alteration with anomalous uranium and copper at the Murphy Uranium Project in the Northern Territory.

Second Phase of drilling to commence in mid September, testing new targets in western part of Project.

Highlights:

• The first deep drilling program comprising of a 10 hole diamond and reverse circulation program (1887.5 metres) has intersected strong alteration and anomalous uranium at targets UC19 and UC17

• At UC19, MURD002 intersected anomalous uranium and copper associated with greater than 100 metre-wide zone of strong hematite-chlorite alteration in a mafic intrusive within the Westmoreland Sandstone with Cu up to 1.04% and
U3O8 up to 107.4 ppm.

• At UC17, MURD006 intersected anomalous uranium associated with hematitechlorite altered Westmoreland sandstone.

• The following positive indications can be interpreted from the drilling to date o A strong association between uranium mineralisation and hematite chlorite alteration, similar to that developed at the Westmoreland deposit located to the east (48m lbs U3O8 @ 0.09%)

o A strong association between uranium mineralisation and mafic intrusives, again similar to that developed at the Westmoreland deposit and elsewhere

o Confirmation that mafic intrusives are much more widespread than first expected in the Westmoreland sandstone in the area, leading to additional
likely targets in the project area

o A strong association between uranium and and lower magnetic susceptibility hematite-chlorite alteration which can be directly targeted in airborne magnetic data in the area

o The presence of copper at significant grades (maximum over 1%) associated with iron and potassium alteration, which suggests the possible existence of Iron Oxide Copper Gold Uranium mineralisation of the Olympic Dam type.

• Second Phase of drilling to commence in mid September, testing new targets in western part of Project