announcement

ASX RELEASE
21 March 2007
High Grade Uranium Mineralisation Revealed at Robinson Range JV
• Review of historical uranium exploration data at Robinson Range highlights high
grade uranium results including 0.3m @ 0.53% and 0.6m @ 0.47% uranium.
• Three priority targets have been identified to date containing primary and secondary
uranium mineralisation.
• Two of the key targets are on granted tenements enabling work to commence
immediately.
• Major regional draining systems identified with potential for significant secondary
calcrete hosted uranium mineralisation.
• New uranium projects acquired at the Bangemall Basin and Officer Basin regions of
Western Australia.
1. Robinson Range JV (MZM 70%, GPN 30%)
Montezuma is pleased to announce on behalf of the Robinson Range Joint Venture partners that
significant uranium mineralisation has been outlined at the Robinson Range Project, located
approximately 125 km north of Meekathara in Western Australia.
Since entering into the Joint Venture with Greater Pacific Gold Limited, Montezuma has
commenced a detailed review of historical work conducted in the area by Agip Australia Pty Ltd in
the 1970’s and early 1980’s.
An initial review of the available data has identified significant uranium mineralisation at three
locations, the Billara Bore 1, Billara Bore 2 and Ann Prospects. Agip conducted several
campaigns of uranium exploration over the project and generated a large amount of data before
pulling out of the area in the early 1980s.
Data compilation and review is ongoing and there is a good possibility that additional targets will be
identified.
Ann Prospect
At the Ann Prospect, work within E52/1428 comprised surface sampling and costeaning followed
by limited percussion drilling of anomalous areas.
Initial assessment indicates that the mineralisation comprises both secondary surficial zones of
uranium enrichment with values of up to 5300 ppm uranium (0.53%) as well as primary uraninite
mineralization within the basement gneiss and within conglomerates intercalated within the
gneissic units. Both provide excellent targets for follow up exploration given the current market
conditions.
Key results from the data reviewed to date include:
Grab Sampling
Sample No. U (ppm) Th (ppm)
1103 380 6
1104 4200 4
Channel Sampling
Sample No. Width U (ppm) Th (ppm)
1108 0.5m 3400 30
1109 0.3m 1550 35
1110 0.2m 720 30
1111 1.0m 340 30
1115 0.4m 340 12
1116 0.6m 540 <4
1117 0.3m 5300 8
1118 0.6m 4650 6
1119 0.6m 400 10
Drilling
Hole No. Width U (ppm)
A.P.5 3m 130
A.P.8 1m 390
A.P.14 3m 380 (incl 1m @ 820)
A.P.19 6m 428 (incl 1m @ 930)
Billara Bore 2 Prospect
The Billara Bore 2 Prospect (see accompanying figure) contains secondary calcrete hosted
carnotite mineralization within calcrete in drainage channels over sericite and chlorite schist (as
mapped by Agip).
Work has included trenching, which was channel sampled over 2m intervals, as well as grab
sampling from locations of peak scintillometer readings.
Key results from the data reviewed to date are listed in the following table:
Grab Sampling
Sample No. U (ppm) Th (ppm)
BB2-1 700 <3
BB2-2 230 4
BB2-3 230 4
BB2-4 310 6
Channel Sampling
Trench No. Width U (ppm)
BB2-T1 20m 370
(Incl 2m @ 930 ppm)
BB2-T1 15m 270
20m 200
Billara Bore 4 Prospect
At Billara Bore 4 (see accompanying figure), historical work included surface grab sampling and
shallow trenching within uraniferous metasediments.
Results returned assays of up to 1700 ppm uranium (0.17%)
indicating good potential for significant uranium mineralisation.
Limited follow up drilling has only been reported with qualitative
assay values, and we are still attempting to locate the actual
quantitative analyses. Early indications suggest that the
mineralization may be only near surface, suggesting that it is
probably due to secondary enrichment processes.
Key results from the data reviewed to date are listed in the
table to the right. (200ppm uranium cut-off):
Although confirmation of these results will be established with follow up ground-truthing of the data
reported here, these early results clearly confirm the potential for economic uranium mineralisation
within the Robinson Range Joint Venture and the Company is looking forward to ongoing work on
these areas, and on additional targets defined through further investigations.
Additionally, the clearly uraniferous basement rocks provide an excellent source for secondary
calcrete mineralization in adjacent drainage, as evidenced by the results at the Billara Bore 2
Prospect.
The Joint Venture tenure covers the two main drainage systems that form the catchment for this
area, and once the tenements are granted, immediate follow up work will be initiated to test this
potential.
We are continuing to work through the remaining historical data in order to extract all information of
value to assist in target definition and programme design for follow up work on this exiting new
uranium province.
2. Bangemall Basin – E52/2082 (MZM 100%)
Montezuma has applied for an exploration licence in the Bangemall Basin area, immediately east
of Encounter Resources Tchintaby Well uranium and base metals project.
The tenement contains an area of radiometric anomalism associated with mapped calcrete and is
prospective for secondary calcrete hosted uranium mineralization. Work is currently ongoing to
define targets for follow up work once the licence has been granted.
Sample
Number
U (ppm) Th
(ppm)
13538-1 1700 15
BB4-3 400 8
BB4-5 1200 25
BB4-6 570 10
BB4-7 1200 11
BB4-12 420 25
BB4-13 430 18
BB4-14 560 17
BB4-16 870 40
3. Officer Basin – E69/2366, E69/2367 (MZM 100%)
Montezuma has applied for two exploration licences covering approximately 600 km2 as a result of
a review of radiometric data released in February 2007 by the DoIR. The data highlights several
areas of radiometric anomalism associated with basin sediments and calcrete drainage systems.
The project is prospective for sandstone hosted and calcrete hosted uranium mineralization. Work
is currently ongoing to define targets for follow up work once the licences have been granted.
Yours faithfully
Justin Brown
Managing Director
+61 8 9228 4833
[email protected]
The Information in this report that relates to exploration results is based on information compiled by Liam
Cornelius, who is a member of the Australian Institute of Geoscientists. Mr Cornelius is a geologist and has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of
the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Liam
Cornelius is an Executive Officer of South Boulder Mines Ltd and consents to the inclusion in the report of
the matters based on his information in the form and context in which it appears.