conversation with co today, page-2

NAMIBIAN URANIUM PROJECTS
HIGHLIGHTS
· Two granted project areas at Mile 72 and Engo Valley, in Namibia, which are highly
prospective for uranium mineralisation.
· The project areas are along strike from, or adjacent to, known uranium
occurrences.
· The project areas have not been explored in more than 20 years and have yet to be
tested utilising modern methods.
Metals Australia Ltd (‘Metals’) is pleased to announce that it has concluded an agreement with a
local Namibian title-holder to acquire the Mile 72 and Engo Valley projects in Namibia (see Figure
1). These project areas have had little or no exploration for the past twenty years and have yet to
be explored utilising modern exploration techniques. The projects have the potential to host near
surface, pedogenic and syngenetic uranium deposits.
The two project areas are detailed below:

1. Mile 72 (Exclusive Prospecting License 3308)
The Mile 72 project is located on the central coast of Namibia, within the Erongo province,
approximately 167 kilometres to the north of Paladin Resources Ltd’s Langer-Heinrich
Uranium Project and is prospective for uranium mineralisation. The project has the potential
to host near surface, pedogenic uranium deposits.
The Mile 72 project covers an area of over 7200 hectares and lies directly to the north of the
known uranium occurrences at Mile 72 (see Figure 2).

!!!--due diligence discovered that the main tenement at Engo Valley was not located as stated by the
vendors. The main uranium occurrence at Engo Valley was in fact located outside the tenement
boundary. Metals applied for a third tenement to cover the main uranium occurrence, however the
company has since been advised that this tenement has not been granted.
The final result of the due diligence concluded that both tenements are located in known uranium
provinces and are located sufficiently close to known uranium occurrences to have high
prospectivity for uranium mineralisation.
The consideration for the acquisition of the project areas was to have been paid through a parcel
of fully paid shares and cash, but the company has paid no consideration to the vendors.
As a result of protracted legal and other negotiations, the vendors have in fact agreed to allow
Metals to retain a 100% interest in and title to the two existing Exclusive Prospecting Licenses at
no cost to Metals, in consideration for Metals agreeing not to pursue the vendors and their
advisers for damages arising from representations made by the vendors to metals about the two
Exclusive Prospecting Licenses.!!!????
Metals Australia Ltd is currently assembling its exploration team in Namibia and looks forward to
updating the market as work progresses on the Mile 72 & Engo Valley project areas.