quarterly report highlights, page-16

uranium kor nwa korabs annoucment today -
NEW URANIUM EXPLORATION
GROUND AT RUM JUNGLE -
BATCHELOR

Korab advises that it has received from the Northern Territory Department of
Primary Industry, Fisheries and Mines a notice of intent to grant Exploration
Licences EL25132-EL25135 (inclusive) in the Northern Territory.

The licences cover the area immediately to the north, north/east and east of the
Batchelor JV and extend over approximately 5 km length of the contact zone
between the Coomalie Dolomites and the Whites Formation within Mount Partridge
Group.

This contact zone hosts the majority of the uranium mineralisation within the Rum
Jungle complex, including the Rum Jungle and Rum Jungle Creek South mines.
The mines around Rum Jungle complex produced approximately 17.5 million
pounds of uranium oxide from 1954-1971.

The grant of the licences will enable Korab to bring forward the commencement of
our exploration program within the area covered by the licences to coincide with
the drilling programs at the Batchelor JV and at the Green Alligator project which
are scheduled to start in late July / early August 2006.