great report

HIGHLIGHTS FOR THE QUARTER
URANIUM (Metex 100%)
• In Western Australia 5 Exploration Licences (E08/1428, 1644-46 and 1648) have been granted within a total area under grant and application of approximately 2,600km2 along the eastern margins of the Carnarvon Basin. The target is roll front uranium within the Winning Pool sequence at the base of the Carnarvon Basin. Palaeochannel uranium mineralization including diamond drillhole results of up to 3,300ppm (0.33%) U3O8, and a number of significant geochemical anomalies have been identified as a result of previous drilling and regional sampling programs.
• In South Australia a total of 7 Exploration Licences have now been granted over ground prospective for uranium, together with iron oxide hosted copper-gold-uranium mineralisation. Initial work on the Blyth Creek tenement (EL3680) has established the prospectivity for roll front uranium mineralization along the eastern flanks of the Peake and Denison Range Inlier.
CARBON ENERGY(Metex 50%)
Metex/CSIRO Energy Venture
• The Company’s environmental initiative with the CSIRO in Carbon Energy Pty Ltd whereby Underground Coal Gas (UCG) will be used to generate power at costs comparable to a coal–fired power station, but with significant reductions in accompanying greenhouse emissions, is underway with the commencement of a program of up to 7,000m of drilling on Carbon Energy’s Surat Basin leases in southeast Queensland.
LAVERTON EXPLORATION JOINT VENTURE (Metex 50%)
Exploration (LEJV)
• 5,938m of drilling completed during the December Quarter to test significant anomalies at the Old Regret and Colt prospects to the west and southwest of Lancefield (the regions largest underground gold producer).
CORPORATE
• Half yearly profit to the 31 December half 2006 of $5 million.
• Value of shareholding in Magma Metals Ltd (MMB) worth approximately $8.0 million as of 31 Dec2006.
• Total value of listed investments as of 31 December