what an announcement!!!!!

Get in on this share guys, it is going to fly. There is so much excellent news to come over the next few months!!
URANIUM SAMPLES RECOVERED

ERONGO PROJECT, NAMIBIA


Drilling has commenced to assess the potential for all commodities on the Erongo
Polymetallic Project. The first palaeochannel targeted has been drill tested
with 3 holes. Samples have been submitted for precious metals, base metals, rare
metals and uranium. Carnotite (uranium mineral) has been located on the surface
as exploration utilizing ground radiometrics, soil geochemistry and drilling
progresses.





HIGHLIGHTS





* Carnotite (uranium mineral) identified at surface and samples submitted
for analysis.

* Positive results continue from ground radiometric truthing of Hakskeen
Uranium Target C.

* 44% of the radiometric data is 2 times background indicating an extensive
anomalous structure.

* 5% of the radiometric data is 5 times background indicating a highly
anomalous uranium source.

* Initial results of wide spaced drilling show shallow anomalous
radiometrics downhole.





Background



The deeply eroded Southern African terrain contains an abundance of world class
orebodies in regolith areas of deeply weathered profiles or large areas of fresh
outcrop. Alluvial systems both conceal orebodies and carry indicators of
precious metal, base metal, rare metal and uranium mineralisation.



Orebodies of the size of the Navachab Gold Mine (126,000,000 tonnes containing
4,700,000 ounces of gold) located adjacent to the Erongo concessions have been
difficult to locate due to the erosional regime. The detailed examination of
these alluvial systems, particularly the deeper concealed palaeochannels
(deposited when the climate was humid subtropical) is expected to present
exploration targets for significant mineralisation.



The first palaeochannel target is located in the south west corner of the
Company's Erongo project area within Namibia's uranium province. Uranium
mineralisation is typically found in palaeochannels and examination of this
system led to the Hakskeen Uranium discovery.





Uranium Development



The Company is pleased to announce it has recovered samples of carnotite (yellow
oxide mineral of uranium) from the surface of Hakskeen Target C at the Erongo
Project in Central Namibia, Africa.



The carnotite samples were collected during soil sampling of Target C and they
have been submitted for analysis.



Soil samples have also been collected from the radiometric lines of Target C and
submitted for assay.



A radiometric ground truthing initiated a ground radiometric survey to
investigate the Hakskeen area. Airborne anomalies cover over 68 square
kilometers.



Positive results have continued from a detailed radiometric survey of Target C.



The ground radiometric survey has now tested a total of five lines and is
continuing. Each line was approximately 1,000 metre in length with 400 metre
line spacing (reduced from 1,000 metre) and 20 metre spacing of readings.



The radiometric data returned significant results with 44% of the data at +1
standard deviation or 2 times background (anomalous), and 5% +2 standard
deviations or 5 times background (highly anomalous).



An RC rig has completed an initial 3 holes (TC3/RC1, TC3/RC4 and TC3/RC8) of a
planned 19 holes.



The holes have been logged and the samples are to be submitted for assay.



Radiometric surveying, soil sampling and drilling are continuing at the Erongo
Project.



Award of Tender for Laboratory Work - SGS



Reefton has engaged SGS Lakefield Research of South Africa in Johannesburg to
complete all laboratory analysis of the samples recovered from the Erongo
Project.



SGS is recognised as the world leader in quality laboratory analysis.



This appointment further underpins the commitment of the Directors to utilising
the best resources available on the Erongo Project to ensure timely results with
confidence.



Namibia



Namibia is located in south western Africa and is politically stable with no
civil unrest and low sovereign risk. The country became an independent republic
in 1990 breaking away from South Africa. Namibia is a former German colony and
is governed by Dutch Roman law.



Under the Namibian Mining Act, Reefton tenure comprises Exclusive Prospecting
Leases and the Company has applied for the inclusion of uranium in the
development rights.



The country has been actively mining uranium for decades including Rio Tinto
Limited's Rossing Uranium Mine (located to the south of Hakskeen) which opened
in 1975. Paladin Resources Limited's Langer Heinrich deposit (also located to
the south of Hakskeen) is planned to start mining in 2006.



An ASX announcement containing some pictures and a map of the area can

be found on the ASX website www.asx.com.au





G R Hemming

Director



Enquiries to:

Mr Simon Gilbert - Chief Executive Officer

Chief Executive Officer

Phone: +61 (0)8 9322 7822

Facsimile: +61 (0)8 9322 7823



This report accurately reflects information compiled by Mr G.R. Hemming,
MAusIMM.,MAIG., a Director of Roscoria Pty Ltd, who 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 Reserve'. Mr Hemming
consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.





This information is provided by RNS
The company news service from the London Stock Exchange