june a big month for mnm......................, page-18

Drilling and Corporate Update May 2008

Julia Creek Uranium Prospect
At the Julia Creek uranium prospect, the total program involves approximately 59 holes (3,500 metres) of air core drilling. Drilling on the first phase of this total programme, which consists of approximately 30 holes (1,800 metres) commenced on 30 April and, due to very good drilling rates, is expected to be completed by mid May.

This drill programme is designed to test the REDOX boundary within the Allaru and Toolabuc Formations which comprise the upper two members of the Rolling Downs Group, known to be anomalous in uranium. The Toolabuc Formation has previously been identified as a unit significantly enriched in uranium, vanadium and molybdenite. The REDOX boundary within these units is considered to be a highly prospective target for Roll Front style uranium. Roll Front style uranium deposits are a major group of the world’s largest sedimentary uranium deposits.