nice ann...nice prospects...

One of my favourite long termers.


313 Payneham Road, Royston Park SA 5070 Australia
Phone: +61 8 8363 7970 Fax: +61 8 8363 7963
Email: [email protected] Web: www.uxa.com.au
ASX ANNOUNCEMENT
Monday 4 June 2007
· UXA SIGNS OPTION & JOINT VENTURE AGREEMENT WITH ROSSCRAFT MINERALS
FOR DRILL READY TARGETS IN SOUTH AUSTRALIA
· UXA MAY SPEND $1.6 MILLION OVER FIVE YEARS FOR STAGED INTEREST TO 75%
· INITIAL DRILLING SCHEDULED TO COMMENCE IN JUNE 2007
Uranium Exploration Australia Limited (ASX:UXA) has entered into an option and joint venture
agreement with Rosscraft Minerals Pty Ltd (Rosscraft).
The agreement is specific to Exploration Licence (EL) 3013 in South Australia. EL 3013 is referred
to as the Marcollat tenement and is located approximately 50 km west of Bordertown. A location
map is attached.
Under the terms of this agreement, UXA has the option to earn 25% interest in the Marcollat
tenement by spending a minimum of $60K on drilling, and may, at its sole discretion, increase its
interest in stages to 50% and 75%, by spending up to a total of $1.6 million over five years.
Geological investigations conducted during the past five years indicate that the basement rocks of
EL 3013 are similar to the Mount Read Volcanics of western Tasmania and may be an extension of
this mineral rich geological belt.
The initial drill target consists of coincident magnetic and gravity anomalies at Clover Ridge with the
potential for base metals and gold within the basement rocks. The gamma signature in the cover
sequence, identified in logs from prior exploration drilling, will also be investigated.
UXA Managing Director Mr Patrick Mutz said “This agreement provides UXA with an excellent
opportunity to access a low risk, drill-ready target to jump start our 2007-2008 drilling program”.
The Company is planning a single reconnaissance hole at Marcollat before beginning its planned
20,000 metre drill program on UXA’s 100% owned tenements, starting in the Gawler Craton in
South Australia.
For further information, contact:
Patrick Mutz
Managing Director
URANIUM EXPLORATION AUSTRALIA LIMITED
Tel: +61 8 8363 7970
Email: [email protected]
Website: www.uxa.com.au
Media: Farrington +612 9332 4448
313 Payneham Road, Royston Park SA 5070 Australia
Phone: +61 8 8363 7970 Fax: +61 8 8363 7963
Email: [email protected] Web: www.uxa.com.au