of interest:

www.fastscout.com
FAST SCOUT LIMITED A.B.N. 94 088 488 724
Level 14, 221 St Georges Terrace, Perth WA 6000
T | + 61 (8) 9214 9700 F | + 61 (8) 9322 1515 E | [email protected]
Wednesday, 4 October 2005
MARKET ANNOUNCEMENT
URANIUM TENEMENT UPDATE
Fast Scout makes this announcement to update the market on the status of its
proposed acquisition of uranium tenements.
Fast Scout is pleased to advise that it has now secured three additional tenement
applications in Western Australia prospective for uranium including tenement
applications that cover ground previously explored by AGIP Nucleare (Australia) Pty
Ltd (AGIP), (a subsidiary of Italian multi-national energy group ENI) where 0.14% U
or equivalent of 0.16% U3O8 as uraninite in a diamond drill hole was discovered by
AGIP in the 1970s.
Details of the additional areas secured by Fast Scout are outlined below.
Fast Scout also confirms that due diligence examination of the uranium tenement
applications the subject of its market announcement dated 20 September 2005
continues. Fast Scout expects that this due diligence examination will be completed
earlier than the original timetable of 21 October 2005.
Part of such due diligence examination has included further examination of various
tenements prospective for uranium mineralisation proposed to be acquired in Western
Australia under the agreement with Hume Mining NL.
These tenements are the Mt James Exploration Licence application ELA 09/1253 in the
Gascoyne region and the Canning Well Exploration Licence EL 46/629 and Little Sandy
Desert Exploration Licence application ELA 46/585 in the East Pilbara region.
Fast Scout has just completed a preliminary technical assessment of these tenements
and in particular Exploration Licence application ELA 09/1253 and the recently
acquired Exploration Licence application ELA 09/1245.
The result of such activity in particular with respect to ELA 09/1253 and ELA 09/1245
has led Fast Scout to upgrade the importance of these Exploration Licence applications
to that of “key” uranium tenements.
Gascoyne Tenements
It has been determined that AGIP, conducted significant exploration activity for
uranium in the Gascoyne region in the 1970s.
This activity included an airborne radiometric survey which identified a number of
radiometric anomalies leading to drilling occurring on one of those anomalies.
20051004 FSL ASX Uranium Tenement.doc
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Temporary Reserve TR 5963H was applied for by AGIP and appears to have been the
main focus of AGIP’s exploration activities in the Gascoyne region during the 1970s.
On the basis of technical assessment of such activity during the course of last week,
Fast Scout has acquired several adjoining tenements to complement its 75% interest
in Exploration Licence Application ELA 09/1253 (part of which lies within ground
previously covered by TR 5963H). Fast Scout has now secured rights to a large
portion of the area previously comprising TR 5963H including areas where AGIP
conducted trenching and drilling for uranium.
Fast Scout has managed to secure the rights to the area where AGIP’s reports show
that it intersected carnotite mineralisation in shallow trenches and up to 1400 ppm
(0.14% U or equivalent of 0.16% U3O8) as uraninite in diamond drill holes in ELA
09/1245. Lower grade uraninite mineralisation was also intersected in percussion drill
holes nearby.
The presence of primary uraninite mineralisation in drill holes in these tenements
coupled with untested anomalies and with a broader pattern of a large number of
uranium occurrences in the district demonstrates the potential of Fast Scout’s interest
in such tenements as being prospective for vein type high-grade mineralisation
associated with pegmatites and granitic rocks.
Available records show that AGIP investigated only a handful of the identified
radiometric anomalies. Fast Scout’s initial investigations reveal that in the Mt James
ELA 09/1253 alone, eight significant radiometric anomalies remain untested.
Fast Scout’s other tenements, Exploration Licence applications ELA 09/1257 and ELA
09/1258 in the Injinu Hills and the Mortimer Hills areas, both southwest and west
respectively from ELA 09/1253 are also known to host near surface uranium
mineralisation as carnotite but at which no detailed follow up work was done.
Fast Scout proposes, upon grant of these tenements, to explore for uranium
mineralisation using detailed structural analysis and modern exploration methods. In
the first instance the focus will be around the known drill intersections that
encountered uranium mineralisation and the known but untested anomalies identified
by AGIP.
On the basis of data available from previous work done, the number of radiometric
anomalies, drill intersections within the acquired tenements and the general geological
setting and potential for uranium mineralisation Fast Scout believes these Gascoyne
tenements will upon their grant become a key focus of its uranium exploration
activities in Western Australia.
Fast Scouts’ total tenement package in the area is now as follows:
Application
No
Status Area
(Blocks)
Area
(Approx
km²)
Location/
Property
Name
Fast Scout’s Interest
ELA 09/1253 Application 49 147 Mt James 75% under agreement with Hume Mining
NL (as announced on 20 September 2005)
ELA 09/1245 Application 35 105 Rubberoid
Well
70% interest acquired from Helen Mary
Ansell and Uranium Oil and Gas Limited by
payment of $30,000 cash and the issue of
350,000 Fast Scout shares (subject to Fast
Scout shareholder approval and any share
reconstruction that may be undertaken by
Fast Scout)
ELA 09/1257 Application 27 81 Injinu Hills 100% - applied by Fast Scout
ELA 09/1258 Application 26 78 Mortimer
Hills
100% - applied by Fast Scout
20051004 FSL ASX Uranium Tenement.doc
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Please refer to the attached Department of Industry and Resources tengraph map
showing AGIP’s former TR 5963H relative to ELA 09/1253, ELA 09/1245 and ELA
09/1257.
East Pilbara Tenements
Under the agreement with Hume Mining NL, Fast Scout has acquired a 75% interest in
tenements comprising granted Exploration Licence EL 46/629 (Canning Well) and an
85% interest (excluding manganese mineral rights retained by Giralia Resources NL)
in Exploration Licence application ELA 46/585 (Little Sandy Desert).
Fast Scout’s initial due diligence has indicated that Uranium anomalies of up to 11
times the background were recorded in the project area in lag samples by previous
explorers but were never followed up.
The project area is located approximately 100km west of the Kintyre uranium deposit
and covers approximately 20km of the Canning Fault and associated splay and
intersecting faults which bring together rocks of the Archaean Fortescue Group in
juxtaposition with Proterozoic rocks of the Manganese Groups, the Tacunyah Group,
the Yeneena Supergroup and the Savory Group.
Several major unconformities including Archaean to Proterozoic and within the
Proterozoic rocks occur in close physical proximity to each other. The sandy facies of
the Proterozoic rocks, which are wide-spread have been previously explored for copper
and unconformity type uranium mineralisation in the area of these two tenements.
Factors including significant uranium anomalies, the nature of unconformities in the
Middle Proterozoic, the presence of sandy and carbonaceous rocks, suitable source
basement rocks and the presence of regional faults are favourable for unconformity
type uranium mineralisation.
Fast Scout proposes to conduct an airborne radiometric survey of the tenement areas
and also focus on the existing anomalies to develop drilling targets.
Fast Scout’s project areas in the Northern Territory and Western Australia are located
as outlined in the following geographic map:
20051004 FSL ASX Uranium Tenement.doc
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FURTHER RESOURCE PROJECTS
As announced on 20 and 28 September 2005, the Company is also investigating the
acquisition of other resource projects. In this regard, the Company confirms it has
commenced negotiations with respect to the acquisition of a group of mineral
tenements in Tanzania that contain known uranium anomalies. These negotiations
are at a preliminary stage and no binding agreement has been reached or is
guaranteed to be reached with respect to their proposed acquisition.
The Company will inform the market in due course if and when these negotiations are
successfully completed.
PLACEMENT APPLICATIONS
As announced on 28 September 2005, the Company is investigating various options with
respect to raising funds for general working capital purposes and towards the fulfilment of
a condition of the Hume Mining agreement (as announced on 20 September 2005), namely
to raise a minimum of $2 million (on or before 16 December 2005).
The Company is pleased to advise that it has received applications for $700,000 from
sophisticated and professional investors in respect of the issue of 7,000,000 fully paid
ordinary shares at 10 cents per share. Such applications are subject to Fast Scout
declaring satisfactory due diligence of the Hume Mining agreement.
VOLUNTARY SUSPENSION FROM ASX
Before commencement of trading on 29 September 2005, the Company requested a
voluntary suspension from trading in its shares pending the release of a market
announcement in relation to the Hume Mining agreement.
The Company is in the process of finalising such announcement.
Further information:
Farooq Khan
Chairman
T | (08) 9214 9700
E | [email protected]
The geology outline and potential information in this market announcement has been compiled by Mr Allen J.
Maynard who is a Corporate Member of the AusIMM and a Member of the Australian Institute of
Geoscientists. Mr Maynard has in excess of 5 years experience which is relevant to the style of
mineralisation under consideration and qualifies as a Competent Person as defined in the 2004 Edition of the
“Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code).” Mr Maynard
provides consulting services to Fast Scout Limited. Mr Maynard consents to the inclusion of the geology
outline and exploration potential information section of this market announcement in the form and context in
which it appears.