resource containing around 18 million

MARENICA URANIUM PROJECT – NAMIBIA
EPL3287 - Earning 80%
Introduction
The Marenica Project consists of a granted Exclusive Prospecting Licence (EPL 3287)
of 706 sq km located in the same uranium province which hosts the Rossing and
Langer Heinrich uranium deposits in Namibia (Figure 1).
A multidisciplinary exploration program has been implemented and planned to achieve the
Company’s objectives of defining a JORC compliant resource containing around 18 million
pounds of U3O8 within the area previously drilled by Gold Fields of South Africa (refer to ASX
announcement of 17 October 2006) with drilling planned in the first half 2007. The programs
will also focus on identifying new targets areas prospective for both secondary and primary
uranium mineralisation (such as the Rossing style).
Trench Sampling, Radiometry and Assaying
Numerous exploration trenches and pits within an 18 sq km area hosting surface and near surface
uranium mineralisation in the northeast sector of the project area have been sampled and
radiometrically surveyed.
The results from the Phase One trench and pit sampling completed in the September Quarter,
2006 have been received. The results confirm the presence of significant and wide spread areas
of near surface uranium mineralisation with assay results up to 1,483ppm U3O8.
Significant results received from Phase One included:
Trench A4T3 3 metres averaging 1,483ppm U3O8
Trench A4T2 5 metres averaging 868ppm U3O8
Trench A4T2 80 metres averaging 241ppm U3O8, including 5 metres at 590ppm U3O8
Trench A3T1 50 metres averaging 160ppm U3O8 and 45 metres averaging 153ppm U3O8
Trench A2T1 125 metres averaging 120ppm U3O8
All intervals which assayed greater than 100ppm U3O8 a