6 February 2007The Manager – CompaniesAustralian Stock Exchange...

6 February 2007
The Manager – Companies
Australian Stock Exchange Ltd
HIGHER URANIUM ASSAYS RECEIVED - AVERAGE ASSAY OVER THREE (3) TIMES HIGHER THAN PREVIOUS RESULTS.
MKY wishes to advise it has received assay results from Queensland Uranium Pty Ltd for panned stream sediment samples collected from EPM 15137. This tenement is one of a group of five tenements in North Queensland being acquired by MKY through the purchase of Queensland Uranium Pty Ltd.
The results range from 0.045% to 0.475% U3O8 or 0.9 lbs/ton to 9.5 lbs/ton, for a total of 8 samples. The samples were collected over an area of 9x2 km along the contact zone between Silurian-Devonian granites intruded into Proterozoic metasediments.
These results (average 0.227 % U3O8 or 4.54 lbs/ton) were significantly higher (approx. 3 times) than those received from EPM 13966 (average 0.069 % or 1.38 lbs/ton) announced previously.
Directors consider these new results to be encouraging and indicate that the contact zone is potentially mineralized. However, they are preliminary in nature and further ground work will be required to verify the results prior to the selection of targets for trenching and/or drilling.
Yours sincerely
HUGH WARNER
Director
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled and/or assessed by Dr Joseph Drake-Brockman who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Drake-Brockman is employed by Drake-Brockman Geoinfo Pty Ltd. Dr Drake-Brockman 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Drake-Brockman consents to the inclusion in the report of the matters based on his assessment of the available information in the form and context in which it appears.