I read the share sale prospectus. Nothing super important. Here...

I read the share sale prospectus. Nothing super important. Here are the salient points:

- water asset found at New Camp
- very low acid leach recoveries at Garnet (8kg/t)
- drilling at Garnet on for late 2009/early 2010

p 35
New Camp
The New Camp deposit is an outcropping, satellite alaskite body located approximately mid way between the
southern end of the Garnet Valley and Holland’s Dome mineralization. Preliminary resource definition drilling has
been completed on an 80m by 80m metre spacing. A total of 17 RC holes have been completed for 3,285m.
Mineralization trends east – west with several stacked zones of moderate north dipping uranium mineralization
defined. Several of the holes intersected unexpected ground water. The water could prove a useful resource to assist
with future water requirements.

p 44
Metallurgy
Metallurgical testwork has commenced on Garnet Valley. The major rock type in the deposit is leucogranite
(alaskite) and this was strongly represented in the composites.
Detailed head assays completed on each drillhole composite indicated only minimal impurities and the head grades
were spread around the drillhole grade. SEM and a semi-quantitative XRD completed on the samples identified
uraninite as the predominant uranium mineral occurring discrete grains or as narrow veins through silicates or on
margins.
Acid leach tests completed at a range of grind sizes from P80 75μm to 1mm on the major alaskite composite from
Garnet Valley recovered >95% of the uranium. Acid leach tests on the other drillhole composites were very
encouraging with sighter test recoveries of >88% uranium produced from all samples but a low grade sample which
had a recovery of 85%. The natural Eh of the samples was greater than the target Eh and thus no oxidant was added
to the sighter leach tests. However, detailed analysis of the sighter tests has concluded that addition of an oxidant
(pyrolusite) results in an increased uranium recovery. This was confirmed on a follow up test on composite
GVMET04 where the addition of pyrolusite and increased free acid concentration increased the uranium recovery
from 88 to 98%.
Reagent consumptions are low with an acid consumption of <8kg/t on the major alaskite composite from Garnet
Valley and further optimisation testing could result in reductions in reagent consumptions. Future testwork programs
on Garnet Valley would be conducted on drillhole samples representing the full strike length, width and depth of the
deposit and would include all ore types. The planning would be done in close consultation with geological
personnel. The testwork program would use the optimum leach parameters determined in this phase of testwork as a

p45
Exploration and Development
Extract is expected to recommence resource definition drilling at the Garnet Valley prospect, a nominal 40m by 40m
spaced drilling pattern would be required to increase the classification of the bulk of the current Inferred resource. It
is estimated that 15,000m of drilling would be required to achieve this aim.