Combined annual report for EL 23070, EL 23071, EL 23915, EL 23917, EL 24019, EL 24020, EL 24021 and EL 24684 Bynoe Project, for the period 21 July 2005 to 20 July 2006

Abstract

The Bynoe Project comprises 8 granted exploration licences located on the south side of Bynoe Harbour, approximately 60km southwest of Darwin in the Northern Territory. This second combined annual report describes activities conducted for the period 21st July 2005 to 20th July 2006. During the report period the project licences were sold by Continental Nickel NL (Continental) to Uranex NL (Uranex).The licences have been transferred to and are now managed by Uranex. Exploration activities during the period have involved re-assessing all historical open file data accumulated by Continental with a view to establishing the uranium potential of the project and determining a model to guide uranium exploration. A detailed aeromagnetic and radiometric survey was planned for June 2006 but has been postponed due to a prolonged wet season and contractor availability. This survey will produce both radiometric and aeromagnetic interpreted litho-structural targets for ground follow up including RAB and RC drilling.