Annual report for EL 3106 Arrarra for the period 17 April 2006 to 16 April 2007

Abstract

Exploration activities for the fourth year of tenure consisted of a helicopter-assisted diamond core drilling program. The aim of the program was to continue the testing of targets defined by the regional assessment and geophysical interpretation undertaken at the end of 2004. Two core holes were completed for a total of 582.8m. No mineralisation was intersected in either hole. All exploration work was conducted from the King River camp, located approximately 45 kilometres to the northeast. Cameco personnel and the drill crews were based at the camp and transported to site by helicopter. Planned work for the fourth year will comprise follow up mapping and rock geochemistry on selected areas and possibly a ground-based Sub Audio Magnetics (SAM) geophysical survey.