Annual report on EL 25244, Green Alligator Project, year ended 8 November 2007

Abstract

Korab Resources Limited is owner, manager and operator of number of tenements within the Rum Jungle Mineral Field, Northern Territory, Australia. Exploration Licence EL 25244 is a part of the Green Alligator Project that is considered prospective for uranium, base metal and gold mineralization. The work completed on the tenement area during the period ended 8 November 2007 consisted of a compilation and interpretation of existing geological data, interpretation of ground radiometric, airborne magnetic and surface geochemistry data, reconnaissance field studies, and negotiations with local landowners. The tenement area, as a part of the Green Alligator Project requires further detail geological, geophysical and geochemical investigations, such as geological mapping, sampling, ground radiometric surveying and drilling. Korab Resources Limited is in the process of transferring the rights to 90% of uranium and thorium mineralisation to Uranium Australia Limited, its wholly owned subsidiary.