Relinquishment report on EL 9929 and EL 24780, Plateau Project

Abstract

The Plateau project is an exploration project located in western Arnhem Land, operated by Cameco Australia Pty Ltd conducting exploration for unconformity-style uranium deposits. The leases comprising the project (ELs 9928, 9929, 22368, 22369, 22447, 22825, 22827, 23247 and 24780) were granted to Cameco on July 20 2005 for a period of 6 years. July 20 2007 represents the second anniversary of grant, requiring a 50% reduction in land area. Cameco Australia was granted a partial Waiver of Relinquishment, resulting in the relinquishment of ELs 9929 and 24780 for a total of 15 blocks (50.25 km(2)), representing 21% of the original land area of 234.5 km(2). This report details exploration activity conducted on ELs 9929 and 24780 whilst under Cameco's tenure. Camec conducted exploration activities including outcrop sampling (n=8), an airborne HyMap hyperspectral survey, an airborne Fugro TEMPEST electromagnetic survey and a single helicopter-supported diamond drill hole for 674.4 m. Exploration has failed to identify any uranium mineralisation, or even significant anomalism that would offer encouragement that mineralisation may be present. In addition, drilling suggests that the depth to unconformity is in excess of 500 metres within the relinquished tenements, making further drilling an expensive proposition. The expense of drilling combined with the paucity of targets has lead to the decision that exploration resources are better utilised elsewhere, and the subsequent relinquishment of ELs 9929 and 24780.