Annual report on EL 10401

Abstract

A transfer in respect of a 50% interest in the tenement was lodged by McColl Exploration & Mining Title Services Pty Ltd (McColl) on 20 December 2007 on behalf of the incoming party, Rum Jungle Uranium Ltd (RJU). In addition to acquiring a 50% interest, RJU are now managers of the tenement pursuant to the terms of a Joint Venture Agreement dated 28 November 2007 between RJU and Deep Yellow Ltd (DYL). Expenditure during the year ended 5 December 2007 was limited to planning a drill program, discussions with the Central Land Council (CLC) and lodgement of an application for an Authorisation under the Mining Management Act. The tenement is subject to an ILUA between the CLC and the previous registered holder, Tanami Exploration NL. Deep Yellow Ltd (DYL) lodged a proposal to conduct a drilling program with the CLC. DYL requested a site clearance subject to the ILUA, however approval to drill was not given prior to the end of the tenement year.