Second Annual Report for EL 24834 Warrego North period ended 4 April 2008

Abstract

EL 24834 is located 50km north west of Tennant Creek and 7km NW of the Warrego Gold Mine on Warrego Road. The tenement was pegged to explore for IOCGU mineralisation, vein type and unconformity type uranium mineralisation. The tenement is underlain by the 'hot' Warrego Granite. EL 24834 was granted to Uranium West Pty Ltd on April 4 2006. In August 2007, an Exploration Joint Venture Agreement was signed with Rum Jungle Uranium Ltd over two EL's in Rum Jungle (EL 24866 and EL 24898) and two in Tennant Creek (EL 24835 and EL 24834). Rum Jungle Uranium Ltd is operator of the Joint Venture and has now earned 50% of the venture after spending $600 000. RJU will earn another 25% by spending $500 000 over the four tenements during 2008. Approximately 600 line km of airborne geophysics were flown over the tenement during the second year of tenure at 100m line spacing. A crashed aircraft delayed the contractor's flying of the area until early 2008 and at the time of writing Rum Jungle had still not received the processed geophysical data which meant no targets had been selected and no groundwork was carried out during the second year of tenure.