Second annual exploration report for EL 25071 Banka Creek for period ending 20 July 2008

Abstract

Territory Uranium Company Pty Ltd, a multicommodity exploration company exploring for uranium, base metals, gold and phosphate, applied for EL 25071 to explore for U mineralisation. Work during Year 1 of tenure consisted of a review of both NTGS data, and compilation of significant results from Industry reports. Most of the data provided in previous annual reports was found in the Diamond Indicator Mineral Database provided by the Northern Territory Geological Survey. Previous U exploration within the Licence is non existent. Most of the previous exploration focussed on diamond exploration. During year 2, field geochemistry and reconnaissance exploration was undertaken on adjacent tenements (EL 25082 and EL 25060) but access was only attained to the northern and western edges of EL 25071 due to the condition and lack of accessible tracks. Exploration on adjacent tenements and research based on recent government phosphate review has shown this tenement to have potential for Phosphate mineralisation. 2nd year tenement reduction was completed with half of the blocks dropped (250 blocks). Ground along the Anthony Lagoons stratigraphy and radiometric anomalies was retained. Work during Year 3 will include field reconnaissance and drilling (if warranted).