2008 Annual Report Exploration Licences EL 25708, EL 25709 and EL 25710 Murphy Project Report Period 1 September 2007 to 31 August 2008

Abstract

These EL's are located over the northern and western end of the Murphy Inlier, NT and is held by Murphy Uranium Pty Ltd, which is a wholly owned subsidiary of Bondi Mining Limited. The exploration licence was acquired because the area is believed to have accessible strike lengths of the unconformity between the early Proterozoic Murphy Inlier and the middle Proterozoic McArthur Basin, in particular the Westmoreland Conglomerate. Concealed southern extensions of the Emu Fault Zone are also thought to cut the area. Consequently EL25708 to EL25710 are seen as having the potential to host unconformity-type uranium deposits, similar to those located in the Alligator Rivers Uranium Field at the northern end of the McArthur Basin. Work during this period comprised a review of past exploration, and the results of the companies airborne EM/magnetic survey and a comprehensive mineral assessment, incorporating the airborne survey in addition to public domain geological, geochemical and geophysical data. An ambitious detailed Alpha Cup Radiometric survey was undertaken. This led to a major RAB drilling programme over targets that were defined by the surveys. Results of the investigations revealed six target areas, which in some cases extend on to adjacent EL's held by Bondi. The EM survey and mineral assessment also defined highly conductive mafic dyke and sill like complexes which are thought to be feeder zones for some of the flood basalts found in the southern part of the McArthur Basin.