Combined annual report on EL 26138, EL 26139 and EL 26140

Abstract

EL's 26138 to 26140 are part of a group of eight (8) tenements comprising the Murphy Uranium Project in the northeastern part of the Northern Territory. Bondi Mining Limited is carrying out exploration for sedimentary and unconformity styles of uranium akin to the Westmoreland in northwestern Queensland the unconformity styles of Koongara and Jabiluka deposits in the East Alligator River Region of the Northern Territory. Bondi has also embarked on a programme to test the potential of phosphate mineralisation in the Cambrian sediments which are hosted in the ELs. Work by Bondi commenced in late 2007 and since then; the focus of the exploration effort was concentrated on the central and eastern parts covered by the MUP tenements, and whilst some work has been carried out in the western tenements which are the subject of this report, the focus on encouraging results from the central and eastern tenements, delays in procuring drilling rigs and other logistical constraints prevented us from a full implementation of our planned programme. The first wide spaced drilling programme for phosphate mineralisation at the Murphy tenements identified the presence of Cambrian Georgina Basin sediments. Some of the drill holes also revealed the presence of weak anomalous Phosphorous mineralisation. Nevertheless, an ambitious programme is scheduled for the 2009 field season which will include an airborne aeromagnetic and radiometric survey over the western part of the MUP area, comprising approximately 64,000 line kilometres.