Relinquishment report on EL 10176 Nabarlek Project, for the period 1 September 2004 to 31 August 2008

Abstract

The exploration licences comprising the Nabarlek Project were granted to Cameco Australia Pty Ltd on 1st September 2004 for a period of six years. At grant, the Nabarlek Project comprised 155 blocks covering a total area of 423.07 km(2) over three exploration licences. In 2008, Cameco was granted a partial waiver and relinquished 9 blocks (25.2 sq km or 6.7% of the granted tenement) of 134 blocks from EL10176, retained all blocks for EL24371 and surrendered EL24372 (approximately 6 blocks). This report describes exploration work undertaken on the relinquished blocks of EL10176 during the past four years of tenure, between 2004 and 2008. A separate final report will be submitted for the surrendered tenement, EL 24372. The exploration objective is to discover economic 'unconformity-style' uranium mineralization within a geological setting similar to the known deposits of the Alligator Rivers Region, Northern Territory, and the concealed high-grade deposits of the Athabasca Region, Saskatchewan, Canada. Exploration activities in the relinquished area between 2004 and 2008 included field reconnaissance, one Air-core drill hole (NAA6201) and a TEMPEST survey conducted in 2006. The survey didn't identify any targets worth following up and assay results from the single air core drill hole drilled in the western flank of the relinquished portion of EL 10176 were very low for U.