Final report on EL 25265 Ngalia East, for the period 19 January 2007 to 16 December 2008

Abstract

Exploration Licence 26265 (Ngalia East) is owned and operated by Carbon Energy Ltd. ('Carbon'). The company changed to this name from Metex Resources Ltd ('Metex') on the 23rd June 2008. The tenement is part of the Company's 'Alice Springs' Project, and is located approximately 200 km northwest of Alice Springs in the Northern Territory. EL 26265 was acquired following an Australia-wide generative program targeting uranium mineralisation. The tenement was granted on 19th January 2007, for a period of six years. Work by Carbon on the tenement during 2007 and 2008 included: - Open-file report and data review; -Acquisition, reprocessing and interpretation of available digital geophysics data by Southern Geoscience Consultants. - Final data evaluation. Based on the review and evaluation, prospectivity for U was considered to be low, and the tenement was surrendered on 16/12/2008.