Annual report for EL 25851 Arnold River, period ending 4 October 2008

Abstract

The NuPower Resources Ltd Victoria River joint venture project comprises 6 tenements, mostly in the Victoria River region of the northern part of the Northern Territory. NuPower entered into this joint venture with Jupiter Mines Limited on 19th August 2008. This annual report is concerned with the Arnold River tenement (EL25851). While most of NuPower's tenements are located in the southern part of the Northern Territory as a result of the demerger of uranium assets from Arafura Resources Ltd into a new company focussed on uranium exploration, the company decided to expand its exploration portfolio by reviewing joint venture opportunities in the northern part of the NT. Jupiter Mines has already identified a number of airborne radiometric anomalies from the NTGS compilation of government and private company surveys and they were offered to NuPower for joint venture. The Arnold River property is located in a region subject to considerable unsuccessful previous exploration for diamonds from 1974-2004 and some minor exploration for uranium in the early 1970's. The NTGS data identifies a large, disseminated and weakly anomalous area throughout the tenement, which was considered prospective for uranium mineralisation. The 2 day reconnaissance visit involved identification of access and investigation of radiometric anomalies within the tenement. This involved geological mapping and ground checking of the anomalies using a hand held scintillometer. Two samples were collected for assay during reconnaissance mapping of the tenement. A third sample was collected just outside the tenement boundary.