Annual report for EL 25847 Lancewood Hill, for period ending 4 October 2008

Abstract

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 Lancewood Hill property is located across the geological boundary between the Dunmarra and Wiso Basins. No prior exploration was conducted by Jupiter Mines. A reconnaissance visit was conducted and 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. Outcrop is generally subdued with radiometric anomalies thought to represent minor surface enrichment of uranium associated with the widespread development of ferruginous and lateritic weathering profiles.