Partial surrender report for EL 25573 Mt Skinner East, Mt Skinner Base Metal Project for the period 30 July 2007 to 29 July 2009

Abstract

EL25573 forms part of the Mt Skinner Project area, being located approximately 190km northeast of Alice Springs. The tenement was transferred from Elkedra Diamonds NL (Elkedra) to Uramet Minerals Ltd (Uramet) during the 2007 season, and originally covered an area of 83km2. Exploration consisted of regional reconnaissance work, a helicopter-borne electromagnetic (EM) survey in the western most part of the tenement in 2007, and a helicopter assisted gravity survey infilling part of the regional Arunta gravity survey undertaken by the NTGS and Geoscience Australia in 2008. This report details all exploration work carried out within the surrendered portion of EL 25573 from the time of grant on 30 July 2007 to the date of partial surrender in July 2009. While the gravity and VTEM surveys only cover a small portion of the western part of the area being relinquished, no evidence of significant base metal mineralisation has been noted as the result of field reconnaissance. Uramet considers the prospectivity for base metal of the relinquished portion of the tenement to be low.