Year 3 reduction report for EL 25195 Elliot Creek for period ending 8 November 2010

Abstract

Territory Uranium Company Pty Ltd is exploring for uranium, and applied for EL25195 to explore for unconformity-hosted U mineralisation. Work during Year 1 of tenure consisted of a review of both NTGS data, and compilation of significant results from Industry reports. The COREDAT database showed several drillholes within EL 25195 held in the Darwin Library. A total of 19 quarter core samples from 5 drillholes were collected and assayed for a suite of elements including uranium. The samples taken were collected at areas of change of lithology and/or alteration. The best result was 13.8ppm U (with 2ppb Au) taken from Hole 82/42. Exploration on EL 25195 during year 2 and 3 was restricted with efforts focused on EL 24984. Historical data compilation continued and a review of uranium targets (EL 25176, EL 25195) and tin targets (EL 25297) commenced with helicopter and geochemical reconnaissance undertaken at priority targets in the 2009 field season (no samples taken within relinquished ground). Second and third year reduction was undertaken with 59 blocks retained at the end of year 3.