Annual technical report on EL 26142, for the period 18 February 2009 to 17 February 2010

Abstract

EL 26142 is centred 140km ENE of Alice Springs in the Arunta Region. During the first year of tenure, previous exploration of the area was reviewed in detail and a field reconnaissance review was completed. EL 26142 is considered prospective for vein-hosted and metasomatic uranium mineralization. During the year, the data relating to the project was presented to a number of prospective partner companies as a farm-out opportunity. Exploration in Cullen's Arunta project area was curtailed due to the Global Financial Crisis and some tenements were dropped. EL 26142 was prioritised for farm-out. Discussions were held with a number of groups and in December 2009 - January 2010, Uranium Exploration Australia and Cullen completed an Agreement.