Partial surrender report for EL 24693 for the period 13 December 2005 to 12 December 2009

Abstract

EL 24693 forms part of Uramet Minerals Limited Marqua Project located within the Marqua Station in the Northern Territory, with this report detailing all work carried out on the surrendered portion of EL 24693 between 13 December2005 and 12 December 2009. The tenement, originally held by Elkedra Diamonds NL (Elkedra), was transferred to Uramet, with Elkedra retaining the rights to explore for diamonds. Uramet is currently exploring the Marqua Project for base metals, phosphate and uranium. Exploration work conducted by Uramet and Elkedra since 2005 includes, interpretation of regional NT government aeromagnetic, radiometric, and gravity data; an infill ground gravity survey; reconnaissance mapping and surface sampling; a review of historical data including re-sampling of BMR holes; and a VTEM survey and interpretation Other than magnetic anomaly CWN- 169, no significant anomalies were generated within the surrendered portion of the EL by the geophysical method described above. CWN-169 was downgraded after a follow-up ground gravity survey revealed a gravity low corresponding to the gravity high. Reconnaissance mapping and surface sampling did not return any significant base metal or phosphate results within the surrendered portion of the EL, with only a weakly anomalous 68 ppm (Niton) uranium assay being returned. Uramet therefore does not consider the surrendered area to be highly prospective for base metals, phosphates.