Partial relinquishment report on EL 24432 Hayes Creek South

Abstract

EL 24432 was granted on 2 December 2005, and is held on the basis of a discrete second order uranium channel radiometric anomaly and iron enrichment at surface, and was originally targeted for both iron and uranium prospectivity. The potential mineralisation styles include sediment-hosted and unconformity uranium. Orion Exploration's work on the area relinquished, as shown in the attached summary plan, has been restricted to brief reconnaissance, open file data analysis and targeting. Relative to the area retained it is considered to be of lesser prospectivity predominantly due to lack of uranium channel radiometric anomalism in regional data and regional faulting, both of which are present in the retained portion of the lease.