Annual report on EL 24880, for the year ending 17 May 2010, Adelaide River Project

Abstract

This report details the exploration activities carried out over EL 24880, the Adelaide River Project in the Northern Territory, during the period 18 April 2009 to 17 April 2010. Work completed by the Company during the current reporting period, ending 17 April 2010 involved the field investigation of a number of these anomalies. A 10 day reconnaissance field trip was undertaken during the later part of 2009. Work undertaken included mapping and sampling, including XRF and hand held gamma surveys. A total of 19 rock chip samples were collected from outcrop and submitted to ALS laboratories for multi- element (48 elements) analysis by ICP, with a peak result of 50 ppm uranium returned. Due to the difficult access and project environment not all the anomalies were able to be fully investigated during the reconnaissance trip. It is intended to undertake further field programs, targeting these areas, during the coming year. This work is expected to refine the targets for a program of RC drilling. The company also completed a Risk Management Plan for the Adelaide River Project during the year, which has been approved by NT WorkSafe.