Annual report for EL 25478 Cleo's Regional Prospect for the year ending 25 June 2010

Abstract

Uranium mineralisation was discovered to the north/north-west of EL 25478 at the Cleo's Project in the Twin and Dam deposits in the mid 1980's by Total Mining Australia Pty. Ltd. (Total Mining). From 1984 to 1988, Total Mining carried out an extensive exploration program which delineated the Twin and Dam deposits at Cleo's. In 2007, Atom Energy conducted reverse circulation drilling over the Twin and Dam deposits and established JORC compliant inferred resource of 1.409 million tonnes at a grade of 304ppm U3O8 for 430 tonnes (960,000lbs) of contained U3O8 at a 100ppm lower cut off. A review of historic exploration data was conducted by Thundelarra Exploration Ltd. which was followed-up by ground reconnaissance and field checking of geology along the north-east trending contact with the Allamber Springs Granite.