Annual report for EL 25479, for the year ending 25 June 2010

Abstract

EL 25479 is located 185 kilometres by road, south-east of Darwin and covers an area of 10.01km2 within the Pine Creek Orogen. The project area is 100% owned by Atom Energy Ltd. and is managed by Thundelarra Exploration Ltd. Uranium mineralisation was discovered to the north/north-west of EL 25479 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. Thundelara Exploration Ltd. conducted only a review of historic exploration data over the tenement area due to the lack of access tracks and a late wet season.