Relinquishment report for EL 23700 Namarrkon Project period 31 May 2005 to 30 May 2010

Abstract

The Namarrkon Project consists of a single Exploration Licence, EL 23700. The license is located in western Arnhem Land in the Alligator Rivers uranium field approximately 250 km east of Darwin and approximately 75 km northeast of Jabiru. EL 23700 was granted on 31 May 2005 to Cameco Australia Pty Ltd (Cameco) for an initial period of six years. The project is operated and managed by Cameco in joint venture with Uranium Equities Limited (UEL) who currently hold 40% interest in the tenement. On 31 May 2010, the anniversary of the fifth year of tenure, Cameco relinquished 17 blocks for 56.8 km2. This report details exploration work conducted during the period of tenure. Cameco reprocessed Tempest electromagnetic data collected by Afmex in 2001; commissioned a HyMap survey over the project; and collected 23 outcrop samples and one water sample. The result from this work is disappointing and no further work on the relinquished area was deemed to be warranted.