Annual report for EL 25708, EL 25709 and EL 25710 Murphy Project 29 August 2009 to 28 August 2010

Abstract

This annual report describes the work carried out in EL 25708, EL 25709 and EL 25710 up to the 28 August 2010. EL 25708, EL 25709 and EL 25710 are located over the western end of the Murphy Inlier, NT and are held by Murphy Uranium Pty Ltd, which is a wholly owned subsidiary of Bondi Mining Limited; (Bondi). These EL's have the potential to host unconformity style and sandstone hosted style uranium deposits, similar to those located in the Alligator Rivers Uranium Field at the northern end of the McArthur Basin and the Westmoreland deposit approximately 100km to the east of the project area, respectively. Work during this period comprised: Two RC / diamond drill holes for 665.9m on regional targets, testing geophysical anomalies delineated by D. Haynes interpretation. Results from exploration during the reporting period are summarized below: Dr Doug Haynes updated old and identified new target areas based on a re-interpretation of the new airborne magnetic data collected in early 2009, Dr John Coggon carried out an interpretation of the magnetic properties of the buried Murphy Project geology and located 20 targets zones associated with the intersection of structures and magnetic inferred unconformities, Two (2) RC / diamond drill holes were drilled; MURD012 and MURD014 and Petrological and Physical Sampling of drill holes. This work showed that cover in the Georgina Basin in the north part of the tenements was too deep for practical and cost effective exploration; especially in EL 25708 and EL 25709. A Exploration focus in these tenements will now be along major structural zones where it is believed that structural movement has created windows, through the cover, into the Proterozoic basement. Within EL 25710, exploration will focus along the western (about target UC17) and southern boundaries of the tenement where depths to basement are shallower and large structural zones are present. It is recommended that the deep cover parts of the tenements be relinquished. A large EM survey is proposed over the shallower areas in the next period looking for conductive targets in the basement.