Relinquishment report on EL 24984 Reynolds River for period ending 21 July 2010

Abstract

The recent drilling by Territory Uranium adds further evidence that this part of the Litchfield Province is geologically and structurally diverse. This strengthens the exploration model for geological extension of the Halls Creek Orogen, with potential for Sally Malay style intrusions (Sally Malay Resource as at June 2002, prior to commencement of mining activities was 3.7Mt @ 1.74% Ni, 0.72% Cu containing 64,000t Ni). Because the EL transfers between TUC and AMG from the early of year of 2009 until 18 September of 2009, TUC or AMG have not done the exploration according to the plan. But we did some work, such as ground survey by helicopter, review the drillcore and assayed results of all taken by TUC and previous, and review a lot of data and references concerning this areas and regional geological and geophysical data. After detailed review the data, we decided to reduce the blocks, and relinquish the blocks which no geophysics abnormal, and plan to take high precision geomagnetism survey, some IP sections, and then drilling in next year.