Annual technical report on EL 26142 for the period 18 February 2010 to 17 February 2011

Abstract

EL 26142, Yambla project, located 200km east of Alice Springs, is being explored for gold, uranium, base metals and REE under a joint venture between UXA Resources Limited (UXA) and Cullen Exploration Pty Ltd (a wholly owned subsidiary of Cullen Resources), with UXA as the manager. During the previous 12 months, the following exploration was undertaken: Historical compilation of data and review; Geophysical interpretation; Geological/structural mapping at Yambla, Bonnie and Moondyne-Swallow-Hof prospects as well as the Amphibolite contact margins; -80# Stream Sediment Sampling (100 samples); (+80, -2mm) Stream Sediment Sampling (14 samples); and Rock chip Sampling (77 samples). Mapping and rockchip sampling identified a strongly radiogenic coarse grained K-feldspar, quartz and hornblende pegmatite north of Swallow, with anomalous uranium concentrations, including 1140ppm U3O8 and 890ppm U3O8. At Yambla, mapping of uraninite concretions (previously identified by PNC) indicates a small high grade target of 60 metre strike length and of variable width ranging from 2 to 5m. PNC EW-oriented drilling may have missed the best mineralisation as the mineralised shoots may plunge gently to the SW (parallel to a lineation in the schist). The -80 mesh stream sediment sampling delineated a number of gold, uranium and HREE anomalies that warrant further evaluation.