Headwaters Project, Annual technical and final surrender report for EL 25220

Abstract

Uranium Equities Limited was exploring EL 25220 for Westmoreland-style uranium mineralisation and still believes there is the potential for this style of economic mineral deposit to be found in West Arnhem Land. Due to the difficult logistical issues gaining access to the region, the work program involved desktop studies followed by a single heli-assisted diamond drill program attempting to prove the Westmoreland-style concept. Due to the limited ground work done results to date are inconclusive. Following a strategic internal company review and the likelihood that little effective exploration work was planned for subsequent years, the decision to fully surrender EL 25220 was made.