Annual report for period 16 August 2011 to 15 August 2012

Abstract

During the sixth year of tenure, Rum Jungle Resources completed 3 RC drilling holes for a total of 204m on behalf of the JV. These holes had various targets including, magnetic, ground gravity and lag geochemical anomalies. The best intercepts were in PCRC035 which was drilled 50m behind the target hole, with elevated copper, lead and silver. Despite modest results, broader issues of budget priorities meant that Rum Jungle wished to focus attention on other areas away from EL 24835. Uranium West considered the results and believed the targets and the project in general was worth follow-up. In late December 2011, Rum Jungle advised Uranium West that it did not wish to retain involvement in EL 24835. In May 2012, Uranium West on the basis of its initial technical review decided it would take over responsibility and management of EL 24835.