Partial relinquishment report over the Mount Wells Gold Project period ending 16 April 2013

Abstract

The Mount Wells tenement (EL 27567) covers 50km2 of ground within the Palaeoproterozoic rocks of the Pine Creek Orogen near to the South Alligator River Uranium Field. The project is prospective for gold and base metals. The tenement is also relatively near to the Rum Jungle mineral field which is highly prospective for uranium mineralisation in conjunction with base metals. The tenement was granted to Whitvista Pty Ltd on 16th April 2010 and on 18th January 2012 Eclipse Uranium became the owners of Whitvista through the acquisition of Central Energy Ltd. During April 2013 consulting geologists Kastellco Geological Consultancy conducted a review of existing historical exploration data within the Northern Territory Geological Survey Database. This was conducted for over the Project area to identify any potential for base metal-gold. Based on the review a total of 40 percent of the tenement was to be relinquished based upon more favorable geochemical and magnetic targets within Exploration Licence area.