Annual and final report over the eclipse uranium project, period ending 27 February 2013 EL 29563

Abstract

Exploration Licence 29563 is located about 180 km NW of Alice Springs and is easily accessed along the Tanami road. In June 2012, a major managerial and geological staff change took part in the company with a completely new team taking over key positions. The new team was keen to explore the Ngalia Basin and has since taken office been involved in a thorough desktop geological analysis and re-assessment of all of EPM's tenements, including the Eclipse Uranium Project (EL 24625 and EL 29563). Furthermore, around September/October 2012, the split of EL 24625 was officialised and resulted in the creation of EL 29563. Due to time constrains, since taking office 8 months ago, no follow field work was feasible on the ground by the new technical team of EPM. This time has been used to start an in-depth desktop analysis of EL 29563's geology and associated data. The analysis to date has already provided the new team with a strong base on which to build the new exploration program planned for the upcoming year. Due to an inability on the part of Eclipse Metals Ltd. to pay the scheduled annual rent in December of 2012, EPM has been issued by the Northern Territory Department of Resources a cancellation notice. EPM is awaiting cancellation of EL29563. Hence, no further exploration work will be planned in 2013 for EL 29563 by EPM. EL 29563 was cancelled on 27 February 2013