Annual and final report over the EL 24625 Eclipse Uranium-Iron Project 19 December 2005 to 27 February 2013

Abstract

The Eclipse project comprises Exploration Licence 24625 and covers 668.13 km 2 of carboniferous rocks of the Ngalia Basin, approximately 182km northwest of Alice Springs. The project is prospective for sandstone type uranium mineralisation similar to the southern New Well uranium deposit. Since the grant of the exploration licences, Cauldron has conducted office based studies including acquisition and review of historical reports and associated data. The Company has completed a Mining Management Plan, developed a Radiation Management Plan, Environmental Management Plan and a Field Procedures Manual for the Eclipse Project. Heritage surveys have been completed in association with the Central Land Council and the company continues to have positive relationships with local land owners and the Traditional Owners of the area. Field investigations undertaken by Cauldron have included a number of reconnaissance field trips, three Aircore drilling programs and airborne TEMPEST electromagnetic and radiometric surveys. Based on the review, it was recommended the exploration licence area was to be relinquished upon very little to no mineral prospectivity. The geophysical targets were identified to be too conceptual in nature and the expenditure to test these on the ground was to expensive.