Annual report for period ending 13 July 2012, EL 27519 Ethel Creek

Abstract

No on-ground exploration has occurred in the current reporting year. A geochemical soil sampling program and stream sediment program was reviewed for gold potential defined by historical sampling programs. This program however was deemed by contractors of insufficient size as a single program. From general logistic and cost savings efficiencies, Renaissance would wait on the availability of at least 3 tenements being granted before mounting a ground based exploration programme to therefore provide a sufficient sized program to obtain a suitable contractor to carry out the programs. The CLC have not yet consented to access other Renaissance Uranium Exploration Licence Applications, therefore planned programs are to be re-assessed in the next reporting year before on-ground exploration can occur. Furthermore, with the current lack of support for nuclear power and the stagnation of the uranium price, Kurilpa acknowledges obtaining funds for uranium only exploration has been difficult this year. No exploration was planned for the Ngalia basin margin area, as funding for uranium-only exploration is too difficult to justify in the current market. Strong activity for uranium exploration will be somewhat controlled by the increased price and enthusiasm for the uranium sector.