EL 25347 Allambi Project, Annual exploration report for the period 12 March 2011 to 11 March 2012

Abstract

During the reporting period, a 25 day prospecting and mapping campaign was completed using a hand-held scintillometer that detects areas of anomalous radiation attributed primarily to uranium mineralisation. Seventy three (73) grab samples were taken and assayed during the campaign. The property is located in central portion of the Amadeus Basin, a Neoproterozoic to Devonian east-west trending intracratonic basin. Regional uranium mineralisation is hosted primarily in the Undandita Sandstone along redox boundaries. Previous exploration on the tenement has included nickel, zinc, uranium and gold exploration. Prospecting and scintollometer readings during the reporting period did not identify significant uranium mineralisation. A follow up prospecting campaign should be undertaken to fill in the work to date and further assess the economic viability of the tenement.