First combined annual report on EL 24178, EL 23934 and EL 24166 for the year ending 12 March 2008 Tanami-Granites Project

Abstract

Exploration work undertaken by Polaris Metals NL and Northern Uranium Limited during the period 10 February 2005 to 9 February 2007 focused on defining exploration targets with the potential for unconformity-style uranium mineralisation. Exploration comprised a thorough and detailed compilation, integration and review of all available geophysical, geological and geochemical data, in the context of an unconformity-style of target. AFMECO Mining & Exploration became operator of the Tanami-Granites project the 1st of May 2007 following the formation of a Strategic Alliance Agreement between Northern Uranium, AREVA NC Australia and AFMECO Mining and Exploration the 13th of February 2007. Exploration work undertaken by AFMECO Mining and Exploration during the period 1 May 2007 and 12 March 2008 consisted of airborne geophysical surveys in order to help define targets for unconformity-style uranium mineralisation. The geophysical surveys were comprised of a helicopter-borne time-domain electromagnetic survey with a VTEM system, an airborne hyperspectral mapping survey (HyMap) and an airborne radiometric and magnetic survey. On-ground exploration work consisted of helicopter-borne geological reconnaissance during which rock chip samples were taken for geochemical analysis. The data acquired during the different geophysical surveys are currently being reprocessed and interpreted. The geochemical and petrographic results of rock chip samples are not available yet.