EL 28287 Depot Hill East annual report for period ending 3 April 2012

Abstract

No on-ground exploration activities were completed in the current reporting period. Internal desktop based assessment of historic geological, geophysical and seismic when available data, looking for structural and stratigraphic traps for uranium associated with helium gas was conducted. Searches of public domain data has failed to provide any primary leads of potential helium related uranium exploration in particular the lack of seismic data has made this avenue of research more difficult to pursue. Furthermore, our strategic focus on prospects with potential for near-term economic discoveries is especially relevant due to the volatility experienced in the uranium sector over the past year. As a result of a tsunami-induced accident at Japan?s Fukishima Daiichi nuclear power plant in March 2011, there has been understandable concern regarding the safety of nuclear power generation, and this has resulted in the exit from our sector of some short-term investors.