EL 28285 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. As a result in the upcoming reporting period focus may be directed towards the southern part of the tenement within the Mesoproterozoic Musgrave Province for base and precious metals. As a result of a tsunami-induced accident at Japan?s Fukishima Daiichi nuclear power plant in March 2011, uranium prices have stagnated and there is still some uncertainty over the required timing for newly discovered uranium deposits. We have factored this into our programs in prioritising our drill targets. Our work over the past year has consequentially not been limited to pure-play uranium exploration with direction towards our tenement portfolio that includes opportunities for gold and IOCGU prospects, as well as uranium. Strong activity for uranium only exploration will be somewhat controlled by the increased price and enthusiasm for the uranium sector.