EL 25165 Swim Creek Project Annual report for the period 7 November 2011 to 6 November 2012

Abstract

The Swim Creek Project comprises Exploration Licence 25165 located in the Mary River region approximately 100 kilometres east-southeast of Darwin in the Northern Territory. In September 2012 a Farm In Agreement was signed with Rum Jungle Resources Ltd whereby Rum Jungle Resources can earn 70 percent by spending $500,000 and meeting the expenditure covenants. Uranex retains all of the Uranium rights Uranex is targeting East Alligator River Uranium Field (EARUF) and-or South Alligator Rivers Uranium Field (SARUF) and/or Rum Jungle Uranium Field (RJUF) style uranium deposits. This is based on the recognition that the Lower Proterozoic stratigraphy of the area has some similarities that may equate with stratigraphy in these uranium fields. Uranex is also targeting gold mineralisation similar to Woodcutters and Rustlers Roost. Rum Jungle Resources is targeting mainly gold deposits similar to Toms Gully, Rustlers Roost and the Quest deposits. The geological setting is a classic tightly folded structure. Rum Jungle began its Farm In exploration with an initial soil sampling program over of 665 samples over the Annabarroo Dome. These are currently being assayed. It is planned to commence drilling once all soil values have been plotted and the work program has been approved. Uranex completed a new ground check of all the accessible uranium anomalies, AEM bedrock conductor sites and the possible planned drill hole locations. It also checked the state of existing access. Some of the planned drilling of the bedrock conductors may still proceed. However, this may be combined with the drilling of soil anomalies for Au nearby.