King River project EL 5890 Annual report 2004, 13 May 2004 to 12 May 2005

Abstract

This report describes exploration work undertaken within Exploration Licence 5890 during the ninth year of tenure ending 12 May 2005. The licence area is located in northwestern Arnhem Land and was initially granted on the 13 May 1996 for a period of six years. A two year renewal was granted in March 2002 for the period ending on May 12 2004. A second renewal of the licence area was applied for at the cessation of the initial two year period. The application was approved in April 2004, the licence being renewed for the final two years commencing 13 May 2004. The exploration program was managed by Cameco Australia Pty Ltd on behalf of the Yok Joint Venture partners, Cameco Australia Pty Ltd and the Yok Aboriginal Corporation. The primary exploration target is for unconformity related uranium deposits similar to the nearby Ranger, Jabiluka and Koongarra deposits and the now depleted Nabarlek mine. The current years exploration activities planned to further assess the Bower Bird anomalies with three deep RC holes. None of the holes reached their target due to excessive water.