Mount Denison Project EL 24622 Annual report 23 December 2005 to 22 December 2006

Abstract

The Mount Denison Tenement EL 24622 consists of 422 km2 situated approximately 335km south west of Tenant Creek and 247km northwest of Alice Springs. It can be found on the Denison 1:100,000 and the Napperby 1:250,000 map sheets. The project has the potential for occurrences of metamorphic and intrusive related uranium deposits within igneous basement rocks, and sandstone uranium deposits in the overlying sedimentary units. Access to the tenement is by rough road travelling northeast off the main Tanami Road, or via tracks running southeast from Mount Denison. This report outlines exploration on the tenement for the year ending 22 December 2006. Exploration consisted of data-reviews of previous exploration. The primary target in the area is uranium mineralization. The tenement shows strong granitic outcrop and blanketed by alluvial and colluvial sediments. Minor metamorphic schists are exposed in the western quartile of the tenement. At the time of writing it was deemed that this tenement was to be handed to another exploration company as part of a negotiated contractual agreement.