EL 23437 Castlemaine Third annual report for the year ended 29 December 2006

Abstract

This tenement is considered prospective for uranium, copper, lead, zinc, cobalt and nickel mineralisation. There are also some existing phosphate prospects in the tenement, however the phosphates do not appear to have economic importance. During the year data acquisition and compilation of drill data continued. One vertical RC drill hole was completed in 2005, during 2006 assay results were compiled and results integrated into a GIS system. Previous drill results from Uranerz's aircore programme continued to be compiled and entered into the GIS to help plan additional drilling. The results from the RC drill hole were sufficiently encouraging to plan additional drilling. The follow up drilling planned for 2006 was delayed due to slow drilling progress at prospects in other tenements nearby.