Annual report for SEL 24855, year ended 23 January 2007

Abstract

The work completed during the tenement year ending 23 January 2007 consisted of a comprehensive data review of historic geological and geophysical data, a ground radiometric survey, field geological mapping and discussions with land owners. The work completed, confirmed a number of targets prospective for uranium and base metal (predominantly sediment hosted copper-zinc-lead-silver) mineralisation. These areas require further geological and geophysical investigation, in particular detailed field mapping and ground radiometric surveys. It is anticipated that once site access issues are resolved that these targets will be further explored with rock chip and soil sampling, radiometric surveys and then, if justified, by drilling. Unfortunately, part of the tenement lies within private land owned by Stanley Corporation, which is refusing access to the tenement holders, pending settlement of outstanding rehabilitation issues between Savanna and Stanley Corporation. Korab is reluctant to commit to significant expenditure pending settlement of these issues between Savanna and Stanley Corporation.