Combined annual report for EL 25132, EL 25133, EL 25134 and EL 25135 year ended 12 July 2007

Abstract

Korab Resources Limited holds a number of tenements in the Rum Jungle Mineral Field near the town of Batchelor, collectively referred to as the Batchelor and Green Alligator Projects. The tenements form a contiguous exploration ground prospective for unconformity-type uranium mineralization. A number of base metal and gold prospects have also been identified. The work completed on the tenements during the year ended 13 July 2007 consisted of a data review of existing geological and geophysical data, interpretation of ground radiometric and airborne magnetic survey data, field geological studies and negotiations with land owners. The work resulted in outlining a number of areas prospective for uranium mineralisation. These prospective areas require further geological and geophysical studies, in particular detailed field mapping and ground radiometric surveys and comprehensive sampling. On the basis of the results of these works, a drilling programme is being planned and will be carried out as soon as possible, pending drill rig availability and finalisation of all regulatory approvals.