Green Alligator Project combined annual report for EL 25136 and EL 25242 year ended 11 September 2007

Abstract

Korab Resources Limited is the holder of a number of tenements within the Rum Jungle Mineral Field in the Northern Territory, Australia. Exploration Licence 25136 and Exploration Licence 25242 are part of the Green Alligator Project that is considered highly prospective for unconformity-style uranium mineralisation. A number of gold, base metal and magnesium deposits in the area increase the significance of the Green Alligator project. The work completed on the tenements during Year 1 ended 11 September 2007 consisted of a review and compilation of existing information for the Rum Jungle geology and mineral deposits, field geological studies, and interpretation of ground radiometric and airborne magnetic survey data. This was a necessary and exhaustive process due the employment of new staff and due to the uranium rights for the tenements planned to be assigned to a new associated company IPO. The tenements area requires further detailed geological, geophysical and geochemical investigations, such as geological mapping, sampling, ground radiometric surveying and drilling. This will be facilitated and accelerated by the availability of new exploration funds from the planned Public Listing.