Batchelor Project combined annual report EL's 25132, 25133, 25134 and 25135 year ending 12 July 2008

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 2008 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. Recently CSA Global Pty Ltd was appointed to manage the exploration affairs of Korab Resources in the Northern Territory. Since their appointment CSA Global's staff has pursued an active exploration program over all of Korab's licences. The initial exploration effort has focused on collating all of the historical and company data that pertains to the licence area. As part of the data collation copies of all of the relevant open file reports in IRMS have been obtained and read. A significant number of closed file company reports along with reprocessed geophysical data has been acquired. The perusal of the historical data has indicated there are several areas of elevated geochemistry or radiometric response that need additional work. Unfortunately a delay in the commencement of field work has been caused by the fact that none of the historical data is available in digital format. The digital capture of the data is essential to define areas that have been inadequately explored and areas where previous work has produced significant results that have yet to be followed up. The work resulted in outlining a number of areas prospective for base metals, gold and 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.