Annual report ELRs 46 - 55 Bigrlyi Project period ending 17 November 2009

Abstract

The Bigrlyi project comprises ten granted Exploration Retention Licences (ERL's 46 to 55 inclusive) located 390 kilometres (by road) northwest of Alice Springs. The project is a Joint Venture between Energy Metals Limited with 53.3% (operator), Valhalla Uranium (a subsidiary of Paladin Resources Ltd) with 41.7% and Southern Cross Exploration NL with 5%. Uranium mineralisation was discovered at Bigrlyi by a joint venture managed by Central Pacific Minerals (CPM) in 1973. Exploration undertaken in the current reporting period 18 November 2008 to 17 November 2009 included: Further infrastructure additions to the Bigrlyi exploration camp; Resource modelling and estimations, using ordinary and MIK krigeing methodologies; 9 diamond holes for 750m, including 5 wedges, for metallurgical sampling; 67 RC holes for 8118m, including 10 precollars for metallurgical sampling; A detailed mineralogical and geochemical study of core samples; XRF analysis of sample pulps and RC cuttings; and Ongoing rehabilitation of drill sites.