Combined annual exploration report GR102 EL 24884, EL 24906 and EL 25228 for the period ending 19 January 2011 Batchelor - Adelaide River Project

Abstract

The project area is approximately 80km due south of Darwin and consisted of three tenements: EL 24884, EL 24906 and EL 25228. EL 24884 was relinquished at the end of year 4, EL 24906 was sold to Anhui in February 2010 and EL 25228 was reduced from 60 to 50 blocks. Interpretation on Territory Uranium's Rum Jungle - Pine Creek Project has led to the identification of three similar target areas where uranium prospective 'Rum Jungle' stratigraphy exists (the same stratigraphy as that at Thundelarra's Thunderball Uranium Prospect) under recent cover within EL 25228 and EL 25229. RAB and RC drilling on all three of these targets was planned for 2010 but only two of the drill programs have been completed (on EL 25229) due to delays in the start of the 2010 field season (unseasonal late start to the dry) and September-October heavy rains. No exploration was completed on EL 24906 due to the sale and on EL 24884 which has now been relinquished.