Annual report EL 23509 for the period 25 February 2010 to 26 February 2011

Abstract

During the year under review, exploration activities included geological mapping, petrographic studies and drilling and samples collected were assayed. During this campaign, 32 RC holes for a total of 4457 meters were drilled. In addition, a trench was also excavated. A total of 404 samples were retrieved during drilling and from a costean which were assayed. Uranium mineralisation was intersected at a number of stratigraphic horizons. The strongest uranium mineralisation was discovered in drill hole TPCRC 132 which returned 3 meters interval with 708 ppm uranium; Intercept at a depth of 124-125 meter assayed 1610 ppm uranium. In the next reporting period, data generated in previous exploration programs will be processed and interpreted. An emphasis will be placed on the interpretation of geophysical data and correlation of stratigraphy intersected during recent drilling programs. This exercise will help to understand style and further extension of mineralisation in the project area and surroundings. Infill drilling will be conducted to test new areas for mineralisation.