Annual report ELRs 46-55 Bigrlyi Project period ending 17 November 2011

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%. Exploration undertaken in the current reporting period 18 November 2010 to 17 November 2011 included: Resource modelling & estimations, using Ordinary Kriging and MIK methods; 116 exploration, metallurgical and geotechnical holes; they included RC, RC precollar with diamond tail, and diamond core holes from surface. RC drilling totalled 13,789m for 84 RC exploration holes and pre-collars, and diamond drilling totalled 4,629m for 48 diamond holes/tails during the reporting period; Gamma Logging; Geochemical Assay including multelement geochemistry for ore domaining studies; Digital Aerial Photography and DEM generation; CSIRO-JSU final Ngalia Basin Report (Hylogging and Basin Studies); Geological Mapping and Facies logging for Ore Deposit Model Study; and final reports were received for various Environmental Baseline studies and for Metallurgical and Geotechnical evaluation studies.