Annual Report EL 24451 Ngalia Regional Project period ending 5 February 2012

Abstract

EL 24451 is part of the Ngalia Regional Project and is located 200 kilometres (by road) northwest of Alice Springs. The Ngalia Regional Project is 100% owned and operated by Energy Metals Limited. The Bigrlyi Project located ~ 150kms along strike to the west northwest, 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%. The Bigrlyi camp and core yard faculty is used to support the entire Ngalia Regional Project. The Malawiri Prospect is located in the southeast of the Ngalia Basin, on EL 24451, and approximately 200 kilometres northwest of Alice Springs. Exploration was carried out on the Malawiri Prospect between 1978 and 1982 in a Joint Venture between Central Pacific Minerals, Urangesellschaft GmbH and AGIP, following discovery of the Minerva uranium deposit by AGIP along strike. Exploration undertaken in the period 06 February 2011 to 05 February 2012 included: Ongoing database compilation of historical exploration; Ground reconnenance including GPS surveying of the historical collars, tenement boundaries and evaluation of the area; Review of all existing data and generation of new drill target; Regional Research with the CSIRO-JSV Ngalia Basin mineral systems study.