Annual Report - Namarrkon Project 31 May 2011 to 30 May 2012 EL 23700

Abstract

The reporting period of 31 May 2011 to 30 May 2012 is the seventh year of tenure for Namarrkon Project. It consists of a single exploration Licence, EL 23700, with a total area of 43.8km2. The licence is located in western Arnhem Land in the East Alligator Rivers uranium field approximately 250km east of Darwin and approximately 75km northeast of the Jabiru township. The tenement was granted for an initial period of six years to Cameco Australia Pty Ltd (Cameco) on 31 May 2005. The project is operated by Cameco in Joint Venture with Uranium Equities Limited (UEL) who currently hold 40% interest in the tenement. On 31 May 2010, 17 blocks were relinquished for a total of 56.8km2 reducing the ground from 100.6km2 to the current size of 43.8km2. EL 23700 is located on Aboriginal Land and the exploration program was carried out under the terms of consent documentation agreed with the NLC pursuant to the Aboriginal Land Rights (Northern Territory) Act 1976. Exploration work clearance was given by the NLC on behalf of the Traditional Owners following the Work Program Meeting held on 08 June 2011 at Oenpelli. The 2011 exploration program consisted of a desktop review of previous exploration completed within the EL and target evaluation of current and potential anomalous zones.