EL 24565 Pandanus West Annual Report for the period 18 May 2011 to 17 May 2012

Abstract

Pandanus West EL 24565 was granted to UXA in May 2010 and a transfer of 49% to RIL (Australia) was registered on 16 January 2012. UXA is the nominated operator of the licence. This region is considered favourable for uranium exploration due to the numerous known uranium occurrences and regional geological setting. Exploration efforts and subsequent discoveries are likely to encompass deposits buried beneath Cainozoic cover and Seigal Volcanics using methods adapted to suit this style of mineralisation. These methods encompass data reviews, aerial geophysical surveys and ground truthing using geochemical and geophysical methods followed by drilling of prospective targets. The tenement is located at the boundary between Palaeoproterozoic Murphy Inlier and overlying Mesoproterozoic McArthur Basin The area is characterised by widespread Cainozoic cover and encompasses the buried western extension of Murphy Ridge. Work undertaken during the reporting period comprises a tenement review and airborne radiometric survey over 5900 line km at a line spacing of 80m and a flying height of approximately 30m. UXA is currently in the process of interpreting the survey data prior to commencing on ground exploration.