Nabarlek ML Project MLN 962 Annual Technical Report for the period 23 March 2012 to 22 March 2013

Abstract

No field work was completed during the reporting period. Work completed during the reporting period was restricted to office based research and targeting and included reprocessing and interpretation of recent geophysical datasets to assist with the structural interpretation of the Nabarlek ML. Various images were produced and interpreted to determine likely structural positions with the view to further examination to determine their veracity and importance. In addition, re-logging of the RC chips was undertaken with an emphasis on having a standardised data set with respect to lithology and especially hematite, chlorite and sericite alteration. Distinct coincident zones of strong chlorite, hematite, pyrite and sericite were highlighted that appear to be spatially related to some of the previously targeted prospect areas with the Mineral Lease such as Boomerang, Clapstick and the Nabarlek Pit. A comprehensive project review of all the historical data from the Nabarlek area has been reviewed. Based on this work, an Information Memorandum has been compiled with an exploration summary and recommendations for further work. In September 2012, Uranium Equities announced that is set to launch a new phase of uranium exploration within the highly prospective Nabarlek ML and the surrounding exploration ground. This will be achieved after reaching agreement to acquire 100 percent ownership of the surrounding exploration tenements from Cameco Australia Pty Ltd. The agreement consolidated Uranium Equities long-held desire to consolidate ownership and management of the entire Nabarlek region. This consolidation, together with the Company's existing presence in the Arnhem Land gives Uranium Equities a renewed focus in the region.