Namarrkon Project EL 23700 Annual Technical Report for the period 31 May 2012 to 30 May 2013

Abstract

The Namarrkon Project is located in the western portion of the Arnhem Land Aboriginal Reserve, 28km east of the Gunbalanya (Oenpelli) Aboriginal Community and approximately 300km east of Darwin. Namarrkon consists of a single exploration licence, EL 23700, with a total area of 43.8km2. Initially granted for a period of six years to Cameco Australia Pty Ltd (Cameco), the project is currently operated by Uranium Equities Limited (UEL) who is earning a 100% interest in the tenement. The 2012 exploration program consisted of a desktop review of previous exploration completed within the licence area and target evaluation of current and potential anomalous zones. Work completed included reprocessing and interpretation of recent geophysical datasets to assist with the structural interpretation of the region. Various images were produced and interpreted to determine likely structural positions with the view to further examination to determine their veracity and importance. No field work was completed during the reporting period.