Annual Report Mount Howship Project 15 May 2014 to 14 May 2015

Abstract

The Mount Howship project covers 66.51 sq. Km as 22 sub block contained in Exploration Licence 9637 in Western Arnhem Land about 260 km east of Darwin. The licence was granted to Heavy Metal Resources Pty Ltd (HMR) on 15th May 2009 for an initial period of six years. Cameco Australia Pty Ltd formed a joint venture with HMR and carried out exploration for four years before requesting a moratorium on expenditure. In 2015, Cameco elected to leave the joint venture. The Mount Howship tenement is considered to be prospective for uranium mineralisation. It is hoped to identify unconformity related uranium deposits. Exploration activities carried out up to and including reclamation of two diamond drill sites in 2014 were completed under the terms of consent documents agreed with the Northern Land Council pursuant to the Aboriginal Land Rights (Northern Territory) Act 1976. The field programme for the fifth year of tenure was halted by request to the DME from Cameco due to financial uncertainties arising out of the Fukashima nuclear accident. The field programme for 2015/2016 will be subject to a new joint venture agreement.