SUCCESSES

Since listing in April 2007 the company has made solid progress in exploring and unlocking the potential of its ground package. Our work continues to show that our ground is highly prospective rare earths, uranium and other commodities such as gold and base metals.

At the Greenfield's 'Stromberg' discovery in our Daly Project, shallow, flat lying, Heavy Rare Earth mineralisation has been intersected from surface in recent RC drilling. The highest grade intersection returning 7m @ 1% Total Rare Earth Oxide (TREO), from surface, has revealed that 95% of the rare earth content is valuable and high demand Heavy Rare Earth elements (HREE’s). Initial mineralogy and metallurgical studies are providing positive results with respect to an eventual path to market.

At the Pine Creek Project, a significant new high grade rare earth discovery at the Quantum prospect has returned intersections including 12m @ 4.5% total rare earth oxide.

Also at the Pine Creek Project, uranium has been discovered near the Quantum rare earth propsect with a uranium intersections noted in one hole over a 250m interval; best intersection of 0.5m at 4244ppm.

At both the Stromberg District  and Pine Creek Projects a number of new targets have been identified for further heavy rare earth exploration from radiometric and geochemical surveys.

Work at our Calvert project has further highlighted a number of base metal and gold geochemical anomalies for follow up work.

The Company has now been awarded three grants through the Northern Territory Governments highly competitive 'bringing forward discovery' initiative validating the quality of our targeting.

The Company formed a number of new business partnerships with major organisations to provide leverage from its attractive ground position.

Land access negotiations have progressed across our portfolio with two tenements (EL25395 and EL27591) in the northeast Arnhem project being granted. These 100% TUC tenements are subject to an option to explore and purchase agreement with Rio Tinto for exploration of bauxite. In addition, verbal consent has been given for access to a tenement in the world class Alligator River Uranium Field with other land access meetings planned for adjacent tenements in the near future.

Last Modified Date : Tuesday, 31 January 2012