Toolebuc

The Toolebuc Project targets the Cretaceous age Toolebuc Formation which is considered prospective for the discovery of strata-bound redox front uranium deposits. The Company's tenements overlie an extensive (~160km) strike length of the prospective Toolebuc Formation stratigraphy.

Redox front uranium deposits are typically developed where uranium in weak concentrations is dissolved by oxidising fluids percolating through porous rock strata and re-deposited when the uranium-bearing fluids encounter a reducing environment. The resultant uranium mineralisation may develop over an extensive area within the host stratigraphy.

The Toolebuc Formation is a regionally extensive marker horizon which is significantly anomalous in soluble metals including uranium, vanadium, molybdenum and some base metals.

Substantial vanadium-molybdenum deposits have already been defined by third parties within the Toolebuc Formation adjacent to the Company's tenements. These deposits are believed to have been formed by the same generic process as that described above for redox front uranium deposits and have also been subject to upgrading by surficial weathering.

Prior exploration for uranium within the region has been limited, however, the Company has identified a number of indicators that are believed to support the potential for discovery of redox front uranium mineralization including:

• Regional radiometric surveys indicate high level uranium-channel anomalism within the target Toolebuc Formation.
• Large-scale third party vanadium-molybdenum deposits identified adjacent to the Company's tenements evidence major metal transport systems and demonstrate the high level porosity/permeability of the host Toolebuc Formation.
• Deposit-scale molybdenum enrichment may indicate proximity to a potential uranium-rich front (classic roll-front uranium deposits typically exhibit a zoned mineral assemblage parallel to the direction of fluid flow including molybdenum-rich assemblages within and ahead of the main uranium ore zone).
• Multiple potential uranium source rocks have been identified including Proterozoic basement, granitic intrusives (within basement) and the Toolebuc Formation itself.

The Toolebuc Project is a significant greenfield exploration initiative by the Company. The Company proposes an exploration program including surface geochemical sampling, geophysical (scintillometer) surveys, costeaning, and shallow air-core drilling as required.

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