Ben Lomond

Overview

Highlights

• The Ben Lomond project is located in Queensland, Australia and was acquired from Mega Uranium
• Ben Lomond is a high grade, potential low capex deposit, which is open to the east over at least 1 km strike length
• Historical data is being analyzed

Historical Mineral Resource Estimate

Category	Tonnes (M)	Grade (% U3O8)	Contained (M lbs)
Indicated	1.3	0.23	6.8
Inferred	0.6	0.18	2.4

For additional information on the Ben Lomond Project, please refer to the Technical Report entitled “Technical Report on the Mining Leases Covering the Ben Lomond Uranium-Molybdenum Deposit Queensland, Australia”, prepared by Andrew Vicar and David G. Jones of Mining Associates Pty Ltd and dated July 16, 2005.

This resource is a historical estimate under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources. As a result, the historical estimate is not being treated as a current mineral resource.

Geology

The Ben Lomond uranium deposit is associated with Late Palaeozoic felsic intrusives and volcanics in north-eastern Queensland, Australia. Ben Lomond lies towards the north-western margin of the Townsville-Bowen volcanic field, in the overlap with the more northerly Newcastle Range-Featherbed volcanic field. The similar Maureen deposit is located towards the western margin of the latter field.   Ben Lomond is some 50 km WSW of the city of Townsville, while Maureen is a further 340 km to the NW (see the separate Maureen  record).

These deposits are the biggest of a large number of uranium-fluorine-molybdenum occurrences and radiometric anomalies that are associated with the extensive late Palaeozoic continental felsic volcanics and related intrusives of the Coastal Range Igneous Province that overlie and intrude the Georgetown-Coen Province of north-eastern Queensland and Cape Yorke Peninsular.