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Cleve

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Establishment completed staff, facilities and equipment in place and working

Initial exploration completed major advances in our knowledge of the areas

Excellent early results discoveries of new uranium mineralisation at Muckanippie, Kingoonya, Cleve and Tumby Bay

Forward programs at Muckanippie, Tarcoola, Kingoonyaon the Eastern Eyre Peninsula at Mullaquana, Cleve and Tumby Bay

Year 1 exploration expenditure on budget at $1.1m

Available funds $4.0m

Overview of the first year

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Establishment completed

CorporateCorporate Governance and OH&S policies and systems set up and functioningAdministrative operating structures set up, staff and systems in

place

Staff recruitedChief Geologist

Wade BollenhagenDrilling Manager David UsherField Geologist

Edward KeysResearch Geologist

Nikki Galloway WarlandAdministration Manager

Susan Ortlepp

Geophysical Consultants David McInnes, electrical geophysicsGrant Koch, radiometrics, down-hole loggingGrant Archer, data acquisition, modeling

OrganisationOffices and workshop facilities in AdelaideField operating base at Tarcoola

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Logistics and equipmentOffice and workshops in Adelaide, field operations base established at Tarcoolarotary mud drill rig and down-hole logging plant being commissioned

Final stages of the refurbishment ofthe Mayhew 1000 rotary mud drilling rig

Building the radiometric and electric down-holelogging unit into a Toyota troop carrier

Backhoe for sump excavationand materials handling

‘.. by the end of September 2007 we will beconducting the majority of our own routineexploration activities..’

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Exploration completed

RepTEM completed in the Muckanippie, Tarcoola and Kingoonya tenementsidentifying over 340 km of prospective palaeodrainage

new uranium occurrences discoveredduring aircore drilling for ground truthing of RepTEM

magnetic and radiometric airborne surveys at Cleve, Mullaquana, anomalies bring followed up

Boothby uranium target defined by IP and bedrock geochemistry being mapped out prior to drilling.

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Kingoonya Palaeodrainage System, RepTEM

survey

UraniumSA has now identified over 350 kilometers of palaeodrainage which is know to contain roll-front style uranium mineralisation.

Much of the palaeodrainage is not apparent at surface, and the vast majority of it has never been explored for uranium.

200 km east to west, over 350km of palaeodrainage within our tenements

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KPS –

new uranium systems

Roll-front style uranium mineralisation was previously only known at the Ealbara and Warrior prospects.

Aircore drilling to ground-truth the RepTEM

data discovered uranium mineralisation in roll-front settings at two new locations

Bradman

prospect at Muckanippie

Blackoak

prospect at Kingoonya

Roll-front style uranium mineralisation has now been discovered in the Kingoonya portion of the palaeodrainage

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KPS –

Bradman

Prospect, Muckanippie

aeolian cover, dune sands and calcrete

lacustrine clays

carbonaceous and lignitic sands

mature fluvial sands

fine clayey sands and siltstone

untested thalwag

RepTEM

section 433,000E. View west, north is to the right

Scale; horizontal 5,000km between marks; vertical 100m between marks

new palaeodrainage system, new discovery of roll-front style uranium mineralisation

MKAC-023 MKAC-024 MKAC-027

New palaeodrainage system

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KPS –

Blackoak

Prospect, Kingoonya

aeolian cover, dune sands and calcrete

lacustrine clays, lignitic sand

fluvial sand and gravel, extensive pyrite

RepTEM

section 6,621,000N. View north, east is to the right

Scale; horizontal 1,000mm between marks; vertical 100m between marks

untested palaeodrainage system and new discovery of roll-front style uranium mineralisation

MKAC-023 MKAC-024 MKAC-027

KYAC-004

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KPS –

KYAC-004, Blackoak

Prospect

lacustrine clays

carbonaceous and lignitic sands, uranium mineralised

lacustrine clays

aircore chip tray 0

20

40

60

80

100

120

35 45 55 65 75 85 95

scintillometer cps

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KPS –

Tarcoola, working towards the next discovery

RepTEM

data with the interpreted maximum extent of the Kingoonya Palaeodrainage System overlain

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KPS –

Tarcoola, neighbors actively exploring

RepTEM

data with the interpreted maximum extent of the Kingoonya Palaeodrainage System overlain

Warrior Prospect

AEM survey which traces the palaeodrainage into our tenure

Ealbara Prospect

AEM survey which traces the palaeodrainage into our tenure

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KPS –

Tarcoola, well defined systems

RepTEM

data with the +30m isopach

of palaeodrainage sediments overlain

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KPS –

Tarcoola, good data, excellent targets

RepTEM

data with the interpreted flow-lines within the palaeodrainage

Priority targets for exploration –

mixing zones within the palaeodrainage where there is potential for a combination of permissive facies and favorable physiochemical conditions

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Eastern Eyre Peninsula, real targets

Mullaquana1.

uranium in roll-front systems within the Kanaka Beds (Pirie Basin).

2.

uranium-base metals in basement

Cleve1.

Boothby Prospect, unconformity footwall uranium-copper system

2.

uranium in structures associated with granites and metasediments

Tumby Bay1.

uranium mineralisation in young drainage systems

2.

uranium mineralisation of the Hospital Prospect style

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EEP -

Cleve, Boothby Prospect

Outcrop of Blue Range Beds (and inferred extents) unconformable on basement.Between outcrops, erosion has exposed basement below the unconformity.

Boothby Prospect –

coincident IP and bedrock geochemical anomaly.Located in basement rocks below the eroded unconformity, it is considered an excellent prospects for a footwall uranium-copper system

Unconformity footwall style of uranium mineralisation

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EEP -

Cleve, Boothby Prospect

Boothby Prospect –

clear, strong geophysical and geochemical anomalies

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EEP -

Mullaquana

Kanaka Beds, Pirie Basin –

uranium at the redox

interface

inland edge of upper sand and sediment sequence (blue)

inland edge of marine limestone unit (brown)

inland edge of sub-limestone sand/lignite unit (green)

interpreted inland edge of redox

front within the sand/lignite unit (red)

location of historic hole PP 15 with redox

cell (yellow star)

proposed rotary mud exploratory drill holes (black diamonds)testing over 20km of the prospective redox

front

Drilling scheduled to commence Monday 12th

November, 2007.

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Native TitleCommenced Part 9B process

First Heritage clearance visits scheduled 21st

November 2007

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The year ahead

in control of our destiny -

working with our equipment and skills to discover uranium

Continuous drilling anticipating an average of 2,500m and/or 25 holes completed and logged each month. Objective is a minimum of 300 exploration holes in the next year.

Drilling commencing commissioning the rig and exploring the redox front inat Mullaquana the Kanaka Beds.

Focus - Tarcoola drilling to locate channel thalwags and identify prospective environments - high probability of discovery.

Follow-up - Kingoonya systematic follow-up of the newly discovered uranium anomaly - high probability of discovery

Follow-up - Muckanippie systematic follow-up of the newly discovered uranium anomaly - high probability of discovery.

Boothby Prospect to drilling defining a target for drill testing - high quality target.For

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‘…

building on a foundation of positive results our secondyear of operation will see majoradvances towards discovery …

‘

Kingoonya Palaeodrainage

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