Bigrlyi

The uranium and vanadium project is located 350 kilometers northwest of Alice Springs, in the Northern Territory, Australia.

The Initial Scoping Study is based on a resource announced 2 March 2007 (4.53 Mt at 0.14% U308 and 0.16% V205 at 0.5kg/t U308 cut off). This resource does not include any results from drilling undertaken during the 2007 field season.

Eight optimal pit shells were identified for pit design and associated physicals estimation. Up to five open pits are planned to be mined concurrently. In summary the consolidated open pits deliver total ROM ore of 2.08Mt at 1,598ppm U3O8 and 1,658ppm V2O5, containing 7.33Mlb of U3O8 and 7.60Mlb of V205.

The Initial Scoping Study assessed resource exploitation below conceptual pit designs using conventional decline access and stoping methodologies. The principal stoping methods chosen for Bigrlyi is Bench and Uphole Retreat stoping. A minimum mining width of 4m is nominated.

Consolidated underground physicals for underground operations include: ROM ore hoist 648kt at 1,078ppm U3O8 and 1,642ppm V2O5; and contained U3O8 and V2O5 of 1.54Mlb and 2.35Mlb.

Over the 8 year life-of-mine ROM ore production is estimated at 2.73Mt at 1,474ppm U308 and 1,654ppm V205, of which 76% is sourced from open pit operations. Commencement of underground development and completion of open pit activity scheduled in the third and fifth years of mine operations respectively.

Historic metallurgical testwork has indicated the amenability of the Bigrlyi ore types to sulphuric acid leaching at fine grind sizes. The Initial Scoping Study assumes that acid leaching will be employed, followed by conventional solvent extraction and precipitation of yellow cake (U308) and vanadium pentoxide (V205) products.

Preliminary plant design assumes a treatment rate of 500,000 tonne per year.