29 June 2009 Australian Securities Exchange Limited Exchange Plaza - - PDF document

29 June 2009 Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000 Attn: The Manager – Companies Dear Sir, Attached is a technical presentation which was presented at the AusIMM International Uranium conference in Darwin on 10 – 11th June 2009.

• Nabarlek – New Exploration Results and Perspectives, presented by David

Brunt. Yours faithfully, MARK CHALMERS Managing Director

The information in this report that relates to Exploration Results is based on information compiled by Mr David Brunt, a full-time employee of Uranium Equities Limited, who is a Fellow of the Australasian Institute

• f Mining and Metallurgy Inc. Mr. Brunt has sufficient experience in the field of activity being reported to

qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here. CONTACT: Mark Chalmers, Managing Director 0417 861 482 David Brunt, Executive Director 0419 848 713 Uranium Equities Lim ited ABN 74 009 799 553 Level 6 West, 50 Grenfell Street Adelaide SA 5000 Tel: + 61 8 8110 0700 Fax: + 61 8 8110 0777 Email: info@uel.com.au Website: www.uel.com.au

N b l k Nabarlek - New Exploration Results and P i Perspectives

G W illiam son, A Marsland-Sm ith and D Brunt Uranium Equities Limited (ASX: UEQ) Presenter: David Brunt AusI MM I nternational Uranium Conference 2 0 0 9

Darw in 1 0 th June 2 0 0 9

1

Disclaim er & Com petent Persons Disclaim er & Com petent Persons Statem ent Statem ent

• Forw ard Looking Statem ents

This Presentation may include statements that could be deemed “forward-looking statements”. Although the Company believes the t ti d i h f d l ki t t t b d bl ti h t t t t expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward- looking statements or not take place at all.

• No offer to sell or invitation to buy

This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in Uranium Equities Limited, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any

• person. Uranium Equities Limited does not accept any liability to any person in relation to the distribution or possession of this

Presentation from or in any jurisdiction.

• Disclaim er

Whilst care has been exercised in preparing and presenting this Presentation to the maximum extent permitted by law Uranium Whilst care has been exercised in preparing and presenting this Presentation ,to the maximum extent permitted by law, Uranium Equities Limited and its representatives:

• make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or

reasonableness of this Presentation;

• accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and
• accept no responsibility for any errors or omissions from this Presentation.

p p y y

• Receipt of this Presentation

If the recipient of this Presentation has signed any confidentiality or similar agreement covering information of the type herein contained, then the Presentation and all information therein is received subject to that agreement(s).

• Com petent Person Statem ent

The information in this presentation that relates to Exploration Results is based on information compiled by Mr. David Brunt, a Director and Consultant of Uranium Equities Limited, who is a Fellow of the Australasian Institute of Mining and Metallurgy Inc. Mr. Brunt has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2004 edition

• f the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and consents to the release of

information in the form and context in which it appears here.

Nabarlek Nabarlek - Location & the ARUF Location & the ARUF Nabarlek Nabarlek Location & the ARUF Location & the ARUF

Nabarlek History Nabarlek History Nabarlek History Nabarlek History

• Discovered as a prominent airborne radiometric anomaly by QML – June 1970

Nabarlek Mine 1988 Nabarlek Mine 1988 Nabarlek Minesite 2008 Nabarlek Minesite 2008

• Discovered as a prominent airborne radiometric anomaly by QML – June 1970
• Open cut mining completed over 4 months in 1979; ore milled 1980-1988
• Mined and stockpiled 546,437t of ore grading 1.84% U3O8 and 157,000t of below

grade ore of 0.05% U3O8 (Australia’s highest grade deposit)

• Mill operated 1980–1988 and produced 11,084t (24.8 M lbs) U3O8
• Acquired by Uranium Equities - April 2008

Nabarlek & Arnhem Land Nabarlek & Arnhem Land l i i l i i Exploration History Exploration History

1968 ARUF exploration begins 1969-72 DISCOVERY Ranger, Koongarra,

Source: The Ux Consulting Company, LLC http://www.uxc.com/

140.00 160.00 Ranger, Koongarra, Jabiluka, Nabarlek 1988-1989 QML: Radiometrics, Trenching, Drilling etc – 12 prospects First Tempest 100.00 120.00 $U3O8 Discovered First Tempest Survey 2000, Minor Drilling Geophysics, Drilling &Sampling 1973-1988: No Exploration Land Rights 60.00 80.00 Constant 2008 $ &Sampling UEQ:CAMECO JV Land Rights Issues 20.00 40.00 C RANGER 3 DEEPS DISCOVERY 1964 1973 1981 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 0.00

Unconform ity Model Unconform ity Model Unconform ity Model Unconform ity Model Unconform ity Model Unconform ity Model Unconform ity Model Unconform ity Model

EXPLORATION TECHNIQUES Ai b EM t hiti d t ( f l i C d t / t i A t li )

(Modified after CUNEY et al., 2000)

Airborne EM to map graphitic conductors (successful in Canada, not so/yet in Australia) Absence of highly graphitic host rocks at Nabarlek Conductive overburden ? distorts EM signals Need for alternative approaches to exploration .

Nabarlek Area Nabarlek Area – – Geology, Structure Geology, Structure Nabarlek Area Nabarlek Area – – Geology, Structure Geology, Structure and Rock Unit relationships and Rock Unit relationships and Rock Unit relationships and Rock Unit relationships

Nabarlek Area Nabarlek Area – Sections Sections Nabarlek Area Nabarlek Area – Sections Sections

Long Section

Nabarlek Area Nabarlek Area Sections Sections Nabarlek Area Nabarlek Area Sections Sections

Long Section from SMLB Prospect (uranium ( mineralisation in metamorphics beneath Unconformity to N147 along the Gabo Shear in dolerite Shear in dolerite Cross Section through Nabarlek and the Nabarlek and the dolerite

Nabarlek ML Nabarlek ML - Long Section Long Section Nabarlek ML Nabarlek ML Long Section Long Section

Nabarlek Nabarlek - Cross Section Cross Section Nabarlek Nabarlek Cross Section Cross Section

N1 4 7 Prospect N1 4 7 Prospect N1 4 7 Prospect N1 4 7 Prospect N1 4 7 Prospect N1 4 7 Prospect N1 4 7 Prospect N1 4 7 Prospect

A

Dolerite mineralised just outside the ML boundary at N147 (200m x 50m mineralised zone and open in both directions) Mi li d i t t Mineralised intercepts 36.2m @ 0.172% eU3O8 from 108.2m 14.5m @ 0.224% eU3O8 from 116.9m 23.4m @ 0.138% eU3O8 from 117.1m 23.4m @ 0.138% eU3O8 from 117.1m

Ref: Uranium Equities ASX Release 27th November 2008

Nabarlek Area Nabarlek Area – – geochem ical geochem ical l i li l i li exploration anom alies exploration anom alies

Grid RC & AC Grid RC & AC geochemical drilling in areas defined in blue - along key t t structures Bedrock & regolith sampling for U using sampling for U using portable XRF Mapped as anomalies pp > 100 GT (ppm U3O8 x m)

Ref: Uranium Equities Ref: Uranium Equities ASX Release 27th November 2008

Geochem ical exploration results Geochem ical exploration results il S f b l k il S f b l k Detail SE of Nabarlek Detail SE of Nabarlek

Strong correlation Strong correlation with N147 Outstanding Outstanding geochemical results at shallow depths – Coopers p p Prospect

Ref: Uranium Equities ASX Release 25th September 2008

Nabarlek ML Nabarlek ML i b di i i i b di i i airborne radiom etric im age airborne radiom etric im age

R d U G Th Red = U; Green = Th Blue = K Strong radiometric evidence of ponds, pit, plant areas, camp and roads Also note anomalies tested by earlier QML grid drilling

Effectiveness of historical Effectiveness of historical Effectiveness of historical Effectiveness of historical geochem ical sam pling geochem ical sam pling geochem ical sam pling geochem ical sam pling

Bottom of hole l th d Systematic sampling using Niton Cover

U dispersion halo

sample method using Niton U

U dispersion halo

B t

• Many shallow drillholes (< 30m) failed to reach cover/ basement interface or

basement sequences.

Basement

• Geochemical sampling of most

drillholes was restricted to bottom

• f hole or

cover/ basement interface only.

• Unlikely that drill sampling would have identified the broad geochemical halos in

the egolith cha acte istic of mine alised

• nes else

he e the regolith characteristic of mineralised zones elsewhere.

Nabarlek ML Nabarlek ML h f hi i l d illi h f hi i l d illi Depth of historical drilling Depth of historical drilling

I i i Image summarising depth of drilling blue – shallow drilling d green – deeper 901 drill holes – RC, AC ddh AC, ddh core, perc 643 drillholes (71.3% ) < 30m deep < 30m deep 90 holes > 100m 8 holes > 200m

Highlights Highlights -

• 2 0 0 8 Exploration

2 0 0 8 Exploration Program m e Program m e

• Ore grades and w ide-spread anom alous uranium in 2008 drilling

programmes confirm the presence of large mineral systems

• Nabarlek ML: Limited drilling was completed late in the field season
• Nabarlek ML: Limited drilling was completed late in the field season.

Geochemical exploration drilling confined mainly to ponds, pit and plant areas

• Best result achieved on the Nabarlek Shear 9 .5 m @ 0 .0 6 9 % eU3O8 from

6 8 5 i l di 1 3 @ 0 2 5 4 % U O f 7 3 8 6 8 .5 m including 1 .3 m @ 0 .2 5 4 % eU3O8 from 7 3 .8 m .

• N1 4 7 Prospect: High grade uranium mineralisation extended 55 metres to

the west with best intersection 3 6 .2 m @ 0 .1 7 2 % eU3O8 from 1 0 8 .2 m .

3 8

• SMLB Prospect: Best intersection 1 5 .4 m @ 0 .0 4 5 % eU3O8 from 9 4 .1 m .
• Bedrock drilling along major structures identified uranium anom alies at
• Bedrock drilling along major structures identified uranium anom alies at

the North Tip, Delver, N84, Cooper and Embayment prospects.

Ref: Uranium Equities ASX Release 27th November 2008 Ref: Uranium Equities ASX Release 27 November 2008

Nabarlek ML Nabarlek ML E l ti ti / t E l ti ti / t Exploration perspectives/ concepts Exploration perspectives/ concepts

Four styles of m ineralisation Unconformity-related

• bscured by alluvium, soil or

sandstone cover. e.g. SMLB Prospect Prospect Dolerite-hosted

• mineralisation. e.g. N147

style y Basement-hosted mineralisation in structures displaced by emplacement of the dolerite the dolerite. Structure-controlled mineralisation in basement beneath the dolerite Displacement Intrusion of the 220 250m thick beneath the dolerite (Nabarlek Deeps). Displacement - Intrusion of the 220–250m thick Dolerite Sill may have physically offset the Nabarlek Shear Zone and mineralisation. Any displacement is currently unrecognised and yet to be tested yet to be tested

Nabarlek Exploration Nabarlek Exploration ‘N b l k D ’ t ‘N b l k D ’ t Nabarlek Exploration Nabarlek Exploration ‘N b l k D ’ t ‘N b l k D ’ t ‘Nabarlek Deeps’ concept ‘Nabarlek Deeps’ concept ‘Nabarlek Deeps’ concept ‘Nabarlek Deeps’ concept Ranger

Ranger 3 Deeps Recent recognition of strong structural control independent of the independent of the unconformity. 30,000-40,000t of , , contained U3O8 estimated extension of Ranger 3 ore - 250-500m from surface# . Concept not tested in the Nabarlek ML

# Ref: ERA Limited ASX release 17th November 2008

Nabarlek

Sum m ary Sum m ary Sum m ary Sum m ary

ARUF - focus of exploration since the late 1960s; Exploration largely driven by geophysical surveys with airborne radiometrics the key initial discovery tool geophysical surveys with airborne radiometrics the key initial discovery tool Nabarlek - limited exploration since initial discovery - unsuccessful to date in locating substantial additional mineralisation Yet – the area has: Extensive structural network and multiple fluid pathways Widespread uranium anomalism Host rocks Uraniferous granite at depth System atic geochem ical drilling in the surrounding area has identified a significant number of regolith/ bedrock geochemical anomalies associated with structures – in addition to presence of known prospects/ deposits (e.g. N147) p p p / p ( g ) Extension of this systematic geochemical exploration to the ML is likely to generate additional drilling targets. Conceptual structural targets have also been identified (“Nabarlek Deeps’) been identified ( Nabarlek Deeps ) Nabarlek is a severely under-explored, high-grade, brow nfields exploration project.

(Recent Australian uranium discoveries – ‘brownfields’ - 4 Mile 2005; Ranger 3 Deeps 2008) (Recent Australian uranium discoveries brownfields - 4 Mile 2005; Ranger 3 Deeps 2008)

“Nabarlek - New Exploration R lt d P ti ” “Nabarlek - New Exploration R lt d P ti ” Results and Perspectives” Results and Perspectives”

Thank you Thank you