An intensive exploration program is planned for the 2010 field season to include drilling, geochemistry and geophysics after the tenements have been granted.

Red Rock Bore Update

E08/1968 – 100% Gondwana Resources

The Red Rock Bore exploration licence application is located on Maroonah station, 320 kilometres

south of the port of Dampier.

The principal feature of Red Rock is an inselberg or exfoliating granite dome that stands 35 metres

above the surrounding sand plain.

In August 2009, field investigations including footborne scintillometry and rock chip sampling were carried out by the company’s uranium-specialist geologist, Syd Morete. The strongest ground radiometric anomaly was located on top of the rock.

Four samples were collected and submitted to Genalysis Laboratory Services for assay using a 4-acid digest and analysis via ICPMS for uranium and certain other elements.

Rock chip sample 09RRRK003 returned 946ppm uranium and 15ppm thorium (U:Th=63), located at 361153mE-7408776mN (MGA Zone 50). This result suggests the presence of uraninite. No secondary uranium minerals were observed. Three other rock chips within the radiometric anomaly returned less than 37ppm uranium.

Detailed Airborne Geophysical Survey

In November 2009, a low level, detailed airborne radiometric survey has been conducted by UTS Aeroquest at 20m height and 20m line spacing using their Fletcher Aircraft. This survey will assist in planning for the work to be carried out immediately the tenement is granted – ground radiometric survey, channel geochemical sampling and a drilling program.

The survey was designed to map the area of surface radiometric response and has located an extensive uranium channel anomaly where expected around the 946ppm U geochemical anomaly discovered in August 2009.

In addition, a new and stronger uranium channel anomaly has been identified 550m to the north east.

The uranium channel has been processed and ground stripping calibrations have been applied. Planned follow-up ground work will ascertain whether the rock chip represents a small enriched zone near the surface, or is representative of the fresh rock in the whole of the inselberg.