Outer Ring

• 100% Uravan – staked in December 2009.

• Project area located along the NE extension of the Cable Bay structural corridor, and east of Pasfield Lake, Athabasca Basin.

• Surface geochemical program completed in July 2010, resulting in 2027 samples collect from three surface media: B/C horizon soils, spruce/pine vegetation and tree-cores

• Data analysis identified several anomalous trends, consisting of radiogenic Pb isotopic compositions in soil horizons and tree-cores that correlate with associated pathfinder elements and regional magnetic data.

• In 2011 specific surface geochemical targets were tested with seven (7) diamond drill-holes (OR11-01 to OR11-07) totalling 5834 meters drilled (including MATH drill-hole OR11-06)

• The OR/MATH reconnaissance drill program was positive and identified a number of key features required for unconformity-related uranium mineralization:

  • The presence of high radioactivity levels (>400CPS) above and below the unconformity;

  • Persistent sandstone bleaching/alteration above the unconformity coincident with broad zones of secondary hematite alteration;

  • The presence of illite clay alteration occurring in some of the drill-holes over varying thicknesses at and above the unconformity;

  • The presence of major fracturing in the Athabasca Sandstone section; and

  • The intersection of a major reverse fault in the underlying basement units, suggestive of structural reactivation.

• Follow up drilling planned for  June 2012