ASX ANNOUNCEMENT. High grade uranium mineralisation confirmed at the Minindi prospect

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7 th November 2007 ASX Code: UTO ASX ANNOUNCEMENT High grade uranium mineralisation confirmed at the Minindi prospect HIGHLIGHTS New significant drilling results returned from Minindi Creek: o MCRC

1 7 th November 2007 ASX Code: UTO ASX ANNOUNCEMENT High grade uranium mineralisation confirmed at the Minindi prospect HIGHLIGHTS New significant drilling results returned from Minindi Creek: o MCRC 198: ppm eu 3 O 8 o MCRC 231: ppm eu 3 O 8 and ppm eu 3 O 8 o MCRC 232: ppm eu 3 O 8 o MCRC 234: ppm eu 3 O 8 Combination of infill and extensional drilling has improved understanding of the Minindi Prospect and extended the spatial extent of the Minindi South Prospect Airborne radiometric survey over the whole tenement to start by the end of the month to identify further drilling targets The Directors of ( U3O8 ) are pleased to release the results from its recently completed reverse circulation drilling programme at its 100% owned Wabli Creek, located north of Gascoyne Junction in Western Australia (see figure 2). The project lies in the Gascoyne region and consists of two separate calcrete hosted uranium systems along the Minindi and Wabli Creeks. Both are known to drain granitoids highly enriched in uranium. The mineralised systems identified form terrace deposits in which the terrace marking the top of the mineralised calcrete sits above the current creek level. The drilling programme consisted of 44 shallow holes for a total of 446 meters and comprised both infill and extensional drilling (on the Minindi and Minindi South Prospect). Drill hole spacing on the project ranged from 100 x 100m to 100 x 300 m with an average depth of 8 metres.

2 The results of a first round of reverse circulation drilling were released on the 21 st June 2007.

2 2 The results of a first round of reverse circulation drilling were released on the 21 st June Figure 1: Wabli Project geological setting The drilling and downhole logging has now been completed for the follow up programme, with the results now available (see Table 1). These results are reported using a 150ppm eu 3 O 8 cut-off grade to reflect the dramatic improvement in the uranium spot and long term prices over the last year. This round of drilling confirmed the high-grade nature of the mineralisation at the Minindi prospect (see Table 1 and Figure 3). The spatial extent of a smaller zone of mineralised calcrete (Minindi South Prospect, see Figure 2) delineated during the May 2007 drilling programme was also tested. Following this additional drilling, the mineralisation is still open to the south and the prospectivity of this prospect will be reviewed once the airborne radiometric data becomes available.

3 3 Figure 2: Contours of uranium intercepts (grade x thickness) at the Minindi and Minindi South Prospects

4 Prospect Hole Easting Northing From To Minindi Creek Thickness (m) eu 3 O 8 (ppm) eu 3 O 8 (%) MERC191 421958 7253548 1.22 1.68 0.46 210 0.021 MERC193 422159 7253552 0.17 1.81 1.64 291 0.

4 4 Prospect Hole Easting Northing From To Minindi Creek Thickness (m) eu 3 O 8 (ppm) eu 3 O 8 (%) MERC MERC MERC MERC MERC MERC MERC MERC MERC MERC Table 1: Significant new intercepts for the Minindi prospect (eu 3 O 8 from gamma logs). Collar coordinates are preliminary pending pick-up by high accuracy differential GPS. The coordinates refer to GDA94 datum, zone 50. All grades are reported at a 150ppm eu 3 O 8 cut-off grade, to a minimum width of 20cm. All holes were drilled vertically. Given the horizontal nature of the mineralised lenses, reported widths are understood to reflect true widths. Max: 1950ppm eu3o8 Figure 3: High grade mineralisation in MERC ppm eu3o8 eu 3 O 8 refers to the equivalent U 3 O 8 grade as estimated from downhole gamma logging and provides a more representative sample than chemical assays due to a much larger volume of rock being measured. This method is commonly used to estimate uranium grade where the radiation contribution from thorium and potassium is negligible, such as in calcrete-type uranium deposits. Compared to chemical assays, gamma logging also offers a vastly superior resolution, increased precision and does not suffer from contamination.

5 5 Extensive quality control was undertaken during the downhole logging, with daily calibration on a reference drill hole, duplicates on 5% of the holes, and others checks on depth accuracy (2cm resolution). The data has been corrected for hole diameter and the position of the water table. Checks of drill cuttings using an Exploranium GR 135 portable spectrometer showed Thorium values at or below background values (<10ppm eth), showing that the radioactivity measured is associated with uranium. Approximately 10% of the drill cuttings were sampled for chemical analysis and the samples were sent to ALS Perth for analysis by ICPAES with a four acid digest. These samples will help assess and characterise any radiometric disequilibrium that might occur at the Minindi Creek prospect. About UTO is a Perth based uranium exploration company which listed on the Australian Stock Exchange on the 9 th May It sets itself apart by having a quality portfolio, including a defined JORC compliant mineral resource of over 10 million pounds U 3 O 8 at Dawson Hinkler in Western Australia, and a very experienced management team. The management team includes some of the most experienced uranium explorers in Australia. Stephen Mann, the Managing Director, was previously General Manager of Cogema Australia a 100% owned subsidiary of the giant French group, AREVA, and a previous director of Energy Resources of Australia (ERA), owners of the Ranger uranium mine. Xavier Moreau, U3O8 s Chief Geologist, was formerly the Senior Structural Geologist for the AREVA group in Australia and is a specialist in a number of styles of uranium mineralisation. Andrew Bisset, U3O8 s Chief Geophysicist, was formally the Senior Geophysicist for the AREVA group in Australia and has consulted to Rio Tinto for the Kintyre uranium deposit and the International Atomic Energy Agency (IAEA). Further information relating to the Company and its various exploration projects can be found on the Company s website at:

6 Figure 4: Project location map S Mann 7 th November 2007 Managing Director Perth, WA The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is

S Mann has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent

6 6 Figure 4: Project location map S Mann 7 th November 2007 Managing Director Perth, WA The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by S Mann, who is a Member of the Australasian Institute of Mining and Metallurgy. S Mann has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. S Mann consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX ANNOUNCEMENT. Further significant radiometric anomalies identified on East Kimberley Joint Venture

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