Mount Isa North Uranium Project

The Mount Isa North Uranium Project is located 10 to 70km north and east of Mount Isa and contains numerous uranium anomalies, most of which still have to be investigated thoroughly. The area is 100% held and managed by Summit Resources (Aust) Pty Ltd (SRA). SRA is a wholly owned subsidiary of Summit Resources Limited (ASX Code: SMM) of which the Company owns 81.9%.

Exploration continues on Mount Isa North Project where Summit holds 1,356km² of granted tenements that are prospective for uranium, copper and base metals. The tenements are centred on the city of Mount Isa. The project includes the Bikini, Watta and Anderson uranium deposits as well as numerous other uranium prospects.

Detailed geological and geophysical groundwork has been completed at the Bikini deposits, which include the Woomera and Mirrioola prospects to the north and south of Bikini. A drilling programme has been planned for both Bikini and Woomera where new targets have been identified. A significant ground mapping programme at the Andersons deposit has identified a number of additional mineralised zones and a limited number of RC holes have been planned to test these targets. Other prospects, including Spring Creek, have also been selected for scout drilling in the 2009/10 period. The detailed evaluation of the airborne radiometric and regional gravity data has identified 207 anomalies for follow-up work of which 51 are considered priority 1. This work was started in 2009 after the wet season which has allowed for easier ground access to some of the more remote areas.

A Mineral Resource estimate (conforming to JORC guidelines) for the Bikini uranium deposit, located 36km north of Mount Isa on EPM 9221, was completed in 2008.  The estimate covers the original Bikini deposit, as well as the south western extension, historically known as Pile, and is based on SRA drilling only.

The current Mineral Resource estimate for the Bikini uranium deposit is:

Inferred Mineral Resource at 250ppm U3O8 cut-off grade