Australian Projects Select

North Queensland

Summary

PepinNini Minerals has a 100% interest in 4 exploration tenements and 1 mining lease covering approximately 430 kms2.

Three of the  tenements the Company holds in North Queensland cover 415km2 and are prospective for uranium. The Company is considering options regarding these tenements following the Queensland Government announcement on 22nd October lifting its ban on uranium mining.

The principal area of uranium mineralisation within the tenement package is the Oasis Prospect, a north-south trending shear zone hosted in a Proterozoic syenogranite, in which drilling by Esso Exploration and Production Australia Inc (1977-1979) and Glengarry (2005/2006) delineated a coherent, steeply dipping, tabular zone of disseminated uraninite mineralization, up to15m thick, with an average grade of 0.1% U3O8, and extending over a 300m strike length to a depth of 175m. Reported drill intersections by Glengarry in 2006 include the following:

Oasis Uranium Deposit Significant Intersections (lower cut-off 0.05%)
(Glengarry ASX Announcement 3rd August, 2006)

Hole_No

Easting

Northing

Total
Depth (m)

From
(m)

To
(m)

Interval
(m)

U3O8
%

U3O8
(lbs/t)

05LYD001

230573

7918732

100

54

64

10

0.12

2.64

incl

61

62

1

0.25

5.50

05LYD002

230588

7918685

65

34

41

7

0.17

3.74

incl

36

37

1

0.38

8.36

and

39

41

2

0.21

4.62

06LYD003

230536

79187182

101

92

97

5

0.15

3.30

incl

93

94

1

0.26

5.65

06LYD004

230469

79187123

195

170

172

2

0.15

3.30

incl

170

171

1

0.21

4.62

All metreages quoted are down‐hole depths as true widths are not known.