Tubas North Alaskite Project - June 2010

RUN has in the past conducted a rudimentary evaluation of the potential of the uraniferous alaskites within the northern Tubas area (ASX 4 March 2008). The alaskite outcrop shown in the photograph below comprises of grey white alaskite bands intercalated with dark grey to black gneissic granite.

Tubas North Alaskite Prospect

Typical wide zones of ~200 ppm U3O8 were encountered during drilling (ASX 20 April 2008) and did not warrant further or immediate work.

Given Extract’s success at Rossing South (see Figures 1 and 2) and specifically given the higher grades returned than previously recognised in the Alaskites, evaluation for alaskite hosted uranium mineralisation recommenced in February 2010 with a 20,000 metre RC drill programme to systematically test the target horizon with 60 degree angle holes being drilled to 250 metre depth on 100 metre centres.

Figure 1: Locality map showing the Tubas Alaskite discovery and the uranium mines and projects held by other companies in the area.

Figure 2: Regional aeromagnetic image showing location of Tubas Alaskite Project relative to known uranium mineralisation

TUBAS ALASKITE PROJECT

As announced to the ASX (29 April 2010) RUN has achieved early success from reconnaissance drilling for alaskite hosted uranium mineralisation at its Tubas Alaskite project area (Table 1) with:

Discovery hole ALAR13 returning chemical assays of:

o 89 metres at 400 ppm cU3O8 from 128 metres, including:

 11 metres at 710 ppm cU3O8 from 182 metres, and

 16 metres at 600 ppm cU3O8 from 199 metres

o 102 metres continuous mineralisation to end of hole at 223 metres

The Tubas Alaskite Project is within ‘Alaskite Alley’ which hosts a number of uranium projects including Rio Tinto’s Rossing Uranium Mine and Extract Resources’ Rossing South and Ida Dome Projects as well as others.

ALAR13 is a reverse circulation (RC) drill hole on the second line of reconnaissance drilling within the north-eastern part of RUN’s EPL 3496. These reconnaissance lines are designed to test for extensions of alaskite hosted mineralisation trending southwest from Extract Resources’ Ida Dome project area.

Table 1: Tubas Alaskite Project – RC Drill Intercepts

Drillhole	mE	mN	Azi	Dip	TD	From	To	Interval (m)	cU3O8 (ppm)	GTM
ALAR13	499490	7482690	315	-60	223	128	217	89	400	35,600
including						182	193	11	710	7,810
and						199	215	16	600	9,600

Note: TD is total depth of hole; cU3O8 is chemical assay U3O8; GTM is grade thickness metre and is calculated by multiplying the interval (m) x cU3O8 (ppm).

Figure 1 shows the location of the Tubas Alaskite project and discovery hole ALAR13 within EPL 3496. Figure 2 shows the location of ALAR13 over an aeromagnetic background image and identifies the likely extension of alaskite relative to Extract Resources’ Ida Dome deposits.

RC drilling across the strike of a buried airborne electromagnetic (AEM) channel anomaly in the northern portion of the Tubas EPL successfully delineated a calcrete filled channel which is weakly mineralised (ASX 31 March 2009). The channel drains the extensive outcropping alaskite terrane within and to the north of the tenement boundary. Further work will be carried out on this discovery in the future.