The Eagle Uranium Project, Wyoming USA

In June 2006 Black Range Minerals secured the right to earn an initial 50% interest in the Eagle Uranium Project from joint-venture partner Uranerz Energy Limited. The Eagle Project comprises approximately 2,260 acres and is located in the Red Desert Basin in southern Wyoming, an extensively mineralised province.

The Company conducted a 32-hole drilling programme at the project in October and November 2006, for more than 3,800 metres. Approximately 110 holes have now been drilled at the Eagle Uranium Project.

Drilling confirmed that the Eagle Uranium Project hosts extensive shallow uranium mineralisation. Four sandstone units host roll front uranium mineralisation within a 110 metre stratigraphic section. The thickness of the individual sandstone units ranges from 6 to 30 metres. Depth to top of the mineralisation ranges from 20 to 70 metres below surface.

In April 2007 an inaugural JORC Code compliant inferred resource was calculated for the project. This was:

9.25Mt at a grade of 0.023% U₃O₈ for 4.7 million pounds of U₃O₈*
*Applying a cut-off grade of 0.02% U₃O₈

Mineralisation is shallow and amenable to in-situ leaching and/or open-pit mining. With the licensed Sweetwater Uranium Mill located just 15 kilometres away this project provides the Company with another near-term production opportunity.

Location of the Company’s Eagle and Cyclone Rim Uranium Projects, Wyoming, USA

Drilling at the Eagle Uranium Project, Wyoming, USA