Wednesday, 5 September, 2007

Earth Times

Adelaide River Mine

The initial hole, ARDDH001, intersected anomalous base metals in altered sandstone-greywacke between 186-200 m with minor uranium (70 ppm U3O8) from 192-193m.

The subsequent hole, ARDDH002, intersected 0.72% U3O8 over 4 metres (90.7-94.7m) including the following intervals:-

- 2.86% U3O8 over 0.8m (90.7 - 91.5m)

- 0.46% U3O8 over 0.6m (91.9 - 92.5m)

- 0.42% U3O8 over 0.4m (93.9 - 93.5m)

- 0.16% U3O8 over 0.6m (94.1 - 94.7m)

This mineralised zone, hosted by brecciated greywacke and siltstone, also contained elevated base metals. Gold assay results are expected in 2-3 weeks.

The Adelaide River Mine was discovered in 1954, developed by Australian Uranium Corporation NL. Operations ceased in 1957 when the company failed due to financial difficulties (Lally and Bajwah, 2006). The mine reportedly has a historical reserve from the Black Lode of 7,000 tons (6,350 tonnes) made up of 1,500 tons @ 0.5% U3O8 (grade doubtful) of broken ore remaining in the stopes and 5,500 tons of possible ore @ 0.22% eU3O8 (grade possibly higher). These historical reserves are reported by Plumb in Bureau of Mineral Resources Australia Record 1960/90 following diamond drilling in 1959-60.

George Creek Prospect

The first hole (GCKDDH008) intersected a sequence of siltstone and greywacke with minor sulphides similar to the Adelaide River Mine and anomalous radioactivity over 0.40 m @ 24.73m while GCKDDH09, targeted to hit the downdip extension, intersected uranium mineralisation over 40 cm from 22.76 to 23.17m associated with quartz veining. Half core samples has been submitted for assay but results are not yet available.

The George Creek Prospect was explored by the BMR between 1954 and 1960, during which time 7 diamond holes and a small amount of underground exploration was completed. Arkin and Walpole in Bureau of Mineral Resources Record 1960/10 report:-

"...exploratory work yielded approximately 120 tons (109 tonnes) of development ore with an average grade of about 0.26% U3O8" and, ".....possible ore reserves are about 250 tons."

The above results are historical estimates and do not comply with the Australian JORC or NI #43-101 reporting requirements and they should not be interpreted as such. The results can not be validated and are not considered by the Company to be a current resource or reserve but rather to identify zones of uranium mineralisation that were the target of the drilling exploration programs.

Mapping was also undertaken around the George Prospect and Adelaide River mine workings to identify the mineralised structure at surface. The results are currently being compiled and together with the assay results and sections constructed from the drilling, will control the design of the future holes planned to follow the mineralisation along strike and down plunge. Mapping between the George Creek and the Touhy's Prospect (1 km NNW) has also identified three new zones with elevated reading (up to 500 cps), which will be the focus of future exploration.

The Possum (gold) Prospect, located 3km to the north of the George Prospect together with the anomalous gold assay results obtained during 2006 (up to 2.76 g/t Au) from the Adelaide River Mine indicates there is a gold target in addition to uranium. The gold assays results from the recent drilling are not yet available but are eagerly awaited.

Aldershot is also drilling at its Yuinmery project in Western Australia. It is planned to drill up to 200 holes. Initially drilling was taking longer than expected and several delays were experienced due partly to weather conditions but mainly due to drill rig mobility and difficult drilling conditions. The company suspended operations until the drill rig was modified to overcome these problems. Aldershot is pleased to report that drilling has now recommenced with a new drill crew and a modified drill rig. Following this drilling program and upon receipt of all the assays results, the company plans to complete a NI43-101 compliant report on the potential resource at the Yuinmery Project.