George Creek Project [Northern Territory]

• EL24550 (100% Aldershot) covers 84km² in the Pine Creek Orogen, 30km south of the historic Rum Jungle Uranium Field.
• Contains two small historical uranium mines, Adelaide River and George Creek.
• No significant exploration since the 1980s.
• Historical vein type resource of 6,350 t ore @ 0.32% U₃O₈ at the Adelaide River Mine.
• Airborne survey completed in November 2006.
• ·         Drilling in 2007 at the Adelaide River Mine (ARDDH002) intersected 0.35% (6.91 lbs U) over 7.1 m (23.29 ft) with anomnalous cobalt, copper, nickel and lead.
• ·         Upto 4.02% U₃O₈ from surface grab samples.
• New mineralised trend identified at Adelaide River.
• Ground radiometric surveys completed during 2008.

The George Creek Project is located 95km south of Darwin in the Northern Territory immediately southwest of the town of Adelaide River.  The project is made up by a single exploration licence EL24550 granted on 7 December 2005 and covering 84 km².

The property covers the historical Adelaide River and George Creek Prospects.  These prospects are vein-type uranium deposits that were mine for a short period in the late 1950s.  The property in within the Pine Creek Orogen host to the Rum Jungle, South Alligator and East Alligator uranium fields.  The historical Rum Jungle Uranium Field is 30km to the north.

During 2006 Aldershot completed an airborne radiometric-magnetic survey and 32 radiometric anomalies were identified for ground checking.

During 2007 Aldershot undertook drilling (4 diamond holes), mapping, re-sampling and follow up of airborne anomalies.

Drilling concentrated on the known prospects with 2 holes drilled at Adelaide River Mine and two holes drilled at the George Creek Prospect.  ARDDH002 intersected 7.1 m (23.29 ft) of mineralisation from 89.9 m to 97.0m (294.88 ft to 318.17 ft) with

0.35% or 6.91 lbs U or 0.41% U₃O₈

0.44% or 8.76 lbs Co

0.44% or 8.86 lbs Cu

0.24% or 4.82 lbs Ni

0.05% or 1.06 lbs Pb

Mapping identified a new mineralised trend at the Adelaide River Mine and indicates that the initial hole needs deepening.  The newly identified trend will be the focus of future drilling program once government approval is received.

At the George Creek Prospect drilling intersected up to 0.48% U3O8 over 1 metre and mapping identified an anomalous trend extending about 500m northwards associated with faulting.  Drilling testing of this trend will be the focus of future programs.

During 2008 footborne radiometric surveys were initiated at both prospects to better define the distribution of the radioactivity and remove the influence of the historical mining operations.  These surveys will be completed in 2009.

See press releases dated February 11 and February 29 2008 for details.