U308 (UTO)

Shares / Stock Code

UTO

Stock Exchange / Sharemarket

ax

U308 (UTO) is an Australia uranium explorer with 10 projects in Western Australia, South Australia and Queensland totalling approximately 2243 square kilometres within 15 granted tenements and applications for tenements. UTO wholly own 14 of the 15 tenements and the seven of the 10 projects regions exhibit uranium mineralisation. Exploration companies aim to discover and delineate occurrences of metals and minerals that can be economically mined and extracted.

U308 was listed onthe Australian stock market (ASX) on 9 May, 2006. During the fiscal year ended June 30, 3009 (fiscal 2009), the Company was engaged in uranium exploration. It is focused on projects, such as Ashburton Joint Venture with Cameco, the 100%-owned Mad Gap Project and the East Kimberley Joint Venture, the 100%-owned Olary Creek Project in South Australia. The Company controls 44 exploration licenses, 33 of which are granted, and 11 of which are under application, for a total area of almost 6500 square kilometers.

The Company has initially concentrated its exploration on the shallow calcrete hosted uranium projects (Dawson-Hinkler Well, Wabli Creek). It is focused on exploring the projects that have the potential to host uranium deposits (Ashburton JV, Mad Gap, East Kimberley JV, Paddy's Well), as well as the sandstone hosted deposits (Westmoreland). U3O8 Limited is also focusing on its Olary Creek project in South Australia.

U3O8 Limited is a dedicated uranium exploration company with projects in Western Australia, Queensland, New South Wales and South Australia. The Company controls 44 exploration licences, 33 of which are granted and 11 of which are under application, for a total area of almost 6500 square kilometres. Many of the projects contain uranium mineralisation identified during the early phases of exploration in Australia and in particular, the uranium exploration boom of the late 1960's and early 1970's.

Most of the Company's projects are held 100% by U3O8 Limited, but the Company does have a major joint venture with Cameco in the Ashburton, is farming into eleven tenements held by Northern Star Resources in the East Kimberley, and more recently has signed a joint venture and farm in agreement with World Uranium on the Mango Bore project in the Gascoyne. All joint ventures are in Western Australia.

The Company has initially concentrated its exploration on the shallow calcrete hosted uranium projects (Dawson-Hinkler Well, Wabli Creek) as they are easy to explore and delineate. But the Company will progressively explore the projects that have the potential to host the large unconformity style uranium deposits (e.g. Ashburton JV, Mad Gap, East Kimberley JV, Paddy's Well) as well as the sandstone hosted deposits (e.g. Westmoreland).

Unconformity hosted uranium deposit types occur spatially close to major unconformities and are most commonly developed in intra-cratonic basins. A significant portion of the global uranium is mined from these types of deposits, including Ranger in Northern Territory of Australia and the Cluff Lake, McArthur River, Cigar Lake, Key Lake and Rabbit Lake deposits in Saskatchewan province of Canada. The unmined deposits of Koongarra, Jabiluka and Kintyre in Australia are also of this deposit type.

The surficial calcrete hosted uranium deposits are generally easier to located and explore as they have developed in semi-arid areas where the water table is at or near the surface. Deposits of this type represent about 5% of Australia's total resource and include Yeelirrie, Dawson-Hinkler, Lakeway, Centipede and Lake Maitland in Australia and Langer Heinrich in Namibia.

U3O8 Limited is also focusing on its Olary Creek project in South Australia, due to that states proactive attitude to uranium exploration and mining. The target at Olary Creek is palaeochannel hosted uranium mineralisation, similar to that being mined by in-situ leaching at the Beverley Mine in South Australia. More recently at Olary Creek, the Company has identified a significant zone of copper mineralisation adjacent to the palaeochannel.