Georgetown Uranium- EPM 13696, EPM 13271, EPM 14128, EPM 16148 & EPM 14988
HIGHLIGHTS

A Joint Venture between Mega Georgetown Pty Ltd (Mega) and Queensland Gold and Minerals Limited (QGM) over QGM’s Buchanan’s Creek and Werrington projects involving EPMs 13694, 13271, 14128, 14224 and 16148 and EPMA 14988 in the Georgetown region was signed in April. Mega Georgetown is a subsidiary of Mega Uranium Inc a Canadian listed company and has acquired the Maureen, Ben Lomond and Oasis uranium deposits and a major exploration tenure position in the region.

In summary the main terms of the JV are that Mega will explore for uranium on the tenements while QGM continues exploring for gold and base metals. Upon discovery and definition of a uranium resource, QGM would deem Mega to have earned 80% interest in that deposit or group of deposits. QGM’s 20% interest in that mineralisation would be free carried until a mining lease or mining leases over that deposit or group of deposits is granted. After the grant of the mining lease or leases, QGM would have the right to retain its 20% interest by contributing pro rata to further expenditure, or, alternatively, elect to retain the right to collect a 1% royalty on U₃O₈ sales.

Mega has flown detailed airborne radiometric and magnetic surveys over most of the tenements involved and have commenced ground follow-up. Further airborne surveys are planned to cover the remainder of the QGM tenure. Similarities are recognised between the geological setting of the Tabletop Basin on QGM’s ground and the setting at the Maureen uranium deposit 50 kilometres to the north.

Field checking of radiometric anomalies is currently underway.