Perfect TimingASX and Media release Friday March 23, 2007 Summit...

Perfect Timing

ASX and Media release Friday March 23, 2007


Summit welcomes Beattie’s support for uranium mining

Summit Resources managing director Alan Eggers said Queensland Premier Peter Beattie’s renewed
support for uranium mining would unlock the potential of one of the world’s best uranium provinces at
Mount Isa.

Mr Beattie yesterday said from Africa that he had dropped his opposition to new uranium mines in
Queensland, ahead of next month’s Australian Labor Party federal conference, which is anticipated to
scrap the no new mines policy.

Mr Eggers said: “Peter Beattie’s support has the potential to create billions of export dollars for
Australia and hundreds of jobs for the Queensland economy,”

Summit Resources controls the majority of Queensland’s extensive uranium deposits, with interests in
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more than 18,750km of tenements around Mount Isa.

Drilling results to date have delineated 73 million pounds of uranium resources in the Mount Isa project
area. All of the deposits being drilled by Summit remain open along strike and Summit is pursuing a
drilling program that it expects will deliver substantial growth in uranium resources in the future.

The price of uranium is tipped by a number of leading analysts to top US$100 a pound this year, due
to supply constraints and increased international demand for nuclear fuel to combat greenhouse
emissions.

“Mr Beattie’s support is a sensible and pragmatic move which will help guarantee the continued
strength of Queensland’s resource industry,” Mr Eggers said.

“It now seems likely that the Australian Labor Party will scrap its no new mines policy next month and
this will allow Summit to move forward to create a significant new mining project and many new jobs in
Queensland.”

“Mr Beattie’s support will help us unlock the tremendous value of Summit’s extensive uranium
interests in Queensland,” Mr Eggers said.

“After years of delay due to this policy, we are relishing the prospect of finally being able to get
development underway.

“We expect to create very significant value for all of our shareholders as we achieve our longstanding
objective of developing a world class project in a world class mining location.”


Contact
Matthew Horan
Cato Counsel
0403 934 958