re: holding ground excel, announcement from the 16th February,...

re: holding ground excel, announcement from the 16th February, 2006.
I believe drilling started about a week before the announcement came out etc.
No idea on grades, but previous grades were promising -some high, some low.
Latest drilling on new site altogether, so it remains to be seen.
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ASX ANNOUNCEMENT
URANIUM AND GOLD EXPLORATION UPDATE
! Drilling recommenced at Lake Frome Uranium JV
! 2 rigs continue at Snake Well Gold project
Lake Frome Joint Venture (Giralia 25% free carried, Heathgate Resources Pty Ltd 75%)
Heathgate Resources Pty Ltd ("Heathgate") has advised that drilling has recommenced on Giralia's Lake Frome uranium Joint Venture tenements, with precollars being drilled into 4 discrete geophysical anomalies (the Buxton Gravity Targets- see attached map) on EL 3012 (Wooltana). Heathgate is the owner and operator of the Beverley in-situ leach uranium mine in South Australia, and holder of one of only three export licences for uranium in Australia.
Giralia's Lake Frome uranium project comprises 2 large exploration licences (~2000km2) immediately east and south of the operating Beverley mine. Under Joint Venture terms agreed in 1998, Heathgate, an affiliate of the US utility General Atomic, manages exploration over Giralia's tenements and can confirm a 75% interest by meeting all expenditure up to a decision to mine, with Giralia free carried at 25%.
The current drilling program comprises 4 precollared diamond drill holes testing targets defined by residual gravity highs identified in a recently completed detailed ground gravity geophysical survey. The gravity highs are considered prospective for uranium mineralisation associated with iron oxide copper–gold ("IOCG") style targets of the Olympic Dam type. Similar mineralisation is exposed in the ranges west of Beverley in the Mt Gee area.
Heathgate reported the completion in December 2005 of 10 rotary-mud drillholes (2068 metres) testing the eastern extensions of the “Beverley East” sediment-hosted uranium mineralisation trend. Elevated gamma responses were intersected in 2 widely spaced holes in sands corresponding to the Alpha Sequence seen at Beverley. Following Native Title clearances, additional drilling of targets for extensions to palaeochannel hosted uranium mineralistion south and east of the Beverley mine is planned for March –April 2006.
Snake Well Gold Project (Giralia 100%)
Two drill rigs are operating at Giralia's 100% owned Snake Well gold project, located 150 kilometres east of Geraldton in Western Australia. Diamond drilling continues to test down plunge extensions to the high grade Mixy Lode, where drilling late in 2005 returned thick quartz lode intersections with visible gold from the two deepest holes drilled to date (~180 metres below surface). Infill Reverse Circulation drilling of the Warren lode 2 kilometres west of Mixy is also planned in this phase.
PO Box 1665, West Perth WA 6872 ! Level 2, 33 Ord Street, West Perth WA 6005
Tel: (08) 9481 4440 ! Fax: (08) 9321 0070 ! Email: [email protected] ! Web: www.giralia.com.au
Additionally regional aircore drilling is in progress following up two partially defined, open- ended, high order bedrock gold geochemical anomalies, including first pass aircore intersections of 8 metres @ 0.71g/t gold at Rabbit Well North and 4 metres @ 1.25 g/t gold at Six Mile. Several other areas of planned aircore follow up drilling are currently inaccessible due to heavy rainfall
Detailed metallurgical testwork work continues on laterite and Mixy oxide zone composite samples to better define heap leach percolation characteristics and gravity recoveries respectively as part of scoping studies on a low capital cost start-up mining operation at Snake Well.
R M Joyce 16 February 2006
Director Perth, WA
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by R M Joyce, who is a Member of the Australasian Institute of Mining and Metallurgy. R M Joyce has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. R M Joyce consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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