lake frome, page-16

re: the next ags Thanks profittrader - great post.

The text below (in more layman's language) has been copied from the investorweb site:

Headline News

Giralia's 'most significant' uranium yet
By RWE Australian Business News, 20 Dec 2006 Sydney - Wednesday - Dec 20: (RWE Australian
Business News)

Giralia Resources NL (GIR) reports the most significant drill intersection to date from the Company's key Lake Frome Joint Venture, which comprises 2 large exploration licences surrounding the operating Beverley in-situ leach uranium mine in South Australia.
The mine owner, Heathgate Resources Pty Ltd, an affiliate of the US utility, General Atomic, is the holder of one of the few export licences for uranium in Australia and manages a joint venture over Giralia's tenements under which Heathgate can confirm a 75% interest by meeting all expenditure up to a decision to mine, with Giralia free carried at 25%.

In what is now shaping as one of Australia's major uranium districts, Heathgate has previously intersected extensive ore grade uranium in direct extensions of the Beverley palaeochannel sands both south and east of the Beverley Mine ('Deep South' and 'Beverley East'
discoveries).

Additionally, Heathgate affiliate Quasar Resources Pty Ltd has reported high-grade uranium intercepts at the Beverley Four Mile discovery (a JV with Alliance Resources Limited) in a possible roll front style deposit located close to the foot of the range, west of the
Beverley mine, whilst Australia's fourth uranium mine is being developed at Honeymoon further south in the Frome Basin, and hard rock uranium resources have been reported at Mt Gee and Crockers Well in the
Proterozoic basement rocks.

Heathgate has informed the Company that the initial three (3) holes of a planned fifteen (15) hole rotary mud drill program were completed in December along the range front in the north west corner of tenement EL 3002 North Mulga, in an area considered prospective for both 'Beverley' and 'Four Mile' style mineralisation.

Previous widely spaced (2.5 kilometre) regional drilling in the area recognised Beverley style stratigraphy, with one hole (NM020) intersecting strongly anomalous gamma in several separate sand horizons.

New holes NM035 to 037 were drilled for a total of 852 metres before drilling was suspended due to technical problems. As none of the three holes completed reached basement, they may not have tested all of
the prospective sand sequences in the area, particularly the unit hosting the thick lower-most intersection in hole NM021 (46 metres @ 0.011% eU3O8).

Hole NM035 intersected two zones of uranium enriched sands in a similar stratigraphic sequence to that hosting mineralisation at the nearby Beverley mine, including a best result of 4 metres @ 0.055 % pU3O8 (from 166 to 170 metres), and an upper zone of 2 metres @ 0.039 % pU3O8 (from 159 to 161 metres). "

end of quote