response from dr penney

Sent an email to UXA a couple of days ago asking some questions. Nice to see that Dr Penney took the time to respond. Thought i would share the response:

In response to your queries:
1. The outstanding geochemical results for the Dome 5 drilling are imminent and should be released within the next week.

2. The timing of results from Straits drilling program is dependent on Straits who are financing and operating the drilling program. Therefore we are reliant on their timing. The holes are deep and each one takes about one month to drill, so results are likely to come out over a number of months. Drilling of the 2nd hole has just started. A minimum of 3 holes are planned with the possibility of 2 extra ones to follow immediately.

3. Drilling at Nabarlek is likely to commence in July – following field clearances etc with the local aboriginals (with whom we have a very good relationship) after the start of the NT field season.

4. At Junction Dam-Mundi Plains we have a fair bit of work to compete before drilling starts, to refine the drill targets. This involves re-examination of old drill core and possibly some geophysics. Therefore I would envisage a start to drilling after Nabarlek – i.e. August or September at the earliest.

The work program for this year will provide a continuous stream of news, mostly focused around drilling. Markets are very unforgiving at the moment, but we intend to stick to our plan focused on discovery.

I hope this answers your questions adequately.

Best regards

Russell Penney (Dr)

Managing Director