Current Company Overview Of Uranium Explorer Aura Energy Limited

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Canadian uranium company Mega Uranium Ltd has approved and will fund a proposed 24 hole aircore drill program of approximately 2000 metres in the Gunbarrel Basin Joint Venture with Aura Energy Ltd (ASX Code: AEE).

The program will be managed and operated by Aura Energy.
The Gunbarrel Basin, located east of, and partly overlying, the Archaean Yilgarn Block, contains a large endowment of sediment-hosted uranium mineralisation in the Mulga Rock, Ponton and Thatcher Soak deposits.
Despite the amount of uranium present, the Basin is significantly less explored than the other major uranium provinces of Australia.

Energy and Minerals Australia Ltd recently announced a JORC compliant inferred resource of 24,500 t U3O8 at a cut off grade of 200 ppm U3O8 for the Mulga Rock deposit.

The drill programme is designed to test the prospective Junction Palaeochannel. This prospectivity is based on the similarity of the palaeochannel to those at Mulga Rock and Ponton, and also the presence of the Thatcher Soak calcrete deposit up-drainage in the
channel. Thatcher Soak, held by Uranerz Ltd and Eleckra Mines Ltd, contains almost 10,000 tonnes of uranium in resources compliant with the JORC code.

The position of the Junction palaeochannel was delineated in an airborne electromagnetics survey conducted by the Aura Energy-Mega Uranium Joint Venture in 2007.

The program is planned for mid year, subject to Department of Mines and Petroleum approval of the work program. Aura’s Gunbarrel Basin exploration is a joint venture with Mega Uranium Ltd (TSX-MGA) whereby Mega can spend $3 million to earn 50% in Aura’s tenements.

Aura’s extensive landholding in the Gunbarrel Basin, totalling approximately 2760 km2, covers major portions of three of the four main palaeochannels in the region.


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June 2009 Quarterly Cash Flow Report