In addition to historical drilling and underground sampling data that could be verified, the Novoveska Huta resource estimate incorporates 17 diamond drill holes totaling 8,897 metres drilled by Tournigan between 2006 and 2011. These holes comprise 7 twin holes drilled to verify historical drill holes, 2 twin holes drilled to verify data from the historic shaft, 2 exploration holes drilled into the western block and 6 step-out holes (of which 5 were completed) that were drilled to explore and extend the deposit to the east.

Historical data at Novoveska Huta were compiled during Slovakia’s communist period. They comprise 106 surface drill holes (of which 38 were used in this resource estimate), 371 underground holes and 5.5 Km of underground development from which were taken 2,081 radiometric channel samples. Only data which could be verified and had backup of hardcopy stamped original documents were used in the resource estimation. Data verification was reviewed by Tetra Tech, Inc. The data base comprises eU % (gamma) for historic holes and U % (chemical assay) for Tournigan holes. Tournigan carried out closed-can analysis at Energy Lab, USA, to confirm that there are no disequilibrium issues between radiometric gamma and chemical assays.

The following table summarizes the Novoveska Huta resource estimate:

Novoveska Huta Resource Estimate October 2011* - Cutoff 0.06%U
     

Tonnes
                 

U 3 O 8 lbs
     

Tonnes
           

Mo lbs
       

(000s)
     

% U
     

% U 3 O 8
     

(000s)
     

(000s)
     

% Mo
     

(000s)

Measured
      837       0.091       0.108       1,988                        

Indicated
      825       0.082       0.097       1,762                        

Measured + Indicated
     

1,662
     

0.087
     

0.102
     

3,750
                       
                                                         

Inferred
     

4,689
     

0.104
     

0.123
     

12,738
     

6,138**
     

0.021
     

2,885

*The resource estimate includes radiometric gamma for historic holes and underground development data and chemical assays for Tournigan drilling. Molybdenum resource numbers represent molybdenum associated with uranium resource blocks above a 0.06% U cutoff.

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