CRA discovered a uranium anomaly at Myroodah in the 1970s. This work:

• Demonstrated mineralisation is associated with a redox boundary and haematite alteration indicating the potential for a classic roll front uranium deposit. 
• Returned grades up to 0.26kg/t U₃O₈ from limited drilling at shallow depth.
• Indicated approximately 9km of radiometrically anomalous strike length untested by drilling.

In addition Rey Resources has secured additional tenure in the district covering stratigraphically equivalent positions providing potential upside for strategic regional positioning.  No exploration for uranium has been conducted since 1981.

Figure 1: Location of Duchess Paradise Project and uranium JV lease areas

Uranium Joint Venture

In February 2010, Rey reached an agreement with Uranium Exploration Australia to explore uranium at Myroodah. UXA can earn up to 80% by spending $1.75 million on the two granted exploration licences, while Rey retains all the rights to the coal on the leases. This allows Rey to demonstrate additional value in its tenements, while it focuses on the development of the coal projects.