urg::: Honeymoon / Drake explores south of Yeerlirrie

Thu Sep 15 18:16:42 EST 2005

(from Aflease and Southern Cross's merger statement:
http://www.newswire.ca/en/releases/archive/September2005/14/c9871.html )

SXR owns the fully permitted, in-situ leach, Honeymoon Project and 
the Goulds Dam and Karkarook exploration projects in South Australia. 
http://files.newswire.ca/215/SXR914.doc Honeymoon, including the 
contiguous East Kalkaroo, hosts combined NI 43-101 compliant 
indicated resources of 9.3 million pounds of uranium and the project 
is expected to be developed as uranium prices improve. A decision on 
whether and when to proceed with the Honeymoon project is expected to 
be taken following the merger. The Goulds Dam project includes a NI 
43-101 compliant indicated resource of 4.4 million pounds and an 
inferred resource of 7.9 million pounds. Drilling of the large ground 
position surrounding Goulds Dam is underway to test a number of new 
targets.

Ferret (ferret.com.au)

First gold, then nickel and now uranium
15 September 2005

Drake Resources has applied for two uranium exploration licences 
covering 115km of calcrete bearing channels in Western Australia's 
Eastern Goldfields region between Wiluna and Leonora.

BHB [sic] Billiton's Yeerlirrie uranium deposit lies 50km north of 
the applications and has a reported resource of 35Mt at 1.5kg/t.

Exploration in the 1970s on the Bungalow Well property by Le Nickel, 
down channel from the Drake applications showed this channel system 
contains uranium mineralisation. Drake says this channel was only 
partially explored in the 1970s by BP Minerals and WMC with 80% of 
the channel having little or no testing.

Le Nickel's Beta Prospect is six kilometres from the Drake 
exploration licence application. Exploration has indicated the 
presence of uranium values up to 0,47% at surface and 0.2% uranium in 
auger drill samples.

There is no record of past uranium exploration for the 36km of the 
channel up-gradient of this mineralisation in the Drake applications.