INTERVIEW WITH MARK REILLY, MANAGING DIRECTOR OF MURCHISON UNITED NL (MUR)

“Significant Agreement with Areva During the Quarter”

http://www.brr.com.au/event/48900

MONDAY, AUGUST 4, 2008, 10:30 AM.

            BRR    Today, Boardroom Radio speaks with the Managing Director of Murchison United, Mr. Mark Reilly, on the latest quarterly report. Welcome to Boardroom

10                    Radio, Mark.

            MUR    Thanks, Terry.

            BRR    Mark, probably the most significant announcement for the Company over the latest quarter has been the Cooperation Agreement with Areva, the French-

15                    based multinational industrial nuclear energy company. Tell us a little bit about the agreement and what it means for Murchison United.

            MUR    Terry, obviously for us, the main highlight over the last quarter was the announcement that we had entered into, that Cooperation Agreement with Areva. Most of your listeners will be aware I mentioned Areva as one of the

20                    largest nuclear companies in the world. We have entered into a wide-ranging Cooperation Agreement with Areva which we will see them take ultimately 15% stake in the Company. They have already acquired a 5% stake in Murchison through purchasing shares at around 13.5 cents which raised A$2.7 million for us and they will be issued a further 10% stake in due course

25                    for providing Murchison access to their extensive geological database and they will also be providing personnel on the ground in Mauritania over the next two years while we work our way down there to prove up. Hopefully, we are targeting resource down there of 60 million pounds on our ground in Mauritania.

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            BRR    Mark, you are also conducting quite a bit of exploration as well for both uranium and copper. Tell us about some of those prospects that you are exploring.

            MUR    Obviously, apart from Mauritania, we have a substantial ground holding in

35                    Guinea in West Africa as well. We have just completed our second drill program in Guinea at our Bohoduo prospect and we will hopefully have some assays available in the next few weeks. We are going back to our other prospect, Firawa, in October to complete a follow-up 5000-metre diamond drill program which is following up on the initial program we did at Firawa last

40                    year with a view at Firawa being that hopefully we can target an initial JORC code compliant resource for that prospect. In addition to that, we obviously have some copper assets in Australia, being our interest in the Maroochydore joint venture with Aditya Birla Minerals Limited. That is a JORC compliant resource up in Western Australia which we are 50-50 joint venture with Aditya

45                    Birla Minerals. During the quarter, they have commissioned a scoping study, including geological review, processing of metallurgy, and mine design. That study, we believe, is being completed and the results will be released to the market in due course.

            BRR    Mark, throughout the quarter, you did appoint Lady Barbara Judge or Lady Judge to your Board as a Non-Exec Director and Deputy Chairman, and she has got certainly a lot of experience in this sector.

            MUR    She certainly has and we are very pleased to have Barbara aboard. Lady

5                      Judge has extensive corporate experience. A main attraction to us is that she is Chairman of the UK Atomic Energy Authority, obviously well known in international nuclear circles and obviously will bring a wealth of experience to our Board in that respect, notwithstanding her other significant corporate experience. I mean, she is a US-trained lawyer and a highly experienced

10                    executive. So we think she is going to add significantly to the makeup of our Board and we are looking forward to having her there.

            BRR    Mark, certainly a great quarter or a significant quarter for the Company and we do look forward to speaking with you again soon on Boardroom Radio.

15        MUR    Thanks, Terry. Appreciate it.

            BRR    Remember, if you have any questions about this broadcast or any others, please feel free to send me an e-mail at brr@brr.com.au or via the Contact Us button on the home page. I am Terence Bell. Thanks for listening to

20                    Boardroom Radio.

INTERVIEW CONCLUDED

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