INTERVIEW WITH MR. IAN BAMBOROUGH, MANAGING DIRECTOR OF TERRITORY URANIUM COMPANY LIMITED (TUC)

“Calvert River Exploration Results”

http://www.brr.com.au/event/52118

TUESDAY, OCTOBER 7, 2008, 10:00 AM.

            BRR    Today on Boardroom Radio, we’re joined by Mr. Ian Bamborough, the Managing Director of Territory Uranium.

10

                        Ian, thanks for joining us on Boardroom Radio.

            TUC     Yes. Thank you very much, Joel.

            BRR    Now, since this is Territory Uranium’s first Boardroom Radio interview, can

15                    we start by you giving our listeners a brief overview of Territory Uranium and some of its key projects?

            TUC     I guess the company is based entirely in the NT which planted in April 2007 by what I would term a team of seasoned industry professionals who put an excellent when package together. We currently hold 26,300 km of tenements

20                    across a number of different project areas. I guess our primary focus is exploring for uranium. We also, I guess, having land across different geological terrains do have the opportunity to explore for other commodities. Again, our focus is, in terms of our projects at the moment would be the Daly River region for uranium. The Calvert Project, which has been the focus of a

25                    recent ASX announcement, and I guess also an emerging interest in the Tennant Creek region from both the phosphate and copper-gold prospective.

            BRR    Looking at yesterday’s announcement, you’ve released some very encouraging gold and base metal results from your Calvert River Project.

30                    What sort of work have you been doing up there and what are some of the key findings, so far?

            TUC     The Calvert River work was really is a follow up on some on it as of yet unexplained, broader scale of stream sediment anomalies obtained by one of the managers a few years back and that I believe the managers may have

35                    had a different hurdle rights on some of these projects, but for a junior explorer, it offered as an excellent opportunity. I guess as the result of that we followed upon on these results with some more detailed geochemistry to really try and tie down those results to some more specific areas. This time, the team is also aided by a hyperspectral scanning (inaudible) which

40                    we’ve recently done this. That’s basically satellite imagery from a plane looking at alteration patterns. There’s a result that’s work, we identified there a number of cross-elemental geochemical anomalies which include 953 parts per million zinc, 31 parts per billion gold and that these specifically correspond to some localized geological features which, you know, I guess

45                    look very interesting. The gold drill result is significant but unusual and we have confirmed this result with the second anomalous of this stream sediment from this location whether in prospective I do know of some global gold deposits which have been found with a lot less in similar covered terrain. Now, we’re pretty pleased with the results.

            BRR    Your announcement makes a number of references to the circular features making up the mineralisation of the project. What’s the significance of this, Ian?

5          TUC     Yes, I guess the Calvert River areas known for a number of mineralised systems and one of those (inaudible) the high grade Redbank copper oxide mine and the copper oxide on this location is hosted in a number of these circular pipe-like features of structures known as breccia pipes. I guess the image in the recent announcement (inaudible) really highlights some

10                    of the circular features and also silica alteration features which we think that some say if we don’t have (inaudible) I guess very similar geology to what we know elsewhere in the district.

            BRR    Finally, what further work are you planning on the back of these results to get

15                    a better picture of the project?

            TUC     Yes, I guess the teams out in the field now strikes away but we’ll basically going back to the, you know, I guess the localized 2 km areas that we’ve identified and doing a number of things from a soil geochemistry to ground magnetics to try and tie down some of the features which will eventually, after

20                    we drill test it. In addition to these, we’re investigating a number of nearly identified features which we picked up from hyperspectral scanning probably about 30 km, 40 km to the southeast of this particular pipes where we’ve got the results and which we think more closely showed the geological setting of the Redbank’s copper deposits, the Redbank’s (inaudible) deposits in

25                    some 60 km to the south on the same geological trend. So I guess not just following up on what we’ve got but you know, we’re hoping for the new Greenfield’s success in our tenement.

            BRR    Ian, thank you very much for your time today and thanks for talking to

30                    Boardroom Radio.

            TUC     Thank you very much, Joel.

            BRR    Now remember, if you have any questions about Ian’s broadcast or about any other of Territory’s projects, please feel free to send through an email to

35                    brr@brr.com.au or you can use the Contact Us button on the home page.

                        Thank you for listening to Boardroom Radio.

INTERVIEW CONCLUDED

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