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Further Drilling Results from the Aurora Uranium Deposit

FURTHER DRILLING RESULTS FROM THE AURORA URANIUM DEPOSIT HIGHLIGHTS Assay results received for a further sixteen diamond drill holes at the Aurora uranium deposit, southeast Oregon, USA. Significant downhole intersections from the higher grade parts of the resource include the following results Drilling is providing samples for a metallurgical testing programme that is currently in progress. An update to the resource estimate for the Aurora deposit is currently being undertaken. OVERVIEW The directors of Energy Ventures Limited (EVE or the Company) are pleased to announce that chemical assays have now all been obtained for all diamond drill holes completed at the Aurora uranium project in southeast Oregon, USA. These latest results provide further confirmation that the deposit contains significant near8208surface uranium mineralisation that may be amenable to exploitation through shallow open8208pit mining. AURORA DEPOSIT DRILLING PROGRAMME The Company has recently completed a programme of diamond drill holes at the Aurora deposit in order to obtain further geological information, uranium grade data and representative sample material for metallurgical testing. A total of 16 further holes for 2,211.9 metres of large diameter (PQ) drill core have been completed (see Figure 1 and details in Appendix I). ASSAY RESULTS Assays on quarter8208cut diamond drill core have been received for all sixteen holes of the diamond drilling programme at the Aurora deposit.

All drill holes have been submitted for sample preparation and assay at the American Assay Laboratories (AAL) in Reno, Nevada. A multi8208element assay using an ICP analysis technique was completed on samples taken over 3 ft intervals (approximately 1 m) down the entire hole. Significant downhole intersections from the assay results are provided in Appendix II. Most holes are vertical and based on the known geometry of the mineralised zones, intersections from these holes are considered to be approximately true width.

Angled drill holes were completed to test geological targets and may have overstated the true intersection width. Intersections are reported at a cut8208off grade of 100 ppm U3O8, with a minimum 3 m width and maximum of 4 m internal waste. DISCUSSION The assay results received from this programme of diamond drilling have provided further confirmation of the geological interpretation of the Aurora deposit and of both the grade and continuity of the mineralisation. Further intersections of near surface mineralisation strengthen the Companys interpretation that the mineralisation may be amenable to exploitation by shallow open pit mining and the Company is currently undertaking feasibility studies to assess the economics of establishing a mine and process plant infrastructure at the site. FURTHER WORK These assay results will be utilised by the Company to assist with sample selection for a metallurgical testing programme that is currently underway, and to undertake a review of the resource estimate for the deposit. BACKGROUND Energy Ventures, though its wholly owned US subsidiary Oregon Energy LLC, owns five uranium exploration and development projects located in the western USA, all of which have been subject to significant historical exploration and have historical resources.

The most advanced of these projects is the Aurora uranium deposit located in southeast Oregon, which has a total resource base of 38 Mlb eU3O8 1 comprising an Indicated Resource of 36.7 Mlb eU3O8 at a grade of 253 ppm eU3O8, and an Inferred Resource of 1.2 Mlb eU3O8 at a grade of 151 ppm eU3O8 (grade cut8208off 100 ppm eU3O8). Energy Ventures is currently advancing feasibility studies for the Aurora project, exploring other project areas and actively evaluating other uranium opportunities in the western USA. Lachlan Reynolds Managing Director.