Company Information for Thundelarra Exploration Ltd

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Company Statement

Thundelarra Exploration Ltd is an exploration company with projects prospective for Nickel-Copper, Uranium, Gold, Platinum Group Elements and Copper-Zinc.  Thundelarra's most advanced project is the Copernicus Nickel-Copper Project with joint venture partner Sally Malay Mining Ltd.

Current Operations

Thundelarra Funded Exploration

Copernicus Project
The first round of holes drilled into the East Kimberley Copernicus North prospect for 2006 have returned significant results including: 

• 24 metres @ 2.46% nickel and 1.16% copper from 184 metres  
• 14 metres @ 1.54% nickel and 0.92% copper from 122 metres   
• 14 metres @ 1.81% nickel and 0.97% copper from 218 metres
• 18 metres @ 1.05% nickel and 1.28% copper from 274 metres

The Copernicus project is a joint venture between Sally Malay Exploration Pty Limited (“Sally Malay”) and Thundelarra. Sally Malay has a 60% equity and Thundelarra a 40% equity in the 1.2 square kilometre tenement MLA80/540, located approximately 35 kilometres south of the operating Sally Malay nickel mine.  Sally Malay, the managers of the joint venture, are required to sole fund the first $3.5 million of expenditure on the Copernicus project over the next 4 years to maintain their equity. In addition to the resource drilling the managers of the joint venture are preparing a Notice of Intent for the mining and processing of the Copernicus open pit resource.  

Production is scheduled to commence in the second quarter of 2007, subject to the granting of the mining lease, receiving all necessary statutory approvals and the participants making a decision to mine. With the current nickel prices at US$12.57/lb, Thundelarra is on track to become a cash positive nickel producer by mid 2007.


Lamboo Project
The initial drill testing of a high order and extensive soil anomaly (maximum value 1.3 g/t Pt+Pd+Au) returned a number of significant results including:

• 46 metres @ 1.87 g/t Pt+Pd+Au from surface; 
• 33 metres @ 2.77 g/t Pt+Pd+Au from surface; and 
• 37 metres @ 2.07 g/t Pt+Pd+Au from 16 metres. 

A total of 920 metres (9 reverse circulation holes) were drilled on 4 lines approximately 80 metres apart to test the central zone of the 1.8 kilometre long Pt+Pd+Au soil anomaly. Eight of the 9 holes returned significant intercepts with the mineralisation remaining open to the north and south. Additional soil, rock and trench sampling is underway in preparation for a second drilling program scheduled to commence in September. This program will test approximately 2 kilometres of the interpreted Edison ultramafic stratigraphy. Drilling to date has only assessed 200 metres strike of the prospective unit and to a shallow depth. Preliminary interpretation of results from the Edison prospect indicates that the platinum+palladium+gold (3E) mineralisation occurs within a poorly exposed easterly dipping weathered ultramafic unit that is thickening to the south (see attached Location map and Drill Sections).

Detailed petrological, geochemical and metallurgical studies are currently underway to determine the characteristics of the platinum minerals.


Sophie Downs Copper-Zinc Project
Thundelarra has recently applied for an exploration licence covering the Sophie Downs copper-zinc project in the East Kimberley region of Western Australia.

Thundelarra is particularly interested in the Sophie Downs project because a number of new targets have been generated by Thundelarra using its hyperspectral information and results from its regional mapping programs. These new targets will be assessed during the 2006 field season.

The Sophie Downs project has the potential to host a significant copper-zinc-lead VHMS deposit similar to the Koongie Park base metal deposit located 27 kilometres south west of Halls Creek.


Carola Valley Uranium Project
Thundelarra has recently acquired all historical data relating to the Carola Valley Project and has commenced the systematic capture of all relevant information. At the completion of this data capture, Thundelarra will plan a helicopter ground survey followed by an airborne radiometric and magnetic survey.

The Carola Valley Project consistes of two tenements covering approximately 200 square kilometres and is located 80 kilometres west of Thundelarra's East Kimberley nickel project. The tenements cover a number of uranium occurances discovered in the 1970s associated with sandstones and major fault structures. Uranium values of up to 1% U3O8 are reported from the region and numerous anomalies remain poorly tested.


Kunderong Uranium Project
The Kunderong Project consists of two tenements located approximately 120 kilometres west of Newman, Western Australia. The tenements are adjacent or near to Aldershot Resources Ltd's ("Aldershot") Turee Creek project that contains the 1,050,000t @ 0.035% U3O8 sandstone hosted resource. 

Recent compilation of historical exploration results from the region has identified a number of prospective areas within Thundelarra's 550 square kilomentre tenement holding. Exploration on these tenements will initially involve the completion of the regional review followed by an airborne radiometric survey over selected areas.


LionOre Joint Venture/Breakaway Resources Limited 
On the 14 May 2006, LionOre Mining International Ltd announced the sale of certain Australian nickel exploration assets to the ASX-listed Breakaway Resources Limited.

These assets include the East Kimberley Joint Venture tenements held by Thundelarra, where LionOre is earning a 60% equity in approximately 1,500 square kilometres of Thundelarra’s tenements by the expenditure of $5 million.  Thundelarra has approved the assignment of joint venture obligations to Breakaway. 

Initial follow-up of the Koondoloo target has identified malachite (copper) - bearing gabbro lithologies which are currently being soil sampled. Additionally, two Exploration Licences were applied for covering newly identified nickel and gold targets within the eastern and central portions of the project area.

Geographical Spread

Western Australia – East & Central Kimberley Region

Board of Directors and Key Management

Philip Crabb (Non Executive Chairman)

Brett Lambert (Chief Executive Officer)

Frank DeMarte (Executive Director and Chief Financial Officer)

Brian Richardson (Executive Director)

Malcolm Randall (Non Executive Director)

Company Address Level 3, IBM Building1060 Hay Street WEST PERTH WA 6005,, Western Australia, Australia 6005 Telephone: +618 9321 9680 Facsimile: +618 9321.9670 Email: info[at]thundelarra.com.au Website: http://www.thundelarra.com

Additional Address/Key Contact PO Box 7363 Cloisters Square Perth, Western Australia 6850 AUSTRALIA

Annual General Meeting February

Year End 30 September

Nominated Brokers Mr Colin Vost - Montagu Stockbrokers Pty Ltd

Major Shareholders

30 June 2007
RAGGED RANGE MINING PTY LTD & ASSOCIATES	16%
LIONORE AUSTRALIA PTY LTD	7%
NATIONAL NOMINEES LIMITED	5%
FORTIS CLEARING PTY LTD	4%

Related News

12/09/07 - Thundelarra Breaks Its Duck

Most Recent Statement

18/09/07 - Rights to Premier Province Secured
13/09/07 - Uranium Drilling Underway
03/08/07 - Open Briefing Copernicus and Uranium Update
18/07/07 - Exploration Update Uranium
04/07/07 - SIGNIFICANT NICKEL INTERSECTIONS AT COPERNICUS
01/05/07 - Appointment of New CEO