Company Information for Uranex NL

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www.uranex.com.au

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Company Statement

Uranex is an Australian listed company with advanced uranium projects in Australia and Tanzania.

Uranex is aiming to be Tanzania’s first uranium producer and is also well positioned in Australia with several projects at varying development levels.

Currently, two uranium resources have been defined in accordance with the 2004 Australian JORC Code guidelines, and further drilling is continuing on these deposits to further upgrade resources as to both quantity (tonnes) and quality (JORC Classification).

The Bahi project in Central Tanzania, currently has 6.7 Million (M) lbs of contained U3O8 in 14Mt of resource at an average grade of 218ppm U3O8, based on a cut off of 150ppm U3O8. (Contained lbs of U3O8 doubles to over 15M lbs at the 100ppm cut off). Pre-feasibility studies have commenced on this project with potential production targeted for 2010.

The Thatcher Soak project in Western Australia has 11M lbs of contained U3O8 in 17Mt of resource at an average grade of 290ppm U3O8, based on a cut off of 150ppm U3O8.

Mkuju in Southern Tanzania is another prime project on which the Company is focusing. The Company has an extensive drilling plan earmarked to expand on auger sampling that revealed near surface results of 1.4m at 1,824ppm U3O8, 0.5m at 5,338ppm U3O8 and 0.25m at 9,803ppm U3O8.

The Company listed on the Australian Stock Exchange on 25 October 2005. IMX Resources (formerly known as Goldstream Mining ML) formed Uranex to hold its extensive array of uranium projects and subsequently floated the company. IMX remains a major shareholder of Uranex with 39.5% of the company.

The Company’s early recognition of the revival of the uranium and nuclear energy sector provided the Company vanguard-access in choosing its exploration and development opportunities, thereby enhancing the probability of its early success.

Current Operations

Bahi Project Area – Central Tanzania
The Bahi Project comprises 4 tenements (3 granted and 1 application) covering an area of 4,700km2. The project area is linked by road and rail to the national capital of Dodoma located 70kms to the east.

Uranex’s Bahi Project area incorporates an extensive closed and drainage system that has developed over weathered uranium rich granites. This drainage system captures all soluble uranium leached from the underlying rocks and provides transport to suitable trap sites along the drainages and ultimately into the Bahi salt lake.

Uranium was first reported from the area in 1954 when drilling for salt at Lake Bahi recorded a 0.15m interval assaying 2.30kg/t U3O8 associated with strontium carbonate. Historic reconnaissance of the country wide radiometric survey in the seventies located uranium mineralisation in the form of carnotite associated with drainage systems leading into the lake.

Uranex’s initial work program focussed largely on a system of channels and playa lakes that lead into the central ephemeral Bahi salt lake. Two of the several playa lakes in this system were selected for initial broad spaced reconnaissance testing.

These lakes (Anomaly ‘A’ and ‘C’) occur 45 and 30kms north-west of Lake Bahi. A course grid of pits, trenches auger and RAB drilling established an extensive, shallow sheet of anomalous uranium mineralisation greater than 100ppm U3O8 over a combined area of 20km2.

Work Program Planned for 2007
The discovery of high grade uranium in a calcrete type setting at the CI Prospect provides an immediate focus for the 2007 field season due to commence in early May. A program has been defined to further delineate and quantify the deposit.

There are several playa lakes and channels in the drainage system that have not yet been investigated. All of these have potential for uranium mineralisation similar to that discovered at the CI Prospect. Company plans to fly a close spaced radiometric survey over all of its Bahi land holdings in order to assist the planning and testing of the multiple targets within the drainage network.

Tanzania - Mkuju and Songea Projects (UNX 100%)
The Mkuju and Songea projects are located in the south-west of Tanzania close to the country boarders of Mozambique and Malawi. The project areas comprise 8 granted/offered tenements and 3 applications covering a total area of about 8,000km2.

The areas incorporate exposure of the uranium prospective stratigraphic interval of the Karoo basin sediments. Most of the known uranium mineralisation in southern Africa are hosted by similar Karoo sandstones.

Uranium mineralisation was first evidenced in this geological region as a result of exploration during the period 1978-1982. Assessment of airborne radiometric anomalies during the period led to the discovery of two uranium deposits at Mkuju and Mdaba. These deposits were not quantified but record uranium values up to 6.16kg/t U3O8. These deposits are now largely contained within the world heritage listed Selous Game Reserve. The Kayelekera uranium deposit occurs in similar rocks 300km to the south-west in Malawi. These deposits though not in Uranex’s tenements provide the target exploration model for similar prospective Karoo sediments within Uranex’s extensive land holding.

Work Program Planned for 2007
The high grade surface mineralisation at anomaly 16 provides a priority target for follow-up drilling. The Company plans to conduct about 3,000 metres of reverse circulation drilling at anomaly 16 and other targets within the 16 kilometre long radiometric trend. Grid based scintillometer surveys and soil sampling will provide further targets for trenching and follow-up drilling.

The Company is also planning to conduct a 256 channel spectral radiometric survey over the remaining 5,000km2 of its land holding at Mkuju.

Australia - Thatcher Soak – Western Australia (UNX 100%)
The Thatcher Soak uranium deposit is located 130km north-east of Laverton in Western Australia and covers an area of about 224km2. Most of the deposit is located in granted exploration licence E38/1732 to which Uranex holds 100% of the uranium rights. The mineralisation may extend slightly to the east into granted prospecting licence P38/3298. Uranex has the right to earn a 65% equity in P38/3298 under a Joint Venture Agreement with South Boulder Mines Ltd.

The deposit was discovered in the early 1970’s by recognition of uranium vanadates (carnotite) within dolomitic calcrete at three closely spaced locations along an ill-defined drainage channel within the tenements. Subsequent exploration has established that mineralisation extends for at least 7.5 kilometres along the drainage and is between 200 and 1000 metres in width with a thickness of 1-6 metres.

Planned Activity 2007
A drilling contract has been let for an initial program of about 600 holes. The program is designed to define the gross mineralised envelope and to close-up drilling within the envelope to allow the calculation of a JORC inferred resource. The drill program will commence in late April.

BYNOE
The Bynoe uranium project area is located 60km south-west of Darwin. The project area is contained within eight granted exploration licences and one exploration licence application covering a total area of 500km2.

The project area is located on the western flank of the Pine Creek geosyncline which is host to world class uranium deposits such as Ranger, Narbalek and Jabiluka. Uranex’s tenements incorporate a number of key structural elements considered favourable for the formation of unconformity-style mineralisation that typify the major uranium deposits of the eastern Pine Creek region and features of the uranium deposits at Rum Jungle which is located about 40km east of the Bynoe projects. Some 3,407 tonnes of U3O8 was mined from the Rum Jungle area in the 1960’s. This was contained in two main deposits Whites (396,000 tonnes @ 0.27% (2.7kg/t U3O8) and Rum Jungle Creek South (663,500 tonnes @ 0.43% (4.3kg/t U3O8).

Uranex has recognised the potential for blind primary high grade mineralisation within its group of licences, in areas capped by laterites and other surface deposits. Historic drilling indicates that uranium mineralisation is hosted within the structures defined by Uranex. These structures will provide the targets for initial drill testing. Careful definition and targeting of potential host settings to highlight discrete targets for drill testing is proposed.

Exploration to December 2006
The Company commissioned airborne radiometric and magnetic surveys over a portion of the tenement group. The survey was completed in November 2006 and the data was subjected to specialist processing and target generation. This process identified several strong discrete uranium anomalies associated with favourable geological settings.

Work Program Planned for 2007
Following the cessation of the monsoon season (May) the Company plans to conduct a field program to investigate strong uranium responses identified by the airborne survey.

The program will investigate grid based ground scintillometer surveys, soil sampling, trenching and reverse circulation drilling.

ALLIGATOR RIVER
The project comprises one granted exploration licence and one exploration licence application covering an area of 930km2. They are located on the western margin of the Kakadu National Park within the Pine Creek Inlier.

The Pine Creek Inlier contains the world class uranium deposits of the East Alligator Uranium Field and the smaller deposits of the South Alligator and the Rum Jungle Uranium Fields.

Exploration to December 2006
A combine radiometric/magnetic survey was completed in November 2006. The survey identified uranium responses from a number of locations within the tenements.

Work Program Planned for 2007
A reconnaissance survey will commence in July to assess the geological setting and scale of the airborne uranium responses.

Geographical Spread

Tanzania and Australia

Board of Directors and Key Management

Terry Ward	Non-Executive Chairman
John Cottle	Managing Director
Richard Udovenya	Non-Executive Director
Andrew Daley	Non-Executive Director
John Nethersole	Company Secretary
Tim Riley	Technical General Manager, Exploration and Project Development
Bianca Manzi	Non-Executive Director

Company Address

Level 3
15 Queen Street
Melbourne, Western Australia, Australia VIC 3000


Telephone:	(+ 61 3) 9621
Facsimile:	(+ 61 3) 9621
Email:	info[at]uranex.com.au
Website:	http://www.uranex.com.au

Additional Address/Key Contact

Head Office
Level 3, 15 Queen Street
Melbourne VIC 3000
Telephone: (+ 61 3) 9621 1533
Facsimile: (+ 61 3) 9621 1544

Technical Office
Level 2, 100 Railway Road
Subiaco WA 6005
Telephone: (+61 8) 9381 5033
Facsimile: (+61 8) 9381 3611