DREADNOUGHT RESOURCES LTD — Investor Presentation 2008

Jan 24, 2008

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EROMANGA URANIUM

DRILLING ON DUAL FRONTS

Kevin Lines Managing Director

25 JANUARY 2008 INVESTOR PRESENTATION 1

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DISCLAIMER

This presentation contains forward looking statements that are subject to risk factors associated with the exploration and mining industry. It is believed that the expectations reflected in these statements are reasonable, but they may be effected by a variety of variables which could cause actual results or trends to differ materially.

25 JANUARY 2008 INVESTOR PRESENTATION 2 EROMANGA URANIUM

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2007 BRIEFLY RE-VISITED

• Establishment of a quality exploration team with the tools to get the job done.

• Over 22,000 line/km of airborne EM surveys completed across four major projects.

• Discovery of major new palaeodrainage systems at Marree and Abminga.

• Exciting new IOCG initiative in the northern Gawler Craton SA.

• Eromanga now positioned for a dynamic 2008 with drill based exploration programs across multiple projects.

25 JANUARY 2008 INVESTOR PRESENTATION 3 EROMANGA URANIUM

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MAJOR PROJECTS
Uranium
Copper, gold, uranium
NT
Illogwa Creek QLD
Abminga East
WA Eromanga Basin
Abminga
Welbourn Hill
SA
Kingoonya Marree
Gawler
Craton Billa Kalina
NSW
500km
VIC
26,000km [2] of tenure under management
TAS 25 JANUARY 2008
Maintaining strong SA/NT focus
INVESTOR PRESENTATION 4
EROMANGA URANIUM
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Northern Gawler Craton
IOCG Project
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NORTHERN GAWLER CRATON IOCGU INITIATIVE

• Targetting large ironoxide copper, gold, ±uranium ‘systems’.

• Manageable depths of cover near craton margin.

• Pre-existing magnetics, gravity and IP data allow accelerated exploration.

25 JANUARY 2008 INVESTOR PRESENTATION 5 EROMANGA URANIUM

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NT QLD
Northern Gawler Craton
��������������� � ������� � Welbourn HillWelbourn HillWelbourn HiWelbourn Hi ll IOCG Project
Marla
����������������
Coober Pedy
���� Prominent Hill
Gawler ���� Olympic Dam
Craton
Carrapeteena �� � [�]
Ceduna
��������������� �
Port Augusta ��������������� �
Port Lincoln ��������������� � AdelaideAdelaideAdelaideAdelaide �������������� � �
200 km
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(Copper, gold, uranium)

WELBOURN HILL

• Positioned over the northern margins of the Gawler Craton.

• Region virtually untested for IOCG mineralisation.

• Eromanga has early mover status.

• Good access with strong local support for exploration and mining.

25 JANUARY 2008 INVESTOR PRESENTATION 6 EROMANGA URANIUM

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WELBOURN HILL
7,000,000 mN and NICHOLSON
Coongra 1Coongra 1CoongraCoongra 1 [ 1] ����
Nicholson TargetNicholson TargetNicholson TargetNicholson Target •
Nicholson 1Nicholson 1Nicholson 1 Nicholson 1 ���� EOB 2EOB 2EOB 2EOB 2 Primary target at
����
Welbourn Hill.
EL4019EL4019EL4019EL4019 •
Drilling to commence
EL4020EL4020EL4020EL4020 1 February 2008.
6,980,000 mN • Secondary target
���� Nicholson 2Nicholson 2Nicholson 2Nicholson 2 at Nicholson with
EWHD 2EWHD 2EWHD 2EWHD 2 ELA 532/07 detailed gravity
��� � EWHD 1EWHD 1EWHD 1EWHD 1
������
WHD 2WHD 2WHD 2WHD 2 ��� � Proposed Drillhole survey mid February
Welbourn HillWelbourn HillWelbourn HillWelbourn Hill
���� Historic Drillhole 2008.
TargetTargetTargetTarget
Fault
0 5 km 25 JANUARY 2008
Gravity Contour
INVESTOR PRESENTATION 7
EROMANGA URANIUM
G 6,960,000 mN ravity contours over a magnetic image.
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EL4020 ELA
2007/532
B
WELBOURN HILL
6,980,000 mN6,980,000 mN6,980,000 mN6,980,000 mN
GRAVITY
Nicholson-2Nicholson-2Nicholson-2Nicholson-2 ������� �
•
6km x 1km high order
gravity anomaly
•
Coincident major
magnetic feature
EWHD-2EWHD-2EWHD-2EWHD-2
������� �
• Excellent structual
Target Body ��� ��� �� �� �� � �� � EWHD-1EWHD-1EWHD-1EWHD-1
WHD-2WHD-2WHD-2WHD-2 setting close to crustal
s
cale faulting
6,970,000 mN6,970,000 mN6,970,000 mN6,970,000 mN
A
25 JANUARY 2008
������� � Proposed Drillhole INVESTOR PRESENTATION 8
������� � Existing Drillhole 2 km EROMANGA URANIUM
Fault
400,000 mE 420,000 mE
400,000 mE400,000 mE400,000 mE400,000 mE 410,000 mE410,000 mE410,000 mE410,000 mE
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B EL4020 ELA
2007/532
6,980,000 mN6,980,000 mN6,980,000 mN6,980,000 mN
Nicholson-2Nicholson-2Nicholson-2Nicholson-2 ���� WELBOURN HILL
MAGNETICS
•
Strong coincident ‘bulls-
eye’ magnetic anomaly
EWHD-EWHDEWHD-EWHD-- 2222
������� � (plus 1000 nanotesla).
TaTaTaTa rrgetrrgetgetget BodyBodyBodyBody ��� ��� �� �� �� � �� � EWHD-1EWHDEWHD-1EWHD--11 • Adjacent to major NW
WHDWHD-2WHDWHD-2--22 structure.
6,970,000 mN6,970,000 mN6,970,000 mN6,970,000 mN
•
Similarities to Olympic
A
Dam geophysical
Magnetic body as modelled at 1350m depth 2 km signature.
���� Comalco drilhole - 1981
������� � Newcrest drillhole - 1992
���� Planned Eromanga drillholes - 2008
25 JANUARY 2008
Fault
400,000 mE400,000 mE400,000 mE400,000 mE 410,000 mE410,000 mE410,000 mE410,000 mE
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25 JANUARY 2008
INVESTOR PRESENTATION 9
EROMANGA URANIUM
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Gravity contours over a magnetic image.

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WELBOURN HILL

• Ground gravity surveys provide quality data for geophysical modelling

• Previous drill-hole provides important geological constraints

• Geology from Nicholson 2 indicates proximity to major volcanic centre with anomalous copper, barium, phosphous and fluorine.

25 JANUARY 2008 INVESTOR PRESENTATION 10 EROMANGA URANIUM

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WHD-2 CORE
Steely/specular haematite
and quartz veining.
25 JANUARY 2008
INVESTOR PRESENTATION 11
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WELBOURN HILL LOCATION OF DRILL SITE

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25 JANUARY 2008
INVESTOR PRESENTATION 12
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7,010,000 mN
NICHOLSON
•
Significant
gravity anomaly
in regional data.
EL4019
•
Anomaly centred
over large
7,000,000 mN Planned GravityPlanned GravityPlanned Gravity Planned Gravity
magnetic feature.
Survey LinesSurvey LinesSurvey Lines Survey Lines
•
Ground gravity
survey to provide
detail for later
drill testing.
25 JANUARY 2008
INVESTOR PRESENTATION 13
Gravity contours over a magnetic image. EROMANGA URANIUM
-470
-460
-560
-550
-500
-410
-480
-450
-420
-430
-510
-400
-440
480
-520
-540
-530
-510
-490
-390
-500
-520
-490
-520
Fault
420,000 mE 430,000 mE
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SANDSTONE HOSTED

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� Alice Springs
Northern Territory
Queensland
Abminga
Marla �
South Billa Kalina
Australia
Coober Pedy � Marree
Prominent Hill � Marree �
�
Kingoonya Olympic Dam � Beverley
� Ceduna
� Port Augus t a
� Adelaide
200 km
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• Major uranium exploration initiative around Eromanga Basin margins.

• 4 large project areas.

• All projects with full airborne EM coverage - over 22,000 line/km.

• Priority targets at Abminga and Abminga East.

• Sustaintial project pipeline.

25 JANUARY 2008 INVESTOR PRESENTATION 14 EROMANGA URANIUM

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Lilla Creek
Finke
Umbeara
Kulgera
Northern Territory
26°S
South Australia
Tieyon
Agnes Creek Mount Irwin
Lambina
Granite Downs
27°S
Marla
Welbourn Hill
Wallatinna
20km
133°E 134°E
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ABMINGA (ERO earning 70%) and ABMINGA EAST (ERO 100%)

• Major tenement package of over 9,800km[2] .

• Large palaeodrainage system identified from ongoing data processing.

• Very limited previous exploration.

• Targets now drill ready. 25 JANUARY 2008 INVESTOR PRESENTATION 15 EROMANGA URANIUM

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ABMINGA and ABMING A EAST
EL3602
Mount Anthony EL3982
Mount Treloar
Miller
Eromanga Uranium 100%
Gassendi Maximus Resources JV
Caldera Resources JV
Palaeochannel
EL3186
Delambre
Warrataddy Hill
-26º30'
20 km
EL3601
Black Hill Dam
EL3964
Enungarenna Hill
ELA 594/07 Lambina
25 JANUARY 2008
14 new palaeodrainages identified INVESTOR PRESENTATION 16
EROMANGA URANIUM
Kepler
Baco
Julius
Lambert
Euler
Franklin
Capella
Zeno
Atlas
Halley
Isidorus
134º 134º30'
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ABMINGA EAST - Area of drill testing

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W
N
S
E
CUR13 - 190ppmU
CUR13
Baco Palaeochannel
System
Atlas Palaeochannel
System
14km
2km
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ATLAS/BACO PALAEODRAINAGE SYSTEMS

100% owned by Eromanga Uranium

25 JANUARY 2008 INVESTOR PRESENTATION 17 EROMANGA URANIUM

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ATLAS/BACO DRILLING

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(100% ERO)

• Commencing mid-February 2008.

• All permits in place.

• 25-30 rotary-mud holes.

• Designed to confirm palaeodrainage geometries and test uranium mineralisation.

• Initial results by late March 2008.

• Quality target with extensive palaeodrainage development in area of known uranium deposition.

25 JANUARY 2008 INVESTOR PRESENTATION 18 EROMANGA URANIUM

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� Alice Springs
Northern Territory
Queensland
Abminga
Australia Billa Kalina
Marree
Kingoonya �
200 km
25 JANUARY 2008
INVESTOR PRESENTATION 19
EROMANGA URANIUM
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PROJECT PIPELINE MARREE

• Full airborne EM coverage completed.

• First phase drilling completed 2007.

• Second phase drilling scheduled for 1[st] Quarter 2008.

• Aboriginal clearance received.

• Reprocessing of EM to improve geological understanding.

• Dual focus of drilling to test areas of better development of the deeper Algebuckina Sandstone and shallower units of the Coorikiana Sandstone.

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� Alice Springs
Northern Territory
Queensland
Abminga
AustraliaSouth Billa Kalina
� Marree
�
Kingoonya Beverley �
200 km
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PROJECT PIPELINE KINGOONYA

• Prospective for both sandstone hosted and unconformity style uranium mineralisation.

• Full airborne EM coverage completed in 2007.

• Data processing underway utilising Eromanga in-house expertise.

• Early outputs are encouraging.

• Initial testing of drill targets anticipated in the second half of 2008.

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25 JANUARY 2008 INVESTOR PRESENTATION 20 EROMANGA URANIUM

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PROJECT PIPELINE

BILLA KALINA

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Abminga
Marla
AustraliaSouth Billa Kalina
Coober Pedy Marree
�
�
200 km
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• Exploration ongoing for sandstone hosted uranium and deeper IOCG mineralisation.

• Full airborne EM coverage completed in 2007.

• Data processing ongoing.

• New gravity data available from PIRSA.

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25 JANUARY 2008 INVESTOR PRESENTATION 21 EROMANGA URANIUM

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SUMMARY

• Two major drill programs underway in February 2008. - Deep diamond drill testing at the exciting Welbourn Hill IOCG target (ERO 100%)

• Initial drilling of the expansive palaeodrainage system at Abminga East (ERO 100%).

• Over 250km of new drainage identified in the Abminga region providing multiple new targets.

• Strong project pipeline supported by major airborne EM database.

SET FOR AN EXCITING 2008!

25 JANUARY 2008 INVESTOR PRESENTATION 22 EROMANGA URANIUM