DREADNOUGHT RESOURCES LTD — Regulatory Filings 2007

Oct 1, 2007

ASX Announcement

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2nd October 2007

The Manager Companies Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Eromanga Uranium Limited ACN 119 031 864

62 Beulah Road Norwood South Australia 5067

PO Box 3126 Norwood South Australia 5067

Phone 61 8 8132 7970

Fax 61 8 8132 7999

Email info@eromangauranium.com web www.eromangauranium.com

For further information please contact Kevin Lines on 08 8132 7970.

Further information relating to Eromanga Uranium Limited and its various exploration projects can be found on the Eromanga website:

www.eromangauranium.com

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Kevin Lines who is a Member of the Australasian Institute of Mining and Metallurgy, and who has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person, who is Managing Director of the Company.

AIRBORNE EM SURVEYS COMPLETED AT BILLA KALINA AND KINGOONYA PROJECTS

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NT
QLD
Illogwa Creek
WA Abminga
Eromanga Basin
SA
Kingoonya Marree
GawlerCraton Billa Kalina
NSW
500km
VIC
TAS
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Airborne EM Surveys

(Billa Kalina-Eromanga earning 50% from Maximus Resources Limited Kingoonya- Eromanga earning 70% from Maximus Resources Limited)

Eromanga Uranium Limited is pleased to announce that major airborne EM surveys have been successfully completed over the company’s Billa Kalina and Kingoonya Projects in South Australia. Both surveys were undertaken on Eromanga’s behalf by Geosolutions Pty Ltd utilising the helicopter mounted REPTEM system. Surveys were flown on 1km line spacings over the entire tenement holding at each project and involved the acquisition of over 8,000 line/km of data.

emerging picture of multiple palaeodrainage channels from initial processing of data at the Abminga Project. High quality magnetic data, routinely collected in conjunction with the airborne EM surveys, is also proving to be of significant value to the Company.

The Company anticipates that the initial processing of the survey data will be completed by Geosolutions Pty Ltd shortly, with delivery of both survey data sets to Eromanga by the end of the second week of October 2007. A preliminary review of the surveys results will then be undertaken by Eromanga, to establish exploration priorities, before further detailed computer processing and imaging is initiated.

Abminga Project – update

(Eromanga Uranium Limited earning 70% from Maximus Resources Limited)

Computer processing, imaging and interpretation of the Abminga airborne EM survey is ongoing at Eromanga’s Adelaide offices and will continue as an ongoing program throughout the remainder of 2007. However, early results are providing an emerging picture of multiple palaeodrainage channels developed within close proximity to known anomalous uranium mineralisation. Previous exploration by Afmeco in the late 1970’s and early 1980’s intersected uranium mineralisation within the target Algebuckina Sandstone and returned uranium analyses to 190ppm. The main palaeochannels, identified by Eromanga’s EM survey, have never been drill tested and

The completion of the Billa Kalina and Kingoonya surveys now completes Eromanga’s major exploration initiative of establishing full airborne EM coverage over its principal exploration projects during its first year of operations. The investment by the Company in these important data sets is already producing very positive results with the delineation of the previously unknown Marree Palaeodrainage and the

are now a priority target for the Company. Eromanga is now advancing negotiations with local pastoralists, aboriginal groups and suitable contractors to allow drilling to commence at the earliest opportunity, hopefully by late November 2007.

Illogwa Project

(Eromanga Uranium Limited earning 70% from Maximus Resources Limited)

The Illogwa Project is located approximately 200km east of Alice Springs NT and consists of one granted exploration licence (EL25162) and one application (EL25161) covering a total of 1333 sq km.

EL25161 is located on aboriginal freehold land and, as such, Eromanga’s exploration licence application can only be granted after approval by the appropriate traditional owners. The company, in conjunction with representatives of the Central Land Council (CLC), met with traditional owners in May 2007. Following consideration of the company’s presentation at this meeting the traditional owners have rejected Eromanga’s application. Subsequent consultation with the CLC has indicated that the rejection of the company’s application was based on concerns over uranium exploration and mining and was not specifically related to Eromanga.

Eromanga is currently evaluating its options at the Illogwa Project. The area covered by EL25161 is now vetoed for a period of five years and places severe limitations on the viability of exploration on the remaining, and much smaller, granted tenement EL25162. The Company does not believe that the loss of access to EL25161 will significantly impact on its overall exploration programs as recent applications for additional prospective tenure in South Australia largely offsets the loss.

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Mr Kevin Lines Managing Director

2nd October 2007