DREADNOUGHT RESOURCES LTD — Regulatory Filings 2007

Jul 25, 2007

Australian Stock Exchange Announcement

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26 July 2007

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

• EROMANGA CONSOLIDATES LANDHOLDING AT THE ABMINGA PROJECT • BILLA KALINA AND MARREE PROJECTS EXPLORATION UPDATE

Tenement Acquisitions

(Eromanga Uranium Ltd 100%)

As previously advised, Eromanga recently applied for two additional exploration licences (ELA 220/07 and ELA 297/07) adjacent to the northern portion of our Abminga Project land holding. A third application (ELA 387/07) has now been added to the project (Figure 1). All three applications cover favourable stratigraphy at relatively shallow depths and are considered prospective for sandstone-hosted uranium deposits. These will be held 100% by Eromanga Uranium Ltd and will not form part of the Eromanga Basin Joint Venture with Maximus Resources Ltd.

Analysis of the area covered by ELA 387/07 has also identified aeromagnetic and gravity features, at Welbourn Hill and Nicholson, where the geological setting is considered favourable for Olympic Dam style iron oxidecopper-gold-uranium (IOCG) mineralisation (Figure 2).

The Welbourn Hill target includes semicoincident magnetic and gravity anomalies. This area was first investigated by Comalco Limited in 1984 and Newcrest Mining Limited in 1990-91. A detailed gravity survey identified a significant anomaly (9 milligal residual anomaly) centred two kilometres south of the magnetic anomaly peak. Geophysical modelling indicated that the source of the gravity anomaly lay at depths of approximately 600 metres. Newcrest Mining Limited drilled three holes to a maximum depth of 507 metres without reaching the target. Remodelling of the gravity data by Eromanga confirms the depth interpretation for the gravity anomaly and the company considers that this important IOCG target remains untested.

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Downhole logging vehicle at Marree Project.
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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 8362 5966 | Email info@eromangauranium.com | web www.eromangauranium.com

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--- -25º30'-25º30'-25º30'-25º30'-25º30'-25º30'25º30'25º30'25º30'
EL 25163
EL 25166
Northern Territory
-2-2-2------ 26º26º26º26º26º26º6º6º6º
South Australia
EL 3602
ELA 297/07
EL 3601
EL 3186EL 3186EL 3186EL 3186EL 3186EL 3186EL 3186EL 3186EL 3186
--- -26º30'-26º30'-26º30'-26º30'-26º30'-26º30'26º30'26º30'26º30'
ELA 220/07
EL 3599
--- -27º-27º-27º-27º-27º-27º27º27º27º 'See Figure 2'
EL 3600 Nicholson
ELA 387/07
Marla
� Welbourn Hill
EL 3575
20km
--- -27º30'-27º30'-27º30'-27º30'-27º30'-27º30'27º30'27º30'27º30'
Granted Exploration Licence Exploration Licence Application Caldera Resources Agreement
Hwy
Stuart
133º30'133º30'133º30'133º30'133º30'133º30'133º30'133º30'133º30' 134º134º134º134º134º134º134º134º134º 134º30'134º30'134º30'134º30'134º30'134º30'134º30'134º30'134º30'
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interpreted to lie at the northern limits of the Gawler Craton. At more local scale, both targets lie along a major north east trending magnetic basement feature.

Caldera Resources Pty Ltd Agreement (Eromanga Uranium Ltd 100%)

In the central part of the Abminga project area, Eromanga has recently entered into an agreement with Caldera Resources Pty Ltd over EL3186. Caldera Resources are a Canadian listed company active in diamond exploration across Australia. Under the agreement Caldera Resources will assign its interest in the uranium rights of EL3186 to Eromanga Uranium Ltd for a small upfront cash consideration, ongoing direct exploration costs and a 1.5% net smelter royalty on any future uranium production. Caldera Resources also holds a 10% beneficial interest in EL3186 on behalf of Ellendale Resources NL.

EL3186 covers an area of approximately 74km2 and is located between Eromanga’s EL 3601 and ELA 220/07. Initial interpretation of open file data suggests that a palaeodrainage occurs partly within EL3186, upstream of the known uranium occurrence within ELA220/07. This Agreement with Caldera Resources helps to consolidate Eromanga Uranium Limited’s strategic position in this region.

Figure 1 Abminga Project exploration licences.

The Nicholson target is defined by a pronounced gravity high (10 milligal residual anomaly) coincident with an elliptical zone, 12km x 7km, of variably magnetic stratigraphy. Geophysical modelling of the magnetic data is consistent with a depth to the magnetic stratigraphy of about 200 metres, with a central pipe of higher density material. This discrete highorder gravity anomaly combined with the complex magnetic signature is interpreted to represent a composite volcanic centre, at relatively shallow depths, with the potential to host IOCG style mineralisation.

Both the Welbourn Hill and Nicholson targets lie within the continental scale G2 Corridor (as does Olympic Dam), and are

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Rotary mud drilling at Marree Project.

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ELA 387/07
-27º
Nicholson
Welbourn Hill
-27º20'
ELA 387/07 5km
134º 134º20'
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Marree Drilling

(Eromanga Uranium earning 70% from Maximus Resources Ltd)

The initial phase of drilling at the Marree Project is progressing extremely well with a total of 16 holes for 2202 metres completed out of a planned program of approximately 50 holes. Preliminary results have been encouraging with the identification of target sandstone horizons in stratigraphic positions both above and below the Mesozoic Bulldog Shale. Calibration of the results of downhole logging from this drilling, with those of the airborne EM survey over the project area, will allow refinement of our geological models and facilitate improved targeting of prospective palaeodrainages in the ongoing drill program.

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Mr Kevin Lines Managing Director 26 July 2007

Figure 2 Abminga targets showing gravity contours and magnetics.

Billa Kalina – Drilling Update (Eromanga earning 50% from Maximus Resources Ltd)

Deep diamond drilling of the first of two holes to test the Billa Kalina Gravity target has progressed to a depth of 346 metres. Since the most recent update (ASX release of the 12/7/07) we have unfortunately lost 10 days due to the inability of the drilling contractor to source suitably qualified personnel to man the drill-rig. These problems have now been rectified and drilling is proceeding satisfactorily towards our target depth of approximately 500m. The Billa Kalina Gravity anomaly is situated approximately midway between the Olympic Dam and Prominent Hill mines and is considered to be highly prospective for similar styles of IOCG mineralisation.

Airborne EM Survey – Abminga (Eromanga Uranium earning 70% from Maximus Resources Ltd)

The airborne EM survey over Eromanga’s tenement position at Abminga has been successfully completed. Eromanga’s primary focus of exploration at Abminga is for sandstone-hosted uranium deposits within buried palaeodrainages of the Eromanga Basin. This survey involved the acquisition of over 9,000 line/km of data utilising the REPTEM system supplied by Geosolutions Pty Ltd. Coverage of the survey has included all granted tenements and incorporated the area of the recent applications ELA 220/07, ELA 297/07 and the Caldera Resources EL3186. Detailed interpretation of this extensive data set is currently in progress.

For further information please contact Eromanga Uranium on 08 8132 7970 or Investor Relations - Mr Duncan Gordon on 0404 006 444

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.