DREADNOUGHT RESOURCES LTD — Regulatory Filings 2008

Jun 11, 2008

ASX Announcement

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12 JUNE 2008

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

EXPLORATION UPDATE — WELBOURN HILL

The Company is pleased to provide an WA update on the deep diamond drill program currently underway at our Welbourn Hill IOCGU (iron oxide, copper, gold, uranium) project near Marla in far northern South Australia. The second drill hole, EWHD02, has reached a depth of 650 m with highlights as follows:

HIGHLIGHTS

• Basement intersected at 450 metres below surface, 250 metres shallower than in drill hole EWHD01.

• Increased intensity of sericite/hematite alteration with zones of veining and brecciation throughout the basement.

• Disseminated sulphide mineralisation associated with the alteration including pyrite, chalcopyrite and minor bornite.

• Top of modelled gravity anomaly at 670–700 m below surface is yet to be tested.

• Drilling to resume 19 June 2008 following the scheduled driller’s field break and drill-rig maintenance.

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NT
QLD
Eromanga
Basin
Illogwa Creek
Abminga East
Abminga To dmorden
SA Welbourn Hill
Kingoonya Ma rree
Gawler
Craton Billa Kalina
NSW
500km
VIC
TAS
Figure 1 Location of the
Welbourn Hill project area.
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Welbourn Hill

(Eromanga Uranium 100%)

The Welbourn Hill Project is located approximately 40kms east of the township of Marla in far northern South Australia (Figure 1) and forms part of the company’s Northern Gawler Craton IOCGU Initiative. This exciting target is defined by coincident high order gravity and magnetic anomalies at the north-western limits of the Gawler Craton and is considered to be prospective for iron oxidecopper-gold-uranium mineralisation similar to that at the Olympic Dam, Prominent Hill and Carrapateena deposits to the south-east.

The Company is currently drilling the second of two deep diamond drill holes, EWHD02, approximately 2.1 km to the north-west of the first drill hole EWHD01 (Figure 2). This second hole has reached a depth of 650 m (as at 11/06/08) and is planned to continue to a minimum depth of 800 m below surface. After penetrating through approximately 200 m of Mesozoic sediments and a further 250 m of underlying hematitic sediments (of unknown age) hole EWHD02 has intersected basement gneisses at a depth of 450 m, some 250 m shallower than in EWHD01. These results indicate that the basement sequence at Welbourn Hill dips gently to the south-east (Figure 3).

Eromanga Uranium Limited 1

The basement gneisses in EWHD02, whilst broadly similar to those in EWHD01, are more intensely deformed and have been subjected to far more significant late stage brittle fracturing with common veining and brecciation. Associated with the veining is strong sericite/hematite alteration and minor disseminated iron and copper sulphides (pyrite and chalcopyrite/bornite respectively). This style of alteration is similar to that associated with IOCGU mineralisation elsewhere on the Gawler Craton. A ten metre interval from 460–470 m contains common native copper mineralisation developed along fracture surfaces and within narrow (1cm) veins. The company believes that the native copper has developed as the result of secondary (supergene) processes close to the palaeo-surface.

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EL4020 EL4050
6,980,000 mN6,980,000 mN6,980,000 mN6,980,000 mN
Nicholson-2Nicholson-2Nicholson-2Nicholson-2 ����
B ���� EWHD02EWHD02EWHD02EWHD02
TaTaTaTa rrrrget Bodyget Bodyggetet BodyBody EWHD01EWHD01EWHD01EWHD01
���������� �
WHDWHDWHDWHD-2---222 A
6,970,000 mN6,970,000 mN6,970,000 mN6,970,000 mN
Magnetic body as modelled at 1350m depth
���� Comalco drilhole - 1981
������� � Newcrest drillhole - 1992 2 km
���� Current Eromanga drillholes - 2008
Fault
400,000 mE400,000 mE400,000 mE400,000 mE 410,000 mE410,000 mE410,000 mE410,000 mE
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Whilst the presence of both the native copper and disseminated copper sulphide mineralisation in EWHD02 is considered to be a very positive indicator for the development of ore-grade mineralisation at Welbourn Hill, the Company does not believe that any of the mineralisation intersected to-date in EWHD02 will be of economic significance.

The primary target of EWHD02 remains the testing of the large gravity anomaly, interpreted from the company’s geophysical modelling, at a depth of 670–700 m below surface. Integration of detailed specific gravity (density) data collected from both holes drilled to-date continues to support our initial interpretation (Figure 3). The Company is very encouraged by the results todate from EWHD02, particularly the presence of copper sulphide mineralisation not seen in EWHD01 and the increased intensity of brecciation and alteration. These results are interpreted as indicating that EWHD02 is located closer to the source of the mineralising fluids and increases the chances of exploration success at Welbourn Hill.

The Company is still awaiting the analytical results from EWHD01 (completed at a depth of 831 m) with indications from the Analytical Laboratory that it will be a further two weeks before the bulk of assay results will be available. Whilst the Company does not anticipate significant copper/gold results from EWHD01 the analytical results are important in understanding the chemistry of alteration observed throughout this hole as indications of proximity to a mineralised body.

Project Timing

Drilling is scheduled to recommence, on a two shift basis, on Thursday 19 June 2008 following the normal driller’s field break and completion of maintenance on the drill rig. Assuming normal drilling conditions are maintained once drilling recommences the gravity target should be intersected within 3–5 days.

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Mr Kevin Lines Managing Director 12 June 2008

Figure 2 Welbourn Hill magnetics with gravity contours.

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A WELBOURN HILL LONG-SECTION B
EAST (Looking South) WEST
Surface
100m
200m
300m
400m
450m 500m
600m
Depth as at 11/06/08 - ?
700m
701m
800m
?
EOH
831m 900m
1000m
Mesozoic Sediments (Eromanga Basin) Basement gneisses
Hematitic mudstones, siltstones Gravity target
500m and coarser clastic sediments Unconformity surface
Quartzite
Interpreted position of gravity anomaly
EWHD01 EWHD02
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For further information please contact Kevin Lines on 08 8132 7970 or 0419 801 010

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.

Figure 3 Welbourn Hill.

Eromanga Uranium Limited 2