ENOVA MINING LIMITED — Fund Information / Factsheet 2007

Nov 26, 2007

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An interview about this newsletter has been recorded on Boardroom Radio. A CTRL+ click on the link below should take you there: http://www.brr.com.au/event/CUX/2284/36481/wmp/mhphgbjzj7

CUX Shareholder Update: What’s happening at Crossland Uranium Mines

Volume 1, issue 2

December, 2007

P E O P L E W H O K N O W U R A N I U M

Field season draws to a close in the Top End

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torm clouds gathering over Alligator Hole in the Chilling District, NT as Crossland finalises its field activities for the 2007 season. Photo: S GSE

A s December approaches, the dry season dust gives way to wet season mud in the Top End. Without preparation, it is impossible to conduct field activities. Our field crew at Chilling has laid preparations that provide us with some follow- up capacity if results from samples being collected at present , and the airborne surveys now under way, require it. Camping equipment and an all terrain vehicle (ATV) will be stored in the field to enable a crew to be positioned on site with a helicopter when required. This should also allow an early start to field work at Chilling next year.

menced in early November, but so too did the early rains.

Soil moisture and surface water have a dampening effect on gamma radiation. We have been able to monitor and to some degree calibrate the effects on our survey with similar instruments in use on our ground surveys. Once the effects had become measurable, we requested the contractors to open out the survey line spacing. This will still provide excellent magnetic data, and, while a little muted, still valuable radiometric data. The funds saved will be used to infill in difficult areas next year using helicopter– borne equipment. We will also continue our ground spectrometer

Our long– awaited airborne geophysical survey of Chilling com-

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surveys, using a GPS– controlled gamma ray spectrometer mounted on an ATV. This has proved extremely successful, and up to 60 line km per day have been achieved in good conditions. We intend to equip a second system to use the technique more widely next year.

Channel sampling of the Mema Prospect outcrops, as well as other anomalies already revealed by ground prospecting, is under way. This work and the ground surveys will proceed while surface conditions permit.

A BOVE: CUX has mounted a GPS– controlled spectrometer onto an ATV to speed up data acquisition. Here, Senior Geologist, Arvid Buskas, tests an ATV with new trailer . This rig will also service the Mema Camp until next Dry Season. Photo: P Eupene.

B ELOW: Progress, preliminary Ura-nium channel data from the start of the Chilling survey currently in progress. Horizontal banding will be removed with further processing. Image: R L Richard-

son.

Surprise at Crossland Creek!!

C rossland’s company name was suggested by our Crossland Creek prospect in the West Kimberley. The pre– CUX indications of mineralization at Crossland Creek were of uranium, with a little bauxite, and some indications of diamond

prospectivity, but our early reconnaissance suggested that it was most prospective for copper.

We have obtained good soil and rock values of copper from a very large area of alteration which coincided with a magnetic anomaly. CUX recently

received the results of our report that, based on our new airborne survey ininterpretation of the new tended to provide definition results, we now consider of the mag anomaly, to perthat Crossland Creek also mit drill targets to be develhas a promising target for oped. We are delighted to (Continued on page 2)

O U R A N I U M V O L U M E 1 , I S S U E 2

P E O P L E W H O

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Crossland Creek surprise...

uranium. In line with our agreement with Pancon, CUX has nominated this project to the Joint Venture, and they have agreed to incorporate it.

C rossland’s Crossland Creek project, showing recent preliminary U– channel results and an interpretation of magnetic features, with the outcrop distribution of King Leopold Sandstone and Carson Volcanics. The King Leopold lies below the Carson. Crossland plans to target a possible source of uranium and other metals on the basal unconformity of the King Leopold Sandstone. Grid is 2000m. (illustration prepared by G. S. Eupene).

The accompanying diagram explains why we are quite interested in testing this setting.

As far as we can tell, there have been no drill holes through the Kimberley Basin succession anywhere near the prospect, so the basement rocks below the lowest unit, the King Leopold Sandstone, are unknown. Initial modeling suggests that the magnetic anomaly target should be easily within range of drilling. We expect the source of the anomaly to be a basic intrusive that has entered a pre– existing structure at the unconformity.

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While the Kimberley Basin sequence is perhaps a little older than the Kombolgie and Athabasca sandstones, the Kimberley basement rocks where they are exposed around the edge of the basin are also known to contain quite high uranium contents.

posed to uranium exploration) is not presently permitted. The Partners prefer to explore where our expenditure is likely to be most cost effective. The chance that within a reasonable time frame, a future regime in WA will allow mining of viable uranium deposits in the state is probably about even. This is a fairly low multiplier to apply to the technical risks of finding a mineral deposit in any jurisdiction, so some exploration of our concept at Crossland Creek is justified. Other factors that CUX is considering that relate to this development at Crossland Creek are:

This structure would occupy a setting very similar to that which hosts Unconformity– Related Deposits in other provinces with similar features, such as the McArthur Basin in the NT and the Athabasca Basin in Saskatchewan. These too are relatively unfolded basins containing younger Proterozoic rocks, with basal sandstone units, overlying an older more folded basement terrain.

Given the subdued uranium response in the rest of the Crossland Creek survey, the high uranium results obtained along the structure to the east of our original magnetic target suggest that this uranium might originate from leakage along a dyke– filled fault from a deposit on the sandstone unconformity at depth. In future this concept will be targeted at Crossland Creek.

♦Unconformity– Related Deposits are not necessarily only of uranium: many have significant copper, nickel, cobalt,

The joint venturers are aware that in West Australia, uranium mining (as op-

(Continued on page 3)

P E O P L E W H O U R A N I U M V O L U M E 1 , I S S U E 2

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Charley Creek Channels

rossland has received the final reC sults of a Tempest Airborne EM (AEM) survey completed over the lowland terrain at Charley Creek. This was commissioned to detect the depth of sediment development and the disposition of channels that might be present draining from the Teapot Granite, which has a high uranium content. The survey has

detected substantial sediment development, and several channels can be mapped (see illustration below). These will be tested by drilling, probably during the summer months as weather and resources permit.

The detailed airborne radiometric and magnetic survey of Charley Creek will commence immedi-

ately after the Chilling surtion in association with a vey now under way is comlayered mafic intrusive. plete. This survey will help Part of this complex lies to identify areas of outcropbelow the channels identiping mineralisation in the fied in the AEM survey Teapot Granite, as well as and these targets will be the magnetic features of evaluated during the drillbedrock. ing program.

Geoscience Australia has recognised potential in the Mt Hay Granulite at Charley Creek is for nickel- copper- platinoid mineralisa-

Crossland’s titles, a set of Tempest AEM contours, and interpreted channels, superimposed on uranium channel radiometric data from NT Geological Survey files. These radiometrics will be superseded by the new survey about to be commenced by Crossland. The grid squares are 5000m. Illustration prepared by R L Richardson.

Crossland Creek cont..

gold and platinoids, so all of these metals are target commodities at Crossland Creek. This could have some effect on permitting matters.

♦The accession of the Crossland Creek Project to the Uranium Joint Venture means that adequate funding

is available from Pancon to evaluate the new concept, and also this reduces the number of projects in CUX’s non- uranium portfolio. CUX has the view that a secondary package of prospective non-uranium projects represents useful insurance, requires lit-

tle additional management overhead if projects fall in areas where we have management expertise and presence, and can add shareholder value, especially through a separate listing in due course.

CUX will be assessing non– uranium projects that meet the criteria outlined above as they are brought to us.

P E O P L E W H O K N O W U R A N I U M

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Visit to the World’s largest uranium mine, part 2..

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I n the first issue of our news-letter, Geoff Eupene started other side of the orebody. Here, the bit is fitted and the a report on his visit to McArthur 10ft hole is drilled by pulling it River Mine in the Athabasca back towards the machine, with Basin as a guest of Cameco, the ore dropping into the conwho own 70% of the project. crete– lined drive, where it is This issue, mining operation will mucked out with a remote conbe briefly outlined. The P2N trolled bogger to be dropped ore body lies around 600m to an underground SAG mill below surface, and is a few that produces a slurry that is hundred metres long by tens of pumped to the surface and metres wide, and around a transported 80km to the mill at hundred metres high. Total Key Lake. The drillholes are production and reserves are filled with concrete (the yellow over 400 million pounds U3O8, plastic hole seals are obvious in at a mining grade of around the picture). No miner touches 20% (these are generalisations the ore, and the workings are of public figures). The whole stringently monitored for radon orebody lies between the shaft and radiation and kept in a headframe and the vent shaft very clean state. The ventilation in the picture opposite. An system is extremely powerful envelope around the orebody and the air underground is is frozen using refrigeration relaced every seven minutes. (freeze grouting) to prevent The mining cost is of course water ingress. The ore is mined very high, but when the ore is using 10ft bits on raise borers. worth several tens of thousand The machine sits in a drive on dollars per tonne, there is no the top of the orebody, and point in taking shortcuts, and of drills a pilot hole through to a course Cameco do not. drive on the bottom of the

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T op: Mc Arthur River mine, the world’s largest, pro-duces around 18.7 million pounds (8,400Tonnes) of U3O8 annually. All four ore zones that make up the orebody lie along a structure around 600m below the main road, between the headframe at right and the vent shaft at left. All Photos: GSE.

B elow left: this raise bore is drilling a pilot hole through the orebody from above. when it reaches the drive below the ore, the bit in the bottom left photo will be pulled back through the ore. Bottom Right: a production drive below the ore zone, showing completed 10ft holes plugged and filled with concrete. Ore is removed by remotely controlled machinery. Note liberal use of concrete in drive floors and walls.

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FORWARD LOOKING STATEMENTS

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This Newsletter may contain forward-looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals, that are subject to a number of unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or anticipated by such forward-looking statements. We cannot guarantee future results, levels of activity, performance or achievements.

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Readers are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statement..

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Message from the CEO

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Dear Shareholders,

I have received several favourable comments about my last newsletter, so I am encouraged to produce another. In fact, I have run out of space this time to tell you about our drilling at Mount Darling and Western Creek and our plans at Kalabity for summer work, as well as an update on Burkina Faso (it’s taking time for the government to formulate a policy on uranium, and we remain positive about our applications), but I think we need to keep this to four pages. While we still have a lot of data gathering in progress, and results to come in, the end of work in the Top Crossland Uranium Mines Ltd End for the year is in sight, and we are already preparing for a big year in 2008. ABN 64 087 595 980

Crossland Uranium Mines Ltd ABN 64 087 595 980 GPO Box 2437 Darwin 0801, NT Level 10, 80 Arthur St, North Sydney 2061, NSW Australia. Phone:+61 8 89815911 Fax:+61 8 89411364 E-mail: cux@crosslanduranium.com.au

Our hard– working team will be augmented with some new recruits, and we will secure drilling capacity pretty early to ensure we can carry out our plans. I will spend the first week of January in Sydney with Bob Richardson to review and interpret our geophysical surveys which will all be to hand by then. This will form the basis of our detailed plans. We will achieve pretty much all of our objectives for this year, and we are on track to capitalise on these achievements with our drilling programs next year. I look forward to more exciting results and your support in 2008.

Geoff Eupene, CEO and Exploration Director.