MARMOTA LIMITED — Capital/Financing Update 2009

Nov 18, 2009

ASX ANNOUNCEMENT 19[th] November 2009

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Drilling update – Outstanding results continue from drilling at Junction Dam uranium prospect

 More drill holes intersect uranium mineralisation of Marmota Energy Limited potential economic significance on Junction Dam ACN: 119 270 816 ASX: MEU  Best hole for the week with high grade intercept, JDRM121 peak grade value of 3226 ppm eU3O8* Exploration Office: Unit I, 5 Butler Blvd  Significant peak grade values in excess of 1000 ppm Burbridge Business Park, SA 5950 eU3O83O8O8*8 continue to be intercepted in other holes drilled P: +61 8 8375 4300 F: +61 8 8375 3999 Exploration Update - Junction Dam uranium project E: info@marmotaenergy.com.au**

• Significant peak grade values in excess of 1000 ppm eU3O83O8O8*8 continue to be intercepted in other holes drilled**

(Marmota Energy earning 51% interest in uranium rights under JV Agreement with Teck Australia Pty Ltd (Teck), PlatSearch NL (ASX: PTS) and Eaglehawk Geological Consulting Pty Ltd)

W: www.marmotaenergy.com.au

Marmota Energy Limited (‘the Company’) is pleased to announce that high levels of uranium continue to be intercepted from drilling at its new uranium prospect on the Junction Dam uranium project (‘the project’) in northeastern South Australia. On the project, Marmota has the right to earn 51% interest in the uranium rights from Teck Australia Pty Ltd, PlatSearch NL (ASX: PTS) and Eaglehawk Geological Consulting Pty Ltd.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr D J Calandro, who is a Member of the Australian Institute of Geoscientists. Mr Calandro is employed full time by the Company as Managing Director and, has a minimum of five years relevant experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Calandro consents to the inclusion of the information in this report in the form and context in which it appears.

Outstanding results continue to be obtained from drill holes completed in the fourth week of drilling as part of the Company’s broad spaced maiden 20 hole reconnaissance drilling program. Downhole gamma readings indicating uranium mineralisation of potential economic significance are being returned from what has been interpreted as Eyre Formation sediments. The Eyre Formation hosts the nearby Honeymoon Uranium Mine and Beverley Four Mile uranium project to the north of Junction Dam.

In drilling completed last week, three more holes returned peak eU3O8 grades of more than 1000 ppm. The best hole was JDRM0121, in which a high grade intercept returned a peak grade of 3226 ppm eU3O8 (13040.8 counts per second). This hole is 200 metres south of the previous weeks high grade intercept of 7551 ppm eU3O8 (30,519.60 counts per second) in hole JDRM0118. Other drill holes that returned large distinct peaks of above 1000 ppm eU3O8 from the downhole gamma tool include holes JDRM0111 and JDRM 0120. Drill holes have continued to intersect multiple sand units, with the basal sand units returning elevated downhole gamma readings. Drilling this week focused up to 200 metres to the west of the traverse of holes drilled in the previous two weeks, and along strike of the previous high grade intercept in hole JDRM0118.

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Figure 1: Location of drill holes completed at the Junction Dam project.

Figure 2: Downhole gamma log from best drill hole JDRM121, with peak grade of 3226 ppm eU3O8*

HOLE ID EASTING NORTHING URANIUM PEAK GRADE eU3O8*(ppm)	URANIUM PEAK GRADE %eU3O8 DEPTH (metres) THICKNESS (metres) AVERAGE GRADE ppm ACCUMULATION (grade thickness) m%eU3O8*
JDRM0105 485033 6489130 134 JDRM0106 484980 6488734 341 300 JDRM0107 484996 6487979 1381 JDRM0108 485001 6487501 204 JDRM0111 484800 6488818 348 1152 JDRM0114 485000 6488530 169 218 218 830 JDRM0115 485000 6488330 1676	0.0135 123.45 0.15 120 0.002 0.0342 117.05 1.05 211 0.022 0.0300 122.7 0.85 166 0.014
	0.1382 121 0.65 508 0.033
	0.0205 110.85 0.4 147 0.006 0.0349 112.7 1.5 232 0.035
	0.1152 125.1 0.8 588 0.047
	0.0170 111.72 0.4 141 0.006 0.0219 119.52 0.85 165 0.014 0.0219 124.87 1.2 148 0.018 0.0831 126.87 0.75 370 0.028
	0.1677 129.16 0.75 648 0.049

HOLE ID EASTING NORTHING URANIUM PEAK GRADE eU3O8*(ppm)	URANIUM PEAK GRADE %eU3O8 DEPTH (metres) THICKNESS (metres) AVERAGE GRADE ppm ACCUMULATION (grade thickness) m%eU3O8*
JDRM0116 485000 6488130 530 1411 JDRM0117 485000 6487850 1095 1996 JDRM0118 484799 6488726 266 675 7551 JDRM0120 484700 6488750 1044 179 JDRM0121 484800 6488530 316 3226 JDRM0124 484900 6488430 212 808	0.0530 118.78 0.95 308 0.029
	0.1411 124.28 0.85 540 0.046
	0.1095 116.82 0.9 509 0.046
	0.1997 123.67 0.85 674 0.057
	0.0266 110.88 0.6 172 0.010 0.0676 124.83 1.2 289 0.035
	0.7552 129.43 0.95 2011 0.191
	0.1045 125.05 0.65 412 0.027
	0.0179 128.75 0.15 148 0.002 0.0317 128.08 0.5 210 0.011
	0.3227 129.83 1.1 889 0.098
	0.0212 112.25 0.65 167 0.011 0.0809 129 1.35 236 0.032

KEY

Uranium peak grade greater than 1000 ppm Accumulation (grade thickness) greater than .0150 m%eU3O8 Accumulation (grade thickness) greater than .0450 m%eU3O8

Table 1: Downhole gamma readings in Marmota’s drill holes on Junction Dam.

*Equivalent grades (eU3O8) from Borehole Wireline Pty Ltd gamma probe 3024, calibrated at Adelaide Test Pits. Dead time 6.06656e-6, k factor 2.47442e-5, 108mm hole, water filled.

Continued high grade results of this nature are extremely significant as they confirm the Company’s belief that results achieved to date are analogous with the mineralisation model at the nearby Honeymoon Uranium Mine. The results also further reinforce the significance of this exciting greenfields exploration discovery. Drilling is expected to be completed this week after which Marmota will assess the next stages of its exploration program to outline the potential economic mineralisation at Junction Dam over the coming year.

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Mr Dom Calandro MANAGING DIRECTOR

19 November 2009