NEURIZER LTD — Interim / Quarterly Report 2010

Apr 28, 2010

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29th April 2010

COMPANY ANNOUNCEMENTS OFFICE AUSTRALIAN SECRITIES EXCHANGE

ASX CODE MTN

QUARTERLY ACTIVITY REPORT 1 January – 31 March 2010

Marathon Resources Limited (ASX: “MTN”) is pleased to present its Activity Report for the Quarter ending 31[st] March 2010. Highlights of the past Quarter include:

• Lodgement of Declaration of Environmental Factors (DEF) for low-impact, noninvasive exploration activities on EL4355.

• Re-logging and photographing of previous underground, Exoil and CRA drill holes.

• Magnetic and radiometric interpretation of Blanchetown tenement has been completed.

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Figure 1: Marathon Resources- Map of Tenements

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EL 4355 Mt Gee South Australia

Declaration of Environmental Factors

In accordance with the new conditions attached to EL 4355 Marathon lodged a DEF with PIRSA. The first DEF was submitted in November 2009 to obtain permission to conduct low-impact, non-invasive exploration activities including geological mapping on foot, stream sediment sampling on foot and helicopter supported ground gravity surveying. The DEF was resubmitted in April 2010 in response to comments from PIRSA and DEH.

Re-logging and photographing of previous drill holes

In a data assessment program, 11 Exoil holes, 3 Marathon holes, 45 CRA holes and 31 underground holes were re-examined and 9,292 metres of core were photographed. Some of these holes were re-logged and re-assayed. The program was designed to confirm different types of uranium mineralisation identified during the mapping program. Mineralisation in the Mt Painter region shows a number of distinctive structural characteristics and geochemical signatures. They possibly represent various mineralised structures with different concentrations of Cu, Mo and rare earth elements.

EL 4052 Blanchetown South Australia

A Heli-borne magnetic and radiometric survey was completed over six areas near Blanchetown, South Australia (EL 4052). Each area is approximately two square kilometres. The survey lines are north-south oriented at 25 metre spacing’s. The object of the survey was to define magnetic strand lines that may be associated with economic concentrations of heavy mineral sands. To highlight these magnetic trends, several filters have been applied to the data. Figure 2 is an example of a hybrid image from Area 2, which highlights some linear features that potentially could be tested for heavy mineral strand lines.

The results will be analysed further for consideration of the tenements ongoing potential for exploration.

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300 m
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Figure 2: An example of a hybrid image (from Area 2) with magnetic intensity in the red colour band, the Thorium channel data is in the green colour band and the DTM is in the blue band. The process highlights trends and features which potentially could be tested for heavy mineral strand lines.

The information in this report that relates to Exploration Results has been compiled by Dr Phung Nguyen, a part-time employee of Marathon Resources Ltd and a Member of the AusIMM. She has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity she is undertaking to qualify as a Competent Person for the purposes of the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Phung Nguyen consents to inclusion in the report of these matters based on their information in the form and context in which it appears.

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MEDIA CONTACT:

Dr J.G. (Shad) Linley Managing Director Marathon Resources Limited (08) 8348 3500

John Field Field Public Relations (08) 8234 9555 (0418) 819 527

Notes to Editor

Marathon is a minerals exploration company focused on the development of Mt Gee, one of Australia's largest undeveloped uranium deposits.

The Company’s North Flinders Ranges project is located within the Paralana Mineral System of South Australia, a uranium-rich state which is home to the world's largest uranium deposit at Olympic Dam.

Marathon listed on the Australian Securities Exchange on 15 March 2005, under the stock code of MTN.

www.marathonresources.com.au

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

MARATHON RESOURCES LIMITED

	ABN 31 107 531 822 Consolidated statement of cash flows		Quarter ended (“current quarter”) 31ST MARCH 2010	Quarter ended (“current quarter”) 31ST MARCH 2010
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes – R & d concession 1.7 Other – Capital raising costs NetOperating Cash Flows		Current quarter $A’000		Year to date (9.months) $A’000
		(205) (506) 34 -		(1,140) (1,992) 76 303
		(677)		(2,753)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- -		(29) 1,232
		-		1,203
		(677)		(1,550)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(677)	(1,550)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other –Prospectus & Supplementary Prospectus Net financing cash flows
	-	-
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(677) 2,959 -	(1,550) 3,832 -
	2,282	2,282

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	1.23 1.24	Aggregate amount of payments to the parties included in item 1.2d Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000 68 NIL
1.25 Explanation necessaryfor an understandingof the transactions Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows NIL 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest NIL		Explanation necessaryfor an understandingof the transactions
	NIL
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	NIL

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	NIL	-
	NIL	-

Estimated cash outflows for next quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

4.1 Exploration and evaluation 4.2 Development

Total

$A’000 200 - 200

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	41	9
	2,241	2,950
		-
		-
Total: cash at end of quarter(item 1.22)	2,282	2,959

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
		None disposed
		None acquired

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	N/A
	N/A
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	77,008,677	77,008,677
	NIL	NIL
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	N/A
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	- 30,000 30,000 3,000,000 1,000,000 1,000,000	- - - - -	- 5.67 cents 30.67 cents 103.70 cents 80.00 cents 110.00 cents	- 30.06.2010 30.06.2010 30.06.2011 02.09.2012 31.12.2014
	NIL	-
	NIL	-
	NIL	-
7.11 Debentures (totals only)	N/A	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.12 Unsecured N/A - notes (totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: ...29 April 2010......................... ( ~~Director~~ /Company secretary)

• Print name: S M Appleyard .........................................................

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

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