Bowen Energy Limited ASX: BWN

Australian Securities Exchange Company Announcement Platform

14 November, 2007

Appendix 5A Amended Quarterly Activity Report

Bowen Energy Ltd (ASX Code: BWN), listed on the Australian Securities Exchange on the 15 February 2007 and is a Queensland based coal and uranium exploration company.

Attached is an amended Quarterly Activity Report for the period to 30 September, 2007. The amended report removes incorrect references to the JORC code that were included on pages 8 and 9 of the original announcement that was lodged on 31 October, 2007.

The competent persons statement has also been amended to remove the reference to mineral resources that was included in the original statement.

For personal use only use personal For

14 November, 2007 Bowen Energy Limited ASX: BWN

Appendix 5A Amended Quarterly Activity Report

Bowen Energy Ltd (ASX Code: BWN), listed on the Australian Securities Exchange on the 15 February 2007 and is a Queensland based coal and uranium exploration company.

Bowen Energy holds a significant land position, principally within the Bowen Basin and is exploring for Coking, PCI and thermal coal deposits. Bowen Energy holds two granted exploration leases for uranium and base metals and has recently acquired a significant land position in emerging uranium prospective districts in Queensland (Croydon/Georgetown region) and Western Australia (East Kimberly district). Bowen Energy is pleased to report on its activities for the quarter ended 30 September 2007.

Highlights • Significant uranium mineralisation Intersected on the Glen Isla Project • Discovery of coal outcrops in the West Rolleston Project

Figure 1. Project Locations

For personal use only use personal For

East Middlemount Project EPC 930 40% (240 sub-blocks reduced form 300 sub-blocks) Richfield EPC1014 100% (32 sub-blocks) Cockatoo EPC1085 100% (3 sub-blocks) North Middlemount

Work programs on the East Middlemount project have involved compilation of digital geophysical, remote sensing (Landsat) and GIS data in preparation for reconnaissance field programs and scout drilling.

A drilling program involving 14 bore holes targeting a number of seismic horizons has been proposed.

This work is expected to commence in the next quarter subject to arrangements with drilling companies Bowen energy is currently in discussions with a number of drilling companies to fast track this project.

Initial notices of intention to enter occupied land have been sent out to all land owners and Bowen Energy will shortly imitate discussion with local landowners prior to commencing exploration programs.

Work programs have been discussed with landowners and agreements are being put in place prior to drilling activities.

Exploration activities over EPC930 are currently being operated by joint venture partners Rocklands Richfield Limited (ASX: RCI), who are to expend $527,000 to earn 60% equity. Previous results of exploration programs conducted by RCI are available on the ASX. No new information has been forthcoming to BWN on their exploration activities. With previous drilling confirming the presence of coal bearing sediments of the German Creek Formation north of Middlemount and east of the Foxleigh Fault.

The EPCs are situated in the Bowen Basin and are 10kms from the German Creek East coal mine and 20kms from the Norwich Park coal mine which both produce volatile coking coal. Previous investigations indicate that thin but high quality coal seams of the German Creek Formations may be present in the eastern part of the Project and that the main target of thick coking coal seems belong to the Rangal Coal Measures (as well as the other coal bearing formations) are present at depth in the western part of the Project.

Previous seismic surveys confirm the continuity of high reflectance horizons attributed to the Rangal Coal Measures to the west of the Foxleigh fault. Expected depths to the top of the Rangal coal measures varies from 200m in the North to as shallow as 100m in the central area. Shallow drilling east of the Foxleigh fault in the south areas has confirmed stratigraphy attributed to the German Creek Formation. However seismic profiles in this area are inconclusive due to the presence of cover sequences containing basalt.

Bowen Energy intends to chase these reflective horizons with strategic drilling programs to confirm and quantify potentially economic coking quality coal resources.

West Rolleston Project EPC 1001 100% (44 sub-blocks) Mt Cheops EPC 1002 100% (63 sub-blocks) Kia Ora EPC 1084 100% (33 sub-blocks) Springsure South EPCA 1187 100% (300 sub-blocks) Buckland For personal use only use personal For Bowen Energy is highly encouraged by early results of our exploration program within the West Rolleston Project. (EPC’s 1084, 1001, 1002 &EPCA1187) figure 1.

The Queensland Department of Mines and Energy has granted EPC1002 (Kia Ora) to Gold Country Resources Pty Ltd a subsidiary of Bowen Energy Ltd. EPC1002 (63 sub-blocks) was granted on the 25th

September 2007. Bowen Energy has further consolidated its ground position in the region with an additional application EPCA1187 “Buckland” (300 sub-blocks).

These tenements demonstrate Bowen’s ongoing commitment and belief in the exploration potential of the Springsure Shelf and follows on from the discovery of out-cropping coal seams within EPC1001. (ASX announcement 10th September 2007)

The project area is located some 40 kilometres south west of the town of Springsure and 40 kilometres west of X-Strata Coal’s Rolleston Mine and the new heavy gauge railway constructed to service that mine.

Reconnaissance field mapping within EPC1001 has located a 2m thick seam of clean coal with thinner coal seams both above and below the main seam also observed in outcrop. The main seam was observed in numerous outcrops and subcrop areas extending for several hundred meters along the axis of a major drainage system within the EPC.

Figure 2 West Rolleston Project

The coal seams are interpreted to correspond with those defined in the nearby Freitag Creek Deposit in the adjacent EPC786. Correlation of individual seams is not possible at this stage; however the seams are interpreted to occur at roughly the same stratigraphic level as those at Freitag Creek within upper units of the Bandanna Formation. . For personal use only use personal For Reconnaissance geological programs also indicated that while Tertiary basalt flows are extensive within portions of the project area, detailed mapping will determine the full extent of the basalt flows and alluvium, and be integral to optimizing Bowens drill targets and to minimize drilling costs.

This discovery is regarded by company geologists as significant as it reinforces the prospectivity of the under-explored Springsure Shelf and validates the exploration strategy of Bowen Energy. These results also confirm the potential of the region to host a shallow deposit which is amenable to open cut coal mining techniques.

Geological interpretation undertaken by Bowen Energy indicates that the same prospective and continuous stratigraphy extends throughout EPC1002 with significantly less structural complexity with consistently shallower dips. Government mapping indicates units with dips of 1-3 degrees are common. EPCA1187 consolidates Bowens’ ground position on the down dip extension of the prospective stratigraphy.

Bowen Energy is embarking upon detailed mapping campaigns and exploratory drilling of the highly prospective Bandanna Formation with planning for drilling in the final quarter of 2007 or 1st quart of 2008 well advanced. Bowen energy is currently in discussions with a number of drilling companies.

Tarong Project EPCA 1083 100% (215 sub-blocks) Cooyar

No work has been performed over this application.

The Queensland department of Mines and energy have advised Bowen Energy that this lease has progressed to public notification stage prior to grant. The Cooyar application was lodged to allow BEL to explore for thermal coal associated with coal seams of the Tarong Basin, and in the overlying Walloon CM of the Surat Basin. These units are interpreted to overlay the Triassic Tarong basin to the south. EPC application 1083 (Cooyar) consists of 215 sub blocks covering approximately 530 square km over parts of the Tarong, Surat and Clarence-Morton Basins in SE QLD

Cape River Project EPCA 1120 100% (300 sub-blocks) Cape River

No work has been performed over this application.

The Queensland department of Mines and energy have advised Bowen Energy that this lease has progressed to public notification stage prior to grant.

Bowen Energy applied for 300 sub blocks covering the Cape River Project area, 70km south-east of Pentland in North Queensland. This area represents an under explored region which potentially hosts Permian sub-basins concealed below thin Tertiary and Palaeozoic cover (units of the Campaspe and Suttor Formations). Such sub-basins are prospective for significant thermal coal resources similar to those of the Wolfang and Blair Athol sub-basins located further to the south near Clermont.

Glen Isla Project EPM 14910 100% (100 sub-blocks) Glen Isla

EPM (Exploration Permit Minerals) consists of 11 sub blocks (36 sq kms) 10 kms north east of Quamby (45

kms from Cloncurry) in north western Queensland (The Mt Isa Block). For personal use only use personal For

Exploration Permit Minerals (EPM) 14910 was acquired in order to explore for uranium deposits in sedimentary palaeochannel environments and Ernest Henry style hydrothermal-iron oxide-copper-gold deposits. The tenement lies adjacent to the eastern margin of the Mt Isa Block. The Ernest Henry Mine with original resources of some 167Mt @ 1.1% Cu, 0.5 g/t Au is located only some 25 kilometres south- easterly from EPM14910 (Figure 2).

In the previous quarter a concise analysis of aero-magnetic and gravity data delineated two target zones that had similar trends to the paleochannels detected by MINAD. A similar target to the northwest was also thought to be prospective. After rain delays a drilling program of 56 aircore holes was undertaken (Table 2). The boreholes were drilled to basement refusal. A field spectrometer was used to identify radioactive nuclide values above background and provide assay spectrum analysis. The boreholes were cased and a triple gamma probe provided detailed geophysical data. Sediments with significant spectrometer values were sampled for multi-element analysis.

A total of 56 aircore holes for 2528m were completed to basement. The program was designed to accomplish two tasks: 1. Confirm the tenure of previous drilling within EPM14910. 2. Located potential extensions to the known mineralisation at Glen Isla

Highlights

Drilling confirms the economic tenure of Roll Front Uranium Mineralisation within the Western Channel at Glen Isla. Maximum analytical result of 1metre at 1705 ppm U returned from drill- hole BE22.

Results from regional wide spaced drilling also indicate highly anomalous uranium in a palaeochannel extending north from both the Western and Main Channel deposits.

A zone of significant silver mineralisation was also intersected in three adjacent holes with the best intersection in drill hole BE04-09 with an average grade of 4.79g/t Ag intersected over an interval of 21m from 41m. This intersection includes 2m at 23.15g/t from 44m and 1 m at 7.0 g/t from 61m.

For personal use only use personal For

Figure 3. Location of EPM14910 in north-west Queensland

Outcrop of Proterozoic and Mesozoic rocks in the tenement is minimal due to the widespread cover of Quaternary alluvium and soil development (Figure 2). The area is essentially flat with an average elevation of 160 metres above sea level. The climate is semi-arid and vegetation is sparse.

The Precambrian basement rocks in the EPM area include the Middle Proterozoic Corella Creek Formation (quartzites, meta-basalts, schists etc.) which are intruded by the Naraku Granite of medium grained pink granite with associated pegmatites and aplites. Scattered outcrop of basement rocks occur surrounding the margins of EPM14190. General mapping of these outcrops found them to be a mix of Corella Creek Formation and Naraku Granite. Moderate radioactive levels were detected in basement but are thought to be associated with feldspar in the granite.

The Mesozoic sequence is mostly known from historical borehole data and is part of Carpentaria Basin deposition. The oldest unit is the Late Jurassic-Early Cretaceous Gilbert River Formation (GRF) which lies unconformably on the basement rocks. It is largely a sequence of clayey quartz sandstone, sublabile glauconitic sandstone and minor ferrugenised shale deposited in palaeochannel environments.

For personal use only use personal For

Figure 4. Location of EPM14910 in north-west Queensland

Drilling data indicates the palaeo-surface on the basement had considerable relief. The unconformity zone is marked with 10m or so of weathered basement.

Lying above the Gilbert River Formation is the Early Cretaceous Wallumbilla Formation (WF), which consists of carbonaceous clays, siltstones and sandstones of marine origin.

Capping the Mesozoic sequence is the widespread Tertiary Wondoola Beds, part of Karumba Basin infill. These consist of clays, silts and sands. Variable thicknesses of Quaternary alluvial sands and silts occur along broad zones of water courses in the area.

Previous Exploration For personal use only use personal For Chevron Exploration Corporation encountered low grade uranium mineralisation in Mesozoic sediments on Authority to Prospect (A-P) 1441M which was relinquished in 1974.

A-P1832M was held by Mines Administration Pty. Ltd. (MINAD) and Teton Exploration Drilling Co. Pty. Ltd. during 1977-1980. They conducted an extensive drilling and geologging program which resulted in the discovery and definition of significant uranium mineralisation at a depth of around 30-40m within the Gilbert

River Formation (GRF) of the Glen Isla area (now within EPM14910). Two palaeochannels were found to be mineralised - the "Main Channel" and the "Western Channel".

Universal Resources hold EPM 14370-Malakoff, south of and adjacent to EPM14190-Glen Isla. A drilling program in 2007 has delineated the Glen Isla (0.047%U intersected from 34-37m) and Mountain Bore Prospects (0.014%U from 32-35m). (ASX announcement 23 July 2007).

Geophysics MINAD undertook gamma ray and resistivity logging of most boreholes whilst Universal Resources used resistivity logs to delineate palaeochannels. Extensive aerial geophysics has been undertaken by the Queensland Government.

Current Drilling Results A total of 56 aircore holes for 2528m were completed to basement. The program was designed to accomplish two tasks: 1. Confirm the tenure of previous drilling within EPM14910. 2. Located potential extensions to the known mineralisation at Glen Isla

Design problems with the gamma probe resulted in most holes unable to be geophysically logged to total depth. However a detailed examination of the gamma ray logs has defined a up to 8 variably radioactive horizons. The lower horizon associated with the GRF shows a typical uranium roll front type trend (Figure 3). A total of 201 samples were dispatched to ALS-Chemex for multi-element analysis. Results to date support previous MINAD conclusions and results released on the southern Glen Isla Trend by Universal Resources (ASX announcement 23 July 2007).

Table 1. Glen Isla Aircore Drill Holes

Number East North TD (m) Number East North TD (m) BE01-1 436998 7754299 67.1 BE04-5 436724 7754043 58 BE01-2 436932 7754351 69.1 BE04-6 436801 7753994 66 BE01-3 436851 7754392 48.1 BE04-7 436890 7753929 57 BE01-4 436775 7754440 45.1 BE04-8 436963 7753867 57 BE01-5 436685 7754491 40 BE04-9 437031 7753801 63 BE01-6 436607 7754541 31 BE04-10 437109 7753752 63 BE02-1 436092 7754799 38 BE04-11 437190 7753680 51 BE02-2 436077 7754694 46.1 BE04-12 437275 7753621 55 BE02-3 436061 7754600 30.1 BE22 436446 7753695 36 BE02-4 436058 7754509 25.1 BE23 436499 7753787 42.1 BE03-1 438099 7753639 27.1 BE30 436558 7753883 51 BE03-2 438014 7753681 31.1 BE31 437484 7753709 60 BE03-3 437939 7753747 32.1 BE32 437568 7753820 60 BE03-4 437849 7753798 36.1 BE05-1 435650 7755096 47 BE03-5 437770 7753853 48 BE05-2 435484 7755199 39 BE03-6 437694 7753900 37 BE05-3 435323 7755290 41 BE03-7 437603 7753927 64.1 BE05-4 435147 7755380 44

For personal use only use personal For BE03-8 437514 7753991 79.1 BE05-5 434983 7755496 48 BE03-9 437448 7754033 60 BE06-1 432684 7755267 54 BE03-10 437368 7754078 73.1 BE06-2 432639 7755084 56.7 BE03-11 437254 7754138 66.1 BE06-2R 432639 7755085 56.7 BE03-12 437180 7754186 66.1 BE06-3 432582 7754905 56 BE03-13 437098 7754246 47.1 BE06-4 432557 7754680 48

BE04-1 436399 7754299 40.1 BE06-5 432476 7754500 44 BE04-2 436498 7754243 47.1 BE06-6 432481 7754323 30 BE04-3 436572 7754182 39 BE06-7 432422 7754095 17 BE04-4 436645 7754110 53

Results were received on the 14th September and at the time of this report interpretation was still on going. Table 5 displays significant analytical results returned from the 2007 drilling program. These results demonstrate that potentially economic mineralisation uranium does occur within the EPM and that the Prospective palaeochannels extend northward into EPN14910. Anomalous results intersected in the northern extensions will be followed up by closing in the drill spacing from 100m to 25m. Previous results indicate that the economic mineralisation occurs in zones of 20-80m wide within the Main and Western channel. At Glen Isla the uranium mineralisation is considerably younger than the spatially-related igneous rocks. This is the generally case for the calcrete, sandstone and unconformity-related deposits in Australia. The model implies that this deposit has formed as a result of uranium mobilisation from older uranium-enriched source rocks (Naraku granite) under low temperature oxidising conditions, and precipitation by oxidation- reduction (redox) reactions in the overlying Jurassic and Mesozoic Gilbert River and Wallumbilla formations respectively.

The grades of mineralisation are likely to reflect interplay of the availability of uranium and the efficiency of the redox systems. Historically, assay results from the "Main Channel" have an average of .058% U3O8. A zone of significant silver mineralisation was also intersected in three adjacent holes with the best intersection in drill hole BE04-09 with an average grade of 4.79g/t Ag intersected over an interval of 21m from 41m. This intersection includes 2m at 23.15g/t from 44m and 1 m at 7.0 g/t from 61m.

The style and significance of this mineralisation is not known at this stage.

Summary of Significant Assay Results - Glen Isla 2007 ME-MS41 ME-XRF05 Calculated Hole Id Interval Sample Id U ppm U ppm U3O8 % BE03-2 29-30 14253 72.6 75 0.0088 BE03-12 62-63 14404 44.6 59 0.0070 BE04-12 38-40 15205 47.3 65 0.0077 BE04-12 40-41 15206 76.2 95 0.0112 BE04-12 41-42 15207 32.8 BE04-12 42-43 15208 75.2 96 0.0113 BE04-12 43-44 15209 38.3 BE22 30-31 15218 1670 1705 0.2010 BE22 31-32 15219 80.8 89 0.0105 BE22 32-33 15220 114.5 123 0.0145 BE23 36-37 15226 75.6 82 0.0097 BE30 40-41 15231 367 389 0.0459 BE30 44-45 15235 143 159 0.0187 BE31 44-46 15242 81.9 106 0.0125

BE31 46-48 15243 50.1 65 0.0077 For personal use only use personal For

ME-MS41 ME-MS41 Hole Id Interval Sample Id Ag ppm U ppm BE04-7 39-41 14282 0.97 3.64 BE04-7 41-43 14283 0.86 3.26

BE04-7 43-45 14284 1.09 15.85 BE04-7 45-47 14285 1.45 7.07 BE04-7 47-49 14286 1.57 5.4 BE04-7 49-51 14287 1.7 4.59 BE04-7 51-53 14288 4 5.35 BE04-7 53-55 14289 2.61 8.98 BE04-7 55-57 14290 1.7 5.77 BE04-7 47-49 14291 1.35 6.26 BE04-8 43-45 14294 1.3 3.83 BE04-8 50-51 14353 1.24 4.34 BE04-9 42-44 14356 1.06 4.21 BE04-9 44-45 14357 29.3 9.94 BE04-9 45-46 14358 17 8.1 BE04-9 46-47 14359 2.88 11.8 BE04-9 47-48 14360 2.04 11.25 BE04-9 48-49 14361 3.83 11.25 BE04-9 49-50 14362 2.55 10.75 BE04-9 50-51 14363 1.89 9.29 BE04-9 52-53 14364 1.87 7.74 BE04-9 54-55 14365 2.12 9.1 BE04-9 55-56 14366 2.04 10.1 BE04-9 56-57 14367 1.55 10.35 BE04-9 58-59 14368 1.49 11.05 BE04-9 59-60 14369 1.75 11.7 BE04-9 60-61 14370 1.16 11.25 BE04-9 61-62 14371 7.58 9.65 BE04-9 62-63 14373 1.35 8.09

Pinnacle Project EPMA 15917 100% (73 sub-blocks) Pinnacle

No work has progressed on this application The Queensland department of Mines and energy have advised Bowen Energy that this lease has progressed to public notification stage prior to grant.

Bowen Energy Limited has been advised by the Queensland Department of Mines and Energy that grant of this application is now pending and that the leases have been advertised for native title consideration.

Archie Creek Project (Western Australia) EL 80/3537 100% (47 sub-blocks) Archie Creek

ELA 80/3898 100% (90 sub-blocks) Sabrina For personal use only use personal For

No field activities have been completed on this project to date, data compilation and development of work plans is underway.

The Archie Creek Project is located approximately 120km south west of Kununarra, encompassing several known Uranium and Fluorite (Archie’s Prospect), approximately 35km of the potentially mineralized Dunham fault zone.

Significant high grade gold/silver values and uranium mineralisation has recently been reported by Northern Star Resources (NSR) at its Dunham Prospect (ASX: 06/09/2006). The Dunham prospect which has the Frog Uranium Prospect (3,800ppm u308 ASX 20.02.07 UTO) is located immediately north along strike of the Archie Creek Project in a similar host rocks.

Exploration has been undertaken by previous explorers in the area since the early 1900’s for a range of commodities including uranium, base metals, gold, heavy mineral sands, tin, rare earths, diamonds, fluorite and barite. Limited reconnaissance exploration has been undertaken in recent times.

The project is centred on the Proterozoic Speewah Group of rocks. The Speewah group consists of a package of porphyritic and ryholitic volcanic and pyroclastic rocks overlain by a sequence of arkosic sediments.

To the south along strike NSR have also reported epithermal gold mineralisation at its Range prospect and Uranium at its Antares Prospect.

The Archie Creek project consists of 1 exploration license of 168 sq km held by Baracus Pty Ltd for a total area of 47 blocks. Exploration license 80/3537 was granted on 19/09/2007.

Combined with the adjacent application Sabrina Uranium Project ELA 80/3898, Bowen Energy Ltd now holds over 501 square km’s of ground in this potentially rich and emerging Uranium precinct.

Croydon Uranium Project EPMA 16267 100% (100 sub-blocks) Clara River 1 EPMA 16272 100% (100 sub-blocks) Clara River 2 EPMA 16273 100% (100 sub-blocks) Yappar River 4 EPMA 16274 100% (100 sub-blocks) Clara River 3 EPMA 16276 100% (99 sub-blocks) Esmeralda Creek EPMA 16277 100% (100 sub-blocks) Yappar River 2 EPMA 16278 100% (100 sub-blocks) Nonda Creek EPMA 16279 100% (96 sub-blocks) Yappar River 3 EPMA 16280 (100%100 sub-blocks) Yappar River 5 EPMA 16281 100% (98 sub-blocks) Yappar River 6 EPMA 16282 (100%98 sub-blocks) Yappar River 1

The Queensland department of Mines and energy have advised Bowen Energy that these leases have progressed to public notification stage prior to grant.

A technical review of all previous exploration is still underway over this project, results of this review are expected prior to grant of tenement allowing Bowen energy to commence exploration immediately following grant of Exploration Permits.

For personal use only use personal For The Corydon Uranium Project consists of 11 EPM applications (Exploration Permits for Minerals), South East of Croydon in North Queensland. The application is for an area of (1100 sub blocks) one thousand one hundred sub-blocks.

Exploration will target, potential roll front or palaeochannel style uranium mineralisation within the on lapping Mesozoic and Jurassic sequences of the Eulo and Eromanga basins. Additional potential exists

for gold, and base metal occurrences within units of Proterozoic Croydon Volcanic Group and other Igneous Units of the Georgetown block in North Queensland. Additional

The application falls over portions of the Proterozoic Croydon Volcanic Group and the Esmeralda Granite complex within the Georgetown block of North Queensland. Within the outcropping portions of the Proterozoic Croydon Volcanic Group there has been a moderate to large amount of exploration focussed towards epithermal and vein hosted gold deposits, hydrothermal and igneous related Tin and to a lesser extent Porphyry Copper and Uranium mineralisation.

Elevated radiometric backgrounds for uranium and potassium are indicated locally within the application area based on interpretation of government and open file company airborne geophysical (radiometric) data. These data sets indicate generally elevated radiogenic backgrounds in rocks of the Proterozoic Croydon Volcanic Group and the Esmeralda Granite. These units provide a large primary source region capable of the generating secondary palaeochannel or roll front style uranium occurrences within the on- lapping Basins.

Bullseye Creek Uranium Project EPMA 16269 100% (98 sub-blocks) Bullseye Creek 1 EPMA 16270 100% (99 sub-blocks) Bullseye Creek 2 EPMA 16271 100% (38 sub-blocks) Bullseye Creek 3

The Queensland department of Mines and energy have advised Bowen Energy that these leases have progressed to public notification stage prior to grant.

The Bullseye Creek Uranium Project consists of 3 EPM applications. These projects lay west of Georgetown in North Queensland.

The Bullseye Creek applications fall over portions of the Proterozoic Croydon Volcanic Group and the Esmeralda Granite complex within the Georgetown Block of North Queensland.

Within the outcropping portions of the Proterozoic Croydon Volcanic Group there has been a moderate to large amount of exploration focussed towards epithermal and vein hosted gold deposits, hydrothermal and igneous related Tin and to a lesser extent Porphyry Copper and Uranium mineralisation.

In addition the tenement area contains a number of igneous related Au-Ag-base metal veins with potential for Kidston style sub-volcanic breccia systems. Elevated radiometric responses for uranium and potassium are apparent locally within the application area. While no known uranium occurrence falls within the area prospectivity for Maureen style hydrothermal uranium, thorium and fluorine mineralisation clearly exists.

Blackbraes Uranium Project EPMA 16114 100% (89 sub-blocks) Percyvale For personal use only use personal For EPMA 16275 100% (93 sub-blocks) Blackbraes East EPMA 16268 100% (98 sub-blocks) Blackbraes South

The Queensland department of Mines and energy have advised Bowen Energy that these leases have progressed to public notification stage prior to grant.

A technical review of all previous exploration is curre ntlyunderway over this project, results of this review are expected prior to grant of tenement allowing Bowen energy to commence exploration immediately following grant of Exploration Permits.

Blackbraes Uranium Project consists of two applications and one existing application approximately 80km south of Oasis in North Queensland.

The exploration targets include uranium, gold, and base metal occurrences within units of the Einasleigh Metamorphics and younger igneous units of the Georgetown Block. Favourable conditions are interpreted from government and open file data sets to exist for Uranium mineralisation along the contact with the Broken River Province in North Queensland.

The applications fall over portions of the Einasleigh Metamorphics within the Georgetown block of North Queensland. BHT mineralisation (e.g. Chloe deposit held by Copper Strike Limited) occurs within the outcropping portions of the Einasleigh Metamorphics to the north of the project area.

Within the outcropping portions of the Einasleigh Metamorphics there has been a moderate to large amount of historical exploration focussed towards base metals and gold. This exploration has lead to the discovery of a large number of small base metal occurrences that confirm the prospectivity of the Terrane. The tenement area also contains a number of igneous related Au-Ag-base metal veins with potential for Kidston style sub-volcanic breccia systems. A small uranium occurrence also falls within the area indicating prospectivity for Maureen style hydrothermal uranium, thorium and fluorine mineralisation.

Additional potential occurs for roll front or palaeochannel style uranium mineralisation within overlying Mesozoic units.

Further information: Kevin Nichol, Managing Director: 0418 470 238

The information in this report that relates to exploration results is based on information compiled by Mark Sheppard Msc, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Sheppard is a full time employee of Bowen Energy Limited. Mr Sheppard has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which 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.’ Mr Sheppard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mark Sheppard is a geologist with twenty years exploration experience in a number of different commodities and geological regions within Australia.

For personal use only use personal For