Adelaide, Dec 15, 2006 (ABN Newswire) - Eighty seven surface rock chip samples were collected from ten uranium prospect areas in the vicinity of the Crocker Well and Mt Victoria Uranium Deposits during a field exploration program completed in October.

The samples were collected as part of reconnaissance investigations in conjunction with detail scintillometer surveys across airborne radiometric anomalies located on the attached plan. The samples collected include both representative rock types from each of the prospect areas as well as suspected uranium mineralised samples. Samples generally comprise granites, gneiss or schist.

Twenty of the samples collected have returned anomalous uranium values in excess of 100ppm U3O8. Seven samples returned very high grades in excess of 1kg/t U3O8 (1,000ppm or 0.1%).

Significant Results
- Very high grade samples were returned from three prospect areas (Becaroo, Anomaly A, and Anomaly H)

- Three samples from the Becaroo Prospect returned the following very high grades:
26.2 kg/t U3O8 (2.62%)
1.30 kg/t U3O8 (0.13%)
1.26 kg/t U3O8 (0.13%)

Two samples from Anomaly A returned the following very high grades:
24.1 kg/t U3O8 (2.41%)
14.8 kg/t U3O8 (1.48%)

Two samples from Anomaly H returned the following very high grades:
8.9 kg/t U3O8 (0.89%)
5.6 kg/t U3O8 (0.56%)

The high grade uranium samples from the Becaroo Prospect and Anomaly A contain accompanying high levels of cerium (max. 23,440ppm) and lanthanum (max. 26,684ppm) mineralisation confirming likely davidite mineralisation at these sites. The elevated samples from Anomaly H do not contain high levels of cerium and lanthanum and suggest probable thorian-brannerite or other higher grade uranium mineralisation.

The results are very encouraging and endorse the potential for significant new resources of uranium to be discovered in the area. A drilling program to commence early in 2007 will be designed using the scintillometer survey results, reconnaissance mapping and geochemical results and will prioritise the investigation of potential economically significant resources of uranium at the Becaroo, Anomaly A and Anomaly H prospects as well as upgrading the currently defined 14.85 million lbs JORC compliant Inferred uranium resource at Crocker Well and Mt Victoria.

>>> PEPINNINI MINERALS LIMITED
>>> Field Public Relations