Key Achievements

• Drilled 19 confirmation holes and 20 environmental monitoring holes at West Alkali.
• Upgrade and expansion of JORC compliant resource to 2.3 million pounds of U3O8 with a cut-off grade of 200ppm, including 1.3 million pounds in the Indicated category.
• Completed Scoping Study which confirms robust potential of the project with respect to the development of an In Situ Recovery (ISR) mine.
• Analysed 2,600 historic hole logs and associated information, the equivalent of approximately $25M of expenditure at today’s exploration costs.
• Submitted a Plan of Operations for the Bison Basin project area for approval by the regulatory bodies providing improved flexibility for drilling activities.
• Staked 220 additional prospective claims covering 18km2 (4,400 acres).
  

Next Steps

• Work continues on both resource definition and critical elements for the mine development strategy.
• Progress the Plan of Operations to approval which provides significantly improved flexibility with all exploration activities, particularly drilling.
• Recommence drilling program totaling 10,000 metres of rotary and diamond drilling.
• Evaluate prospective areas outside of current tenements in the Greater Bison Basin with similar geology.

Wyoming projects locations

Land holdings of the Bison Basin Project

Scoping Study

• A Scoping Study into the options for the development of an ISR mine at the Bison Basin uranium project was undertaken by Mine and Quarry Engineering Services, Inc.
• The main development scenario was based on an exploration target producing between 8 and 10 million pounds, with a 1 million pound per annum operation. The cash costs have been estimated at US$18 per pound and pre-production capital costs estimated to be US$62 million (including an $8 million contingency). Consistent with the level of accuracy associated with a scoping study, these capital estimates should be taken to be ±35%.
• The Scoping Study assumes the project is developed on a standalone basis. At this point the potential savings associated with treating the ISR resin through the yellowcake circuit of the nearby Sweetwater Mill have not been assessed. The Sweetwater Mill, which is owned by Rio Tinto, is currently under care and maintenance. Rio Tinto has announced their intention to sell the mill and all of their surrounding uranium tenements.

New Claim Block

• WildHorse has staked 220 claims encompassing approximately 4,400 acres in the West Alkali area. This new, highly prospective block of acreage is called the HorseTrack Prospect.
• The acquisition is located directly west of the West Alkali ISR mine which was developed in the early 1980’s and which will be the focus of WildHorse’s pre-feasibility study commencing in the second half of 2008. The new claims are located over similar geology including sands of the Upper Laney Member that host uranium in the known deposit. Geological modelling indicates a strong potential for similar mineralisation in an untested area adjacent to the West Alkali deposit.

Geology

• The Bison Basin mineralisation is contained in roll-front deposits hosted by lower Eocene arkosic sandstones, mudstones, siltstones and clays of the Wasatch Formation. The uraniferous Wasatch Formation is often overlain by a thin section of the Upper Eocene Bridger Formation. The Project is situated along the axis of a structural feature called the Cyclone Rim syncline. The Cyclone Rim syncline
  is bounded to the north by the Flat Top Fault and to the south by the Continental fault system.