Norrsken Energy Limited is a uranium exploration joint venture company between Energy Ventures (51%) and Swedish mineral exploration company IGE Nordic AB (49%). Norrsken is currently undertaking a detailed exploration program for uranium on 16 exploration permits in Sweden. Energy Ventures holds a 51% interest in Norrsken Energy and is the operator of the joint venture, commiting to spend SEK 5 million (approximately A$800k) .

Norrsken Energy Uranium Project Portfolio

Energy Ventures executed formal joint venture agreements with Swedish mineral exploration company IGE Nordic AB (IGEN) to consolidate the combined Swedish uranium exploration assets of both companies in June 2008. IGEN is a listed exploration company on the Oslo Axess exchange with nickel, gold, copper and zinc exploration projects in Sweden and Norway (see www.igenordic.se).

Norrsken holds a 100% interest in 16 granted exploration permits, covering a total area of nearly 1,200 km2. The joint venture agreement has the dual advantage of combining EVE’s access to expertise in uranium exploration, technical skills and resources, with the additional benefit from partnering with an established Swedish mineral exploration company that is familiar with local issues and organizations.

Exploration Projects

The Norrsken uranium exploration projects range from drill-ready targets with known occurrences of bedrock uranium mineralisation, through to greenfield exploration targets. The EVE exploration projects were selected based on the interpretation of high quality geological, geophysical and geochemical data sourced from the Swedish Geological Survey (SGU). Field evaluation of these projects has already commenced, with initial reconnaissance of high priority radiometric anomalies and some targets previously identified by the SGU. Preliminary indications confirm high grade, fracture-hosted epigenetic uranium oxides as being the predominant style of mineralisation present in most areas visited. It is also apparent that many targets previously identified by the SGU have only received limited follow-up.

The IGEN exploration projects are generally of a more advanced stage and mainly cover known occurrences of uranium mineralisation that were originally discovered and explored by the SGU. The projects are characterised by well defined boulder trails that contain uranium mineralisation. A number of these projects have been tested with drilling, which has confirmed the location, style and grade of mineralised bedrock structures. There is significant potential for the discovery of strike extensions or repetitions of known mineralisation with further exploration in these areas.

2008 Work Program

A comprehensive exploration work program has commenced on the Norrsken Energy projects. Field
evaluation and radon cup surveys are underway on multiple projects. Drilling programs are scheduled to
be undertaken on the high priority targets during the Swedish winter field season following the results
and interpretation of the radon cup surveys. The company is in the process of securing a drilling rig for
these priority targets.