THE EMERGING KAROO URANIUM PROVINCE IN ZAMBIA

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THE EMERGING KAROO URANIUM PROVINCE IN
ZAMBIA JULY 2007
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Disclaimer Notice

• The information in this presentation is published
  to inform you about African Energy Resources
  Limited (AFR) and activities of it and its
  subsidiaries.
• All reasonable effort has been made to provide
  accurate information but we do not warrant or
  represent its accuracy and we reserve the right
  to make changes to it at any time without notice.
• To the extent permitted by law, AFR accepts no
  responsibility or liability for any losses or
  damages of any kind arising out of the use of any
  information contained in this presentation.

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Corporate Structure
ENERGY VENTURES LTD
ASX. EVE
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30
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COOL ENERGY LTD
Aust. Unlisted
gas sweetening technology
uranium projects in Scandinavia
uranium projects in Africa
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Company Overview
Capital Structure 147,875,000 Ordinary
Shares 12,225,000 Options (ESOP) Cash balance
post IPO - A10 million Market Cap Fully
Diluted - A130 million
Management Executive Chairman Alasdair
Cooke Commercial Director Bill
Fry Non-Executive Directors Ian Duncan Donal
Windrim Valentine Chitalu Michael
Curnow Exploration/General Manager Frazer
Tabeart Corporate/Financial Brett
Mitchell Legal/Government Olivia Woodland
Key Shareholders Energy Ventures 71 Nefco
Nominees National Nominees Geologic Resource
Fund Ltd African Lion 2 Ltd RAB Special
Situations Fund Ltd
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A major play in the Karoo Basin Uranium Province
AFR holds tenements over gt41,800 km² of the Karoo
Basin Uranium Province.
The Karoo rifts contain sandstone hosted
uranium deposits such as Kayelekera (gt15,000t
U3O8), Dibwe, Mutanga, Njame and Kanyemba, as
well as numerous prospects from Tanzania through
to Botswana. Also host to extensive coal seams
and coalbed methane prospects.
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A major play in the Karoo Basin Uranium Province
AFR holds tenements over gt41,800 km² of the Karoo
Basin Uranium Province.
The Karoo rifts contain sandstone hosted
uranium deposits such as Kayelekera (gt15,000t
U3O8), Dibwe, Mutanga, Njame and Kanyemba, as
well as numerous prospects from Tanzania through
to Botswana. Also host to extensive coal seams
and coalbed methane prospects.
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JV Project Locations in the Kariba Region,
Southern Zambia

• Target Horizon is the Escarpment Grit (Upper
  Karoo).
• Mineralisation in tabular bodies within coarse
  sandstones, grits and pebble beds.
• CHIRUNDU JV (Albidon)
• Njame Deposit
• Gwabe U anomaly
• Chirundu North U anomaly
• KARIBA VALLEY JV (Albidon)
• Chisebuka U anomaly
• Namakande U anomalies
• Munyumbwe U anomalies
• AFR earning up to 70

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JV Project Locations in the Kariba Region,
Southern Zambia

• Target Horizon is the Escarpment Grit (Upper
  Karoo).
• Mineralisation in tabular bodies within coarse
  sandstones, grits and pebble beds.
• CHIRUNDU JV (Albidon)
• Njame Deposit
• Gwabe U anomaly
• Chirundu North U anomaly
• KARIBA VALLEY JV (Albidon)
• Chisebuka U anomaly
• Namakande U anomalies
• Munyumbwe U anomalies
• AFR earning up to 70

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Chirundu JV Airborne Radiometric Anomalies
Gwabe anomaly

• 6km x 0.8km
• No previous
• exploration.
• Njame North
• Inferred resource
• 1.2km x 0.5km

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Chirundu JV Airborne Radiometric Anomalies
Gwabe anomaly

• 6km x 0.8km
• No previous
• exploration.
• Njame North
• Inferred resource
• 1.2km x 0.5km

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Chirundu JV - Gwabe Drilling Program

• Two phases of drilling completed
• 200m x 50m grid, approx 140 holes

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Initial Drilling results at the Gwabe Uranium
Prospect
4m _at_ 130ppm U3O8
15m _at_ 137ppm U3O8 (inc 4m _at_ 261ppm U3O8)
12m _at_ 97ppm U3O8 (inc 4m _at_ 123ppm U3O8)
18m _at_ 230ppm U3O8 (inc 6m _at_ 313ppm U3O8)
8m _at_ 185ppm U3O8 (inc 5m _at_ 239ppm U3O8)
6m _at_ 566ppm U3O8
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Chirundu JV Njame North Initial Resource
Estimate
JORC Inferred Resource Estimate (African Energy
earning 70)
5.5Mt _at_ 400ppm U3O8 for 2,200t U3O8 (4.8 Mlb
U3O8)
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Chirundu JV Njame Project Radiometric Data

• Njame Prospects identified in late 1970s by
  AGIP.
• AFR 2006 drilling confirmed model for uranium
  mineralisation in tabular zones within Escarpment
  Grit sediments.
• Additional drilling in progress to extend
  resource.

African Energy Drilling at Njame with contours of
ground radiometric data (AGIP) on image of
airborne radiometric uranium anomalism
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Njame North Deposit Initial Resource Estimate
JORC Inferred Resource Estimate (African Energy
earning 70)
5.5Mt _at_ 400ppm U3O8 for 2,200t U3O8 (4.8 Mlb
U3O8)
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Chirundu JV - Njame North Deposit Geology
Consistent grade and thickness of uranium
mineralisation over wide areas.
Mineralised layer is open at depth and along
strike.
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Chirundu JV Planned extension drilling at Njame
North

• Extensional drilling program to close off
  inferred resource.
• 60 further holes planned commencing late July.

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AFR project pipeline

• Chirundu JV prospects
• Njame, Gwabe, Chirundu North
• Kariba Valley JV prospects
• Chisebuka, Namakande, Munyumbwe
• Sese Project, Botswana
• airborne U anom north of known mineralisation
• Luano Valley radiometric anomalies
• Myvuwe River, two U anomaly clusters
• Luangwa Valley radiometric anomalies
• seven uranium anomalies
• Majete Project, Malawi
• uranium anomaly in basement

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4
1
6
2
3
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AFR project pipeline

• Chirundu JV prospects
• Njame, Gwabe, Chirundu North
• Kariba Valley JV prospects
• Chisebuka, Namakande, Munyumbwe
• Sese Project, Botswana
• airborne U anom north of known mineralisation
• Luano Valley radiometric anomalies
• Myvuwe River, two U anomaly clusters
• Luangwa Valley radiometric anomalies
• seven uranium anomalies
• Majete Project, Malawi
• uranium anomaly in basement

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4
1
6
2
3
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Advanced prospects in Kariba Valley JV

• Uranium anomalies identified from previous AGIP
  surveys.
• Ground recon has confirmed outcropping uranium
  mineralisation.
• Minimal previous drilling.

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Advanced prospects in Kariba Valley JV

• Uranium anomalies identified from previous AGIP
  surveys.
• Ground recon has confirmed outcropping uranium
  mineralisation.
• Minimal previous drilling.

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Chisebuka Prospect, Kariba Valley JV

• AGIP ground radiometric anomaly identified gt25
  years ago.
• Mineralised outcrop of Escarpment Grit.
• Surface spectrometer surveying indicates
• gt 100ppm U equivalent near peaks of ground
  radiometric anomalies.
• Drilling to commence in September 2007.

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Namakande Prospect, Kariba Valley JV

• Fault-bound blocks of Escarpment Grit.
• Stratabound AGIP ground radiometric anomalies.
• Very limited follow-up exploration by AGIP.
• Programme of geol mapping, radiometric surveys,
  soil sampling and rock-chip sampling underway.

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Sese Project, NE Botswana

• 50km south of Francistown, 5km from major highway
  and railway.
• Mokobaesi deposit in Karoo sediments AND
  overlying calcretes.
• Extension of airborne radiometric anomaly from
  Mokobaesi into Sese.
• Ferruginous laterites with up to 494 ppm U3O8 at
  Foley target overlying Karoo sediments.
• AFR plan to conduct ground radiometric survey to
  define peak of anomaly at Foley, followed by
  aircore/RC drilling in Q4 2007.

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Exploration Program for remainder of 2007

• Gwabe infill drilling (June August).
• Resource assessment in August
• Njame North resource extension drilling
  (July-August).
• Resource update in September/October.
• Chisebuka, Namakande reconnaissance drilling (Sep
  - Nov).
• Sese ground surveys and drilling (Sep - Oct).
• Regional airborne surveys in Zambia and Malawi
  (Sept).

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Uranium, Karoo Basins, Zambia

• Where are new uranium projects going to come
  from?
• Deposit style grade, metallurgy, mining costs
• Sandstone deposits
• Infrastructure
• Water, power, roads, communication
• Politics
• Zambia
• People
• Mining economy

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Karoo Basin compared to USA uranium basins
The Karoo of Africa is emerging as one the worlds
major uranium districts, with relatively little
exploration work to date

• USA uranium basins
• Total area of basins 1,475,000km2
• Contained uranium 955,000t U3O8
• (prod res)
• (Source USGS Bulletin 2141 1996)

• Karoo Basin (Southern Africa)
• Total area of Karoo basins gt1,900,000km2
  
  
  
  
  
  
  
  
  
  
  
• Contained uranium 70,350t U3O8 (resources)
• (Source Council for Geosciences 15M
  Metallogenic Map of Africa, 2003)

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Uranium, Karoo Basins, Zambia
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Emerging Karoo Uranium Province in Zambia
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Emerging Karoo Uranium Province in Zambia