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WILDHORSE ENERGY GRANTED EXTENSIVE URANIUM CONCESSIONS AMENDMENT

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					          WILDHORSE ENERGY GRANTED EXTENSIVE URANIUM CONCESSIONS
                            IN SOUTH AMERICA
                               AMENDMENT
3 September 2007

On 28 August 2007 WildHorse announced it had been granted concessions
covering 3,500km2 in Paraguay. Page 2 of that announcement included the
following sentence :

           Anschutz’s program targeted between 15 and 20 million pounds of U308
           for each roll front, with grades ranging from 0.05%.to 0.14% U3O8.1
           WildHorse has been able to licence this area and believes it has an
           excellent opportunity to develop a new uranium province in the
           Paraguayan segment of the Parana Basin.

WildHorse wishes to clarify the area covered by its concession, in the context of
the much broader Anschutz concession. The statement above was made in
regard to the Anschutz concession. The part of this statement stating “this area”
was not intended to refer to the entire Anschutz concession, which covered
approximately 1/3 of the entire country of Paraguay. WildHorse’s concession, as
noted in the release, covers 3,500km2

The targets referred to were also intended to provide information about the
broader Anschutz concession, and are not specific to the concession granted to
WildHorse Energy.

This has been amended in the attached announcement.




1
 The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource
and that it is uncertain if further exploration will result in the determination of a Mineral Resource. This mineralisation was defined
using a classification system that does not comply with JORC Code, and as such cannot be relied upon to estimate current
mineralisation.
             WILDHORSE ENERGY GRANTED EXTENSIVE URANIUM CONCESSIONS
                               IN SOUTH AMERICA

28 August 2007

Key Points

    •     WildHorse has been granted concessions covering 3,500km2 in Paraguay.

    •     The concessions have been explored extensively for uranium in 1970-80’s by US
          corporations.

    •     The Paraguay Government has recently passed a new mining law similar to those
          in the United States and Australia.

    •     The company has access to a comprehensive historical database of well in excess
          of 42,000 metres of drilling and detailed work completed on several uranium
          targets.

    •     WildHorse’s work program will commence immediately, focused on identified
          uranium trends with each targeting tens of millions of pounds of U3O8.

    •     This is an opportunity to establish a major new uranium producing province.

Details

WildHorse Energy Limited (ASX:WHE) has been
awarded a concession covering 3,500km2
(865,000 acres) in the Parana Basin, Paraguay,
granting the company the rights to immediately
commence a planned exploration programme.

The concessions contain known uranium
mineralisation, based on historical exploration.
Subject to the successful completion of
exploration, WildHorse has the right to convert
its concession to a mining permit.

WildHorse Managing Director, Mr Richard
Pearce said the Company had pursued the
Paraguayan asset because, like its other assets
in the US and Hungary, it is a substantial set of
projects with extensive drilling and other data.
The region of South America also has a history
of uranium mine operation (refer figure 1), with
established mines in nearby regions of Brazil and
                                                    Figure 1: WildHorse’s Paraguay project location
Argentina, and a nuclear power industry that is
1
                                                           E: wildhorse@wildhorse.com.au
                                                           W: www.wildhorse.com.au

                                                           WildHorse Energy ACN 117 085 748
set to expand rapidly. Company’s such as Cue Capital and Crescent Resources are
already active in Paraguay and Globe Uranium and Mega Uranium have extensive
exploration programs in Argentina in the same geological region.

Mr Pearce said over the next six months the company would evaluate the extensive
historical data on its new Paraguayan concession. “From this review, we aim to evaluate
several potential targets, each with significant potential,” Mr Pearce said.

“This is a further step forward for WildHorse, and will complement our developing projects
in Europe and US as part of our expanding global footprint,” Mr Pearce said

From 1978 until 1981, a private Denver based, American company, Anschutz acquired
the exploration rights to the eastern third of Paraguay for the purpose of exploration for
sedimentary hosted uranium deposits. Anschutz selected the huge Parana Basin of
Paraguay as it had the same characteristics as Wyoming’s uranium bearing basins,
where WildHorse has its advanced projects at Sweetwater and Bison Basin. These
sedimentary basin environments are favourable for roll front deposits. Wyoming has
produced approximately 190 million pounds of uranium since the late 1950's and still has
substantial reserves of hundreds of millions of pounds.1

                                                                  In a Joint Venture with Korea Electric Company
                                                                  (KECO), Anschutz carried out a three year
                                                                  exploration program, including 42,000 metres of
                                                                  drilling. This program comprised extensive field
                                                                  work, including geochemical and geophysical
                                                                  analysis. It identified redox fronts and finally,
                                                                  after spending in the order of US$25 million over
                                                                  three years, Anschutz identified an area with the
                                                                  potential to host a brand new uranium province
                                                                  with the possibility of containing several, 20
                                                                  million pound roll front style deposits.

                                                                  Anschutz completed a total of 34,015 metres of
                                                                  rotary drilling and 1,883 metres of core drilling in
                                                                  1981 across its entire concession with a wide
                                                                  range of targets. According to the “Annual
                                                                  Summary of Exploration Operations” prepared
                                                                  by Anschutz, further drilling in 1982 defined
                                                                  several roll fronts across extended distance.2

                                                            WildHorse has licensed part of the more
                                                            extensive area originally held by Anschutz and
Figure 2: Paraguay geology and WildHorse’s project location believes it has an excellent opportunity to
develop a new uranium province in the Paraguayan segment of the Parana Basin.

WildHorse is in the process of reviewing the historical data with a view to identifying
targets for resource definition drilling.
The eastern third of Paraguay is underlain by the western margin of the 1.2 million km2
Parana Basin. The majority of the Parana Basin is located in eastern Brazil and extends

1Department of Environment, US Federal Government
2
 Drilling consisted of 13,200 metres of rotary drilling and 450 metres of core drilling and was conducted by TAC, a Brazilian firm of CPRM. All
holes were logged using gamma logs.
2
                                                                                        E: wildhorse@wildhorse.com.au
                                                                                        W: www.wildhorse.com.au

                                                                                        WildHorse Energy ACN 117 085 748
southerly into Argentina and Uruguay. Parana is a north-south trending intracratonic
basin. The principal target for uranium is the Upper Permo-Carboniferous Independencia
Formation in the Basin. The units consist of marine and marginal marine sandstones,
shales and conglomerate. Prominent air-radiometric trends, soil and water anomalies
occur in these units. Similar rock units on the eastern margin of the Parana Basin, in Brazil,
contain uranium resources near the town of Amoranopolis. Younger sedimentary rocks
are widespread throughout the old Anschutz concession. These are similar to the aeolian
sandstones of Argentina where, at Serra Pintada, a uranium mine produced 2,300 tonnes
(5 million lbs) of U3O8 from 1974 through 1986 and has remaining resources of 9,200 tonnes
(20 million lbs) U3O8. The ore grade of that mine is 0.12% U3O8 (CNEA3 Report January
2006).

According to a report completed by Nuclear Assurance Corp for KECO, the geologic
setting and characteristics of the Independencia Formation meets all the requirements
for a roll front ore body:
       sedimentary host rock derived from granitic sources;
       sedimentary hosts are seen in an on-lap position to the source area;
       reducing agents in the form of dead oil, pyrobitumens, are common;
       oxidized continental sandstones are converted to a reduced state;
       mineralized ground and surface waters flowed thru permeable strata; and
       mechanical trapping mechanisms occur at “shale-outs”.

Importantly, the potential quantities and grades of mineralisation contained in this
summary are conceptual in nature, and there has been insufficient exploration to define
a Mineral Resource. It is uncertain whether further exploration will result in the
determination of a Mineral Resource. This previous work identified mineralisation that was
defined using a classification system that does not comply with JORC Code, and as such
cannot be relied upon to estimate current mineralisation.

For more information, contact:

         Mr Richard Pearce                           Mr Mark Hughes                               Caroline de Mori
         Managing Director                           Chairman                                     Investor Relations
         +61 8 9389 2010                             +61 8 9389 2001                              +61 8 9485 1254


The information in this statement as it relates to Exploration Results is based on information compiled by Henry Neugebauer,
a professional engineer registered with the Association of Professional Engineers and Geoscientists of the Province of British
Columbia, a ‘Recognised Overseas Professional Organisation. Henry Neugebauer has sufficient exploration experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking
to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Henry Neugebauer consents to the inclusion in this statement of the matters based
on his information in the form and context in which it appears.




3   CNEA (Comisión Nacional de Energía Atómica) is the Argentine government agency in charge of nuclear energy research and development.

3
                                                                                     E: wildhorse@wildhorse.com.au
                                                                                     W: www.wildhorse.com.au

                                                                                     WildHorse Energy ACN 117 085 748

				
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Description: WILDHORSE ENERGY GRANTED EXTENSIVE URANIUM CONCESSIONS AMENDMENT