JORC-COMPLIANT INFERRED RESOURCE AT THE WEST ALKALI CREEK DEPOSIT, WYOMING

SCOPING STUDIES TO COMMENCE IN UNITED STATES AND HUNGARY

3 AUGUST 2007

WildHorse Energy Limited (ASX:WHE) is pleased to announce a JORC-compliant Inferred Resource for the West Alkali Creek uranium deposit, which forms part of its Bison Basin Project in Wyoming, United States.

WildHorse has established an initial JORC-compliant Inferred Resource of 0.91 million tonnes @ 0.089%, for 1.8 million pounds (810 tonnes) of U3O8, with a cut-off grade of 200 ppm, for the West Alkali Creek uranium deposit. The resource estimation has been independently completed by RSG Global Consulting, a subsidiary company of Coffey Mining.

This is the first stage of WildHorse’s program to define JORC Resources for the ground across Basin areas controlled by WildHorse Energy.

“This result is entirely consistent with the historical reports of the West Alkali Creek area, which was the location for the original mining operation in the

1980’s,” WildHorse CEO Richard Pearce said.

“We now have a high level of confidence to progress the next stages of work toward our initial target of 4-5 mlbs of U3O8. We can now also plan further work to realise our longer-term target of over 10 mlbs of JORC compliant resources in the wider Bison Basin.”

This initial resource relates to approximately 10% of the ground held by WildHorse. The estimation included 440 holes out of a total of 3500 drilled in the Basin. The estimates are based on extensive historical drilling and radiometric and assay data that has now been verified by RSG Global, following QAQC procedure, and incorporated into new digital databases. Surpac software was used to construct wire frames and block grades were estimated by ordinary kriging.

The next stages of internal work are ongoing and include:

1. An upgrade of this Inferred Resource to the Indicated category. This will be completed by October based on confirmatory drilling which has commenced;

2. The analysis of additional drill hole data in eastern parts of the Basin to progressively add to the inferred resources through to the end of 2007;

3. The licensing of additional infill drilling by the end of Q4 2007 to allow use of further historical drill hole data to define JORC resources;

4. Completion of planning of additional drilling campaigns to verify extensions and potentially additional mineralised trends across the Basin in H1 2008. These have previously not been included in the historical project analysis.

The total JORC Inferred Resource under WHE control is now approaching 32 mlbs. WHE is targeting 100 mlbs under its control by the end of 2008. The Company is targeting this resource through:

􀂃 Significant expansion and upgrading of the JORC resource at the P�cs Project, Hungary;

􀂃 Ongoing work at the Bison Basin Project as described;

􀂃 Further drilling and analysis at Sweetwater Project, Wyoming, to confirm a JORC resource progressively as at Bison Basin;

􀂃 Drilling programs about to commence in Hungary at B�t�sz�k Project to complete an initial, small scale JORC resource and importantly, to assist in the planning and licensing of the more comprehensive drilling program to expand the resource;

􀂃 The licensing and exploration of highly prospective ground in Paraguay.

SCOPING STUDIES

Mine and Quarry Engineering Services, Inc (MQes) has been commissioned to undertake Scoping Studies at two projects commencing immediately. MQes is based in the United States and has worked closely with RSG Global on previous projects.

MQes is a privately owned, independent, specialised consulting and engineering company supplying geological, mining and process engineering services to the global mining and quarrying industry. The company comprises a group of highly specialised individuals who are leading professionals in the technical disciplines of geology, geostatistics, mine planning, mineral dressing, metallurgy, chemical engineering, process design, cost estimation, and project management. These are supported by mechanical, electrical, civil, structural and instrumentation design engineers.

The Scoping Studies will comprise:

􀂃 At Bison Basin – West Alkali Creek, a scoping level engineering design based on a 10+ mlb In Situ Leaching (ISL) project, to determine estimated capital and operating costs , prepare cashflow analyses and determine a preliminary project development schedule.

􀂃 At the P�cs Project, the preparation of a mine plan and development of a processing flowsheet to treat the ore to produce yellowcake based on various levels of output. This will particularly focus on utilising technologies to minimise surface disturbance and maximise levels of automation. Upon completion of the flowsheet MQes will perform engineering design to determine capital and operating costs to a scoping level. MQes will then prepare a cashflow for the project and perform an economic analysis. A project development schedule will also be prepared.

These studies are due to be completed in Q4, 2007.

For more information, see www.wildhorse.com.au or contact:

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