Market Cap
A$3.7m ($0.05 p/s)
Issued Capital
74,735,002

ASX ANNOUNCEMENT
ASX: IPT
Date: 17 December 2008
Number: 080/171208

IMPACT TO FOCUS WORK PROGRAM
ON KEY W.A.

URANIUM DEPOSIT
There is to be an invigorated exploration focus in 2009 by Impact
Minerals Limited on the promising Nowthanna uranium deposit in
Western Australia.

The Company says the decision follows the promining
WA election result and continued confirmation that nuclear
power has moved to a cornerstone position in the energy mix of
established and emerging economies.
As joint owner of Nowthanna, Impact (ASX code "IPT") said today
the 2009 work program was firming after a careful assessment by
the Company over the past two months of the revised economic
outlook for the deposit, and on-going discussions with the other
owners.
"It is essential to the Company amid the current uncertainty in
global equity markets, the cutbacks in some mining quarters and the
euphoria of a pro-uranium mining WA election result, that the right
decision is made about Nowthanna"s future," Impact"s Managing
Director, Dr Mike Jones, said today.
"There is no doubt the recent overturn by the WA Government on
the ban on uranium mining in that state has been very positive for
uranium miners and explorers, and will clearly precipitate
significant developments in this field over the next 3-5 years," Dr
Jones said.
"Nowthanna is being moved up the scale in 2009 so that it can be
one of the early players in the emergence of a modern-era uranium
exploration sector in WA.
"And, unlike falls in base metal prices which lead to major falls in
orders, greater stockpiles and the marginalisation or closures of
mines, the current easing of long-term prices for uranium to realistic
and sustainable levels, favours demand for new production and
mines.

"Nuclear reactor customers buy up heavily when prices are low.

This is rapidly soaking up the
dwindling global supplies of secondary processed uranium oxide and putting upwards price
pressure on long term supply security from existing or new mines.
"These factors will have considerable benefit to Nowthanna, Western Australia and Australia"s
uranium developers well into the next decade."
Dr Jones said that despite the equity market collapse in the past six months, prices of uranium
currently were significantly ahead of what they were in 2000 and this was influencing the
forward thinking on Nowthanna.
"The spot price cost per pound of U3O8 just eight years ago was US$9.20.

It soared to US$130 12
months ago and is now around US$55.

More critically, long-term contract prices, on which we
base Nowthanna"s potential, are now around US$70 and steady," Dr Jones said.
"These price increases, the swing to the security of nuclear power as a base load electricity
provider and climate change pressures, are driving the renaissance of the uranium sector and it
should now have a positive outlook for at least 20-25 years," he said.
"If Nowthanna proves up as a modest sized producer, it will be coming on stream just at the
time we can expect a large increase in demand and the need for new mines to meet the
projections."
Focus on increased resources
Dr Jones said the main exploration focus would be on increasing the resource at Nowthanna
and exploring other areas nearby that show excellent potential but have been poorly explored.
Nowthanna, a calcrete-hosted uranium deposit located 70 kilometres southeast of Meekatharra,
in part straddles the contiguous border linking Impact"s 100%-owned Quinns Lake (E51/1075)
project and the 20%-owned Yarrabubba (E51/1072-1073, E20/563-567) project, which is in joint
venture with CITIC Nickel Australia Pty Ltd (60%) and a syndicate of investors (20%).
The ownership structure gives Impact a net entitlement to 40% of Nowthanna"s Inferred
Resource.

At a cut-off grade of 0.2 kg/t (200 ppm) uranium oxide, this equates to about 3.92
million tonnes of uranium oxide at an average grade of 0.45 kg/t (450 ppm), for a contained
1,800 tonnes or four million pounds of uranium oxide.

MEDIA CONTACTS:
Dr Michael Jones Kevin Skinner
Impact Minerals Limited Field Public Relations
(08) 6454 6666 (08) 8234 9555 / 0414 822 631