News
RNS Announcements
Farm-in partner earns interest and agrees to earn further interest
11th October 2007
Summary
- Drilling re-commences at Mtonya Project for the 3rd Drilling Programme
- Detailed helicopter radiometric survey has identified further uranium anomalies at the Ruhuhu Project which will be ground checked in November
- Western Metals advises that it has met its initial A$2m expenditure commitment to earn a 40% interest in the Tanzanian Farm in Areas.
Mtonya and Ruhuhu Uranium Project - Tanzania
40% Earn-in on Farm-In Exploration Areas
Uranium Resources plc (URA) has been advised by Western Metals Limited (WMT) that it has completed its initial A$2 million expenditure requirement to earn a 40% interest in the Farm-In exploration areas owned by URA. Western Metals has also advised URA that intends to expend a further A$2million to earn an additional 20%. URA continues to be free carried until this additional A$2million is expended.
Drilling and Field Reconnaissance Re-Commences in Tanzania
Drilling in Tanzania recommenced on 7 October for the third drilling campaign in 2007. The aim of the programme is to continue broad spaced testing of known anomalies identified by radiometric surveys and surface sampling along a 7 kilometre trend at the Henri Prospect, located within the Farm-in area.
Two previous drilling campaigns have been completed in the area during 2007 with sub-surface mineralisation identified in the June programme. The June 2007 drilling results identified sub surface uranium mineralisation, including 7m @ 1233ppm U3O8. Assay results of the August programme are anticipated to be available late October to early November.
The October field programme will also include trench sampling and detailed surface radiometric surveys on previously identified anomalies in the region.
Ruhuhu Uranium Project - Tanzania
Helicopter Radiometric Survey Completed at Ruhuhu, Tanzania
A high resolution helicopter radiometric survey has been completed over the areas of the Ruhuhu project. The survey comprised 5,920 line kilometres of data collection on 250 metre spaced flight lines covered the exploration areas within the uranium prospective Ruhuhu Basin.
Data interpretation has highlighted additional anomalies beyond those previously identified by historic broad spaced radiometric surveys. Analysis of this information is currently underway with follow-up reconnaissance of the new anomalies to be undertaken with helicopter support during November.
PROJECT OWNERSHIP SUMMARY
| JV Description | JV Partners & Ownership | Approx. Gross | ||
|---|---|---|---|---|
| WMT | URA | Local Partner | Land Area (sqkm) | |
| Farm-in Areas | 40% | 60% | - | 3,438* |
| 42.5% JV Areas (south_selous) | 42.5% | 42.5% | 15% | 10,380 |
| 45% JV Areas (Ruhuhu) | 45% | 45% | 10% | 211 |
| Rest of Tanzania | URA and WMT consider Tanzania to be an area of mutual interest so each of URA & WMT will offer the other an equal share in any future uranium opportunity in Tanzania. | Country wide | ||
Key:
* 2,751 sqkm is subject to renewal.
+ By way of a farm-in agreement WMT is earning an initial 40% interest in the Farm-in areas by spending A$2million and has the right to earn an additional 20% interest by spending a further A$2million. URA has been advised that WMT has earned its initial 40% interest. URA will despatch auditors to review WMT's accounts as soon as possible to confirm such expenditure has in fact been made.
| James Pratt | Uranium Resources plc | Tel +61 412 743 382 |
| Hugh Warner | Uranium Resources plc | Tel +618 9217 3350 |
| Hugh Oram | Nabarro Wells & Co. Limited | Tel 020 7710 7400 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel 020 7242 4477 |