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RNS Announcements
Shareholder letter
09 January 2008
Uranium Resources plc, the AIM listed uranium exploration and development company, has sent a shareholder update to shareholders, summarising the Company's portfolio.
The text of the shareholder update is set out below.
Uranium Resources Plc is a uranium exploration and development company focussed in Tanzania. The Company has been operating within the country since 2005, focussing primarily on the development of uranium deposits in the highly prospective Karoo Basin in southern Tanzania. The board believes in developing resources in tandem with benefiting local communities, forming strong relationships with the Government and the local communities, and is committed to the development of Tanzania's uranium assets. To date, the Company, in conjunction with its Joint Venture operations partner Western Metals Ltd, has already invested A$2.5 million into exploration programmes and with an aggressive growth strategy in place this is set to increase significantly.
Tanzanian Portfolio
- Circa 13,500 km2 of licences within the highly prospective Karoo basin in southern Tanzania
- Three primary projects - Mtonya, Ruhuhu and Ruvuma (previously Tunduru) developments
- Joint Venture agreement with Western Metals Ltd who act as operating partners to the projects
- Western Metals to spend A$3.5 million on exploration in Tanzania over the next 15 months
- Established new Tanzanian office with an operations team to support exploration and development
Mtonya Project
- Flagship project covers seven leases and is located 100 kilometres east of the district capital of Songea
- Eight anomalies have already been identified over a six kilometre trend
- Initial assay results from reconnaissance drilling have been promising indicating the presence of significant subsurface uranium mineralisation in these licence areas
- Opening drilling programme achieved aim of identifying highly anomalous areas providing great encouragement for future exploration and development programmes
- Recent drilling and trenching results have identified new high grade uranium anomalies at Grandfather prospect
- Grandfather prospect - peak trench results include 1 .2 metres at 7703 ppm U3O8 and 0.8 metres at 1035 ppm U3O8
- Henri prospect - initial assay results include 7 metres at 1,233 ppm U3O8 including 3 metres at 2,607 ppm U3O8
Ruhuhu Project
- Extends the upper Karoo sequence of the Ngaka Sub-basin in the Ruhuhu Basin approximately 70 kilometres north west of Songea
- Several anomalous areas identified, further exploration planned during Q4 2007 with trenching planned investigate anomalies during 2008
Ruvuma Project
- Licence area spans circa 6,500 km2 over Karoo Basin sediments and host sediments of the Company's Mtonya Project as well as Paladin's Kayelekera Operation 300 kilometres to the west in Malawi
- The geology of the region is analogous to Paladin's Kayelekera and the Mtonya Project
- Initial reconnaissance work is set to take place in 2008 to defi ne areas of prime interest
The update is available at the Company's website, under the heading "Investing in Tanzania" within the "Home" section on the Company's website at www.uraniumresources.co.uk
| For further information please visit www.uraniumresources.co.uk or contact: | ||
| Ross Warner | Uranium Resources plc | T: 07760 487 769 |
| James Pratt | Uranium Resources plc | T: 07747 832 043 |
| Hugh Warner | Uranium Resources plc | T: +618 9388 3006 |
| Hugh Oram | Nabarro Wells & Co. Limited | T: 020 7710 7400 |
| Hugo de Salis | St Brides Media & Finance Ltd | T: 020 7242 4477 |
| Felicity Edwards | St Brides Media & Finance Ltd | T: 020 7242 4477 |