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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Uramin Inc | LSE:UMN | London | Ordinary Share | VGG9298V1067 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 389.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9346X UraMin Inc 07 June 2007 07 June 2007 UraMin Inc. ("UraMin or "the Company") NOT FOR DISSEMINATION IN THE UNITED STATESOR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES High Grade Exploration Drilling Results at the Bakouma Deposit Recent drilling results for the Patricia Deposit at Bakouma in the Central African Republic include the following high grade U3O8 intersections over widths in excess of 22 meters: * Borehole PRC061; 54m at 0.36% U3O8 from 39m depth * Borehole PRC065; 22m at 0.61% U3O8 from 19m depth including 3m at 1.32% U3O8 from 25m depth * Borehole PRC074; 43m at 0.27% U3O8 from 48m depth * Borehole PRC075; 30m at 0.28% U3O8 from 52m depth and 36m at 0.20% U3O8 from 89m * Borehole PRC078 24m at 4.17% U3O8 from 53m depth including 10m at 9.06% U3O8 from 55m * Borehole PRC083; 62m at 0.81% U3O8 from 61m including 11m at 15.16% from 112m Ian Stalker, Chief Executive, said "We are delighted with these results which further underline the high grade nature of this deposit. The infill drilling programme at Patricia is now complete and these results indicate a near surface deposit that is amenable to open-pit mining and the soft ground suggests low mining costs. We look forward to completing the feasibility study on track in 2008." The highest (>2.5% U3O8) grade samples have been verified by alternative methods of chemical analysis and the high uranium mineral content has been further verified by X-ray powder diffraction. This latter technique has resulted in the identification of a number of uranium phosphate minerals that are present as major constituents in these samples. Because of the unusually high uranium values in these ore samples further verification is to be undertaken in a laboratory that specializes in analysis of high grade uranium-bearing ore. On the 25th April 2006 an Independent Interim Mineral Resource classified in accordance with the CIMM (2000) guidelines for the Patricia Deposit, Bakouma, Central African Republic was announced. This Inferred Mineral Resource of 5.7 Million tonnes at an average grade of 0.20% U3O8 containing 12,000 tonnes U3O8 (26.0 Million lbs U3O8) using a cut-off grade of 1,000 ppm U3O8 was estimated by AMC Consultants for the Patricia Deposit and represents an increase of 33%, (7.0 Million contained lbs U3O8), over the historical Mineral Resource estimate. Infill drilling is now complete taking the deposit from a 100m by 50m grid to a 50m by 50m grid spacing. Assay results for 35% of the 96 infill RC holes have now been received. Drilling is progressing on schedule as part of the Definitive Feasibility Study being conducted on behalf of UraMin by GRD Minproc. A NI 43-101 compliant resource for the entire Bakouma Project is expected in Q3 of 2007. Exploration Program The Bakouma Uranium Project consists of ten documented uranium deposits in close proximity to one another. A review of prior technical studies conducted by Compagnie des Mines d'Uranium de Bakouma and Societe de l'Uranium Centrafricain between 1969 and 1977 reveals a historical non NI 43-101 compliant mineral resource of 6,915,000 tonnes at an average grade of 0.27% U3O8 containing an estimated 18,000 tonnes (41 million lbs U3O8) of U3O8 at a cut of grade of 1000ppm U3O8. Over the past nine months, UraMin has completed 34,835 meters of reverse circulation percussion drilling in 542 holes. Of these, a total of 171 drill holes have been completed in the Patricia deposit aggregating 15,199 meters of which 67 holes aggregating 5840 meters represents the 100 meter by 50 meter grid data and the balance, being the infill drilling designed to convert a proportion of the deposit to the indicated mineral resource category or better. A further 371 drill holes aggregating 19,636 meters have been drilled in the Pama, Pato, Paloma and Fosse deposits thus far and additional drilling is ongoing. Mr. G M Greenway, Pr.Sci.Nat. (SACNASP), MSAIMM, MGSSA, of MSA Geoservices (PTY) Ltd, is the qualified person responsible for the Bakouma drilling program and has verified the data reported above. Mr. Greenway is an independent consultant to UraMin, with no interest in the company and has consented to the inclusion in this announcement of his name in the form and context in which it appears. Exploration data is acquired by UraMin using best practice quality assurance and quality control protocols. Reverse circulation percussion chip assay samples are collected by appropriately qualified personnel and are assayed at SANAS accredited laboratories in Johannesburg, South Africa; SGS Lakefield Research Africa (SANAS No. T0169) U3O8 assays are performed using x-ray fluorescence spectrometry on a pressed powder pellet. Samples containing more than 2,000ppm uranium are re-analysed by ICP OES utilizing a sodium metaborate fusion, the conventional XRF technique for high grade samples is unsuitable for Bakouma ore. A population of very high grade samples (greater than 2.5% U3O8) were analyzed using X-ray powder diffraction to confirm the abundant uranium phosphate mineral assemblage. Quality control procedures follow industry best practice and include the use of blind control samples. For further information: Ian Stalker, Chief Executive Officer Neil Herbert, Finance Director James Pitman, Vice President Business Development Tel: +27 11 783 5056 Nominated Advisor Canaccord Adams Limited Robin Birchall Tyler Broda Tel: +44 20 7050 6500 Toronto Steve Vaughan Tel: +1 416 643 6924 UK Media Enquiries Financial Dynamics Ben Brewerton Tel: +44 303 7831 3113 Notes to Editors GLOSSARY Definitive a comprehensive study of a deposit in which all geological, engineering, operating, economic and other relevant factors are considered in sufficient detail for it to reasonably serve as Feasibility study the basis for a final decision by a financial institution to finance the development of the deposit for mineral production ICP-OES Inductively coupled plasma optical emission spectroscopy finish - sophisticated electronic means for determining the elemental content in a sample. X-ray diffraction X-ray diffraction (XRD) is a nondestructive technique for studying complex materials on a small scale. XRD analysis can be used to determine the composition of a material, as well as its molecular and crystalline structure. Mineralogical characterization provides part of the data required to determine the particular kind of mineral deposits encountered in mineral-resource assessment studies. CIMM Canadian Institute of Mining and Metallurgy tU Tonnes uranium Lb Pound U3O8 Triuranium octaoxide Uranium heavy silvery-white metallic element found in several minerals, notably uraninite and carnotite UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral properties, predominantly uranium. Following the private placement the Company currently working capital of approximately US$300 million and a market capitalization of approximately US$1.9 billion on an undiluted basis. UraMin (www.uramin.com) is traded on the Alternative Investment Market of the London Stock Exchange plc and the Toronto Stock Exchange under the symbol UMN. UraMin is currently focusing on the development of its advanced stage exploration projects at Trekkopje in Namibia, Bakouma in the Central African Republic and Ryst Kuil in South Africa. Through a South African joint venture, UraMin also enjoys additional prospecting license applications for important uranium deposits in the Karoo, South Africa. No assurance can be given that remaining applications for prospecting licences will be successful. Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. This information is provided by RNS The company news service from the London Stock Exchange END DRLDDGDLBXGGGRL
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