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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:3830Y UraMin Inc 14 June 2007 June 14, 2007 Winter Drill Program completed on the Rea Uranium Project, Alberta UraMin Inc. (TSX and AIM: UMN) and its joint venture partner, Red Dragon Resources Corporation (TSX-DRA.V), are pleased to report the completion of the winter drilling program on the Rea Uranium Project in northeastern Alberta. The diamond drill program (1,908m in 8 holes) tested six airborne electromagnetic (EM) anomalies, out of several hundred anomalies that were identified on the property. The anomalies drilled in this program extend over a distance of 35 kilometres and test several conductors along and parallel to the north-northwest trending Maybelle River linear that is known to host economic concentrations of uranium mineralization. The six EM anomalies were previously profiled by ground induced polarization surveys prior to drilling to identify areas of low resistivity and high chargeability, which can be related to clay alteration that may be associated with unconformity-type uranium mineralization. While none of the eight drill holes intersected economic concentrations of uranium mineralization, a number of holes intersected significant alteration and one of the drill holes (R130107) intersected anomalous concentrations of uranium (34ppm over 4m including 55ppm over 1m) in sedimentary rocks immediately above the unconformity with the underlying basement pegmatite. Management of Red Dragon and UraMin are encouraged by this initial drill program and are planning additional ground geophysical surveys and diamond drilling in the second half of 2007. The Rea Project consists of a large exploration package (446,330 acres) covering the under explored western margin of the Athabasca basin in northeastern Alberta. The project surrounds the high-grade Maybelle River deposit held by AREVA. The Maybelle River deposit has a reported drill intersection of greater than 20% U3O8 over 5 metres. The Athabasca Basin is host to some of the world's largest and richest uranium mines and currently contributes about 32% of the world's uranium supply; past production and resources total almost 1.5 billion pounds of U3O8. UraMin Inc. is earning a 50% interest in the project by making expenditure of US$5.5 million over a three year period. UraMin Inc. has now earned 10% interest in the project and has confirmed their continued participation in the next phase of exploration. Laboratory Procedures: Drill core samples were analyzed by ALS Laboratory Group, Vancouver, Canada, an ISO 9001:2000 and ISO 17025 certified laboratory. Samples arriving at the laboratory in Vancouver are sorted, dried with fine crushing of the entire sample to better than 70% passing 2 millimetres. The sample is then reduced to a 1 kilogram charge by repeated passes through a riffle splitter and then pulverized to 80% passing 75 microns. The sample is then dissolved using a four acid (HF, HNO3, HCLO4, HCL) "near-total" digestion followed by inductively coupled plasma with mass spectroscopy finish for 48 elements. Red Dragon Resource Corp. has inserted quality control samples in addition to quality control samples inserted by the laboratory. Background on Red Dragon Resources Corp.: Red Dragon Resources Corp. (www.reddragonresources.com) is a Toronto Stock Exchange listed exploration company engaged in the identification, acquisition and exploration of mineral properties with potential for world-class mineral deposits in China and Canada. Background Information on UraMin Inc.: UraMin Inc. (www.uramin.com) was founded in February 2005 and its shares are traded on the AIM market of the London Stock Exchange and the Toronto Stock Exchange under the symbol 'UMN'. The Company was established to acquire and develop mineral properties, predominantly uranium. The Company currently has working capital of approximately US$285 million and a market capitalization of approximately US$2 billion on an undiluted basis. UraMin is currently focusing on the development of its advanced exploration projects at Trekkopje in Namibia, Bakouma in the Central African Republic and Ryst Kuil in South Africa. Through the 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 the prospecting rights in the Ryst Kuil Channel or elsewhere in South Africa will be successful. For further information: UraMin Inc. Red Dragon Resources Corp. Ian Stalker, Chief Executive Officer Alvin Jackson, Chairman and Chief Neil Herbert, Finance Director Executive Officer Tel: +27 (0) 11 783-5056 Tel: +1 604 602-8188 Canaccord Adams Limited Harbour Financial Inc. Robin Birchall/Tyler Broda Brian N. Barbour Tel: +44 20 7050 6741 Tel: +1 403 813-5832 Steve Vaughan Tel: +1 416 643-6924 UK Media Enquiries Financial Dynamics Ben Brewerton / Edward Westropp Tel: +44 (0)20 7831 3113 The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed by Garnet Dawson, P.Geo., Vice President of Exploration for Red Dragon Resources Corp. Louis Covello, P.Geo. is the Qualified Person as defined in NI 43-101 on the Rea Project and is responsible for supervising the drill program, sampling procedures and quality assurance program. He is employed by Aurora Geosciences Ltd., Yellowknife, Northwest Territories, who are managing the Rea Project on behalf of Red Dragon Resources Corp. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. 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 DRLBSGDLLXBGGRS
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