16th Apr 2007 12:34
Uranium Resources PLC16 April 2007 16 April 2007 Uranium Resources plc ('Uranium Resources' or 'the Company') Award of Options Uranium Resources plc, the AIM listed uranium exploration and developmentcompany, is pleased to announce that the following options over shares in theCompany have been awarded to Dr Joseph Drake-Brockman, the Company's consultinggeologist. Name Number of Options over Exercise Price Expiry Date Ordinary Shares of 0.1 pence each awarded Joe Drake-Brockman 2,500,000 2.5p 28-Nov-11(or nominee) 2,500,000 5.0p 28-Nov-11 The Directors consider Dr Drake-Brockman's uranium exploration expertise to becomparatively rare and important for the development of the Company's project.Consequently, the Directors believe that his services will be increasingly indemand as activity in the uranium exploration sector continues to escalate.Accordingly, the Directors consider it appropriate and necessary to provide himwith additional incentives in the form of the award of options in order toretain his services into the future. Dr Drake-Brockman has been instrumental in the development of the Company'sflagship uranium project in Tanzania. His association with the project began inthe 1970's when he first worked as part of the team that identified the uraniumanomalies in Southern Tanzania and continues to the present day when DrDrake-Brockman carried out the Company's first field programme generating firstassay results of 0.1% uranium oxide. As previously announced on 30 March 2006, the 2006 exploration programmescarried out under the management of Dr Drake-Brockman generated the following: • Best trench results from channel samples include: • 22,950 ppm (2.29%) U,or 27,081 ppm (2.71%) U308; and • 20,820 ppm (2.08%) U or 24,567 ppm (2.46%) U308. • Increased size and strike length of the 'Henri Anomaly' with a further 6 ground radiometric anomalies of >200cps defined within 250m of the Henri discovery trench • Including Henri, a total of 8 anomalies have now been identified along a 6km trend at the Mtonya Project and numerous drill targets have now been generated • More high grade uranium results have been received from systematic channel sampling of trenches at Mtonya Uranium Resources is primarily focused in the Karoo Basin in Southern Tanzania,with prospecting licences and applications spanning circa 7,600 sq km, making itone of the largest exploration land holders in this area. To develop these areas it has signed a farm in agreement with Western Metals Ltd(ASX:WMT), in respect of five licences. Under the farm-in agreement, WMT mustspend an initial A$2m to earn a 40% interest in the joint venture and has theoption spend a further A$2m to earn an additional 20%. The Company anticipatesthat WMT will earn its initial 40% interest in tenements by the completion ofthe 2007 exploration programme. The Company has also entered into a second joint venture on a 50:50 basis withWMT. This second joint venture is in respect of new licences applied for oracquired in Tanzania after the date of the farm-in agreement. These licenceswill be shared equally between the Company and WMT. WMT has recently announced an approximate A$25m fund raising which whencompleted will give WMT cash reserves approaching A$29m and a marketcapitalisation of approximately A$180m. The Directors believe that the abovefarm-in between the Company and WMT is WMT's most advanced project. TheDirectors further believe that WMT has the financial capacity and critical massof technical and commercial personnel to rapidly explore and evaluate theCompany's uranium exploration tenements in Southern Tanzania. Dr Drake-Brockmanis also a consulting geologist to WMT. * * ENDS * * For further information please visit www.uraniumresources.com or contact: Hugh Warner Uranium Resources plc Tel :+61 413 621 652James Pratt Uranium Resources plc Tel: 07747 832 043Ross Warner Uranium Resources plc Tel: 07760 487 769Hugh Oram Nabarro Wells & Co. Limited Tel: 020 7710 7400Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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