15th Sep 2005 07:30
Uranium Resources PLC15 September 2005 Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration Uranium Resources plc ('Uranium Resources' or 'the Company') Completes Acquisition of Tanzanian Prospecting Licences Uranium Resources plc, the AIM listed uranium development company, has completedthe acquisition of Deep Yellow Tanzania Ltd ('Deep Yellow'), the owners of foururanium prospecting licences in Tanzania, for £350,000. The considerationcomprises £50,000 in cash and the issue of 6,000,000 ordinary shares at 5p pershare. The licences, covering an area of approximately 2,500 sq km, represent one ofthe largest uranium exploration land packages in Tanzania. Three of thelicences are located in the Mkuju River area in southern Tanzania while thefourth, the Makutapora Prospect is in central Tanzania. As reported by theCompany on 18 July, previous exploration in the late 1970's early 1980'sidentified the licences as highly prospective for uranium. The Company has appointed Drake-Brockman Geoinfo Pty Ltd to manage theexploration programme which has begun with a review of all of the historicalliterature and radiometric data and will continue with the formulation of adetailed exploration programme. Initially, this will entail the evaluation ofexisting geological and geophysical information including geosurvey radiometricmaps, Landsat images and basic topographic information. The Company also intendsto acquire 128 channel spectrometric aircraft-borne Hymap data over the tenementareas to define stratigraphy and possible channel areas, delineate possibleredox fronts through ferric/ferrous discrimination, isolate possible reactionhalos through clay mineralogy discrimination and enable a more accurateinterpretation of radiometric data. Furthermore, a ground survey will beconducted to ground truth the data and to allow the collection of samples tocalibrate the Hymap data. Drake-Brockman Geoinfo Pty Ltd is the operating company of Dr JosephDrake-Brockman. Dr Drake-Brockman has worked for 20 years in uraniumexploration mainly in Australia and Tanzania. He has specific knowledge of theproject area as he participated in the initial exploration of the Mkuju Uraniumin Sandstone Project immediately adjacent to ground held by Uranium Resources inTanzania. His doctorial thesis was written on the sedimentology and mineralogyof U-Cu and Pb-Zn in sandstones. He also has extensive experience in sandstonesfrom the Frome Basin, Australia and the Tanzanian Karroo In accordance with the terms of the sale and purchase agreement, application hasbeen made for the new ordinary shares to trade on AIM and it is expected thatdealings in these shares will commence on 21 September 2005. The new ordinaryshares will rank pari passu in all respects with the existing shares in issue. * * ENDS * * Contacts: Hugh Warner, Uranium Resources plc Tel: +618 9420 9303 Email: [email protected] Dr Leon Pretorius, Uranium Resources plc Tel: +27 83 377 3215 or +61 419 702 616 Email: [email protected] Ross Warner, Uranium Resources plc Tel: 020 7223 1731 Email: [email protected] Hugo de Salis, St Brides Media & Finance Tel: 020 7242 4477 Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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