9th Aug 2005 10:48
Murchison United NL09 August 2005 ASX, AIM and Media Release 9 August 2005 UPDATE OF COMPANY ACTIVITIES In February 2005, Murchison commissioned SRK Consulting UK, to carry out fieldvisits and geological analysis of a number of areas in the Republic of Guinea,Niger and Mali, to determine prospectivity for Uranium. SRK have now completed their visit and analysis of data from the Republic ofGuinea. SRK visited three areas in Guinea currently held by the Company, pursuant toreconnaissance licences granted on 5 February 2005, namely Firawa, Bohudu andSesse. SRK collected limited rock samples during their visit and analysedlimited historical geological mapping and target generation data compiled byconsultants for the Government during the 1980's. As a result of their review, SRK has recommended that the Company undertakefurther investigation of the Firawa and Bohudu areas. SRK expect to have finalised their visits and reports on Niger and Mali by nolater than 30 September 2005. It is the Company's intention to await thecompletion of those reports before determining whether to commit to anexploration programme in one or more of Guinea, Niger or Mali. Pending completion of the SRK review of Niger and Mali, the Company has appliedfor exploration licences in Guinea over Firawa and Bohudu. The Company has takenthis action as it is unlikely the reconnaissance licences would be extended.This will preserve the Company's priority to those areas if the Companyultimately decides to pursue exploration. The Company wishes to stress the following in relation to the applications forexploration licences in Guinea: • the applications do not commit the Company to any financial obligations unless the licences are granted; • there is no guarantee the licences will be granted; • in order to obtain grant of the licences, the Company must negotiate budgets with the Government, a process which may take 30-90 days; • the Company may withdraw the applications at any time before they are granted without penalty. Whilst pursuing the applications for exploration licences in Guinea, the Companywill expedite the completion of SRK's review of the identified areas in Nigerand Mali. The Company will aim to receive the completed SRK report before theGuinea Government decides whether or not to grant exploration licences to theCompany. If SRK's review of the identified areas in Niger and Mali does notprovide significant encouragement, it is unlikely that the Company would proceedwith an exploration programme in Guinea alone. The Board is encouraged by the SRK review of Guinea and now awaits the resultsfrom Niger and Mali. Please call Mark Reilly or Joe Schiavi with any queries. Telephone +61 (08) 93814711. .................................. Mark Reilly Managing Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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