18th Apr 2007 07:00
Albidon Limited18 April 2007 Level 1 62 Colin St West Perth 6005ALBIDON LTD Western Australia ARBN 107 288 755 Tel: +61 8 9211 4600 Fax: +61 8 9211 4699 Email: [email protected] ASX Code: ALB AIM Code: ALD 18 April 2007 Market release via electronic lodgement AFRICAN ENERGY RESOURCES TO ACCELERATE EXPLORATION OF ALBIDON'S URANIUM PROJECTS IN ZAMBIA HIGHLIGHTS • African Energy Resources' (ASX Code: AFR) completion of $5 million IPO and listing on ASX today will result in an aggressive exploration campaign on the Albidon joint venture areas in Zambia. • AFR's initial focus will include the Chirundu and Kariba Joint Ventures, in which Albidon currently holds 100% interest (AFR is earning an initial 30% interest). • Fieldwork has commenced in both JV areas, with drilling scheduled for next month to test the new high priority uranium radiometric targets at Gwabe in the Chirundu area. • Additional resource definition drilling will be undertaken at the Njame North deposit following the completion of the initial drilling programme at the Gwabe Prospect. URANIUM JOINT VENTURE The Njame North uranium deposit and nearby radiometric targets are locatedapproximately 85km south of Zambia's capital city Lusaka. These are part of anextensive series of prospects in the southern Zambia uranium district beingevaluated under an Agreement between Albidon and AFR. AFR has formed a JointVenture with Albidon on two project areas, - the Chirundu and Kariba Valley JVs. AFR may earn a 30% interest in the projects by expending AUD $1 million on eachselected project area, and may then proceed to earn a 70% interest by completinga Prefeasibility Study on a JORC Indicated Resource. At Njame North within the Chirundu Joint Venture, drilling funded by AFR has ledto the definition of an Inferred Resource of: 5.5Mt at a grade of 400ppm U3O8 for 4.8 Mlb of contained U3O8 at a 200ppm lowercutoff grade. ASX LISTING BY AFRICAN ENERGY RESOURCES Following the AUD$5 million IPO and other capital raising AFR will have anestimated AUD$10 million to undertake a more aggressive and focused explorationprogram, with the majority of drilling and other expenditures for 2007 plannedfor the Albidon Joint Venture areas. FORWARD EXPLORATION PROGRAM The 2007 field exploration program by AFR has already commenced, and has as itsinitial focus the following programs and objectives: • Soil geochemical sampling and ground radiometric surveys at Gwabe in the Chirundu JV. • Site preparation work for drilling at Gwabe. • Drilling to test the uranium radiometric targets identified at Gwabe, scheduled for next month. • Soil geochemical sampling and ground radiometric surveys at Chisebuka in the Kariba Valley JV. • Additional drilling at the Njame North deposit aimed at determining the extent of the uranium mineralisation. • Drilling of any confirmed uranium targets at Chisebuka. If you have any queries please contact the CFO, Nicholas Day on +61 8 9211 4600. Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen+61 8 94802500. Additional information may also be viewed on Albidon's website atwww.albidon.com The Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves (the 'JORC Code') sets out minimum standards, recommendationsand guidelines for Public Reporting in Australasia of Exploration Results,Mineral Resources and Ore Reserves. The information contained in thisannouncement has been presented in accordance with the JORC Code and referencesto "Inferred Resources" are to those terms as defined in the JORC Code. Information in this report relating to exploration results and Mineral Resourcesis based on data compiled by Mr Mike Dunbar, (who is a full time employee of theMitchell River Group and a consultant to Energy Ventures Limited), and who is amember of The Australasian Institute of Mining and Metallurgy, and Dr FrazerTabeart (who is a full time employee of Energy Ventures Limited), and who is amember of The Australian Institute of Geoscientists. Dr Tabeart and Mr Dunbarhave sufficient experience which is relevant to the style of mineralisation andtype of deposit under consideration and to the activity which they areundertaking to qualify as Competent Persons under the 2004 Edition of theAustralasian Code for reporting of Exploration Results, Mineral Resources andOre Reserves. Dr Tabeart & Mr Dunbar consent to the inclusion of the data inthe form and context in which it appears. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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