26th Oct 2006 07:00
Albidon Limited26 October 2006 Level 1 62 Colin Street West Perth 6005Albidon Limited 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 26 October 2006 via electronic lodgement AFRICAN ENERGY TO COMMENCE NEW EXPLORATION PROGRAMMES Energy Ventures confirms that its wholly owned subsidiary, African EnergyResources, has commenced a new programme of drilling and radiometric surveyingon its uranium projects in Zambia. African Energy announced a JORC inferredresource of 5.5 Mt at 400ppm U3O8 at its Njame North prospect on 19 September2006. The new programme will involve further drilling at Njame and airbornesurveying at other prospects throughout the Zambian tenement holdings. African Energy has secured a diamond drill rig for this programme which willprovide samples for metallurgical and geotechnical testwork. The results fromthis testwork will be used for the assessment of processing and mining optionsat Njame and other projects with this style of mineralisation. Drilling is dueto commence within the next few weeks. African Energy will also be undertaking an airborne radiometric survey over anumber of its key exploration projects in Zambia in the Kariba Valley, LuanoValley and North Luangwa Valley areas. The results from this survey willprovide data for identifying and prioritising additional drilling targets forAfrican Energy's exploration programme in 2007. It is expected the results fromthis survey will be available before the end of 2006. The Njame North prospect and the projects in the Kariba Valley and Luano Valleyareas are subject to the Option and Farm-In Agreement between Energy VenturesLtd and Albidon Limited, under which African Energy has the right to earn up toa 70% equity interest in these projects. 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, Mineral Resources orOre Reserves is based on information compiled by Dr Frazer Tabeart (who is afull time employee of Geogen Consulting and a consultant to African EnergyResources Pty Ltd) who is a member of The Australian Institute of Geoscientists.Dr Tabeart has sufficient experience which is relevant to the style ofmineralisation and type of deposit under consideration and to the activity whichhe is undertaking to qualify as a Competent Person under the 2004 Edition of theAustralasian Code for reporting of Exploration Results, Mineral Resources andOre Reserves. Dr Tabeart consents to the inclusion of the data in the form andcontext in which it appears. If you have any queries please contact the Company Secretary, Nicholas Day on+61 8 9211 4600 or email [email protected] Additional information may also be viewed on Albidon's website atwww.albidon.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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