2010/11 Exploration Drilling Campaign re-commences on Niger Licenses
URU Metals Limited (AIM: URU), the metals exploration and development company with uranium interests in Niger and South America, and nickel interests in Southern Africa, announces the re-commencement of its 2010/11 exploration drilling campaign on the Company's wholly-owned In Gall and Irhazer uranium licenses in Niger.
Details of drilling programme
On 15 October 2010, the Company announced its intention to commence a scoping study in 2011 should its upcoming drilling programme indicate significant uranium mineralisation at its licensed areas at Aboye, Akenzigui and Fagochia.
Following on from the findings of that campaign, coupled with the completion of further recent ground magnetic studies, the Company is pleased to announce that a further drilling campaign will commence towards the end of April 2011.
The objective of the programme will be to further evaluate previously identified prospective drill and other targets with the objective of completing the following programme:-
Aboye Target: The drilling of twelve boreholes, totalling approximately 5,000 linear metres.
Akenzigui Target: The drilling three boreholes, totalling approximately 1,000 linear metres.
Fagochia Target: The drilling of three boreholes, totalling approximately 1,000 linear metres.
Drill positions and the number of hills drilled may be adjusted in line with uranium probe results.
All holes will be drilled by using a combination of tricone drilling, followed by diamond drilling over mineralised sections, with down hole geophysical logging being completed for each hole.
Results of the programme are expected to be released in July and it is hoped that these, together with previous findings, could subsequently form the basis for a pre-feasibility study, which could then commence towards the end of 2011.
Paul Loudon, Non-Executive Chairman of Niger Uranium, said:
"We are delighted to announce the commencement of the second phase of our drilling programme in the highly prospective In Gall and Irhazer license areas. Our objective remains the identification of an economically viable uranium resource in Niger and we look forward to informing shareholders as soon as results are made available."
For further information:
Gordon Cassidy, Finance Director
Tel: +27 (0)11 269 4900
Beaumont Cornish Limited (Nominated Adviser)
Tel: +44 (0)20 7628 3396
Daniel Stewart& Co Plc (Broker)
Tel: +44 (0)20 7776 6561
Brand: Mining IR
Andre Morrall /Dr Iestyn Adams
Tel: +44 (0)151531 7908
This press release contains statements that are 'forward-looking'. Generally, the words 'expect', 'intend', 'estimate', 'will' and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are 'forward looking' statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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