Alba Mineral Resources Regulatory News (ALBA)

19 Oct 2006 07:00

Alba Mineral Resources PLC19 October 2006 Alba Mineral Resources plc("Alba" or "the Company") Acquisition of Swedish Exploration Licences Alba Mineral Resources plc, the UK based exploration company with a diversifiedcommodities portfolio, announces the award of four exploration licences fornickel, copper, cobalt, gold, silver, platinum and palladium (totalling 4501hectares) in northern Sweden. This acquisition forms part of a strategicpartnership with Altius Minerals Corporation (TSX-V: ALS) to explore formagmatic nickel sulphide deposits in Scandinavia. Work programmes have commencedand field programmes are scheduled for early Q2 2007. Highlights • Award of four exploration licences in northern Sweden, totalling 4501 hectares, for nickel, copper, cobalt, gold, silver and platinum group metals (PGM) • New licence areas considered highly prospective for ultramafic sill-hosted Ni-Cu-Co-PGM mineralization similar to the Thompson Nickel Belt in Canada based on previous geochemical and geophysical surveys • Furuberget licence is only 6 km along strike from the known historical drilled nickel occurrence of Rormyrberget (4 Mt with a grade of 0.6% Ni and 0.06% Cu) Michael Nott, Managing Director, Alba Mineral Resources commented; "The grantingof four highly-prospective mineral licences in Sweden significantly enhances theCompany's profile with respect to nickel exploration. We believe thesimilarities in geology between the northern Swedish licences and the ThompsonNickel Belt of Canada are promising, and are encouraged by the abundant nickelmineralization in adjacent areas". Granting of Exploration Licences The four awarded exploration licences in the Vindeln Nickel Belt of northernSweden are as follows: • Andersfors (500 hectares) • Furuberget (770 hectares) • Rossjon (2751 hectares) • Skivsjon (480 hectares) The licences award Alba the rights to explore for nickel (Ni), copper (Cu),cobalt (Co), gold (Au), silver (Ag) and platinum group metals (PGM). A workprogramme has commenced with database construction and detailed targetgeneration studies with field sampling programmes planned during the first halfof 2007. In accordance with the Swedish mining law, licences can only be explored by aSwedish registered company. Alba Mineral Resources Sweden AB has beenestablished as a wholly-owned subsidiary of Alba to comply with this law andconduct this exploration work. END For further information contact: Lance O'Neill, ChairmanAlba Mineral Resources plc Tel: +44 (0)20 7499 8334 Michael Nott, Managing DirectorAlba Mineral Resources plc Tel: +44 (0) 20 7499 8334 Justine Howarth/ Victoria ThomasParkgreen Communications. Tel: +44 (0)20 7493 3713 Liam MurrayCity Financial Associates Tel: +44 (0)20 7090 7800 Notes to Editors Alba Mineral Resources plc is a committed explorer with a diversified commodityportfolio, primarily nickel, gold, copper, cobalt and platinum group metals,focussed on the Appalachian-Caledonide trend, a zone extending from the easternseaboard of North America to Scandinavia. Alba currently has interests in anumber of well researched properties in Scotland, Ireland and Sweden, owned inits own right or in conjunction with other parties. Geology and Mineral Potential of the Licences The bedrock geology to the Vindeln Nickel Belt is a 1.90 Ga metamorphosed riftsedimentary sequence intruded by ultramafic sills. Ultramafic sills(intrusions) and lava flows are known to be intimately associated with theformation of magmatic sulphide mineral deposits. The geology and the knownmineralization in the Vindeln Nickel Belt show similarities to the world-classThompson Nickel Belt (Manitoba, Canada). The Thompson Nickel Belt annuallyproduces more than 45,000 tonnes of nickel metal. Nickel sulphide mineralizationin the Vindeln Nickel Belt occurs as disseminated to massive sulphide andbreccia sulphide in ultramafic rock intruded into the rift stratigraphy andoften extends into the wall rock. The Company believes the four licences awarded by the Swedish MiningInspectorate (Bergsstaten) are prospective for nickel mineralization based onbedrock geology, overburden geochemistry, geophysics and proximity to knownsulphide accumulations. For example, the Furuberget licence is only 6 km alongstrike from the known historical drilled nickel occurrence of Rormyrberget: 4 Mtwith a grade of 0.6% Ni and 0.06% Cu (source Swedish Geological Survey, SGU). This information is provided by RNS The company news service from the London Stock Exchange