Alba Mineral Resources Regulatory News (ALBA)

28 Feb 2008 07:01

Alba Mineral Resources PLC28 February 2008 Alba Mineral Resources plc ("Alba" or "the Company") Mauritania Fieldwork Recommences Alba Mineral Resources plc, the UK-based exploration company announces it's 50%owned UK subsidiary Mauritania Ventures Limited (MVL) has commenced a new seasonof uranium exploration fieldwork in northern Mauritania. Highlights • Recommencement of uranium fieldwork in northern Mauritania • Remote sensing alteration and structural study of ASTER satellite images completed with 27 targets for follow-up investigation identified • 10 additional uranium targets identified based on airborne gamma-ray interpertation • The first phase of Iron oxide-copper-gold (IOCG) reconnaissance exploration in southern Mauritania has been completed and results will be announced shortly The Company is pleased to announce that MVL, their 50% owned UK subsidiary hascommenced fieldwork on their two uranium exploration permits (315 and 316),which cover an area of 2,993 km(2), in northern Mauritania. In addition, theMauritanian Department of Mines has given permission to MVL to conductexploration in an area under application known as MV14, totalling 1,496 km(2). The initial phase of fieldwork is currently being undertaken in the licenceareas. This fieldwork is focusing on 37 targets identified by Alba technicalstaff and an ASTER satellite (remote sensing) study by Murphy GeologicalServices. Ten (10) highly anomalous areas, within the 37 targets, were alsoidentified using airborne radiometric survey data commissioned by the Governmentof Mauritania and flown by Fugro Airborne Surveys. Work that will be carried outwill include ground-based radiometric surveying, lithogeochemical sampling andreconnaissance mapping. Analytical results and an interpretation of this phaseof fieldwork will be the subject of a future update. Results from the reconnaissance field programme carried out in 5 areas underapplication in mid-December are pending. This fieldwork was carried out toinvestigate the iron oxide-copper-gold (IOCG) potential and logistics of MV9 toMV13. The Mauritanide Belt hosts the Guelb Moghrein mine (23.7 Mt grading 1.88% Cu,1.41 g/t Au, and 143 ppm Co), which lies 260 km to the northwest of MVL'ssouthern licences. Paste the following link into your web browser to download a map related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/9124o_-2008-2-27.pdf Managing Director's Statement Michael Nott, Group Managing Director and Chairman, commented, "We are please toreport that our second phase of fieldwork in northern Mauritania has begun, andlook forward to reporting the results of our reconnaissance work on the northernpermits as well as our sampling programme on the IOCG targets in the south ofthe country. We believe Mauritania to be under-explored and that the country hasexcellent potential to host additional economic mineralization." ENDS Enquiries Michael Nott, Managing DirectorAlba Mineral Resources plc Tel: +44 (0) 20 7495 5326 Liam Murray, DirectorCity Financial Associates Ltd Tel: +44 (0) 20 7492 4777 Notes to Editors Alba Mineral Resources plc is a committed, technically driven explorer with acommodity focus on uranium, nickel and gold. Alba currently has interests in anumber of well researched properties owned in its own right or in conjunctionwith other parties, primarily in Scotland, Mauritania and Sweden. The Companyalso has gold and base metal interests in Scotland and Ireland. The Company's overall corporate and exploration strategy will continue to be oneof developing a portfolio of well-researched, promising and prospectiveexploration properties that will be pursued further, either in the Company's ownright or in conjunction with other parties. To create value, projects will be either sold outright (in whole or part), spunoff into a separate company, joint ventured to include a cash consideration and/or maintaining a 'Net Smelter Return' or developed into operating mines. TheCompany will have a principal focus on the Arthrath nickel-copper-platinum groupelements project in Scotland, uranium and copper-gold in Mauritania, and nickeland copper-gold in Sweden. Alba will actively assess, as a priority, the uranium potential of the threeuranium permits awarded in Mauritania, and are fully committed to continuingnickel exploration in Sweden as part of a collaborative exploration effort partfunded by the Altius Minerals Corporation of Canada. Precious- and base- metal properties in Ireland and Scotland will continue toform part of the company portfolio and will be carried forward on a timelybasis, with a view to seeking joint ventures on each where warranted. Geology and Mineral Potential of the Mauritania Permits The three uranium permits held, and the three uranium permits pending, by MVLare considered by the Company to be highly prospective for hostingunconformity-type uranium mineralization, analogous to that seen in theAthabasca region of Canada. The permits awarded cover significant areas of anunconformable contact between early Proterozoic reworked granitic terrane andoverlying sediments of late Proterozoic to Carboniferous age. Airborne geophysics flown on behalf of the Mauritanian Government indicatesradiometric anomalies within organic-rich units near the base of thesesedimentary sequences, coincident with large, deep-penetrating crustal shearstructures. Uranium mineralization is known to the north and northwest of thepermit area, and is hosted in granites and rhyolites cut by these shearstructures. Airborne radiometrics has been shown to be an effective techniquein uranium exploration in Niger where radiometric anomalies are associated withall known uranium deposits in the area surrounding the Arlit and Akouta uraniummines in the east of the country. Niger, some 2000 km east of MVL's currentexploration activity, is the world's third largest producer of uranium afterCanada and Australia. Dr Sandy M. Archibald (B.Sc., M.Sc., Ph.D.) Technical Director of Alba hasreviewed the information contained herein. Dr. Archibald has sufficientexperience, which is relevant to the style of mineralization under considerationand to the activity he is undertaking as a qualified person as defined by theGuidance Note for Mining and Oil & Gas Companies under the AIM Rules forCompanies. This information is provided by RNS The company news service from the London Stock Exchange