Alba Mineral Resources Regulatory News (ALBA)

15 Nov 2006 13:09

Alba Mineral Resources PLC15 November 2006 Alba Mineral Resources plc ("Alba" or "the Company") Strategic Investment in Uranium Exploration in Mauritania Alba Mineral Resources plc, the UK based exploration company with a diversifiedcommodities portfolio, has a strategic investment in a uranium explorationventure through a 50 per cent. holding in a private mineral exploration company,Mauritania Ventures Limited (MVL). Alba is pleased to announce that MVL, which was established to investigate theuranium potential of north-eastern Mauritania in North West Africa, has recentlybeen awarded two uranium exploration permits with an additional four uraniumexploration permits pending. Work programmes have commenced and field programmesare scheduled for January 2007. Highlights • The permit areas are contained within a zone considered highly prospective for unconformity-type uranium mineralization analogous to that found in the Athabasca Basin region of Western Canada. • Airborne geophysics (radiometrics) flown on behalf of the Mauritanian Government reveals radiometric anomalies coincident with target rock horizons within MVL's area of focus. • Airborne radiometrics have proven to be a successful exploration technique in Eastern Niger where anomalies are associated with all known uranium deposits in the area of the Arlit and Akouta uranium deposits, some 1300 miles east of MVL's current activity. Michael Nott, Managing Director, Alba Mineral Resources commented, "Thisinvestment is undoubtedly an important and exciting opportunity for the Companyto assess, cost-effectively, the uranium potential in Mauritania and comes as aresult of a positive interaction between Alba's innovative technical team andour new partners logistical and corporate experience in Mauritania. The investment gives our shareholders exposure to an exciting commodity in ageologically diverse and highly prospective country. Our involvement inMauritania follows our overall corporate strategy which is to develop a seriesof well researched and promising exploration properties either in the Company'sown right or in conjunction with other parties and we look forward to reportingthe results of our exploration activity in due course." Granting of Exploration Permits The Minister of Mines has awarded two uranium exploration permits (311 and 312)to MVL covering an area of 2,972 square kilometers. A further four uraniumexploration permits (totaling 5,988 km2) have been applied for together with twogold and base-metals exploration permits within the same target area (totaling2,992 km(2)). A work programme has commenced with database construction and detailed targetgeneration studies using remote sensing (Landsat and ASTER). A field samplingprogramme is planned for the first quarter of 2007. ENDS For further information contact: Michael Nott, Managing DirectorAlba Mineral Resources plc Tel: +44 (0) 207 499 8334 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 diversifiedcommodities portfolio, primarily nickel, gold, copper, cobalt, uranium andplatinum group metals, focussed on the Appalachian-Caledonide trend, a zoneextending from the eastern seaboard of North America to Scandinavia. Albacurrently has interests in a number of well researched properties in Scotland,Ireland, Mauritania and Sweden, owned in its own right or in conjunction withother parties. Geology and Mineral Potential of the Permits The permits are 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 technique inuranium exploration in Niger where radiometric anomalies are associated with allknown uranium deposits in the area surrounding the Arlit and Akouta uraniummines in the east of the country. Niger, some 1300miles east of MVL's currentexploration activity, is the world's third largest producer of uranium afterCanada and Australia. This information is provided by RNS The company news service from the London Stock Exchange