GCM Resources Regulatory News (GCM)

10 Apr 2008 07:00

GCM Resources PLC10 April 2008 PRESS RELEASE GCM Resources plc 10th April 2008 GCM and AURA EXPAND INTO NIGER GCM Resources plc (AIM: GCM), in alliance with Aura Energy Limited (ASX: AEE),is pleased to announce that applications for three uranium exploration permitshave been lodged, and accepted by the Department of Mines in Niger. Theapplications cover geological settings favourable for uranium mineralisation inthe Tim Mersoi Basin in Niger. Niger is located in western Africa and is the world's fourth largest uraniumproducing country (3,434tU in 2006 according to the World Nuclear Association).Cumulative production to date stands at approximately 100,000 metric tonsuranium, making Niger one of the world's most important sources of uranium. TheNiger Government actively encourages uranium exploration and mining, withcurrently two new mines under development. All current production in Niger isfrom sandstone hosted deposits within sediments of the Tim Mersoi Basin, whichare adjacent to and overlie rocks of the Air Massif. The Tim Mersoi Basin hasattractive uranium grades typically grading 0.3 to 0.6% U3O8. Therefore theabundance of uranium in the district, the attractive grades, and the relativepaucity of exploration clearly make this area an attractive exploration target. The application areas permitted to Aura/GCM are known as Ebadargene 1, 2 & 3. Asfar as Aura/GCM is aware the areas have had no meaningful previous exploration.The application areas lie just south of the Air Massif, close to alkalinevolcanic and intrusive rocks within the Massif. A number of uranium deposits andoccurrences lie within these structures. The Aura/GCM areas contain a swarm ofeast-northeast fault structures which further to the west around Agadez areknown to contain uranium and associated copper. The application areas thereforeappear to contain extensions to known mineralised structures. An airborne radiometric / magnetic survey has recently been flown under EuropeanAid funding over the Air Massif, and the data is soon to be publically released.The survey covers part of Aura/GCM's northern application area. Steve Bywater, Chief Executive Officer, comments; "We are pleased to announce the agreed permitting for exploration in this highlyprospective mineralised region of Tim Mersoi Basin in Niger. This is aprogressive step in the Aura / GCM African Uranium Alliance." For further information contact: GCM Resources plc: Pelham Public Relations:Steve Bywater Charles VivianChief Executive Ph: +44 (0)207 743 6672Ph: +44 (0)207 290 1630 Email: charles.vivian@pelhampr.com Graham Taggart Klara KaczmarekFinance Director Ph: +44 (0)203 159 4395Ph: +44 (0)207 290 1630 Email: klara.kaczmarek@pelhampr.com JP Morgan Cazenove:Nominated AdvisorMichael Wentworth-StanleyPh: +44 (0)207 588 2828 Charlotte KeenanPh: +44 (0)207 588 2828 Notes to Editors: Aura / GCM African Uranium Alliance. On behalf of its Uranium Alliance with GCM, Aura has been actively developinghigh quality uranium exploration targets in West Africa since April 2007. TheAlliance brings together the technical uranium experience, targeting andexploration skills of Aura with the project development and mining experience ofGCM. The Alliance is managed and exploration conducted by Aura with fundingprovided jointly by Aura and GCM in cash and in kind. GCM's obligation is toprovide funding of £165,000 for the first two years' activities of the alliance.Projects generated by the Alliance are initially solely funded by GCM, with Auraretaining the right to participate in any Joint Venture with 30% (or, at Aura'selection, lower) interest. About GCM Resources plc: GCM Resources plc is a London based company quoted on the London StockExchange's Alternative Investment Market ("AIM"). The Company is strategicallyfocused on coal and related investments across a range of geographical locationsincluding: South Africa, Bangladesh and China with the aim of sourcing potentialopportunities that offer near return whilst mitigating risk through thedevelopment of a diverse portfolio of assets. Primarily focused on theexploration and development of coal deposits the Company also targets relatedinfrastructure such as power plants and telecommunications networks to build onrelated areas of the coal mining industry and support local development. For further information: www.gcmplc.com About Aura Energy Limited: Aura Energy Limited is an ASX listed uranium exploration company, very active inevaluating uranium occurrences in Sweden, the Yilgarn Province and GunbarrelBasin in Western Australia, as well as in West Africa. For further information: www.auraenergy.com.au This information is provided by RNS The company news service from the London Stock Exchange