Uranium Resources Plc Regulatory News (URA)

5 Jun 2007 10:14

Uranium Resources PLC05 June 2007 Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration 5th June 2007 Uranium Resources plc ('Uranium Resources' or 'the Company') Tanzania Uranium Exploration Update Highlights • 4,000 metre drilling programme started at the Mtonya Project in Tanzania where uranium grades of up to 2.7% U3O8 from channel samples were encountered in surface trenches last season • Detailed helicopter radiometric survey has identified numerous further anomalies • Reconnaissance mapping and sampling at the Ruhuhu Project has identified areas for further detailed exploration • Prospecting licences previously under application have been granted over 6,498 square kilometres in the Tunduru area, south of the Mtonya project Drilling Commences Following the end of the wet season and construction of 12 kilometres of drillaccess tracks, reverse circulation ("RC") drilling has commenced on the Mtonyaproject in southern Tanzania. A total of 4,000 metres of drilling is planned forJune on several areas of uranium anomalism, including the Henri prospect, whichhas yielded uranium grades of up to 2.7% U3O8 from channel samples in surfacetrenches. It is anticipated that first assay results from the drillingprogramme, conducted at international laboratories, will be received in earlyAugust, dependent on transportation of samples and laboratory schedules. Helicopter Radiometric Survey Completed A high resolution helicopter radiometric survey has been completed over the mostprospective areas of the Mtonya project. The survey comprised 5,150 linekilometres of data collection on 250 metre spaced flight lines. Preliminary interpretation of raw data is encouraging with identification ofmore than 15 anomalies of interest that warrant further detailed exploration.Field parties will commence accessing the anomalies from June onward to conductgeological data collection and sampling. Helicopter Supported Reconnaissance Completed A field party was deployed via helicopter during April and May to conductpreliminary reconnaissance on anomalies identified from historic broad spacedairborne radiometric surveys. This work involved ground checking of selectedanomalies, ground radiometric surveys, geological observation and sampling. The results of the reconnaissance are encouraging, with several anomalous areasidentified. These will require further detailed exploration during the secondhalf of 2007 including drilling and detailed airborne radiometric surveys. Assayresults of samples and details of sites visited will be released when the assaysare received. Prospecting Licences Granted Two Prospecting Licences, previously announced as applications, have beengranted as PLR4432/2007 and PLR4476/2007. These licences cover 6,498 squarekilometres in southern Tanzania, predominantly over areas of Karoo Basin,sediments, the host sediments of the Company's Mtonya Project as well asPaladin's Kayelekera Operation 300km to the west in Malawi. For a map of the new licences please view the announcement of the Company'sjoint venture partner, Western Metals Limited (ASX:WMT) atwww.westernmetals.com.au. Preliminary reconnaissance work will be conducted on these areas during theremainder of 2007. General Uranium Resources is entering a very exciting phase of exploration in Tanzania.The Tanzanian office has now been established with the Country Manager, SeniorExploration Geologist, two Junior Geologists, Field Supervisor andAdministration Manager in place. The Tanzanian team will be supported by theAustralian based geology team of the Joint Venture manager, Western Metals. Additionally exploration equipment has been purchased including downholegeophysical survey tools, surface geophysical survey instruments and safety andcommunications equipment. The Company with is Joint Venture partner WesternMetals is now implementing operating procedures to ensure work practices areconducted with the highest regard for safety and environmental management. The Joint Venture is now positioned to progress its exploration activitiesaggressively over the remainder of 2007 and beyond. **ENDS** For further information please visit www.uraniumresources.co.uk or contact: Ross Warner Uranium Resources plc Tel: 07760 487 769 James Pratt Uranium Resources Plc Tel: 07747 832 043 Hugh Warner Uranium Resources Plc Tel: +618 9388 3006 Hugh Oram Nabarro Wells & Co. Limited Tel: 020 7710 7400 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors Uranium Resources plc is an AIM listed uranium exploration and developmentcompany focused in Southern Africa. The Company has primarily concentrated onexpanding and developing its portfolio of uranium licences in the highlyprospective Karoo Basin in Southern Tanzania where it currently has a landpackage in excess of 7,600 sq km. Recent results have been highly encouragingand indicate the economic potential of the region. Recent Tanzanian Exploration Results: • Increased size and strike length of the 'Henri Anomaly' has been definedwith a further six ground radiometric anomalies of >200cps defined within 250mof the Henri discovery trench • Including Henri, a total of eight anomalies have now been identifiedalong a 6km trend at the Mtonya Project and numerous drill targets have now beengenerated • More high grade uranium results have been received from systematicchannel sampling of trenches at Mtonya • Best trench results from channel samples include: o 22,950 ppm (2.29%) U or 27,081 ppm (2.71%) U3O8 o 20,820 ppm (2.08%) U or 24,567 ppm (2.46%) U3O8 This information is provided by RNS The company news service from the London Stock Exchange