Uranium Resources Plc Regulatory News (URA)

11 Oct 2007 07:15

Uranium Resources PLC11 October 2007 11th October 2007 Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration Correction The Company has identified an error in the announcement of 10 October 2007, RNS Number 5201F. That announcement has been corrected and is repeated in itsentirety, below. The error related to the first footnote to the table in theProject Ownership Summary, which, in the announcement of 10 October 2007 stated:"687 sqkm is subject to renewal." Farm-in partner earns interest and agrees to earn further interest Summary • Drilling re-commences at Mtonya Project for the 3rd Drilling Programme • Detailed helicopter radiometric survey has identified further uranium anomalies at the Ruhuhu Project which will be ground checked in November • Western Metals advises that it has met its initial A$2m expenditure commitment to earn a 40% interest in the Tanzanian Farm in Areas. Mtonya and Ruhuhu Uranium Project - Tanzania 40% Earn-in on Farm-In Exploration Areas Uranium Resources plc (URA) has been advised by Western Metals Limited (WMT)that it has completed its initial A$2 million expenditure requirement to earn a40% interest in the Farm-In exploration areas owned by URA. Western Metals hasalso advised URA that intends to expend a further A$2million to earn anadditional 20%. URA continues to be free carried until this additionalA$2million is expended. Drilling and Field Reconnaissance Re-Commences in Tanzania Drilling in Tanzania recommenced on 7 October for the third drilling campaign in2007. The aim of the programme is to continue broad spaced testing of knownanomalies identified by radiometric surveys and surface sampling along a 7kilometre trend at the Henri Prospect, located within the Farm-in area. Two previous drilling campaigns have been completed in the area during 2007 withsub-surface mineralisation identified in the June programme. The June 2007drilling results identified sub surface uranium mineralisation, including 7m @1233ppm U3O8. Assay results of the August programme are anticipated to beavailable late October to early November. The October field programme will also include trench sampling and detailedsurface radiometric surveys on previously identified anomalies in the region. Ruhuhu Uranium Project - Tanzania Helicopter Radiometric Survey Completed at Ruhuhu, Tanzania A high resolution helicopter radiometric survey has been completed over theareas of the Ruhuhu project. The survey comprised 5,920 line kilometres of datacollection on 250 metre spaced flight lines covered the exploration areas withinthe uranium prospective Ruhuhu Basin. Data interpretation has highlighted additional anomalies beyond those previouslyidentified by historic broad spaced radiometric surveys. Analysis of thisinformation is currently underway with follow-up reconnaissance of the newanomalies to be undertaken with helicopter support during November. PROJECT OWNERSHIP SUMMARY JV Description JV Partners & Ownership Approx. Gross WMT URA Local Partner Land Area (sqkm) Farm-in Areas 40% 60% - 3,438* 42.5% JV Areas 42.5% 42.5% 15% 10,380(Tunduru) 45% JV Areas (Ruhuhu) 45% 45% 10% 211 Rest of Tanzania URA and WMT consider Tanzania to be an area of mutual Country wide interest so each of URA & WMT will offer the other an equal share in any future uranium opportunity in Tanzania. Key: * 2,751 sqkm is subject to renewal. + By way of a farm-in agreement WMT is earning an initial 40%interest in the Farm-in areas by spending A$2million and has the right to earnan additional 20% interest by spending a further A$2million. URA has beenadvised that WMT has earned its initial 40% interest. URA will despatchauditors to review WMT's accounts as soon as possible to confirm suchexpenditure has in fact been made. For further information please see: www.uraniumresources.co.uk or contact: James Pratt Uranium Resources plc Tel: +61 412 743 382 Hugh Warner Uranium Resources plc Tel: +618 9217 3350 Hugh Oram Nabarro Wells & Co. Limited Tel: 020 7710 7400 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange