Uru Metals Regulatory News (URU)

17 Apr 2008 07:00

Niger Uranium Limited17 April 2008 For immediate release 17 April 2008 Niger Uranium Limited ("Niger Uranium" or "the Company") Drilling Update Further positive results from the In Gall license area, Niger Niger Uranium, the uranium focused exploration and investment company withinterests in Niger and Namibia, is pleased to announce its initial downholeradiometric logging results for the drilling programme on the Company's 100%owned In Gall license in Niger. Highlights •Drilling at Niger Uranium's In Gall license, at target 17 has delineated a near surface uranium-mineralized layer with dimensions of 5,000 metres by 900 metres and open to the west. •Radiometric probe data shows the layer has an average thickness of 1.2 metres and a grade of 122 ppm eU3O8 based upon data from 32 boreholes drilled on a 250 by 400 metres grid. •The probe data shows that grade and thickness is very consistent; the 32 intersections ranged from 63 ppm eU3O8 over 0.7 metres to 177 ppm eU3O8 over 1.8 metres. Results of XRF analysis on samples collected from the same boreholes indicate higher grades, up to 238 ppm U3O8 over 2.0 metres. •The layer is gently dipping and exposed at surface and historical data suggests this zone extends over 15 kilometers to the west of the area drilled to date, highlighting the potential for a considerable open-pittable resource. •At other target areas within the Company's In Gall and Irhazer Licenses, a survey comprising 1,500 radon detectors will be completed by Stratamodel of the USA. Results from this survey are expected to delineate 'concealed' uranium deposits that may be present along major structures. In the interim, step-out drilling will commence at target 10 where an earlier lone scout-drilling borehole highlighted an intersection of 9.2 metres grading 105 ppm eU3O8. Ian Stalker, Deputy Chairman, said: "The identification of such a large mineralized area at this early stage in ourdrill programme is an exciting result. Our objective is the identification of aneconomically viable uranium resource in Niger and we look forward to informingshareholders regarding the ongoing work programme as soon as results are madeavailable." A 10,000 metre drilling programme commenced in January 2008 and to date 4,100metres have been completed. Drilling has focused on target 17 where amineralized layer 900 metres wide, with a minimum strike length of 5,000 metresand potential for significant extension in a westerly direction, has beenidentified. Niger Uranium plans to complete several step-out fence lines toextend the currently delineated mineralized area. At target 17, the uranium is hosted in proximity to the contact between oxidizedsandstones of the Tegama Formation and reducing mudstones of the IrhazerFormation, within the Tim Mersoi Basin. The proximity to surface, continuity ofthe mineralization and gentle dip (between 2 and 5 degrees to the southwest)support in-situ leaching or open-pit mining as a potential extraction technique.Visual observation of material exposed in trenches suggests that carnotite isthe dominant uranium mineral occurring as growths and coatings on fracturesurfaces. Drilling is being carried out by Esafor Drilling under the supervision of MSAGeo Services of South Africa. All boreholes are vertical and drilled by thetri-cone method and probed using a Robertson Geologging gamma tool, calibratedby Terratec Geoservices in Germany to provide equivalent uranium gradesexpressed as eU3O8. To support the probe data, borehole samples were sent to SGSLakefield for XRF analysis for U3O8. The XRF results are contained in appendix2. Samples were all one metre in length and taken at mineralized intervals asindicated by the probe data. The XRF U3O8 grades are significantly higher thanthose obtained from radiometric probing for the same intervals. This is mostlikely to be a result of positive disequilibrium which results in theunderestimation of grade if determined by radiometric probing. If this isverified by additional drilling and sampling, a significant increase of gradesreported in appendix 1 can be expected. To advance the other targets within the In Gall and Irhazer Licenses, thecompany will commence drilling late in April 2008 to follow up on surface grabsamples which returned up to 0.98 % U3O8, as reported on 29 January 2008. Attarget 10, a ground magnetic survey was completed to assist with the positioningof 4 step-out holes along strike and down dip of AB003 which intersected 9.2metres grading 105 ppm eU3O8 from 190.9 metres depth, as indicated byradiometric probing. At other targets a survey using 1500 CR39 radon detectorswill help define drill targets along major structures identified from satelliteand airborne radiometric data. The CR39 film detects radon emanating fromconcealed uranium mineralization. Appendix 1 Results for all boreholes within the mineralized area at target 17 as determinedby radiometric probing. BHID From (m) To (m) Thickness (m) eU3O8 (ppm)H17-22A 31.8 32.9 1.0 113H17-25A 25.0 26.4 1.4 111H17-25B 43.7 44.8 1.2 119H17-27A 33.3 34.4 1.1 151H17-27B 51.6 52.8 1.2 108H17-30A 27.1 28.2 1.2 128H17-30B 29.7 30.7 0.9 134H17-32B 28.7 29.5 0.8 139H17-35B 23.7 24.5 0.8 124H17-37E 39.8 41.2 1.3 83H17-40H 33.9 35.0 1.1 106H17-42E 52.9 54.3 1.4 134H17-42G 46.0 47.9 1.9 96H17-45G 62.3 63.3 1.0 148H17-47E 75.9 76.8 0.9 125H17-50C 71.8 73.1 1.3 100H17-50G 49.9 51.3 1.4 143H17-52C 66.3 67.5 1.1 134H17-52G 72.8 73.8 1.0 153H17-55B 58.0 59.4 1.4 122H17-55C 59.6 60.8 1.1 123H17-55E 57.8 59.1 1.3 139H17-55G 50.2 51.3 1.1 156H17-57C 48.9 50.0 1.1 102H17-57D/E 47.8 49.6 1.8 177H17-57F 52.5 53.4 0.9 139H17-60B 40.7 41.7 1.0 142H17-60C 46.0 46.7 0.7 63H17-60D 43.6 45.3 1.8 70H17-60F 51.5 52.1 0.7 99H17-95A 31.9 33.4 1.5 119H17-97A 33.8 34.8 1.0 116Arithmetic Mean - - 1.2 122 Appendix 2 XRF results for all boreholes within the mineralized area at target 17 HOLE_ID From (m) To (m) thickness (m) XRF U3O8 (ppm) H17/27/A 34.00 36.00 2.00 167 H17/32/B 29.00 30.00 1.00 130 H17/35/B 24.00 25.00 1.00 65 H17/42/E 54.00 55.00 1.00 57 H17/42/G 47.00 48.00 1.00 223 H17/45/G 62.00 64.00 2.00 116 H17/47/E 76.00 77.00 1.00 177 H17/50/G 50.00 51.00 1.00 240 H17/52/I 49.00 51.00 2.00 200 H17/55/B 59.00 60.00 1.00 130 H17/55/C 60.00 61.00 1.00 82 H17/55/E 59.00 60.00 1.00 164H17/57/D/E 49.00 51.00 2.00 239 H17/60/B 40.00 42.00 2.00 174 H17/60/C 47.00 48.00 1.00 131 Appendix 3 Collar locations of all boreholes within the mineralized area at target 17. BHID UTM East (m) UTM North (m) Length (m) Inclination H17-22A 287,507 1,854,176 40 90 H17-25A 287,316 1,854,315 42 90 H17-25B 287,185 1,854,155 51 90 H17-27A 286,981 1,854,283 42 90 H17-27B 286,871 1,854,146 60 90 H17-30A 286,728 1,854,391 36 90 H17-30B 286,672 1,854,317 36 90 H17-32B 286,383 1,854,334 33 90 H17-35B 286,157 1,854,467 36 90 H17-37E 285583 1854182 48 90 H17-40H 284880 1853577 48 90 H17-42E 284942 1854212 66 90 H17-42G 284694 1853912 60 90 H17-45G 284388 1853908 72 90 H17-47E 284435 1854375 84 90 H17-50C 284270 1854538 84 90 H17-50G 283727 1853921 60 90 H17-52C 284061 1854708 80 90 H17-52G 283534 1854098 87 90 H17-55B 283,731 1,854,711 66 90 H17-55C 283,600 1,854,557 64 90 H17-55E 283,347 1,854,252 70 90 H17-55G 283086 1853943 60 90 H17-57C 283,411 1,854,718 54 90H17-57D/E 283155 1854412 57 90 H17-57F 282893 1854105 63 90 H17-60B 283,226 1,854,878 48 90 H17-60C 283,091 1,854,722 57 90 H17-60D 282958 1854572 60 90 H17-60F 282707 1854265 60 90 H17-95A 278700 1854944 45 90 H17-97A 278549 1855144 48 90 GLOSSARY uranium Uranium is a silver grey moderately radioactive metallic element that has the symbol U and an atomic weight ofIn-situ In-situ leaching (ISL) or solution mining is a process of recoveringleaching minerals such as copper and uranium through boreholes drilled into the(ISL) deposit. Explosive or hydraulic fracturing may be used to create open pathways in the deposit for a solution to penetrate. Leaching solution is pumped into the deposit where it makes contact with the ore. The solution bearing the dissolved ore content is then pumped to the surface and processed.Tri-cone A rapid, relatively cost effective technique of drilling boreholes fordrilling uranium exploration by gamma ray probe. The tri-cone drill (or roller) bit, consists of three cone shaped toothed rollers in a cluster. Each of the cones has hard teeth mounted on bearings. The spatial control of sampling for laboratory purposes is not good with tri-cone drilling and alternative drilling techniques would have to be used.CR39 Is a technique of soil survey to measure or detect buried uraniumradon mineralization in certain geological environments.surveyU3O8 The uranium content of a sample is reported as U3O8 if the analysis is performed in a laboratory. Uranium content when measured by a gamma ray down hole probe is reported as eU3O8.eU3O8XRF X-ray Fluorescence Analysis is a sophisticated laboratory technique for the analysis of uranium and other elementsBHID Abbreviation for borehole identification number.UTM Abbreviation for Universal Transverse Mercator which is a grid-based coordinate system method of specifying locations on the surface of the Earth.Borehole The surveyed starting point of a borehole at the earth's surfaceCollarppm Abbreviation for parts per million. 1000 parts per million are equivalent to 0.1% Qualified Person The information contained in this announcement has been reviewed by Keith Kenyon(MSc. AUS IMM), Geochemical Consultant to Niger Uranium. He is the QualifiedPerson overseeing the geochemical exploration on the In Gall-Irhazer licences.Mr. Kenyon has 36 years experience in gold, base metals and uranium explorationand geochemistry. The chemical analyses were undertaken by SGS Minerals, Southern Africa; 58Melvill Street, Booysens, Johannesburg, 2091, Tel. +27 (0)11 680-3466. This isa properly equipped, fully accredited laboratory undertaking analyses and assaysfor the mining industry. Contacts: Niger Uranium Limited Tel: + 27 11 269-4900Ian Stalker, Executive Deputy ChairmanBeaumont Cornish Limited Tel: + 44 (0) 20 7628 3396Michael CornishFinancial Dynamics Tel + (0) 20 7831 3113Ben Brewerton Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally,the words "expect," "intend," "estimate," "will" and similar expressionsidentify forward-looking statements. By their very nature, forward-lookingstatements are subject to known and unknown risks and uncertainties that maycause our actual results, performance or achievements, or that of our industry,to differ materially from those expressed or implied in any of ourforward-looking statements. Statements in this press release regarding theCompany's business or proposed business, which are not historical facts, are"forward looking" statements that involve risks and uncertainties, such asestimates and statements that describe the Company's future plans, objectives orgoals, including words to the effect that the Company or management expects astated condition or result to occur. Since forward-looking statements addressfuture events and conditions, by their very nature, they involve inherent risksand uncertainties. Actual results in each case could differ materially fromthose currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-lookingstatements, which speak only as of the date they are made. This information is provided by RNS The company news service from the London Stock Exchange