URU Metals Limited Regulatory News (URU)

29 Jan 2008 07:00

Niger Uranium Limited29 January 2008 For Immediate Release 29 January 2008 Niger Uranium Limited ("Niger Uranium" or "the Company") 2008 Exploration Drilling Campaign has commenced on Niger Licenses Results of surface rock-chip samples - U3O8 grades of up to 0.98% €2,500 metre Phase 1 drilling and trenching programme commenced on 18 (eighteen) targets within the Irhazer and In Gall licenses. Drilling to be completed by March 2008. •Drilling initially focusing on the more southerly targets where a number of surface grab samples and geological mapping indicate strike extensive stratiform mineralization, exposed at surface. The target is a Large Open-Pittable resource. U3O8 by XRF for 13 surface samples from these targets range from 45 to 880 ppm (0.088 %). •Groundwork on the northerly, structurally controlled targets is underway. Mapping, ground magnetics and track-etch radon detection work will commence in early February. U3O8 by XRF for 13 surface samples from these targets range from 45 to 9,829 ppm (0.98 %) - multi-element analyses on these samples revealed up to 1% Copper. These results confirm the highly prospective character of these targets. •A significant dataset was received from Areva, containing large amounts of historic data for Niger Uranium license areas and surrounding areas. This data is currently being catalogued and interpreted and will assist with target generation and help fast-track the exploration programme. •Work on the southerly targets at Irhazer and In Gall is unaffected by the localized security problems experienced elsewhere in northern Niger but the situation is being carefully monitored. An independent risk assessment is underway. Niger Uranium has commenced a preliminary 2,500 metre drilling programme on itstargets within the Irhazer and In Gall licenses in Niger. 352 metres of tri-conedrilling have been completed to date. Radiometric probing is underway. Phase 2which currently consists of 7,500 drilled metres will commence April 2008. During mapping carried out late 2007 to assist with borehole planning, twentysix surface samples were collected. These samples were analysed at SGS Lakefieldof Johannesburg in early January 2008 and the results for U3O8 range from 45 to9,829 ppm (0.98 %). Results for all samples are set out in Table 1 below. Thelocation of the grab samples in relation to the Niger Uranium licenses anduranium deposits in the area is shown in Figure 1. Table 1: SGS Lakefield results for rock-ship samples Target SampleID utm easting utm northing U3O8 (ppm) Cu (ppm) 17 ING-H17/01 282545 1856276 587 60 17 ING-H17/02 284066 1855084 191 70 17 ING-H17/03 284066 1855084 45 10 12 ING-H12/04 306513 1853946 267 210 12 ING-H12/05 306552 1853892 612 70 18 ING-H18/06 314842 1886049 4967 1590 18 ING-H18/07 314844 1886043 1524 810 10 ING-H10/08 308636 1884910 47 50 10 ING-H10/09 308567 1885074 399 150 10 ING-H10/10 308482 1884963 567 310 10 ING-H10/11 308496 1884951 250 110 9 ING-H09/12 294459 1881465 9829 > 10000 13 ING-H13/13 275978 1870274 255 40 13 ING-H13/14 275931 1870270 166 160 13 ING-H13/15 275904 1870211 194 20 13 ING-H13/16 275853 1870239 137 30 13 ING-H13/17 275821 1870221 107 30 13 ING-H13/18 275757 1870222 123 30 13 ING-H13/19 273208 1871151 880 1370 13 ING-H13/20 271970 1874234 117 530 8 ING-H08/21 281295 1877545 127 60 9 ING-H09/22 294031 1881057 128 750 9 ING-H09/23 294036 1881063 453 480 7 IRZ-H07/24 308753 1921772 191 640 7 IRZ-H07/25 308642 1921683 172 470 7 IRZ-H07/26 308565 1921603 1059 1140 Notes: (i) "UTM" means universal transverse mercator; and (ii) "ppm" means parts per million. Of significant interest are the values of between 117 and 880 ppm U3O8 forsamples from extensive exposed siltstone and sandstone layers at targets 12, 13and 17. The strike length of the mineralized layer at these targets isconsiderable; 20 kilometres at target 17. The company believes there to bepotential for a large, open pittable low grade resource. Systematic drilling andtrenching across the mineralized layer has commenced. Targets 8, 9, 10 and 18 are structurally controlled domes and basinal featuresalong the Teguiddan-Adrar Fault. Grab samples from these targets returned valuesof up 0.98 % U3O8 and up to 1% copper, the reportable limit for the analyticalmethod used. These results emphasize the highly prospective nature of the majorstructures within the license areas. Drilling will commence at these targets inFebruary following drilling of the southern targets 12, 13 and 17. Groundmagnetic surveys and track-etch radon detection work will be used to assist infinal target generation. No drilling has yet commended at the Kamas and Dabala license areas. 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 and uranium exploration andgeochemistry and he is undertaking to act as a Qualified Person for the purposesof this announcement. 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 82 404 36 37Ian Stalker, Executive Deputy Chairman andChief Executive OfficerBeaumont Cornish Limited Tel: + 44 (0) 20 7628 3396Roland Cornish / Michael CornishHaywood Securities (UK) Limited Tel+ 44 (0) 20 7031 8011Thomas BeattieFinancial Dynamics Tel + (0) 20 7831 3113Ben Brewerton ENDS Figure 1: Location of rock-chip (grab) samples within the In Gall and Irhazerpermits, and surrounding uranium deposits. XRF U3O8values are shown. No grabsamples were collected from Targets 1-6 as these are targets are not exposed atsurface. Paste the following link into your web browser to download the PDF related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/7173m_-2008-1-28.pdf This information is provided by RNS The company news service from the London Stock Exchange