redport, kbr in uranium jv/october article

Redport, KBR in uranium joint venture

Wednesday, October 12, 2005

REDPORT and Kalgoorlie-Boulder Resources have formed a joint venture over the Kintyre East uranium project in Western Australia following discovery of a radiometric anomaly.



The joint venture came about after KBR identified an airborne radiometric anomaly and invited Redport to become a partner and undertake follow up work.

The partners said historical data and information from low-level airborne radiometrics had confirmed the uranium potential of the area.

A total of five exploration licenses covering the anomalies and other calcrete/lake areas considered prospective for uranium have been applied for by the partners. Redport will mange the joint venture.

The project is located in the Kintyre-Rudall River province, which hosts Rio Tinto's 36,000t Kintyre uranium deposit, and is 100km east of Redport's wholly owned Kintyre Rocks uranium project.

Redport currently has uranium projects in Western Australia and South Australia and holds a royalty to Paladin's emerging Langer Heinrich uranium mine in Namibia, which is expected to be in production in 2006.

Floated primarily as a gold play, KBR was attracted to the uranium game earlier this year and has a portfolio of projects over two states including the Gascoyne project in Western Australia and the Port Lincoln project in South Australia.

Shares in KBR remained unchanged during early morning trade at 18.5c while shares in Redport gained 0.4c, or 4.3%, to 9.8c.

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