WME has no intention to sell Marenica Friday, 10 July 2009 09:55...

WME has no intention to sell Marenica

Friday, 10 July 2009 09:55

West Australian Metals Limited (WME) announced this week that it has no intention to sell its Marenica Uranium Project.
Despite reports stating the opposite, the company said it has held no formal discussions with Rio Tinto or any other company regarding the sale or joint venture for the development of Marenica.
“However, the company maintains active dialogue in the normal course of business with a number of different companies in the uranium sector, including neighbouring operators in Namibia,” said John Young, CEO of West Australian Metals, in a statement.
He said WME intends to develop the Marenica Project in its own right and is planning an aggressive exploration and development programme during 2009, including the completion of a Scoping Study during the second half of the year.
WME has an exploration license (EPL 3287) and plans to start with exploration drilling in August. Marenica Uranium Project’s territory was demarcated through Spitzkoppe, a protected area in the east and through Uramin/Areva’s neighbouring Trekkopje Uranium mine in the south.
WME reported ‘encouraging’ down hole probe results from the recently completed HQ diamond-drilling programme.
“This programme was designed to provide geological and structural information along the southern and eastern margin of the Marenica Dome in areas considered to be prospective for primary uranium mineralisation in granite. WME is targeting the discovery of primary uranium in “alaskites” around the Marenica Dome,” said the company.