theres the first one
Park SA 5070 Australia
Phone: +61 8 8363 7970 Fax: +61 8 8363 7963
Email: [email protected] Web: www.uxa.com.au
ASX ANNOUNCEMENT
Tuesday 15 May 2007
• UXA TO COMMENCE DRILLING ON HIGHLY-PROSPECTIVE STUART SHELF
• DETAILED GRAVITY SURVEYS UNDERWAY AND DRILLING CONTRACT IN PLACE
• PROGRAM INCLUDES 20,000 METRES DRILLING ON ALL UXA ELs THROUGH JUNE 2008
Uranium Exploration Australia Limited (ASX:UXA) is pleased to announce it has commenced its 2007 field activities on its exploration licences (ELs) on the highly-prospective Stuart Shelf in the Gawler Craton in South Australia.
Following completion of native title clearance surveys, approval was granted for ground-based geophysical surveys as well as for drilling on two areas of interest on UXA’s EL 3431 (Griffen Well).
EL 3431 is located 55 kilometres south of the Prominent Hill mine development and 95 kilometres west of BHPB’s world-class Olympic Dam Mine, and is one of eight UXA ELs within the “mineralised corridor” that hosts Olympic Dam, Prominent Hill, and Carrapateena.
Gravity surveys are underway and are expected to be completed within two weeks. Data from these surveys will be used to identify specific drilling targets focusing on basement related iron oxide-copper-gold-uranium (IOCGU), Olympic Dam style mineralisation.
An initial drilling contract is in place for a minimum 3,000 metres, and drilling is scheduled to begin in early June.
Gravity surveys will continue on other UXA tenements in South Australia following the completion of surveys on the Griffen Well EL.
UXA’s Managing Director Mr Patrick Mutz said, “The Company is pursuing an aggressive exploration program that incorporates a total of 20,000 metres budgeted drilling through June 2008, across all of UXA’s current exploration licences in South Australia, Western Australia, Northern Territory, and New South Wales.”
UXA currently owns 22 exploration licences and applications covering approximately 9,800 square kilometres in proven mining regions throughout Australia.
A location map is attached (Figure 1).
For further information, contact:
Patrick Mutz
Managing Director
URANIUM EXPLORATION AUSTRALIA LIMITED
Tel: +61 8 8363 7970
Email: [email protected]
Website: www.uxa.com.au
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