energy ventures / albidon uranium article. (s. afr

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Agreement signed to develop Zambia uranium, coal reserves
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Nickel miner Albidon and Energy Ventures (EVE) said yesterday they had entered into an agreement for the exploration and development of a number of uranium and coal prospects that have been identified on Albidon's tenements in Zambia.

Under the agreement, major exploration programs will start immediately with A$500 000 to be spent by EVE within two years to maintain an option to enter a joint venture on one or more project areas.

Following these programmes, EVE may earn a 30% interest in each project area selected by it for farm-in by expending A$1-million on the selected project area, and may then proceed to earn a 70% interest by drilling up a JORC indicated resource and completing a prefeasibility study.

The agreement will allow Albidon to remain focused on developing its nickel projects in southern Africa while adding value to its tenements through the funding and expertise provided by a specialist energy exploration company, the miner said.

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Creamer Media's Mining Weekly Online - South Africa
Published: 2005/10/26