Erongo has finally released further drilling results but they do...

Erongo has finally released further drilling results but they do not appear to have created much happiness.
Shares selling at 35.5c and we can only get 15c for the oppies.
Looks like further resource of low grade uranium confirmed and at shallow depth, with plenty more drilling to come now that both rigs are on site. Don't know why everyone is bailing out, though there is small volume being traded

The announcement"
• At the Erongo Granites Project (415 sq kms):
• Results received for a further fifteen holes designed to test for extensions to and significantly
increase area of identified uranium mineralization at Area 1 prospect. All drill holes
intersected anomalous uranium mineralization. Better results include:
o 4m at 230 ppm U3O8, from 70m to 74m.
o 3m at 202 ppm U3O8, from 46m to 49m.
o 10m at 193 ppm U3O8, from 21m to 31m.
• Drilling has now confirmed uranium mineralization over an area of 1,000 metres by 1,000
metres, from surface to depths exceeding 100m. The uranium mineralization remains open in
all directions, and includes an area of higher grade mineralisation covering 600 metres by
300 metres.
• The Company will now consider potential for further higher grade zones of uranium
mineralization in the surrounding areas. Recent fieldwork has identified several highly
anomalous target areas for follow up drill testing
• First phase of drilling now completed at the Area 1 Prospect. Initial 2,500m drill programme
at Area 3 Prospect, testing an anomalous area of 5km by 2km and targeting granite-hosted
uranium mineralization, now in progress.
• At the Spitzkoppe Project (505 sq kms):
• Field work has identified several zones of strong calcrete development and uranium
mineralisation (carnotite) in the calcretes.
• Initial 5,000m drilling programme, targeting calcrete-hosted uranium mineralization, has
commenced.
2
Erongo Granites Project (ERN 90%)
The Company has completed a first pass drilling programme targeting intrusive style granite-hosted
uranium mineralisation at the Area 1 Prospect in its Erongo Granites Project.
Results have now been received for a further fifteen holes drilled (for a total of 1,336 metres). The
holes were designed to test for extensions up to 500 metres from the currently identified uranium
mineralization, and thereby significantly increase the mineralised area. All fifteen drill holes
intersected anomalous uranium mineralization, although at grades and widths lower than those
intersected previously. Results are shown in Table 1. The results continue to confirm the Company’s
interpretation that uranium mineralization occurs in multiple horizontal layers and in higher grade
chutes up to 50 metres across.
Drilling has now confirmed uranium mineralization over an area of 1,000 metres by 1,000 metres,
from surface to depths exceeding 100m. This area of identified mineralization remains open in all
directions, and includes a zone of higher grade uranium mineralization covering an area of
approximately 600 metres by 300 metres. The Company will now consider the potential for further
higher grade zones of uranium mineralization in the surrounding areas. Recent fieldwork has
identified several highly anomalous target areas for follow up drill testing.
The Company has commenced drilling at the Area 3 Prospect. The Area 3 Prospect lies immediately
north-east of Area 1 and is underlain by intensely jointed layered granites similar to those currently
being drilled at the Area 1 Prospect. Goldfields previously identified an anomalous target area of
5kms by 2kms from ground radiometric and Radon gas surveys but were not able to penetrate the
thick sand cover (due to limited capabilities of drilling equipment available at the time). The
Company is testing an initial 4kms of potential strike length over the anomalous target area with an
initial 2,500m drilling programme. Results are expected in late November 2007.
Spitzkoppe Project (ERN 90%)
The Company has commenced an initial 5,000m drill programme at its Spitzkoppe Project, targeting
secondary calcrete-hosted mineralisation.
Field work has identified several zones of strong calcrete development, including zones over areas of
5kms by 2.5kms, 7kms by 1.5kms and 4kms by 1km. Uranium mineralisation (carnotite) has been
identified in the calcretes in several pits excavated down to a maximum of 1.5m. Initial assays from
the drill programme are expected in late November 2007.