news report, page-4

Phosphate finds near Lady Annie
12/05/2008 10:50:00 AM
Perth-based Uramet Minerals has reported promising results from exploration and drilling work in the Georgina Basin area in Queensland and the Northern Territory.
Phosphate is another material in high demand, especially in countries like China, which has driven its price up to as high as $425 a tonne, more than four times what it was commanding last year.

The company says it has found rock samples which hold as much as 32 per cent phosphate at its tenements, which include Thorntonia, near the Lady Annie phosphate deposit, and Boat Hill.

Six surface samples from Thorntonia all reported high-grade laboratory assay results, ranging from 11.3 per cent to 18.5 per cent phosphate.

Other company-owned tenements have also proved to be highly-prospective for phosphate mineralisation.

Uramet plans to carry out follow-up exploration in these areas in the next few months.

“The detailed data review has highlighted at least two localities that exhibit occurrences of phosphate rock mineralisation, with some continuity that require immediate exploration follow-up,” Uramet managing director Bill Hewitt said in a statement to the Australian Stock Exchange.

“Uramet believes the results of the above review are very encouraging and will now design an exploration program for the current field season.”