OmegaCorp buys out Kariba Uranium Project in Zambia08:45,...

OmegaCorp buys out Kariba Uranium Project in Zambia
08:45, Monday, February 13, 2006

Sydney - Monday - February 13: (RWE Australian Business News) -

OmegaCorp Ltd (ASX code: OMC) has acquired a further 30 per cent stake
in the Kariba Uranium Project (KUP) in Zambia, increasing its
shareholding to 100 per cent of the project.

Approval for the transfer of the licence to OmegaCorp's
wholly-owned Zambian registered subsidiary, OmegaCorp Minerals Ltd, has
been obtained from the relevant authorities.

The KUP is some 200 kilometres south of Lusaka and comprises a
single prospecting licence covering 2521 square kilometres.

The licence is held for uranium, fuel minerals, precious metals,
base metals and industrial minerals.

The project was originally the subject of a memorandum of
understanding for the company to earn a 70 per cent interest.

In a subsequent agreement reached with the previous owners of
the licence, the MOU was superseded once all necessary approvals were in
place for the licence to be transferred and the transfer effected.

The MOU has been terminated and OmegaCorp Minerals now has a 100
per cent interest in the project.

Shares in OmegaCorp rose 1c to 28c on Friday.

ENDS