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OmegaCorp sees Kariba increase

Michael Vaughan
Thursday, February 16, 2006

URANIUM explorer OmegaCorp believes results from surface sampling at its Kariba uranium project in Zambia indicate the potential for an increase in the size and grade of the current 10.92 million pound JORC-compliant uranium oxide resource.



The company conducted sampling at the Bungua and Mutanga zones at Kariba and generated results up to 3.8% uranium oxide, with more than half of the results at Bungua coming back at more than 0.1%.

OmegaCorp plans to drill at Kariba during the second quarter of 2006, with the aim of increasing the project's resource base.

The resource at Kariba comprises mineralisation from the Mutanga and Dibwe zones – two of the five prospective areas identified at the project.

OmegaCorp recently increased its stake in Kariba to 100% following an agreement with the previous owners. The company was originally working to earn a 70% interest.

Shares in OmegaCorp were up 0.5c to 28c in midday trade. The company's shares have traded at a high of 36.5c and a low of 20.5c since completing a four-for-one split in September last year.

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