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Redport option on ground near Kintyre


Jesse Riseborough


Wednesday, September 28, 2005
JUNIOR uranium explorer Redport has paid $150,000 for an option to acquire ground adjacent to Rio Tinto's Kintyre deposit, which hosts 36,000 tonnes of uranium oxide.

Under the terms of the deal, if Redport chooses to exercise the option, covering two exploration leases, it will issue the vendor four million shares and four million options.

The project is 2.5km from Rio's Kintyre deposit, discovered in 1985, containing 36,000t at grades between 1.5-4kg per tonne.

Redport said it had reviewed the project area and had concluded the ground had 'high-prospectivity' for uranium, base metals and platinum group metals. The project area covers 197sq.km.

Redport said it considered the location of the project to be significant "because of the presence of major lithological units and structures present at the Kintyre uranium deposit which extend into the leases being sought by Redport".

Shares in Redport closed up 0.5c (7.3%) at 7.3c.