9 November 1998 The Company Announcements Office Australian Stock Exchange Ltd 10th Floor, 20 Bond St. SYDNEY NSW. 2000
Special Announcement
PURCHASE OF LANGER HEINRICH URANIUM DEPOSIT, NAMIBIA FOR $800,000.
Acclaim Uranium NL has purchased the Langer Heinrich Uranium Deposit, subject to due diligence investigations and approval of the Minister of Mines & Energy for (Aust)$800,000.
In 1980, Gencor the operator manager of the Langer Heinrich Project estimated an "insitu bore-hole indicated ore reserve of 55.06 million tonnes averaging 0.40 kg U3O8/tonne using a specific density of 2.15 and a lower cut of 0.1 kg U3O8/tonne"; a total of 22,000 tonnes of contained U3O8. Using a lower cut of 0.3 kg /t U3O8 the deposit was estimated to comprise "27 million tonnes averaging 0.576 kg /t U3O8" (15,840 tonnes of U3O8).
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Langer Heinrich is a major asset acquisition for Acclaim Uranium NL. The importance of this resource lies not only in the high-grade cores in Details 1& 2, which will enhance the economics of shallow open pit mining in the early years, but also the huge total size which gives a life of operations in excess of 10 years.
AEX Price at posting:
6.0¢ Sentiment: None Disclosure: Not Held
