undervalued uranium play

Here comes the news.



? Positive results received from reconnaissance RC drilling at Target MA7, 7km south‐west
of the Marenica uranium deposit, with best results including:
�� 6.3m @ 124.9ppm eU3O8 from 10.86m in MAR1639
�� 3.6m @ 175.7ppm eU3O8 from 21.69m in MAR1647
�� 5.0m @ 210.3ppm eU3O8 from 25.62m in MAR1651
�� 1.8m @ 619.8ppm eU3O8 from 35.52m in MAR1660
�� 8.8m @ 319.6ppm eU3O8 from 2.75m in MAR1661
? Two separate mineralised trends outlined, each over 2km long and up to 400m wide
International uranium company Marenica Energy (ASX: MEY) is pleased to report the discovery of
significant new zones of uranium mineralisation within the Southern Palaeochannel System, located
7km south‐east of the main deposit at its 80% owned Marenica Uranium Project in Namibia,
southern Africa (see Figure 1 attached).
Positive results have been received from a program of wide‐spaced, reconnaissance Reverse
Circulation (RC) drilling (67 holes for 1,980m) completed in November 2010 at the MA7 Target.
Marenica is confident that it can add significantly to its existing uranium resource inventory with
further drilling in this area, increasing the current Measured, Indicated and Inferred Resource for the
Marenica Project of 648 million tonnes at 97ppm, for 138M lbs U3O8 (see Table 1).
29 of the 67 holes completed as part of the recent program returned anomalous uranium results of
greater than 50ppm eU3O8, outlining two separate mineralised trends, each over 2,000m long and
up to 400m wide.
Mineralisation in the Southern Palaeochannel system occurs within low‐order tributaries to the main
channel system, and is typically concentrated adjacent to palaeo‐high features. Drilling to date has
now defined three discrete mineralized zones within the target area (see Figure 2 attached).