Notice: 'Update Chirundu Uranium JV Project', 7 pages, Posted to the market at 9:27AM. Find the Highlights below:
2 October 2008 BFS UPDATE FOR THE CHIRUNDU URANIUM JV PROJECT
HIGHLIGHTS: • Infill Reverse circulation (RC) drilling continues to deliver good results. • Recent results from infill drilling at the Njame deposit continue to demonstrate ore grades and thicknesses of uranium mineralisation, and include: 16m @ 885 ppm U3O8from 26m 6m @ 664 ppm U3O8 from 23m 9m @ 364 ppm U3O8 from 39m 21m @ 214 ppm U3O8 from 18m 10m @ 413 ppm U3O8 from 30m 16m @ 451 ppm U3O8 from 24m 8m @ 347 ppm U3O8 from 33m 8m @ 506 ppm U3O8 from 22m 11m @ 349 ppm U3O8 from 29m
• The RC drilling component of the infill drilling programme has been completed ahead of schedule and on budget for both the Njame and Gwabe deposits. • Large diameter infill drilling will be completed in October, on time and on budget. These core samples will provide material for uranium assays, metallurgical testwork and for geotechnical logging. • The infill drilling was designed to enable both deposits to be classified as Indicated Resources. In addition, the target at Njame was for the first two years of production to be classified as a Measured Resource. • A Measured and Indicated Resource statement will be prepared in Q4, 2008. • GRDM Minproc (Johannesburg) has been appointed Study Manager of the Bankable Feasibility Study (BFS) and will lead a consortium of consulting companies who have been contracted to undertake mine design, process design, engineering design, geotechnical studies, leach pad design, hydrogeological studies and metallurgical testwork programmes. • The BFS is scheduled for completion in Q2, 2009.
ALB Price at posting:
$1.12 Sentiment: Buy Disclosure: Held
