Altona Mining Limited Stock Market Press Releases and Company Profile

Perth, Feb 9, 2009 AEST (ABN Newswire) - Universal Resources Limited (ASX:URL) is pleased to announce that it has reached agreement with Deep Yellow Limited (DYL) on the terms of an Earn-In Joint Venture on EPM 14367 located 20km northeast of Mt Isa.

The tenement contains a number of surface radiometric anomalies in the Haslingden Group rocks, the host to all major uranium deposits and occurrences in the immediate Mt Isa area. The tenement is located 10km north of Summit's/Paladin's Anderson deposit and southeast of their Valhalla, Skal and Bikini deposits.

Historic exploration over the tenement was typical of the area and comprises surface trenching and shallow RC/diamond drilling. Surface values for grab samples range up to 4,000ppm U3O8 with visible carnotite mineralisation seen at surface. Universal identified 17 surface anomalies of varying intensity that need to be evaluated further. Extensive zones of hematite-silica-carbonate alteration associated with anomalous uranium values are typical of such anomalies.

DYL plans to carry out RC percussion drilling programme as follow-up to the better anomalies.

The principal commercial terms of the Earn-In Agreement are as follows:

- DYL may earn up to 80% interest specifically in uranium and related minerals in the tenement. DYL's earned interest will not apply to base and precious metals or uranium as a bi-product from a deposit mined principally for its base and/or precious metal resources.

- DYL to commit to a minimum of $100,000 exploration expenditure, including RC percussion drilling by 31 December 2009.

- DYL may elect to withdraw from the project after expending $100,000; or a Joint Venture is formed between DYL (51%) and Universal (49%).

- DYL can earn an additional 29% interest in the Joint Venture by expending a further $150,000 on exploration by 31 December 2010.

- If DYL earns to 80% equity, it will 20% free carry Universal to Bankable Feasibility Study (BFS) completion and decision to mine.

- If DYL elects to buy Universal's 20%, the payment will comprise a mix of ordinary shares in DYL and cash equal to 15% of the in situ value of all JORC Code uranium and related mineral resources known within EPM 14367 at the completion of the BFS.

About Altona Mining Limited

Altona is a cashed up ASX listed company with a record of shareholder returns. It is focussed on the Cloncurry Copper Project in Queensland, Australia.

The Cloncurry Copper Project has resources containing some 1.65 million tonnes of copper and 0.43 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator.

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Contact

Peter Ingram OR Desmond Kelly
Universal Resources Limited
TEL: +61-8-9486-8400



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