Perth, June 9, 2006 AEST (ABN Newswire) - Ministerial approval has been granted for Australian explorer, West Australian Metals Limited (ASX: WME), to earn a majority stake in a uranium project in the Republic of Namibia.
Directors announced today that Namibia's Minister of the Ministry of Mines and Energy had granted approval for the joint venture agreement entitling Perth-based WME to earn an 80% equity in the Marinica Uranium Project (EPL 3287), which the Company entered into earlier this year.
Previous drilling by other companies at Marinica has reported uranium mineralisation ranging up to 8.1 metres grading 480g/t U3O8 at an average depth of 4 metres.
The project is located in a rich uranium province which hosts the Rossing mine - supplier of 7% of the world's uranium production - and the Langer Heinrich palaeochannel soft rock deposit which is currently being developed for mining by Paladin Resources Limited.
Covering 706 square kilometres in an area between the Namibian capital, Windhoek, and the port city of Walvis Bay, the WME project contains the Marinica Uranium Mineralised Palaeochannel. The palaeochannel is similar in size to the Langer Heinrich palaeochannel being 17 kilometres in length and varying from 200 to 800 metres in width.
"Past exploration appears to have been limited," WME's Chief Executive Officer, Mr Leon Reisgys, said today.
"Detailed modern exploration is now planned to locate mineralisation that may be concealed beneath clay and other cover both in the Marinica and secondary palaeochannels," Mr Reisgys said.
"The regional geology also indicates the potential for concealed hard rock uranium targets in the project area, including Rossing-style mineralisation."
Mr Reisgys said a major exploration program to delineate uranium deposits within the project area would commence as soon as the Marinica Uranium Project was granted an Environmental Contract from the Namibian Ministry of Environment and Tourism.
"This permitting requirement is well advanced and WME executives will travel to Namibia over coming weeks to prepare initial work programs for Marinica," he said.
"The proposed exploration program will include radiometric surveying, processing and interpretation of satellite imagery, geochemical sampling and drilling to define palaeochannels and to ascertain the nature and distribution of uranium mineralisation within the channel sediments."
Source:
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
Contact
Leon Reisgys
West Australian Metals
TEL: +61 8 9321 7355
leon.reisgys@wametals.com.au
Kevin Skinner
Field Public Relations
TEL: +61 8 8234 9555
MOB: +61 414 822 631
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