LMY Lithic Metals (SEE LSE:AFNR)

 

TIDMLMY 
 
RNS Number : 7941S 
Lithic Metals and Energy Limited 
26 May 2009 
 

Lithic Metals and Energy 
("Lithic" or "the Company") 
 
 
Lithic Secures New Title over Zambian Uranium Assets 
 
 
Lithic today announces the grant of 5 new Large Prospecting Licences for uranium 
exploration by the Zambian government to its 51% controlled Joint Venture 
Company Chalimbana Resources. The new licences replace portions of existing 
Joint Venture licences held by Zambezi Resources Limited and cover the most 
prospective areas for uranium mineralisation identified through detailed 
geophysical surveys and field activities undertaken by Lithic over the past 
year.  Chalimbana holds the uranium rights to the new licences and is managed 
and sole funded by Lithic. 
 
 
The grant of new title provides up to an additional 7 years of exploration 
tenure under the new Zambia Mines and Minerals Development Act and allows for a 
simplification of the Joint Venture structure. 
 
 
Commenting on these events, Lithic MD Jim Kerr stated "The completion of a full 
field season of exploration over our Zambian uranium assets has allowed us to 
accurately define the most prospective areas for uranium mineralisation, as 
exemplified by our recently announced discovery of high grade uranium values at 
our Katoba prospect. Not only does the creation of new title over these 
obviously prospective areas significantly extend the length of time our licences 
have to run but also provides additional security over our existing investment 
by moving ownership of the licences into a specific Joint Venture company 
controlled by Lithic. This process enhances the value of our assets through the 
extended licence validity period and the de-risking of security of tenure. 
 
 
This forward thinking policy enacted by the government of Zambia demonstrably 
allows companies to effectively utilise the prospective areas of Zambia on a 
commodity-specific basis." 
 
 
For more detailed information, please visit our website www.lithicme.com 
 
 
Or contact 
+-----------------------------------------------+-----------------------+ 
| Jim Kerr, Lithic Metals & Energy              | Tel: +61 8 9322 5804  | 
+-----------------------------------------------+-----------------------+ 
| Katy Mitchell, WH Ireland Limited             | Tel: +44 (0)161 832   | 
|                                               | 2714                  | 
+-----------------------------------------------+-----------------------+ 
| Laurence Read / Beth Harris, Threadneedle     | Tel: +44 (0)20 7653   | 
| Communications                                | 9850                  | 
+-----------------------------------------------+-----------------------+ 
 
 
The information in this report that relates to Exploration Results is based on 
information compiled by Managing Director Jim Kerr (BSc Geol, MSc Min Econ, 
MSEG). Mr Kerr, a full-time employee of Lithic Metals and Energy is a Member of 
the Australasian Institute of Mining and Metallurgy and is a Competent Person as 
defined in the Australasian Code for Reporting of Exploration Results, Mineral 
Resources and Ore Reserves. Mr Kerr consents to the circulation and inclusion in 
the report of the matters based on the information in the form and context in 
which it appears. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCIIFETERIRFIA 
 

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