RNS Number:2268W
UraMin Inc
08 May 2007
8 May 2007
UraMin Inc.
("UraMin" or the "Company")
NOT FOR DISSEMINATION IN THE UNITED STATES
OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
134% Increase in Trekkopje Project Measured and Indicated Resource at the 100ppm Cut-Off Grade
The Board of UraMin is pleased to announce SRK's final NI 43-101 compliant DFS
resource statement on the Trekkopje uranium project in Namibia. A 94%
conversion rate of resources from the Inferred to Measured and Indicated
resource categories has been achieved for the Klein Trekkopje deposit at the
100ppm eU3O8 cut-off grade.
Highlights are:
* An increase of 134% (63 million contained lbs eU3O8) has been estimated by
SRK Consulting (US), Inc. ("SRK") for the Trekkopje Project for the Measured
and Indicated Mineral Resource, which now totals 335 million tonnes at an
average grade of 0.015% eU3O8 containing 50,074 tonnes eU3O8 (110 Mlbs
eU3O8) using a cut-off grade of 0.010% eU3O8.
* At the 100ppm cut-off the average grade of the Measured and Indicated
resource has increased to 149ppm which represents a 2% increase.
* Trekkopje DFS remains on schedule for completion 3rd Quarter 2007 and
production on stream for 4th Quarter 2008.
* A 9,367m reverse circulation (RC) infill drilling program focused on the
Klein Trekkopje deposit has been completed. A total of 94% (51 million
contained lbs eU3O8) of inferred resources have been converted to the
Measured and Indicated resource categories which now amount to 307 million
tonnes at an average grade of 0.015% eU3O8 containing 46,415 tonnes eU3O8
(102 Mlbs eU3O8 ) using a cut-off grade of 0.010% U3O8.
* A 1,251m RC Infill drilling program on the Trekkopje deposit has started
to upgrade the current inferred resource of 18 million tonnes at an average
grade of 0.013% eU3O8 containing 2,284 tonnes eU3O8 (5 Mlbs eU3O8 ) using a
cut-off grade of 0.010% U3O8.
* Exploration drilling has now started on recently identified targets where
possible extensions to the Klein Trekkopje deposit and newly identified
paleochannels have been identified.
Ian Stalker, Chief Executive, said "This resource estimate has exceeded our
expectations both from a grade and tonnage perspective and further enhances the
extremely robust project economics associated with the Trekkopje Project.
The upgrade of a very high proportion of Inferred resources to the Measured and
Indicated resource categories (94% conversion) allows us to confidently plan and
deliver a mine schedule from the Trekkopje deposits at a minimum rate of 100
thousand tonnes ore per day and to produce in excess of 9 million pounds of U3O8
per annum (peaking at 10 Mlbs per annum in the early production phase of the
mine). The positive results being currently being produced by all elements of
the DFS reinforce the ongoing success of the project.
Our project schedule resulting in first production in Quarter 4 2008 is on
track."
Resource Estimates
The significant conversion of mineral resources into the Measured and Indicated
resource categories at Klein Trekkopje was achieved by increasing drillhole
density. Over 90% of the Klein Trekkopje resource area is now covered by a
staggered 200 x 100 metre drillhole spacing (effective 140 metre drill spacing).
All of the infill drill holes were drilled by reverse circulation and eU3O8
grades were determined by calibrated radiometric probes. As with the previous
estimate, 18 ppm was removed from all eU3O8 data to account for radiometric
background.
The estimate was made using a model comprised of 50 by 50 by 2.5 metre blocks.
Grades for blocks were estimated using ordinary kriging from composited data
points within a 35 ppm grade shell, using parameters derived from variography
and geological interpretations. The grade shell was constructed manually on a
section-by-section basis across the Klein Trekkopje deposit. Bulk densities were
determined from core samples. RC samples analysed for U3O8, and bulk samples
from 5-meter pits on drill holes will be used to re-examine equilibrium with
eU3O8 data, previously determined to be globally in equilibrium with local areas
of both positive and negative disequilibrium.
Resources were classified based on a proportion of the range, number of
composites, and a minimum number of drill holes; standard protocols for CIM
classifications of Measured, Indicated and Inferred resources. Trekkopje deposit
resources have not changed as RC in-fill drilling to 140 metre nominal spacing
has not yet been completed.
Trekkopje Project Resources (April 2007)
Table 1.0 Insitu Resource Statement, Combined Deposits (100 ppm eU3O8 cut-off)
Resource Classification Resource Grade Contained Contained
(tonnes) eU3O8 (ppm) Tonnes eU3O8 Pounds eU308
_____ _____ _____ _____
Measured
Klein Trekkopje 7,199,000 162 1,167 2,574,000
Trekkopje - - - -
_____ _____ _____ _____
Sub-Total Measured 7,199,000 162 1,167 2,574,000
_____ _____ _____ _____
Indicated
Klein Trekkopje 300,019,000 151 45,247 99,753,000
Trekkopje 27,835,000 131 3,659 8,067,000
_____ _____ _____ _____
Sub-Total Indicated 327,854,000 149 48,907 107,820,000
_____ _____ _____ _____
Measured & Indicated
Klein Trekkopje 307,218,000 151 46,415 102,327,000
Trekkopje 27,835,000 131 3,659 8,067,000
_____ _____ _____ _____
Total M&I 335,053,000 149 50,074 110,394,000
_____ _____ _____ _____
Inferred
Klein Trekkopje 10,752,000 127 1,370 3,019,000
Trekkopje 18,216,000 125 2,284 5,035,000
_____ _____ _____ _____
Sub-Total Inferred 28,968,000 126 3,653 8,054,000
_____ _____ _____ _____
Trekkopje Project Resources (April 2007)
Table 2.0 Insitu Resource Statement, Combined Deposits (80 ppm eU3O8 cut-off)
Resource Classification Resource (tonnes) Grade Contained Contained
eU3O8 (ppm) Tonnes eU3O8 Pounds eU3O8
_____ _____ _____
_____
Measured
Klein Trekkopje 8,683,616 150 1,301 2,865,786
Trekkopje - - - -
_____ _____ _____ _____
Sub-Total Measured 8,683,616 150 1,301 2,865,786
_____ _____ _____ _____
Indicated
Klein Trekkopje 445,066,569 131 58,217 128,252,542
Trekkopje 45,854,792 115 5,275 11,619,883
_____ _____ _____ _____
Sub-Total Indicated 490,921,361 129 63,492 139,872,425
_____ _____ _____ _____
Measured & Indicated
Klein Trekkopje 453,750,185 131 59,518 131,118,328
Trekkopje 45,854,792 115 5,275 11,619,883
_____ _____ _____ _____
Total M&I 499,604,977 130 64,793 142,738,211
_____ _____ _____ _____
Inferred
Klein Trekkopje 32,054,675 101 3,240 7,138,025
Trekkopje 20,554,496 110 2,262 4,982,461
_____ _____ _____ _____
Sub-Total Inferred 52,609,172 105 5,502 12,120,486
_____ _____ _____ _____
The information contained in this announcement has been reviewed by Allan Moran,
Principal Geologist with SRK. He is the Qualified Person overseeing the
Trekkopje Project drilling and resource estimation activities for the purposes
of NI 43-101 compliance. Mr. Moran has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to act as a Qualified Person for the purposes
of this announcement.
Resource estimation by SRK follows CIM (Canadian Institute of Mining and
Metallurgy) resource classification categories. The mineral resources were
determined using ordinary kriging for grade estimation and industry standard
block modeling techniques. Industry accepted "Best Practices Guidelines" were
followed in data collection, documentation, analyses, and reporting. UraMin has
an industry standard QA/QC program in place for sample analytical data and
down-hole radiometric probe data.
The Interim Progress Update Report represents the latest view of project
concepts, designs and likely projected outcomes based on the work conducted to
date, industry accepted practice and certain project specific assumptions.
Readers are cautioned that the results reported are not definitive and maybe
subject to change as further work is undertaken. Project outcomes may
ultimately be materially different from those projected in this report.
GLOSSARY
DFS Definitive Feasibility Study - a comprehensive study of a deposit in which all geological, engineering,
operating, economic and other relevant factors is considered in sufficient detail for it to reasonably
serve as the basis for a final decision by a financial institution to finance the development of the
deposit for mineral production
U3O8 ppm Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole
gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium
sources and Industry Standard QA/QC procedures.
Inferred An 'Inferred Mineral Resource' is that part of a mineral resource for which quantity and grade or quality
can Resource be estimated on the basis of geological evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes.
eU3O8 Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole total
(ppm) gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium sources
Uranium and Industry Standard QA/QC procedures. heavy silvery-white metallic element
RC Reverse Circulation
Lb Pound
NI 43-101 National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion Policy
43-101CP as used by Canadian regulatory authorities
SO4 Sulphate
For further information:
Ian Stalker, Chief Executive Officer
Neil Herbert, Finance Director
Tel: +27 (0)11 783 5056
Toronto
Steve Vaughan
Tel: +1 416 643 6924
Nominated Advisor
Canaccord Adams
Robin Birchall
Tel: +44 (0) 20 7050 6500
Background Information:
UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral
properties, predominantly uranium. Following a recently completed private
placement (March 2007) the Company currently has working capital of
approximately US$299 million and a market capitalization of approximately US$1.9
billion on an undiluted basis. UraMin (www.uramin.com) is traded on the AIM
Market of the London Stock Exchange plc and the Toronto Stock Exchange under the
symbol UMN.
Forward-Looking Statements:
This press release contains statements that are 'forward-looking'. Generally,
the words 'expect,' 'intend,' 'estimate,' 'will' and similar expressions
identify forward-looking statements. By their very nature, forward-looking
statements are subject to known and unknown risks and uncertainties that may
cause our actual results, performance or achievements, or that of our industry,
to differ materially from those expressed or implied in any of our
forward-looking statements. Statements in this press release regarding the
Company's business or proposed business, which are not historical facts, are
'forward looking' statements that involve risks and uncertainties, such as
estimates and statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management expects a
stated condition or result to occur. Since forward-looking statements address
future events and conditions, by their very nature, they involve inherent risks
and uncertainties. Actual results in each case could differ materially from
those currently anticipated in such statements.
These forward-looking statements speak only as of the date they are made.
This announcement and the information contained herein shall not constitute an
offer to sell or the solicitation of an offer to buy any securities of the
Company in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such jurisdiction, including the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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