Long Forgotten Uranium Bonanza Rediscovered, Kilimanjaro Unleashes Somalia Uranium Exploration Initiative
April 15 2014 - 7:30AM
Marketwired
Long Forgotten Uranium Bonanza Rediscovered, Kilimanjaro Unleashes
Somalia Uranium Exploration Initiative
BELIZE CITY, BELIZE--(Marketwired - Apr 15, 2014) - The
directors and management of Kilimanjaro Capital
(GXG:KCAP)(OTC-PINK:KIMJF) are pleased to provide an update on the
Company's evolving interests in Somalia where Kilimanjaro Capital
currently has a 5% earn in interest in the 1,161,400 acres
Amsas-Coriole-Afgoi (ACA) Block.
It is all but forgotten that prior to the 1991 civil war,
Somalia was one of Africa's largest suppliers of uranium with tons
of proven reserves and even more undiscovered. Somali uranium
powered Iraq's infamous nuclear program. Brazilian, UAE, American,
and Italian companies scrambled for concessions and had big plans
for the region including US major Westinghouse. Then the civil war
broke out in 1991, the Ministry of Mines and its records were
destroyed and all traces of uranium mining disappeared. US State
Department declassified documents indicate the disastrous "Black
Hawk Down" Mogadishu intervention in 1993 may also have been
intended to secure uranium resources from falling into the wrong
hands.
Today, the emerging focus in Somalia is on oil and gas
exploration with few remembering that uranium was once king here.
Uranium deposits are scattered throughout northern and central
Somalia. However, most regions have not been explored. Kilimanjaro
hopes to change that trend by branching out into uranium
exploration logistics and support services.
Kilimanjaro CEO, Zulfikar Rashid, explains that oil exploration
companies usually obtain the entire mineral rights to an
exploration block but disregard them in favor of oil: "In Somalia,
the mineral rights have been all but ignored. We plan to change
that, the mineral rights have value in the right hands. The problem
is that many uranium exploration companies are too small and lack
experience in disputed regions like Somalia; this is where
Kilimanjaro come into the picture by partnering with these junior
mining companies and sharing our expertise in Africa, frontier
investment financing, and dispute management."
Rashid's plan has three stages: "First talks are underway to
partner with an initial uranium exploration company. Then we
rapidly expand throughout the country to rediscover and document
both old deposits and reveal potential new ones. Finally, we
revitalize the Somalia uranium industry which once boasted plans
for more than $500 million (in 1980 dollars) in processing
plants."
The current spot price for uranium is about $34 a pound.
Kilimanjaro Capital is a Belize company conducting business in
Africa in conjunction with its stakeholders and affiliates. The
Company is listed on the US OTC Markets exchange under the ticker
symbol KIMJF.
Kilimanjaro Capital Limited35 New Road, P.O. Box 198Belize City,
Belize+44 (0) 20 3239 1362info@kcap.bizwww.kcap.biz