Uranium Drilling Update - Tanzania
October 11 2010 - 2:00AM
UK Regulatory
TIDMURA
RNS Number : 1380U
Uranium Resources PLC
11 October 2010
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration
11 October 2010
Uranium Resources plc ('Uranium Resources') or ('the Company')
Drilling Update
Uranium Resources plc, the AIM listed uranium exploration and development
company, is pleased to announce that it has completed phase 1 of its drilling
programme at the Mtonya Prospect in Tanzania and commenced phase 2 of the
programme.
The primary objective of phase 1 was to test the Company's geological model and
identify favourable geological settings. The initial results of phase 1 have
confirmed management's geological interpretation on a district and prospect
scale. Of particular significance have been observations of the right
prospective lithologies and the intersection of strata, which have been
subjected to extensive redox processes. Management believe these have potential
to host large-scale uranium mineralisation.
Phase 1 comprised three diamond core drill holes for a total of 1,512m. The
Company is yet to receive all assays for phase 1 drill holes. Due to the
success of phase 1, the Company has commenced phase 2 which will comprise a
further 2,200m of diamond core drilling. Phase 2 will further define the
geology and is expected to generate drill targets for subsequent exploration
programmes. The Company has engaged an additional rig to undertake the work and
strengthened the field team by the addition of two experienced uranium
geologists. The Company expects to complete phase 2 drilling, subject to
weather conditions, by year end and will provide further updates in due course.
Alex Gostevskikh, Managing Director of Uranium Resources, said, "We are
particularly pleased with the outcome of phase 1 and we are glad to see it
generating initial positive results. Observing the predicted lithologies and
the scale of ore forming processes is very encouraging. The Company has put a
lot of effort into designing this drill programme and we are continuing to
process the large quantities of data being generated. We are still awaiting the
majority of assay results from the programme. However, the processing of this
data will advance our understanding of the mineralisation controls and help us
generate valid drill targets for future drilling programmes. Phase 2 is
designed to further develop our geological model and generate targets for
interpretation and follow-up."
The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information assessed by Alex Gostevskikh
who is a Member of the Mining and Metallurgical Society of America. Mr
Gostevskikh has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Gostevskikh consents to the inclusion in the
report of the matters based on his information in the form and context in which
it appears.
**ENDS**
For further information please visit www.uraniumresources.co.uk or contact:
+---------------+------------------------+--------------------+
| Alex | Uranium Resources plc | Tel: +44 (0) 7997 |
| Gostevskikh | | 713377 |
+---------------+------------------------+--------------------+
| Ross Warner | Uranium Resources plc | Tel: +44 (0) 7760 |
| | | 487769 |
+---------------+------------------------+--------------------+
| Hugh Warner | Uranium Resources plc | Tel: +61 (0) 413 |
| | | 621 652 |
+---------------+------------------------+--------------------+
| Samantha | Ambrian Partners Ltd | Tel: +44 (0) 20 |
| Harrison | (Nomad) | 7634 4700 |
+---------------+------------------------+--------------------+
| Hugo de Salis | St Brides Media & | Tel: +44 (0) 20 |
| | Finance Ltd | 7236 1177 |
+---------------+------------------------+--------------------+
| Felicity | St Brides Media & | Tel: +44 (0) 20 |
| Edwards | Finance Ltd | 7236 1177 |
+---------------+------------------------+--------------------+
Notes to editors
Uranium Resources plc is an AIM listed exploration and development company. It
is the Company's strategy to advance its existing assets and strengthen its
portfolio via opportunistic acquisition. Uranium Resources has uranium licences
in the highly prospective Karoo Basin in Southern Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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