Business
Henkries Project Update
Henkries Project Update.
About this update from Uru Metals Limited
[{"type":"text","content":"\n RNS Number : 7730U Niger Uranium Limited 30 June 2009 \n \nFor immediate release 30 June 2009\n\nNiger Uranium Limited ('Niger Uranium' or the 'Company')\nHenkries Project Update\n\n\nThe Board of Niger Uranium is pleased to announce a maiden resource estimate for Henkries Central and the completion of Phase-1 drilling at Henkries North.\n\n\n\n\n\nThe MSA Group of Johannesburg, South Africa ('MSA') has estimated SAMREC-compliant undiluted resources for Henkries Central of 2.97 million lbs U3O8 in the Measured and Indicated categories at an average grade of 501 ppm U3O8, and an additional undiluted 1.5 million lbs U3O8 in the Inferred category at an average grade of 294 ppm U3O8 using a cut-off grade of 100 ppm U3O8. The resource figures at varying cut-offs are provided, on a gross basis, in Tables 1 to 3 below and the Company's net attributable share is given in Tables 5 and 6.\n\n\n\n\nAll of the resource within MSA's model occurs within 20 metres of surface (using the 100 ppm U3O8 cut-off). Given the shallow and soft nature of the resource and the good infrastructure serving the project area, the Directors are optimistic that an attractive operating and capital costs can be supported. \n\n\n\n\nAt the Henkries North target the first phase of drilling is underway.\n\n\n\nOn completion of the acquisition, Niger Uranium will hold a 74 per cent. interest in Namakwa Uranium (Proprietary) Limited (the 'Acquisition'), the holding company of the prospecting right PR 885/2007 within which the Henkries ...