Trading Symbol (TSXV: UUU and AIM: UUU)
VANCOUVER, Nov. 16 /CNW/ - UrAsia Energy Ltd. (the "Company" or "UrAsia")
is pleased to announce that it has increased its inferred mineral resource at
the South Inkai uranium project in the Republic of Kazakhstan by 69%. This is
a result of a recently completed audit of newly certified resources on the
South Inkai project. The Company has a 70% interest in the Betpak Dala Joint
Venture, which has a 100% interest in the South Inkai uranium project "South
Inkai" and the Akdala uranium mine "Akdala".
The original mineral resource estimate for South Inkai, Section 4, as
estimated by Roscoe Postle Associates Inc. (now known as Scott Wilson RPA) and
included in their Technical Report prepared in accordance with NI43-101 dated
October 8, 2005 and revised March 20, 2006 contained a table of mineral
resources as of March 2005.
The recent increase in the inferred mineral resource at South Inkai from
25.6 million pounds U(3)O(8) to 43.5 million pounds U(3)O(8) is the result of
certification of mineral resources from an area within the South Inkai project
that was drilled during the period 1991 to 1993. Scott Wilson RPA, engaged to
complete the audit of the newly certified resources, confirmed that the drill
holes included in the 'new' resource blocks are shown on sections received
from the Republic of Kazakhstan in 2005, but were not included in the
resources audited by Roscoe Postle Associates Inc. at the time - as they had
not been certified by the State Commission on Mineral Reserves of the Republic
of Kazakhstan.
Scott Wilson RPA has provided the Company with an updated statement of
mineral resources for the South Inkai project. The South Inkai Resource
Estimate, as at October 2, 2006, is shown in Table 1.
Table 1. South Inkai Resource Estimate, October 2, 2006
(Attributable to Urasia)
-------------------------------------------------------
<<
-------------------------------------------------------------------------
Resource Tonnage Grade (% U) Contained U Contained U(3)O(8)
Category (tonnes) (tonnes) (million pounds)
-------------------------------------------------------------------------
Inferred 40,390,000 0.043 16,720 43.5
-------------------------------------------------------------------------
Note: Conversion factor from tonnes U to million pounds U(3)O(8) of
2.2046 / 0.848 equals 2600 (numbers rounded).
>>
Commenting on the substantial increase in the mineral resource estimate
at South Inkai, Phillip Shirvington, President and Chief Executive Officer,
said, "the Company has increased its inferred mineral resource through the
successful conversion, certification and reclassification of a portion of its
resource base at South Inkai. I am encouraged by the conversion factors we are
experiencing during the ongoing reclassification of our resource base. The
reclassification is necessary, as we continue to advance the construction and
development of the South Inkai project."
Scott Wilson RPA is of the opinion that the classification of Mineral
Resources as reported in Table 1. meet the definitions and guidelines as
defined by the CIM Council on December 11, 2005. Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability.
Please refer to the Technical Report, dated March 20, 2006 for the
methodology used in estimating in-situ leach uranium resources.
UrAsia is a Canadian-based uranium producer that offers investors
exposure to low-cost, uranium production and growth. The Company creates
shareholder value by focusing on the development and operation of low-cost,
in-situ leach uranium projects in Central Asia.
UrAsia is listed on the TSX Venture Exchange and the Alternative
Investment Market (AIM) of the London Stock Exchange, trading under the symbol
UUU on both exchanges.
The information contained within this announcement has been reviewed by
Sally Eyre, B.Sc., Ph.D, DIC, Vice President, Corporate Affairs UrAsia Energy
Ltd.
On behalf of UrAsia Energy Ltd.
"Phillip Shirvington"
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of UrAsia Energy Ltd. Forward-looking statements, specifically
those concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate securities commissions.
