24/07/2008
Uranium Resources claims that drilling results confirm its licence areas in Tanzania have ‘the potential to host an economic uranium deposit’.
The AIM-quoted company says its joint venture partner, Western Metals, has produced a positive update on drilling at Mtonya, which has shown encouraging mineralisation, including 12 metres at 657 parts of U3O8 per tonne of rock and two metres at 1,525 parts per million of U3O8. London-based Uranium Resources adds that regional reconnaissance exploration at Mtonya and elsewhere, at Ruhuhu and Ruvuma, are on line to deliver new targets for drill testing next year.
Shares in Uranium Resources, which raised £2 million at 2.5p early last year, have been volatile. They surged from 1.37p in October 2006 to 8.25p, but are now back at 2.5p. For gamblers.
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