2009
March 2
Xemplar Expands Uranium Zones at
Aluriesfontein
Vancouver, British Columbia, Canada,
March 2, 2009 � The Board of
Directors of Xemplar Energy Corp. (TSX-Venture: XE, Frankfurt: E7R, Namibia:
XEM) (�Xemplar� or the �Company�) is pleased to report the results for a
further seven drill holes from the Company�s 2008 drill program in the
Aluriesfontein area on the Warmbad Uranium project in Namibia. The geological
environment is the same as that which hosts the Rossing uranium mine (operated
by Rio Tinto) that produced 7% of the world�s uranium in 2007, and with the
Valencia uranium deposit (Forsys Metals Corp.) which is subject to a CDN$579
million takeover offer.
These results, coupled with previously
announced drill results from Aluriesfontein, continue to expand the size of the
five mineralized zones that have been identified. The grades encountered are consistent
with the grade of the Valencia deposit.
Further assay results from the 2008 drill
program are forthcoming.
Highlights of chemical assay results from the
Company�s drill program at Aluriesfontein include:
Aluriesfontein Area 1, Hole
RCALU0085:
- 5 metres grading 124.3
parts per million (ppm) or 0.012% U3O8, from 129 metres to 134 metres.
- 6 metres grading 144.2
ppm or 0.014% U3O8, from 187 metres to 193 metres.
Aluriesfontein Area 5, Hole
RCALU0086:
- 12 metres grading 115.7
ppm or 0.012% U3O8, from 163 metres to 175 metres.
Aluriesfontein Area 1, Hole
RCALU0087:
- 4 metres grading 127.6
ppm or 0.013% U3O8, from 34 metres to 38 metres.
Aluriesfontein Area 5, Hole
RCALU0088:
- 5 metres grading 104.6
ppm or 0.010% U3O8, from 27 metres to 32 metres.
Aluriesfontein Area 1, Hole
RCALU0089:
- 5 metres grading 110.2
ppm or 0.011% U3O8, from 124 metres to 129 metres.
Aluriesfontein Area 5, Hole
RCALU0090:
- 6 metres grading 151.5
ppm or 0.015% U3O8, from 139 metres to 145 metres.
- 5 metres grading 101.1
ppm or 0.010% U3O8, from 160 metres to 165 metres.
Aluriesfontein Area 1, Hole
RCALU0091:
- 4 metres grading 156.2
ppm or 0.016% U3O8, from 172 metres to 176 metres.
Please refer to the assay tables in the
appendix of this news release for a complete summary of chemical assay results
from the above 8 holes. Assays greater than 100 ppm, or 0.010% U3O8 over one
metre are reported.
Xemplar Energy continues to carry out a
balanced exploration drill program combining definition and development
drilling with the primary objective of defining a resource for its Warmbad
project. The exploration program in 2009, which commenced on January 19, 2009,
will entail:
- Drilling to extend the
size of the mineralized zones at Aluriesfontein and Big Yellow.
- Aggressively continue
with surface exploration and drilling at Aluriesfontein, Big Yellow East,
Centre and West, Houms River, Girtis, and Gaobis/Energy Ridge to define
new zones of mineralization.
The Board of Directors also wishes to
announce its intention to amend the exercise price of 1,850,000 incentive stock
option re-pricing to $1.15 per common share: (a) in regard of insiders, a total
of 1,500,000 stock options granted on December 18, 2007 at an exercise price of
$6.50 per common share will expire on December 18, 2012; and (b) in regard of
non-insider a total of 350,000 stock options granted on November 6, 2007 at an
exercise price of $6.50 per common share will expire on November 6, 2012.
The options are governed by the company's
stock option plan and are an important component of the company's executive
compensation strategy providing employees, consultants, officers and directors
with long-term, equity-based performance incentives. The options are being
re-priced to bring them more in line with current market prices of the
company's common shares so as to ensure that the interests of management are
aligned with shareholders' interests and to link performance compensation to
enhancement of shareholder value.
The foregoing re-pricings are subject to TSX
Venture Exchange acceptance as well as disinterested shareholder approval for
the amendment of the insider options at the Company's 2009 Annual and Special
Meeting. Until such time, none of the re-priced options held by insiders may be
exercised prior to such approval being obtained.
In addition to the re-pricing of stock
options, the Company also announces the granting of 5,000,000 incentive stock
options to its directors and consultants. The options are exercisable for up to
five years at a price of $1.15 per share.
About Xemplar Energy Corp.
Xemplar Energy Corp. is a Canadian-based
resource company focused on uranium exploration in Namibia. Through Namura
Mineral Resources Pty., its wholly-owned Windhoek, Namibia-based subsidiary,
the Company currently holds Exploration Prospecting Licenses (EPL) for the Cape
Cross, Aus, Garub and Warmbad properties totaling 7,400 square kilometers.
The primary focus of Xemplar Energy�s work in
Namibia is the Warmbad project, where the Company has been actively engaged in
an exploration drilling program where significant uranium mineralization is
being encountered. The company had originally identified 14 large, anomalously
radioactive alaskitic bodies, which has since been redefined as five larger
bodies as some of the original alaskite bodies merge with each other. Of these,
the Aluriesfontein is the largest, covering 36 square kilometres. Alaskitic
rocks also host the Rossing mine in Namibia, which produced 3,046 tonnes,
representing 7% of the global production of uranium oxide in 2007.
With nearly $16.0 million (CDN) cash on hand,
the Company is in a strong financial position to execute its exploration
programs for the next 24 months.
Mike Magrum, P.Eng., a qualified person under
National Instrument 43-101, has approved the technical content of this news
release.
On behalf of the Board of Directors,
Xemplar Energy Corp.
Simon Tam,
CEO and Director
Appendix
Detailed
Assay Results from Aluriesfontein (using a 100 parts per million <PPM> /
0.01% U3O8 cut-off grade)
Hole
Number
|
From
(metres)
|
To
(metres)
|
Width
(metres)
|
Grades
(parts per million)
|
Grades
(Pct.)
|
Area 1,
RCALU0085
|
58
|
62
|
4
|
133.2
|
0.013%
|
|
129
|
134
|
5
|
124.3
|
0.012%
|
|
182
|
183
|
1
|
197.1
|
0.020%
|
|
187
|
193
|
6
|
144.2
|
0.014%
|
Includes
|
188
|
189
|
1
|
337.0
|
0.034%
|
|
192
|
193
|
1
|
206.5
|
0.021%
|
|
Area 5,
RCALU0086
|
16
|
18
|
2
|
120.4
|
0.012%
|
|
35
|
36
|
1
|
114.7
|
0.011%
|
|
64
|
66
|
2
|
115.1
|
0.012%
|
|
104
|
107
|
3
|
103.5
|
0.010%
|
|
146
|
149
|
3
|
127.6
|
0.013%
|
|
156
|
157
|
1
|
166.4
|
0.017%
|
|
163
|
175
|
12
|
115.7
|
0.012%
|
Includes
|
165
|
166
|
1
|
296.3
|
0.030%
|
Includes
|
174
|
175
|
1
|
232.2
|
0.023%
|
|
180
|
182
|
2
|
106.1
|
0.011%
|
|
183
|
185
|
2
|
126.6
|
0.013%
|
|
197
|
198
|
1
|
204.4
|
0.020%
|
|
Area 1,
RCALU0087
|
34
|
38
|
4
|
127.6
|
0.013%
|
|
Area 5,
RCALU0088
|
27
|
32
|
5
|
104.6
|
0.010%
|
|
38
|
39
|
1
|
126.0
|
0.013%
|
|
57
|
58
|
1
|
255.9
|
0.026%
|
|
128
|
130
|
2
|
142.2
|
0.014%
|
|
Area 1,
RCALU0089
|
124
|
129
|
5
|
110.2
|
0.011%
|
|
Area 5,
RCALU0090
|
139
|
145
|
6
|
151.5
|
0.015%
|
Includes
|
139
|
140
|
1
|
324.7
|
0.032%
|
Includes
|
144
|
145
|
1
|
211.3
|
0.021%
|
|
156
|
158
|
2
|
105.9
|
0.011%
|
|
160
|
165
|
5
|
101.1
|
0.010%
|
|
Area 1,
RCALU0091
|
172
|
176
|
4
|
156.2
|
0.016%
|
|
178
|
179
|
1
|
154.0
|
0.015%
|
|
180
|
181
|
1
|
445.0
|
0.045%
|