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WILDHORSE ENERGY GRANTED URANIUM PERMITS IN POLAND
22nd May 2007
KEY POINTS
• WildHorse Energy Limited (ASX:WHE) has been granted prospecting and exploration permits
covering 1,980 square kilometres in three blocks, in the Sudetes Mountains of
south western Poland.
• The area of the Sudetes
Mountains was explored by the Polish State
and the former Soviet Union in the
1950’s, resulting in the development of 12 underground uranium mines.
• WHE’s permits cover the majority of these former
mines. The permits are valid for six years and can be converted into a Mining
Concession.
• This is the next step in WHE’s strategy to build a
portfolio of uranium projects in Europe, the
world’s most significant region for nuclear power generation and uranium
demand.
• The company intends to commence field work immediately,
with geophysical surveys planned for June.
SUMMARY
WHE’s three permit areas are highly prospective for the
identification of further uranium mineralisation associated with the former
mining operations. An extensive exploration and production database exists in Poland, and
Wildhorse has commenced the evaluation of over 200 reports and papers to assist
it to narrow its target areas further.
Uranium mineralisation in the Sudetes
Mountains of south western Poland occurs
as vein deposits. These types of deposits account for approximately 10% of the
world’s uranium.
The deposits are in the same age of rock units (Permo-Carboniferous)
as WHE’s P�cs project in Hungary
and Tournigan Gold’s (TSX-V:TVC) Jahodna deposit in Slovakia.
Mineralisation is found in the contact zone of the Karkonoszne Mountains
granitic massif, with its metamorphic cover, in the Kletno tectonic overthrust
zone, and in the faults developed along the dislocation zone.
The company intends to commence field work immediately, with
geophysical surveys planned for June.
A detailed environmental evaluation must be completed as a
condition of the licencing process. This will review the current status of the
rehabilitated mines, as well as the natural environment in the areas of the
licence.
Although extensive information exists about the mines and the
exploration completed in these areas, these advanced exploration projects will
take several years of evaluation work to understand their future potential.
A program of community engagement and discussions will also
commence in the near future, to ensure that people in the nearby towns and
villages understand the potential development timelines, and the technologies
currently available for both exploration and potential mine development.
Earlier this year, the European Union, including Poland, agreed
to targets to cut greenhouse emissions by 20% from 1990 levels by 2020. With
over 90% of its electricity produced from coal fired power stations, Poland will
need significant changes to meet its targets, and nuclear is being considered
as a realistic option.
Poland decided early in 2005 to move
immediately to introduce nuclear power, for energy diversification and to
reduce CO2 and sulphur emissions.
A 2006 feasibility study suggested 4.5 GWe of nuclear capacity is
realistic by 2030. In February 2007, Lithuania,
Estonia, Latvia and Poland agreed to build a new 3200
MWe nuclear plant, with at least one unit of the project expected to be
operating by 2015.
A public opinion poll in December 2006 carried out for the
National Atomic Energy Agency showed that 60% supported construction of nuclear
power plants to reduce the country's dependence on coal and to reduce CO2
emissions and 48% said they would favour such a plant being built in their
neighbourhood because of its immediate local benefits including lower power
cost.
With this positive approach to nuclear power in Poland and a
desire to improve energy security, WHE is committed to working with local
agencies to develop its supplies of uranium from these prospective areas.
For more
information, see www.wildhorse.com.au
or contact:
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