Announcement

HIGH-GRADE URANIUM INTERSECTIONS EXTEND KNOWN MINERALISATION IN DRILLING AT THE NJAME EAST PROSPECT, CHIRUNDU JV PROJECT, ZAMBIA

Highlights:

• Assay results from reverse circulation (RC) drilling at the Njame East Prospect have confirmed the presence of a new zone of sandstone-hosted uranium mineralization which is adjacent to the existing Inferred Resource at Njame North.

• Assays have been received for the first 19 drill holes from the initial 23 drill-hole programme of RC drilling and include the highest grade drill intersections recorded to date.

• Significant assays received for these 19 drill holes are detailed below:

�       NJE019 5m @ 2,389 ppm U3O8 from 68m, including 3m @ 3,792 ppm U3O8 from 69m

�       NJE018 7m @ 807 ppm U3O8 from 70m, including 2m @ 2,255 ppm U3O8 from 70m

�       NJE016 8m @ 409 ppm U3O8 from 34m, including 2m @ 1,068 ppm U3O8 from 34m

�       NJE004 7m @ 405 ppm U3O8 from 54m,  including 4m @ 566 ppm U3O8 from 57m

�       NJE002 20m @ 277 ppm U3O8 from 41m, including 4m @ 721 ppm U3O8 from 44m

�       NJE013 8m @ 324 ppm U3O8 from 59m including 1m @ 1,785 ppm U3O8 from 59m

• An updated resource model for the Njame North uranium deposit is in progress.  Results from the Njame East drill-holes will now be included in this modeling.

• Additional RC drilling at Njame East will commence after the seasonal rains in late Q1/early Q2 2008.

• The new zone of mineralisation at Njame east is open along strike (both to the NE and SW towards Njame North) and both up and down dip.

• The Njame East mineralisation is immediately adjacent to the Njame North uranium deposit. Albidon’s Joint Venture partner African Energy is currently evaluating Njame North and the nearby Gwabe deposit (combined Inferred Resources of 3,320t U3O8) through a Pre-Feasibility Study, (PFS) due for completion in Q1 2008. Any additional resources from Njame East will be incorporated into the PFS.

Additional information may also be viewed on Albidon’s website at www.albidon.com