13 June 2008
Safonovskoye Project Added to Projects in Ukraine
Review of Ukraine
Sedimentary Uranium Projects Underway
?
Uran
Limited is pleased to advise that review and translation of technical data for
the Novogurevskoye Uranium Project is commencing, preparatory to
carrying out a final feasibility study.
?
The
review of data for Surskoye project has not yet commenced due to delays
in completing declassification of the data.
?
Following
a meeting with at Zheltye Vody in May with Ukraine
state uranium mining enterprise VostGOK, an interest in a third uranium
project, Safonovskoye, which is also in the Dniepropetrovsky region of Ukraine,
has been acquired on the same terms as for Novogurevskoye and Surskoye. The
review of technical data for Safonovskoye is also commencing.
The large amount of data will be converted to digital
form and translated. This will be followed by some confirmation and infill
drilling, in co-operation with VostGOK, to permit estimation of a JORC-compliant
resource. This will be subject to an independent external audit.
The properties will be reviewed and, if warranted,
exploited by In Situ Leaching under unincorporated joint ventures between
VostGOK and Uran. The commencement equities for the joint ventures will be
based on the input of each party into the joint venture, but Uran expects to
have at least 50% equity in each project.
Discussions are also underway with the Ministry for
Fuel and Energy regarding possible acquisition of an interest in a number of
other substantial uranium projects which range from advanced exploration to
development stage projects.
This progress reflects major moves forward by Ukraine
in its plans to facilitate and encourage investment in its uranium mining
industry. This is in line with a strategy, announced in January
2007 by Energy Minister Mr Yuri Boiko, to increase uranium production from 800
tonnes to 1,400 tonnes U by 2010, and to seek to be self-sufficient by 2015..
Ukraine
is also seeking to encourage foreign technical cooperation to modernise its
mining processes and to increase productivity.
Novogurevskoye Project
Novogurevskoye uranium deposit
was discovered in 1965. Between 1978 and1982 detailed drilling was undertaken
on a 200 by 100m pattern, infilled in some parts to 200 by 50 metres. Two
uranium deposits situated approximately 5 km apart were identified, the main
deposit to the east and the Shirokolanovska deposit in the west.
The exploration target at Novogurevskoye is 3,500 to
4,500 tonnes of U3O8, based on drilling by Ukrainian
state body Kirov Geology. At this stage Uran has not reviewed the geological
data and has not carried out a due diligence on this project. Uran therefore
considers the reported range of U3O8 content to be
conceptual by nature, and it is uncertain it will be able to determine a
Mineral Resource.
The Main deposit covers a
strike of 9 km and ranges in width from 200 to 900 metres. Uranium
mineralisation occurs in the upper carbonaceous clay-sand package and varies in
thickness from 1 to 22 metres, averaging 12 metres. Depth to mineralisation averages 50 metres.
The
Shirokolanovska Deposit is oval in shape, covers a strike of 2.2 km, and ranges
in width from 200 to 700 metres. Uranium mineralisation occurs as coffinite and
uraninite in carbonaceous-clay material and in the cement of sands. The organic
material, which is bound within the clay, comprises brown humus and plant
material. The mineralized zone commences between 60 and 70 meters below surface
and is on average 10 metres thick. Mineralisation is constrained by the extent
of carbonaceous sands and kaolin and accepted standards on the quality of ore.
Favourable geological and hydrogeological conditions
and the presence of uranium in a readily soluble form means the Novogurevskoye
deposits may be amenable to extraction via in situ leaching.
Surskoye
Project
The Surskoye deposit was discovered in 1962. Between
1968 and 1971 detailed drilling was undertaken on a 200 by 100 metre pattern,
infilled in places to a 100 by 50 metre pattern. Two uranium sites, situated
approximately 8 km apart, were identified, the Grushevsk site and Chervonoyarsk
site.
The
exploration target for these projects is 2,500 to 3,000 tonnes of contained U3O8,
based on previous drilling by Kirov Geology. At this stage Uran has not
reviewed the geological data and has not carried out a due diligence on this
property. Therefore the reported range of U3O8 content is
viewed as conceptual, and it is uncertain that it will be possible to determine
a Mineral Resource.
The
mineralisation generally ranges from about 1 ? 3.5 metres in thickness and up
to 700 metres in width, in organic sandy sediments. Uranium has been defined
over a strike length of 3.5 km at Chervonoyarsk, and 5 km at Grushevsk. The
average thickness of the host unit at Chervonoyarsk is 8-9 metres, and at
Grushevsk is 10 metres.
Favourable geological?hydrogeological conditions of
the uranium bearing ores of the Surskoye deposit and the presence of uranium in
a readily soluble form means the deposit may be amenable to extraction via in
situ leaching.
Safonovskoye
Project
Limited
ISL uranium extraction was carried out between 1982 and 1993 at Safonovskoye
from Paleogene carbonaceous sands in Tertiary paleo-channels, at depths of less
than 80 metres. Uranium is present as fine-grained coffinite and uranium
oxides, with associated molybdenum. Sediments are highly porous and
overlain by impermeable clays. Previous ISL extraction at Safonovskoye is
reported to have successfully extracted 78% of uranium in the target strata.
The
Ukrainian Scientific R&D Institute for Industrial Technology states that it
completed a feasibility study for mining of Safonovskoye by in-situ leaching in
2006.
The
exploration target for this project is 3,500 to 4,000 tonnes of contained U3O8,
based on previous drilling by Kirov Geology. At this stage Uran has not
reviewed the geological data and has not carried out a due diligence on this
property. Therefore the reported range of U3O8 content is
viewed as conceptual, and it is uncertain that it will be possible to determine
a Mineral Resource.
Kate Hobbs
Managing
Director
The information in this statement as it relates
to Exploration Results and metal content is based on information published by Ukraine
state enterprises and IAEA papers. The information was reviewed by Mr Phillip
Schiemer, the Company?s Exploration Manager, a full time employee of the
Company. Mr Schiemer has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the ?Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves. Mr Schiemer consents to the inclusion in the report
of the matters based on his information in the form and context in which it
appears.
For media enquiries contact
Kate Hobbs
Caroline
de Mori
Uran
Limited
Purple Communications
+61 8 9321
3445
+61 8 9485 1254
***
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