Announcement

Pre-Feasibility Study to Commence on Njame and Gwabe Uranium Projects, Zambia

Highlights

• The Board of joint venture partner African Energy Resources Limited (“AFR”) has approved a Pre-Feasibility Study (“PFS”) to evaluate the commercial development of uranium mineralisation at the Njame deposit and Gwabe prospect in the Chirundu Project, Zambia.
• Decision to proceed with PFS follows a Scoping Study by AFR based on the current reported resource at Njame and recently drilled mineralisation at Gwabe.
• The Scoping Study demonstrated the potential for an economically viable project using proven technology and benchmarked costs.
• Base case for the Study is 1.4 Mlb U₃O₈ annual production over an initial five year mine plan using a uranium price of USD65/lb.
• The Pre-Feasibility Study will commence immediately and is expected to be completed by the end of December 2007.
• The forecast cost of the Pre-Feasibility Study is AUD1.5 million, which includes metallurgical testwork, engineering and drilling to upgrade the resource status.

Please find a link below to Albidon's website to view the full announcement, which has been released onto the ASX and AIM.

http://www.albidon.com

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

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