Xemplar Energy
January 5, 2009
: Xemplar Records Significant
Milestones In 2008 And Readies Itself For 2009
Vancouver,
British Columbia, Canada,
January 5, 2009 � The Board of Directors of Xemplar Energy Corp. (TSX-Venture: XE, Frankfurt: E7R, Namibia: XEM)
(�Xemplar� or the �Company�) is pleased to provide an
update of significant operational milestones that have been achieved in 2008
and outline its plans for 2009.
Under the field leadership of Charles Johnston, our Chief Geologist and
Exploration Manager, a 35 year veteran Namibian/South African senior
exploration geologist, and Piet Knoetze, our Project
Manager, a geochemist with over 30 years of experience managing projects in
South Africa, Ghana and the Democratic Republic of Congo, Xemplar�s
primary focus for 2008 was executing 40,000 metres of
exploration drilling at Warmbad to define zones of
uranium mineralization, and this was achieved. Our understanding of Warmbad�s geology was aided by the work of Professor Judith
Kinniard of the University of the Witswatersrand,
Johannesburg and her team, who are leading academics in the geology of alaskites ( alaskites are granite
rocks that have the potential to host uranium mineralization. Leucogranites are light colored
granite rocks (or light colored alaskites))
who had also played a significant role in defining the geology of the Rossing Mine. The results of the Company�s 2008 exploration
drill program include the following:
- 14 alaskite bodies of size showing radioactive anomalies
(utilizing airborne radiometric surveying technology) had initially been
discovered in the Warmbad region and this has
been redefined as five large alaskite bodies by
ground exploration work that showed that some of the alaskite
bodies were connected.
- The
definition of 8 large mineralized bodies that show strong uranium
continuity between drill holes (one at Big Yellow East, Centre, West
respectively, and five at Aluriesfontein) which was the result of surface
exploration drilling, geological and structural mapping and plan
generation that were developed and executed.
- A
minimum of two other areas that are showing similar indications of
mineralized continuity at Houms River (Leopard Trap) and Gaobis, also as a
direct result of surface exploration drilling, geological and structural
mapping and plan generation that were developed and executed at these two
alaskite bodies.
- Confirmation
that the alaskites at the Warmbad project are thin-sheeted leucogranites
similar to those at the Rossing Mine and at the Valencia Deposit. The
geological similarities between Xemplar�s Warmbad property and the
Rio-Tinto operated Rossing Mine (which contributes 7% of the global
uranium oxide production), show there is
potential for a number of Rossing-type mineable uranium occurrences at
Warmbad, though additional drilling is clearly required to explore this
potential fully.
- Confirmation
of widespread uranium mineralization at Aluriesfontein, Big Yellow East,
Big Yellow Centre and Big Yellow West with grades of 100 to 150 parts per
million (PPM) which are consistent with the grades at Forsys Metals
Corp.�s 2 Valencia project (which has measured and indicated
grades of 110PPM and inferred grades of 100PPM (source: Forsys Metals
Valencia Fact Sheet, October 2008).
2 Forsys Metals Corp., with 62.1 million pounds of
Measured, Indicated and Inferred Resource announced on November 14th, 2008 that
they have entered into a definitive agreement with George Forrest International
Afrique S.P.R.L. (GFI) pursuant to which GFI will acquire all of the
outstanding common shares of Forsys Metals Corp. for $579 million (CAD), or
$7.00 (CAD) per share.
Other operational milestones of significance that were achieved in 2008
include:
- Significant
financing which raised CAD$20 million in our treasury before the world
markets crashed � giving us ample funding for the next two years
exploration program.
- Ownership
of 10 drill rigs and related equipment all of which has been fully
amortized and allows us to contain our burn rate at circa CAD$500,000 per
month.
- Granting
and renewal of Exclusive Prospecting Licenses for 4 of our 5 properties.
- Conducting
highly scientific analysis at the drill head � spectrometer evaluation of
samples, down hole electronic probes and the use
of XRF mini-lab testing of core on site, which help the Company to fine
tune drill mapping and targeting, as well as making efficient use of
external assay laboratories.
Building on the operational milestones achieved in 2008, the Company
plans to execute a balanced exploration drill program combining definition and
development drilling in 2009 with the primary objective of proving out a
resource. The
exploration program for 2009 will entail:
- Continued
surface exploration drilling at Aluriesfontein, Big Yellow East, Centre
and West, Houms
River, Girtis, and
Gaobis/Energy Ridge.
- Mapping
the geology and defining zones of mineralization at Girtis and
Gaobis/Energy Ridge.
- Extending
the identified zones of mineralized continuity.
- Engaging
a tier one mining engineering firm, independent of Xemplar, to assist with
auditing of the Company�s exploration processes and moving us towards a
resource estimate at Warmbad.
The Company closed out its 2008 exploration drill program on December
17, 2008 for the traditional holiday season and will commence its 2009
exploration program on January 19, 2009. Additionally, Namibia is
currently in the midst of its summer season, with the weather conditions making
it prohibitive to effectively engage in drilling activities.
In other news, an investor conference call has been scheduled for
January 14, 2009 at which time an update of 2008 activities and plans for 2009
will be discussed in greater detail. Details of the conference call will be
made public by way of a news release and will also be posted on the Company�s
website, http://www.xemplar.ca.
Lastly, the macro factors give us reason to be extremely positive about
the future. The spot price has been moving up in the past month (up USD$9 from
USD$46 per pound on November 9th to USD$53 per pound on December 31, 2008) and
commentators are forecasting a convergence with the long-term price, which is
currently approximately US$75, driven by supply-demand fundamentals. There are
438 reactors operating worldwide, with 36 under construction (mainly China,
India and South Korea) and another 102 planned and proposed in China, 32
planned & proposed in US, and 37 planned & proposed in Russia. Currently,
the global demand for uranium is 180 million pounds, with primary production is
at 80 million pounds and this is likely to widen.
Combining the developments in the Namibian uranium landscape (as
evidenced by GFI�s offer to purchase Forsys Metals), and an emerging business
model being employed by companies such as Areva, who have been seen to secure
long-term sources of uranium to operate their nuclear plants (as evidenced by
their purchase of the Trekkopje Deposit), we are in an extremely good position
to meet the challenges and opportunities ahead.
The technical data in this news release has been approved by Mr. Mike Magrum, P. Eng., a qualified person as defined by
NI-43-101.
On behalf of the Board of Directors,
Xemplar Energy Corp
Simon Tam
CEO and Director
William F. (Mickey) Harley III
President and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This news
release shall not constitute an offer to sell or the solicitation of an offer
to buy securities in any jurisdiction. "Safe Har
bor" statement under the private securities
litigation reform act of 1995: this news release contains for ward
looking statements that are not historical facts and are subject to risks and
uncertainties which could cause actual results to differ materially from those
set forth in or implied herein.
To see
previous news releases, please click
here.
_____________________
Thank you
for your interest in Xemplar Energy Corp.