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RESOURCE UPGRADE ESTABLISHES RÖSSING SOUTH AS THE 6TH LARGEST GLOBAL URANIUM DEPOSIT
•Resource upgrade moves Rössing South into the top 6 global uranium deposits by contained metal.
•Zones 1 and 2 Indicated Resource increased to more than a quarter of a billion pounds (257M.lbs) U3O8: a ten-fold increase in Indicated Resource from the previous resource statement (ASX release 22nd July 2009).
•Inferred Resource of 110M.lbs U3O8, including Maiden Inferred Resource from Zones 3 and 4.
•37% increase in Total Resource size from previous resource statement (ASX release 22nd July 2009).
•Confirmed as the largest in-situ and highest grade granite-hosted uranium deposit in Namibia.
•Extensive exploration potential within Husab Uranium Project still to be tested with an extensive drilling program continuing.
•Resource now defined to support completion of Definitive Feasibility Study (DFS).
The size and grade of the new resource confirms Rössing South as one of the most significant uranium discoveries made in the last decade, and establishes it as the largest in-situ and highest grade, granite-hosted uranium deposit in Namibia. The increased resource underpins the Company’s next milestone, which is the completion of the Definitive Feasibility Study (“DFS”), and takes Extract another step forward from a successful explorer to becoming a major uranium producer.
Mineralisation is still open in zones 1 and 2 and there are still areas yet to be tested, with the company only having explored 8km of a 15km target zone.
PALADIN Energy has signed an agreement with China Guangdong Nuclear Power to explore uranium sales deals.
The uranium miner said the memorandum of understanding will also include a possible expansion of joint venture relationships between Paladin and Energy Metals, of which CGNPC holds a 69 per cent stake, without providing more details.
Energy Metals has a 54 per cent stake in the Bigrlyi uranium prospect in Australia’s Northern Territory. Paladin owns 41 per cent of the prospect.
The statement also said the Chinese group could participate in Paladin’s growth strategies.