Sydney, June 14, 2006 AEST (ABN Newswire) - Korab Resources (ASX: KOR) wishes to advise, in accordance with the continuous disclosure requirements of ASX listing rules and the Corporations Act 2001, the market of the following price sensitive information.
On 1 June 2006 Redport Limited ("Redport") made an announcement to the market entitled "REDPORT INCREASES URANIUM RESOURCE AT LAKE MAITLAND PROJECT".
As announced to ASX on 27 September 2006, Korab is earning a 60% interest in the Maitland Joint Venture project by spending $600,000 over 3 years. The Maitland Joint Venture project lies adjacent to and adjoins Redport's Lake Maitland project.
Within their announcement Redport discussed the estimated uranium resource within the Lake Maitland project and within the sections of Korab's Maitland Joint Venture project.
Independent consultant group Hellman and Schofield completed an evaluation of the Lake Maitland project and the extensions to the uranium mineralisation which continue into the Maitland Joint Venture project on behalf of Redport.
This evaluation has shown that the mineralised extensions within Korab's Maitland Joint Venture project contain a JORC compliant Inferred Mineral Resource of 966 tones of U3O8, based on a 100ppm cut-off.
At the current U3O8 market price of AU$59/lb, the in-situ value of the resource delineated within the Korab's Maitland Joint Venture project by Hellman and Schofield is approximately AU$126 million.
The resource is contained within a shallow calcrete layer in close proximity to the Lake Maitland project.
Korab, as the operator of the Maitland Joint Venture project is currently preparing an exploration program to further target the uranium potential of this area.
In addition, reconnaissance studies have indicated that the Maitland Joint Venture project area overlies lithologies with the potential to host gold mineralisation. The upcoming field programme will consequently explore for both commodities with a combination of near surface as well as deeper exploration techniques.
About Korab Resources Limited
Korab Resources Ltd (ASX:KOR) is an international mining and exploration company with operations in Australia and Europe. Korab's projects include Winchester magnesium carbonate deposit and Geolsec phosphate rock deposit at Batchelor in the Northern Territory of Australia as well as a gold and silver deposit at Bobrikovo in eastern Ukraine. The Company also explores for gold and copper at Ashburton Downs in Western Australia and for various metals and specialty minerals at Batchelor in the Northern Territory. Korab's shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform. More information about Korab's projects can be sourced from Korab's website at www.korab.com.au.
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