Perth, May 1, 2008 AEST (ABN Newswire) - Uranium Exploration Australia (ASX:UXA)(PNK:UXPAF) Announce 2008/01 Quarterly Activities Report. The full report can be viewed at Uranium Exploration Australia Website:
http://www.uxa.com.au/Mar2008QtrActivitiesReport.html
Highlights:
- UXA DRILL RESULTS RETURN 42 METRES 0.34% COPPER INCLUDING 9 METRES AT 0.8% ON 100% OWNED WINJABBIE PROSPECT NEAR OLYMPIC DAM IN SA
- URANIUM EXPLORATION FARM-IN AGREEMENT WITH INDIA'S RELIANCE INDUSTRIES LIMITED SUBSIDIARY RECEIVES FEDERAL AND STATE APPROVAL
- UXA RECEIVES $3.45 MILLION FROM RILA IN EXCHANGE FOR 49% INTEREST IN FOUR SOUTH AUSTRALIAN EXPLORATION LICENCES
SUMMARY
Winjabbie Copper Mineralisation
UXA has received drill core analyses from its first drill hole (07WJ01) on its 100% owned Winjabbie exploration licence (EL) 3432 in South Australia (Figure 3). Assays from core with visible chalcopyrite and chalcocite confirmed copper mineralisation at a shallower depth than previous explorers' drill holes.
UXA's drill hole 07WJ01 completed in January 2008, returned assay results across a 42 metre interval with average copper grade of 0.34% including 9 metres at 0.8% Cu with highest value of 3.5% Cu across 1 metre (Table 1). The top of the mineralised section was intercepted at 824 metres depth with the highest copper intersection in the top nine metres of this mineralised section.
Joint Venture Approvals
The Farm-in and Joint Venture Agreement between Uranium Exploration Australia Limited (ASX: UXA) and a subsidiary of India's Reliance Industries Limited, RIL Australia (RILA), received Federal and State approval in January 2008. This approval triggered the payment of $3.45 million in cash to UXA by RILA, and the transfer of 49% interest in four of UXA's South Australian exploration licences to RILA.
RILA will also reimburse UXA for 49% of exploration expenditures on the four SA tenements incurred by UXA between 1 July 2007 and 31 January 2008, and will pay 49% of exploration expenditures going forward. RILA will also receive 49% interest in four Northern Territory tenements upon the grant of each of the current exploration licence applications to exploration licences.
Drill Program Summary
UXA continues to advance its aggressive exploration program. Through the end of this reporting period, UXA has completed a total of approximately 8,800 metres of a planned 20,000 metre drilling program across its tenements in South Australia, Western Australia, Northern Territory and New South Wales.
Contact
Patrick Mutz
Managing Director
Tel: +61 8 8363 7970
Email: info@uxa.com.au
Website: www.uxa.com.au
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