Perth, Oct 20, 2008 AEST (ABN Newswire) - Uranium Exploration Australia Limited (ASX:UXA)(PINK:UXPAF) announces annual report for 2008. Highlights of the report follow.
With nearly 90% of UXA's granted exploration licences located in South Australia, a jurisdiction that continues to be openly and demonstratively supportive of uranium exploration and mining, the Company continued to focus the majority of its efforts exploring these tenements.
However, this year's exploration programme also included the start of activities on all four of UXA's granted licences outside of South Australia.
Under the guidance of Managing Director Mr Patrick Mutz, with 30 years international uranium exploration, mining and processing experience in the United States, Australia and Germany, the company has:
- continued its aggressive exploration approach and advanced the systematic evaluation of its prospective exploration portfolio;
- identified a number of important uranium and base metals mineralisation intercepts on several exploration licences in our prospective tenement portfolio;
- secured significant exploration funding from a very large capitalisation joint venture partner in Reliance Industries Limited of India;
- invested in technology your Directors believe is the most unique and applicable technology available on the planet for uranium exploration; and
- remained in a strong cash position through the end of the financial year and to date.
Highlights of UXA's activities for the 2007-08 financial year include:
- completed 9,275 metres of reconnaissance drilling across five of its prospective exploration tenements in South Australia on the highly prospective Stuart Shelf area of the Gawler Craton where the Company is the largest exploration licence holder within 150 kilometres (km) of the Olympic Dam Mine. This area overlays a mineralised corridor that includes the Prominent Hill mine development and the 2005 copper/gold discovery at Carrapateena;
- identified surface uranium occurrence at Crystal Creek on UXA's 100% owned EL 24566 - Ngalia Thrust in NT, with six sediment samples averaging 90ppm U3O8;
- intersected 42 metres 0.34% copper in UXA's first hole on its 100% owned EL 3432 - Winjabbie in South Australia, extending the footprint outlined by previous explorers' drill results of similar copper values, but at shallower depth;
- intersected 14 metres of uranium mineralisation greater than 100ppm U3O8 in an initial reconnaissance drill hole on UXA's 51% owned EL 3430 - Playford in South Australia;
- entered into joint venture with Reliance Industries Limited subsidiary, on 8 of UXA's 22 exploration tenements (4 ELs and 4 ELAs) in South Australia and Northern Territory, for cash considerations totalling $3.45 million and future exploration expenditure of up to $9.5 million; and
- acquired ownership of 3rd generation Prompt Fission Neutron (PFN) tool to be used in UXA's ongoing uranium exploration programme.
Contact
Neill Arthur
Chairman
URANIUM EXPLORATION AUSTRALIA LIMITED
Tel: +61 0428 222 094
Email: info@uxa.com.au
Website: www.uxa.com.au
Media: Farrington +61 2 9332 4448
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