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« Uranium Price Predictions? | Main | Aurora Energy Resources Inc: One of the largest primary uranium projects in the world. »
Thursday
Jun072007

UraMin Inc: Announces High Grade Drilling Results

UraMin Chart 07jun07


A press release today by UraMin Incorporated shows an impressive set of results. To quote Ian Stalker, Chief Executive, who said the following:

'We are delighted with these results which further underline the high-grade nature of this deposit. The infill-drilling programme at Patricia is now complete and these results indicate a near surface deposit that is amenable to open-pit mining and the soft ground suggests low mining costs. We look forward to completing the feasibility study on track in 2008.'

UraMin have also published the drilling results for the Patricia Deposit at Bakouma in the Central African Republic which include the following high-grade U3O8 intersections over widths
in excess of 22 meters:

· Borehole PRC061; 54m at 0.36% U3O8 from 39m depth

· Borehole PRC065; 22m at 0.61% U3O8 from 19m depth including 3m at 1.32%
U3O8 from 25m depth

· Borehole PRC074; 43m at 0.27% U3O8 from 48m depth

· Borehole PRC075; 30m at 0.28% U3O8 from 52m depth and 36m at 0.20% U3O8
from 89m

· Borehole PRC078 24m at 4.17% U3O8 from 53m depth including 10m at 9.06%
U3O8 from 55m

· Borehole PRC083; 62m at 0.81% U3O8 from 61m including 11m at 15.16% from
112m

Now pay attention to this: UraMin have also stated that further verification is to be undertaken in a laboratory that specializes in analysis of high grade uranium-bearing ore because of the unusually high uranium values in these ore samples: Music to our ears! It will be interesting to see how the stock performs today on this news. Here at uranium-stocks we are excited by this news release and expect UraMin’s stock price to bump up. (However, the ‘sell the news’ brigade might prove us wrong.)

Taking a quick peek at the chart shows us that UraMin are making steady progress and their price has doubled this year. Some profit taking has occurred but that is to be expected we would have probably done the same had we been in at the beginning. Still this company is heading in the right direction so we are happy to hold and look to make further purchases in the near term.


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Reader Comments (1)

These are some good drill results and are economically recoverable but they are not amazingly brilliant.

The best drill hole is Borehole PRC078 24m at 4.17% U3O8 from 53m depth including 10m at 9.06% U3O8 from 55m but if you consider some of the drill holes at AXU's project are 20% and some at Cigar Lake are even higher.

That said these are still good results and confirms that Uranium should continue to do well as they bring their projects online in a triple digit uranium market.

June 8, 2007 | Unregistered CommenterTaylor

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