Announcements 2007
Update on Waterval Concession, South Africa
23 April 2007
The Board of Directors of Brinkley Mining is pleased to announce the progress made to date at the Waterval prospect, South Africa.
Since the grant and execution of the Prospecting Right over the areas in Waterval and Rietkuil on the 13 February 2007, considerable progress has been made in the exploration programme.
Remote Sensing To date we have completed and interpreted the Airborne Radiometric survey which has identified eleven anomalies over the Waterval area, these anomalies are currently being identified and tested using a hand held scintillometer. The results from this work will allow us to identify further drilling targets to expand the historic resources already targeted.
Field work during April 2007 revealed the positive identification of one of the airborne radiometric survey anomalies. The radioactive horizon is situated in mudstone on top of a very hard sandstone base. The general visual knowledge of the area suggests that this specific horizon extends over a large area and is probably one of a few horizons at various elevations. Field work is continuing and outcrop sampling will be done at the same time as the diamond drilling programme.
We have identified 136 historic drill holes over an approximate 160,000 m2. We are currently cleaning out the holes to obtain down the hole scintillometer readings which will be used to verify the grade of U3O8 previously encountered. Currently 77 holes have been cleaned out with down the hole scintillometer readings due to commence during the first week of May 2007. At the current rate, the cleaning of the boreholes should be completed in approximately 2 weeks.
Diamond Drilling We plan to twin up to twenty per cent of the historic holes and in addition expand the drilling to cover the prioritised anomalies identified through the remote sensing work. On successful completion of the drilling we should be in a position to provide a resource statement over the Waterval area. This is planned for the third quarter of 2007.
Gerard Holden, Executive Chairman of Brinkley Mining, commented:
"We are very pleased with the progress at the Waterval Prospect. The third party contractors have all performed well and we are especially happy to have secured the services of reputable drillers for the next stage of work."
ENDS
For further information, please contact:
Brinkley Mining Plc
Gerard Holden, Chairman
Donald Strang, Finance Director
Bruce Stewart, Investor Relations
Tel +44 (0) 207 016 5108 Fax +44 (0) 207 016 5101
Beaumont Cornish Limited
Michael Cornish, Director
Tel +44 (0) 20 7628 3396 Fax +44 (0) 207628 3393
Parkgreen Communications
Justine Howarth, Clare Irvine
Tel +44 (0) 20 7851 7480 Fax +44 (0) 20 7494 9023
Notes for Editors
Background on Waterval
The Waterval uranium deposit, like most of the deposits in the Karoo, is a typical sedimentary sandstone-type deposit. This deposit was explored in the 1970's by both Union Carbide Corporation and The Essex Mineral Company and in the early 1980's by the Geological Survey. During these various phases of exploration two uraniferous outcrops were identified which form prominent cliffs varying in thickness between 4 metres and 24 metres. Approximately 150 previous holes on a 100 metre by 100 metre grid were drilled. The drilling encountered uranium mineralization as shallow as 8 metres to 13 metres in depth and at an average thickness of 1.04 metres. The average grade was calculated to be between 1,690 and 1,820 parts per million ("ppm") uranium oxide ("U3O8") and 910 ppm molybdenum ("Mo").
SRK Consulting stated that based on the assumption that between 5% and 10% of the area underlain by uraniferous sandstone may be mineralised and typical mineralization grades for Waterval, the magnitude of the total in-situ mineralization that the Company is targeting in its exploration is likely to fall within a range of 11 million and 21 million pounds of U3O8 and between 5 million and 11 million pounds of Mo. It should be noted that these numbers do not constitute or claim to be a mineral resource under any of the modern internationally accepted standards for reporting mineral resources.
| Prospect Area underlain by uraniferous sandstone | Estimated frequency of mineralization(as portion of area underlain by uraniferous sandstone) | |
|---|---|---|
| Waterval 28.5 km2 | 5% | 10% |
| U3O8 target (lb U3O8): | 10,815,750 | 21,631,500 |
| Mo target (lb Mo): | 5,768,400 | 11,536,800 |
Qualified Person
Daniel Pretorius has reviewed the information contained in this announcement. Daniel holds a B Sc Honours degree and a Graduate Diploma for Engineers. He is also registered as a Professional Natural Scientist. Daniel is the Project Geologist for the Waterval Prospect. He has compiled, read and approved the technical disclosure in this regulatory announcement.
