Announcements 2008
Grant of Niger Exploration Permit
14 May 2008
Brinkley Mining is pleased to announce that its 70 percent. owned Nigerien subsidiary, African Uranium SARL ("African Uranium"), has been granted an Exploration Permit in Niger ("Terzemasour 3"). Terzemasour 3 covers an area of 422.3km² in the Tim Mersoi basin, is located approximately 30 kilometres to the west of the northern Niger town of Agadez and is proximal to the Arlit fault which is the main structural control to the existing uranium producing mines in Niger.
The Exploration Permit provides for the exploration of uranium and associated minerals for an initial period of three years until 24 March 2011, and can be renewed on two further occasions for an additional six years in aggregate.
Niger is the fifth largest uranium producer in the world and current production is from just two mines, the Arlit and Akouta deposits. A third deposit, Imouraren, was recently the subject of a positive development decision. Terzemasour 3 lies in a similar structural position to these three deposits and was the subject of extensive exploration work by the French company Cogema in the 1970s. There are at least 20 historical drill holes within Terzemasour 3 and a number have recorded down-hole radiometric anomalies from a range of different age formations of rock. A number of historical trenches have also been located with radiometric counts in excess of the range of the scintillometer.
The Company recently completed a detailed airborne radiometric-aeromagnetic survey which has indicated numerous anomalies of significant strength. Immediate ground follow-up of the anomalies by the field team has located surface mineralization at several locations with visible yellow uranium mineralisation identified. Samples from these locations have been sent for analysis. As a result of these encouraging initial results, the Company is planning to start a drill programme at the earliest opportunity.
Brinkley Mining has a call option to acquire the 30 per cent. of African Uranium SARL it does not own from its Nigerien partner at a price of US$1.75 million for a period of 730 days. The owner of the 30 per cent. interest in African Uranium SARL has a put option to sell its interest in the company for the same price for a period of 360 days.
Gerard Holden, Executive Chairman commented:
"We are delighted to have been awarded this exploration permit in Niger. The area is extremely close to the town of Agadez which has a good level of infrastructure and human resources. The initial results of the airborne survey are very encouraging and cover a wide area of the prospecting right. We are waiting for the chemical analysis of various samples and in the meantime are planning to start a drill programme as soon as possible."
Qualified Person
Kiran Morzaria has reviewed the information contained in this announcement. Kiran Morzaria holds a B. Eng Honours degree in Industrial Geology and a MBA in Finance. Kiran is a Non-executive director of Brinkley Mining. He has compiled, read and approved the technical disclosure in this regulatory announcement.
For further information, please contact:
Brinkley Mining Plc
Gerard Holden, Chairman
Donald Strang, Finance Director
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
