Paladin Energy Ltd

Paladin Energy Ltd: Kayelekera Fatality

Paladin Energy Ltd regretfully advises that a fatality has occurred as a result of a motor vehicle incident at the Kayelekera Uranium Mine in Malawi on Wednesday, 7th October. A contracted mini-bus conveying 19 national workers overturned on a site access road and rolled down an embankment. One employee died and 19 people (including the driver) were injured. Those injured were immediately attended by the site doctor and transported to hospitals in Karonga and Mzuzu. Four were treated and allowed to leave and 15 people were admitted to hospital. Three are reported to be in serious but stable condition and others are in stable condition. Police and relevant Government officials have been informed and investigations are continuing. Assistance is being provided to the bereaved family.


International Enexco Limited Receives Drill Results on Its Mann Lake Uranium Project, Saskatchewan
Arnold Armstrong, President and CEO of International Enexco Ltd. reported that the Company has received from Cameco Corp. the remaining assay results from the 2009 winter drill program at Mann Lake. Incomplete assays from the winter program were published in an August 10, 2009 International Enexco news release. A total of 4,155 metres were drilled in six holes ranging in depth from 648m to 732m.

Strong alteration system indicators including high concentrations of boron (B) and low grade eU308 over long intersections were discovered in the sandstone formation (above the unconformity) during the 2009 winter drill program at Mann Lake. These indicators are often associated with unconformity (basement hosted) style uranium mineralization in the southeastern portion of the Athabasca Basin. Basement hosted uranium discoveries in the Athabasca Basin are often considered to be more desirable in terms of ease of mining and avoidance of possible water problems that sandstone can sometimes present. High grade, basement hosted eU308 averaging 7.12% over 0.25 m and 5.53% over 0.4 m was discovered within 12 m of the unconformity during Cameco’s 2006 Mann Lake drill program at depths of just over 500 m (see Enexco news release June 20, 2006). Combined assay results from all prior Mann Lake drill programs are particularly encouraging and further drill programs are anticipated.

The Mann Lake Project is located in northern Saskatchewan’s Athabasca Basin, the world’s richest and highest grade uranium district. The project is located approximately 20 km from Cameco’s McArthur River Mine (332 million lbs eU308), 65 km from the historic Key Lake Mine (166 million lbs eU308) and 15 km from Cameco’s Millennium deposit (46.8 million lbs eU308). Cameco Corp is project operator and the property is partnered as follows: International Enexco 30%, Cameco Corp. 52.5% and AREVA 17.5% with all partners financing exploration as per their percentage.

Pacific Bay Options Argentina Uranium Property to UrAmerica
David H. Brett, President and CEO, Pacific Bay Minerals Ltd. reports that the Company has optioned its 100% owned “Cerro Solo” claims in Chubut Province, Argentina (the “Property”), to UrAmerica Ltd., a private company focused on uranium discovery in Latin America. Under the option agreement, UrAmerica can earn a 60% interest in the Property by incurring USD$1,200,000 in exploration expenditures and paying Pacific Bay USD$140,000 over a 4 year period. Upon UrAmerica completing the option, the parties will then form a joint venture and contribute to Property expenditures pro-rata according to their respective interests.

Acquired by Pacific Bay in 2007, via staking, and formerly under option to Portal Resources Ltd., the Property lies within the “Cerro Solo Basin”, a portion of the San Jorge Basin, where several known economic, open-pit uranium deposits occur. The Cerro Solo deposit is situated 30 kilometres to the west of the Property, and hosts a 43-101 non-compliant historical resource calculated by the Argentine National Atomic Energy Commission to be 10 million pounds of U3O8, at a grade of 0.30%; and, 3.3 million pounds of molybdenum at a grade of 0.20% MoS2. As previously reported by the Company, Portal Resources obtained encouraging “Alpha Track” radioactivity results that were interpreted to indicate a potentially Uranium mineralized paleochannel at depth within the local highly prospective Los Adobes Formation.

“UrAmerica has significant resources and expertise on the ground in Argentina and is focused on uranium discovery,” said Pacific Bay CEO David H. Brett. “This partnership is a big step forward for Pacific Bay as we seek to leverage our uranium and other assets in Argentina.”

About Pacific Bay Minerals Ltd. Pacific Bay is a mineral exploration company with a diverse portfolio of properties with an emphasis on uranium discovery worldwide. The Company has extensive land holdings in Quebec’s Otish Mountains Uranium region, uranium and gold prospects in Argentina, an advanced base and precious metal prospect in northern British Columbia, and an exploration office seeking uranium opportunities in Namibia, Africa.

In other news, the Company wishes to make a correction to its news release of September 11, 2009 regarding the granting of 1.4 million 2 year stock options at $0.12 per share. This figure should have been 1.6 million options at $0.12 per share, not 1.4 million. All other terms remain the same.