Mineral Invest concludes agreement on gold deposits

Mineral Invest International MII AB (publ) has today through its local subsidiary, Mineral Invest Congo SPRL, after a long period of negotiations with the state owned mining company Office de mines de’Or de Kilo-Moto, OKIMO, acquired an exclusive license agreement regarding gold prospecting in the Kilo-Moto area. This area is located in the north-eastern part of Democratic Republic of Congo of (DRC).

The mining permits for the license area will be allocated to a partnership which will be formed between Mineral Invest and Okimo. “This is a world-class area which in our industry corresponds to several million ounces of gold” says Michael Nilsson, CEO Mineral Invest International MII AB.

Today, Okimo owns an area of 83,000 km2 in the Oriental province in north-eastern DRC whereof 20,000 km2 has been subject to geological survey. The appearance of gold was detected in the beginning of the 20th century and the area is regarded as one of the most promising gold mining areas in the world. The license area comprises 1,440 km2. The entire area has historically been subject to geological survey, and the interest from larger mining companies to acquire licenses has lately been in focus. Amongst these companies can be mentioned RandGold and AngloGold Ashanti. Also, smaller companies such as Mwana Africa operates in the province, where investments are made within the various area where prospecting activities are conducted.

Okimo is one of the largest state owned gold companies being responsible for managing and maintaining the mineral- and energy sector in the country. The company was founded more than 100 years ago having its head office in the capital Kinshasa. Okimo holds the fifth largest gold reserves of 23 million ounces, which corresponds to about 13 percent of the total world reserves.

Pavel Durnev, Chief geologist at Mineral Invest, says” The indicated gold content in the area has been ranging within 10 to 119 g/t and I think it is highly possible that the license area contains several million ounces of gold. A delegation, headed by Willy Bafoa Lifeta, CEO of Okimo, visited Stockholm in July this year, with the purpose to discuss ways and terms for future cooperation.

Willy Bafoa Lifeta comments “- I am looking forward to a fruitful and long lasting cooperation with Mineral Invest”. “This gold license constitutes one of the most significant and interesting events within the Swedish mining sector. This license gives opportunities and challenges in a strongly expanding area. Our local work force is really looking forward to this” says Michael Nilsson, CEO Mineral Invest, continuing “A number of transactions have been conducted in the area. For example, Anglo American Gold acquired during 2009 Moto Gold at a price of around MUSD 545 for a license area directly adjacent to ours. This agreement will require strong financing strategy. We will revert within short on this issue” says Michael Nilsson.
“The license is the result of several years of work. As Mineral Invest’s product portfolio now gets considerably stronger, the organization and strategies will be reviewed and adapted to the new situation. To conform with the agreement we will allocate optimum resources to DRC. We have received a fantastic support from Okimo and their very competent personnel during the negotiations procedure, and we are really looking forward to coming activities in the WANGA area of the Oriental province” concludes Michael Nilsson.

>>Read More......

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.

>>Read More......

Uranium Discovery and Drilling and Announces

Vena Resources Provides Update on Uranium Discovery and Drilling and Announces Private Placement

Vena Resources Inc. announce that as the drill permitting process is in the final stages, Minergia Resources SAC, a company jointly owned by Vena and Cameco Corp., expects drilling to commence mid-November on the Macusani uranium project located in Peru’s southeastern Puno Department.


The total program encompasses 11,000 meters of drilling in 71 drill holes and the first phase of this year’s program will consist of 35 holes from 29 platforms totaling approximately 5,600 meters and will concentrate on developing inferred resources at the Tantamaco prospect as well as initial testing of the Isivilla prospect. Two other prospects – Calvario Real and Tuturumani – will be tested during the second phase of the drill program. The drilling will be performed by Canchi Perforaciones Peru S.A.C. utilizing two track mounted BBS-18E rigs that have been selected to minimize the environmental impact of the program.

The Tantamaco uranium prospect is located on the northern rim of the Macusani caldera. Uranium mineralization is principally autunite that occurs in fractures and joints within rhyolitic ignimbrites in multiple near surface horizons. The best intersection in the 2008 reconnaissance drilling was 0.2 %U (4.22 lb/t U) over 14.5 meters. The first phase of the drill program will explore an area of 900 meters by 300 meters with holes spaced at 100 meter intervals. The objective is to test the continuity and grade of the mineralization leading to the calculation of an initial open pit reserve.

The second phase of the drill program will continue to expand the testing of the Tantamaco prospect to the south. A plan showing the Tantamaco drill program is posted on the Vena Resources web page at www.venaresources.com.

In a recent development, field crews have discovered uranium mineralization in a porphyritic intrusive on the Santa Rosa property located approximately 80 kilometers southwest of Macusani. Uranium in the form of torbernite and metatorbernite occurs as fracture filling and disseminations in a monzonitic granite intruding Permian volcanics. Detailed scintillometer surveying and surface rock sampling is underway to determine the potential size and grade of the zone.

Uranerz Receives Air Quality Permit for ISR Mine Construction
Uranerz Energy Corporation announce that the Wyoming Department of Environmental Quality (“WDEQ”) – Air Quality Division has approved and issued the air quality permit for the Company’s Nichols Ranch ISR Uranium Project. The WDEQ – Air Quality Division has issued Permit No. CT-8644 in the form of a Permit to Construct the Nichols Ranch Uranium ISR Project which includes the Nichols Ranch Central Processing facility and the Hank Satellite plant. This is the first operational permit for the construction of the Nichols Ranch Uranium ISR Project to be issued to Uranerz by the State of Wyoming. Receipt of the air quality permit demonstrates progress in the environmental permitting process required for uranium production in Wyoming. The WDEQ Permit to Mine and the U.S. Nuclear Regulatory Commission Source Material License must also be obtained prior to initiating construction activities on site.

In December 2007 the Company submitted the Source Material License and Permit to Mine applications to build and operate the Nichols Ranch Uranium ISR Project, located in Johnson and Campbell Counties in the Pumpkin Buttes Uranium Mining District of the Powder River Basin, approximately 60 miles northeast of Casper, Wyoming. The detailed review of these two applications by the respective agencies is ongoing at this time. The Nichols Ranch Uranium ISR Project includes uranium in-situ recovery (“ISR”) well-fields and a central processing facility (complete with ion-exchange concentration and elution circuits, and drying and packaging circuits for finished yellowcake product) at the Nichols Ranch property, and a satellite facility with uranium ISR well-fields and an ion-exchange plant at the Hank property. The production level from these two properties is planned to be in the range of 600,000 to 800,000 pounds per year (as U3O8), while the central processing facility is being licensed for a production level of two million pounds per year. The project is progressing through detailed engineering and design. Commencement of construction and operations at the Nichols Ranch Uranium ISR Project is dependent on receipt of all required regulatory approvals.

>>Read More......

Buckingham Exploration Inc. options new property

Buckingham Exploration Inc. options new property and completes disposal of Colorado subsidiaries
Buckingham Exploration Inc. announce that it has optioned the Lady Ermalina Chemainus Claims on Vancouver Island. The option calls for an immediate payment of cash and shares and staged payments in future years. Specifically, Buckingham agreed to issue an aggregate of 600,000 shares of common stock of the company and to pay an aggregate of $5,000 in cash in consideration for the grant of the sole and exclusive right and option to acquire a one hundred percent undivided interest in the claims. In addition, Buckingham has to incur not less than $600,000 in expenditures on exploration and development of the property before January 6, 2012.


These claims cover 550 hectares of ground on a NW trending section of the Sicker formation (a strong exploration target for VMS Copper/Lead/Zinc deposits). The property is easily accessible by logging roads for a drill program and has a major power line traversing the project.

Buckingham is further pleased to announce that it has finalized the sale of its two Colorado subsidiaries to Regal Uranium Inc. for $550,000 and repaid the $500,000 debenture secured by these properties.

The company continues to maintain its office and coordinate its operations from its head office in Canon City, Colorado and is actively looking to acquire further properties and additional funding for these projects. Please visit Buckingham’s website at www.buckinghamexploration.com to view updated information with regards to the company’s activities

Mawson focuses on uranium exploration in Scandinavia
Mawson Resources Limited announces the company has commenced proceedings to withdraw from its mineral exploration licences in Spain, and at the same time expand its uranium exploration efforts throughout Scandinavia.

After a recent Board review of the Company’s uranium assets it was determined Scandinavia holds the greatest potential for further significant discoveries. In Spain, the Company no longer believes it is possible to consolidate its holdings with the State Reserve in the Don Benito area in a timely manner and is therefore surrendering its exploration leases. Mawson will increase its exposure in Finland and Sweden by expanding the Company’s dedicated project generation efforts, by drilling around known uranium resources and through potential further acquisitions.

In line with the Scandinavia emphasis, Mr Michael Hudson presented at the biannual Fennoscandian Mining Conference (FEM09) last week on the current status and future potential for uranium in Scandinavia in a presentation titled “Uranium in Scandinavia. Lot’s of Smoke, But Where is the Fire”.

Mr Hudson states: “With over $10 million dollars in cash Mawson is well placed to reinvigorate its efforts in Sweden and Finland where the Company holds tenure over 3 uranium resource projects and many high quality exploration assets. Sweden is currently one of the world’s largest uranium consumers on a per capita basis and has recently made announcements to expand its nuclear program after many years holding a phase-out policy. Finland is currently expanding its nuclear program by building the country’s fifth and the world’s largest nuclear power reactor. At present 48% and 26% of the total electricity supply in Sweden and Finland respectively comes from nuclear energy. Finland and Sweden import all of the uranium required for their nuclear reactors. Mawson looks forward to continuing to provide Scandinavia with an option for its energy future.”

>>Read More......