Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Sept 2007farm in farm out completion▲ GoodMajor
African Energy earned its initial 30% interest in the Chirundu JV by spending A$1.0m, resolving the earn-in thread with Albidon. It can reach 70% by completing a pre-feasibility study; Kariba Valley spending requirement is still being met.
23 Aug 2007drilling result▲ GoodMajor
First 40 Gwabe infill holes found higher-grade shallow uranium, best 9m at 684 ppm U3O8 including 5m at 936 ppm, possibly suited to open pit mining. This builds on July's discovery; 70 more holes are due in September.
17 Aug 2007drilling result▲ GoodMajor
Rock-chip sampling at Chisebuka, Kariba Valley JV, found surface uranium up to 4,823 ppm U3O8, the highest in the company's portfolio; 11 of 46 samples exceed 100 ppm. Reconnaissance drilling is due in September after Njame extensional drilling.
19 July 2007drilling result▲ GoodMajor
First 25 Gwabe holes found shallow uranium mineralisation; 11 holes exceed 100ppm, best 6m at 566ppm U3O8 from 21m. This confirms the earlier soil anomalies. About 90 infill hole assays are due in August.
20 June 2007drilling progress report▲ Good
First-pass drilling at Gwabe North is complete, and infill drilling starts immediately because drill cuttings showed strong radioactivity on a scintillometer. Assays are due in July, and the rig then moves to Njame.
28 May 2007drilling spud● Neutral
Drilling began at the Gwabe uranium prospect with a new RC rig dedicated to Zambia for 2007 and 2008. Gwabe is expected to take 6-8 weeks, with first assays in 4-6 weeks, then Njame North.
1 May 2007drilling result▲ Good
Soil sampling at the 6km Gwabe prospect confirmed uranium anomalies, with peaks of 39 ppm U3O8. Drilling is needed to test for mineralisation below; it is due to start next month.
