June 16, 1999
Uranium Exploration Zambia
HADDINGTON INTERNATIONAL RESOURCES LTD ("HDN-V;HDDIF-L")
- Uranium Exploration - Zambia
John Tarrant, President of HADDINGTON INTERNATIONAL RESOURCES LTD wishes to announce that the Company has reached agreement with two vendors to acquire a 100% interest in an exclusive prospecting licence covering approximately 2,000 sq km in Zambia, southeast Africa. The project area includes a number of uranium deposits. The vendors include a company associated with a Company director, John Tarrant.
The acquisition price is C$240,000 to be satisfied by the issue of 1,600,000 common shares of Haddington International Resources Limited at an issue price of 15 cents per share. The acquisition is subject to Vancouver Stock Exchange approval.
The uranium mineralisation in the project area is located in the Karroo Sandtone. The project area includes the Njame, Mutanga and Bungua deposits. The estimated size of the deposits is as follows:
//st Deposit Estimated deposit size Estimated Grade Tonnes of U3O8 % U3O8 Njame 1,000 0.10 Mutanga 2,000 0.10 Bungua 2,000 0.07//et
The area was explored by a number of companies in the late 70's and early 80's. Past exploration included the completion of 6,700m of percussion drilling and 5,100m of diamond drilling at Njame, 9,300m of percussion drilling at Mutanga and 2,100m of percussion drilling at Dibwe. At Mutanga a trial heap leach was carried out with good results reported.
The company intends to conduct a full review of the existing data from past exploration.
TEL: +618 9226 1550 John Tarrant, President FAX: +618 9226 1551 Haddington International Resources Limited E-mail: john.tarrant@bigpond.com
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