Pitchstone, Cameco advance Motapa uranium exploration
Pitchstone Exploration Ltd (C:PXP)
Shares Issued 24,700,008
Last Close 6/16/2006 $1.31
Monday June 19 2006 - News Release
Also Motapa Diamonds Inc (C:MTP) News Release
Mr. Ted Truemanr of Pitchstone reports
PITCHSTONE AND CAMECO MOVE AHEAD ON GABON URANIUM EXPLORATION
Pitchstone Exploration Ltd. and Cameco Corp. have completed the due diligence process with respect to a letter agreement signed with Motapa Diamonds Inc. to jointly explore Motapa's uranium exploration licenses in Gabon (see Stockwatch news March 1, 2006). Discussions with officials of the Gabon Ministry of Mines, Energy, Petroleum and Hydraulic Resources and a site visit to the license area have been satisfactorily completed by Pitchstone and Cameco personnel. A waiver by Motapa's alliance partner, BHP Billiton, to certain back-in rights to the project pursuant to a pre-existing agreement has been received.
In addition to the two previously announced exploration licenses, a third license has also been received by Motapa. Motapa now holds three licenses with the exclusive rights to explore for uranium, gold and manganese that cover approximately 600,000 hectares of the Francevillian basin in east-central Gabon. The licenses were applied for on the basis of encouraging results of geochemical analyses of samples collected by Motapa.
The Proterozoic Francevillian basin of Gabon is geologically analogous to the Athabasca basin of Saskatchewan. Deposits in the Oklo-Mounana district of the Francevillian basin have produced in the order of 100 million pounds of uranium oxide (U3O8) ranking it one of the world's most significant uranium districts. Production by a Cogema-controlled consortium began in 1960 and continued until 1999. All three parties feel that the extensive land position is underexplored and offers excellent potential for significant uranium discoveries. An exploration program, which is anticipated to commence in July, is currently being finalized.
© 2006 Canjex Publishing Ltd. |
