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Major uranium resource upgrade for Marenica Energy in Namibia

Last updated: 20:09 01 Mar 2010 AEDT, First published: 21:09 01 Mar 2010 AEDT

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International uranium company Marenica Energy (ASX: MEY) has significantly increased the resource at its 80% owned Marenica Uranium Project, Namibia by 120% to 85Mlbs uranium (U308).

SRK Consulting (UK) completed the independent estimate and was based on all the results of the 2009 drilling and probing program at Marenica to the end of January 2010.

The updated resource now totals 227Mt grading 170ppm U3O8 comprising an Indicated Mineral Resource of 31Mt grading 175ppm U3O8 and an Inferred Mineral Resource of 196Mt grading 169ppm U3O8 for a combined total of 85 million pounds of contained U3O8.

This represents an 86% increase in tonnage and a 120% increase of approximately 46Mlbs (million pounds) of contained U3O8 to a total of 85Mlbs compared with the previously announced Indicated and Inferred Resource completed in late 2009.

WME’s CEO, John Young, said the 2010 Mineral Resource upgrade, represented a major step forward provided a very solid foundation for the Scoping Study on the Marenica Project which is scheduled to be completed by June 2010.

“With the completion of this landmark resource upgrade it’s now all systems go for Marenica as we forge ahead with an aggressive evaluation and development program in 2010, he said.”

The MEY share price has ticked up to $0.18.

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