Zambezi Resources: Rio Tinto Exits Mulofwe Uranium JV
12 Mars 2009 - 11:29AM
Dow Jones News
Zambezi Resources said Thursday that it has received notice from
Rio Tinto Mining and Exploration (Rio) that it has withdrawn from
the Mulofwe Uranium Joint Venture (JV) in Zambia.
Rio's withdrawal from the JV took effect as of March 9, Zambezi
said.
Rio cites the primary reason for withdrawing from the JV as "a
reduction in global budgets across Rio Tinto Exploration has forced
us to re-examine our portfolio and focus on a few core
projects".
Rio entered into the JV on 4 September 2007 with the intention
of generating and drill testing targets for uranium mineralisation
within the property.
Initial work by Zambezi highlighted the potential of the project
through detailed airborne radiometrics. Follow up rock chipping and
trenching lead to the discovery of the Nkala Prospect. Results of
this initial radiometric survey showed an anomalous corridor of
elevated radiometric response in excess of 20km in strike
coincident with lithostratigraphic shale units and structure.
Subsequent to the JV being signed in 2007, Rio embarked on a
detailed and focused exploration program consisting of airborne
VTEM, surface mapping, spectral mapping, rock chipping, trenching,
SEM characterisation of selected minerals and wholerock analysis of
selected samples.
The work carried out by Rio has significantly advanced the Nkala
Prospect and identified other new targets with coincident VTEM
conductors and elevated radiometric response within the project
area. As a result of the detailed exploration work carried out by
Rio, collar positions for drillholes have been planned and were
intended for testing by Rio in Q4, 2008. It is Zambezi's intention
to drill these targets when the Company has secured its financial
position.
Due to the infancy of the project and work that had been carried
out on the project to date by Rio Tinto the Company does not
believe that the withdrawal is material to the operations of the
Company given the progress that had been made and that Withdrawal
took place prior to any drilling taking place and any drill results
being announced.
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