Oriental Minerals Inc. applied for uranium licenses on two project areas in South Korea
in November 2006. These applications demonstrate the Company’s goal to become a
dominant commodity supplier in the fastest growing regional economy in the world.
South Korea produces over 40% of its power from 20 domestic nuclear reactors but
does not yet have any domestic uranium production.
Oriental Minerals’ new uranium applications cover known uranium occurrences that
have been subject to only limited previous exploration efforts by Korea Institute of
Geoscience and Mineral Resources (KIGAMM) and Yeonse, Kangwon and Korea
University researchers during 1980‐1986.
Ogchon Uranium Project
Oriental Minerals has applied for a total of 144 Mining Rights for uranium and thorium,
covering a total of 39,744 hectares along a 90 kilometre long northeast trending belt of
the middle to late Ordovician Guryongsan Formation.
Some 16 airborne radiometric anomalies have been previously identified by the
KIGAMM and university researchers within this belt. A total of 85 rock chip samples
were collected from 12 of these anomalies, with reported results ranging from 2 to
1487 ppm U.
Oriental Minerals is reviewing the historical research data as well as the regional
geological and geophysical database, prior to initiating a comprehensive work program
to support the Ogchon applications.
Dongjeum Uranium Project
Oriental Minerals has applied for four Mining Rights for uranium, covering 1,104
hectares over the Dongjeum uranium prospect. Uranium at Dongjeum is reported by
the United Nations Atlas of mineral resources of the ESCAP Region – Republic of
Korea (1987) to be associated with veins and shears related to a Cretaceous felsic
intrusive.
South Korea’s Nuclear Power Industry
South Korea has a well developed nuclear power generation industry requiring over
3,000 tonnes per year of U3O8. As of 2005, South Korea’s 20 nuclear power stations
generate a total of 16,716 megawatts of electricity, representing 42% of the country’s
electrical generating capacity. A further eight power stations are planned in South
Korea; regionally, 11 reactors are under construction and another 38 planned. South
Korea currently imports all of its enriched uranium from USA, UK, Australia, Canada,
France, South Africa and Russia.
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