Local-Id:
ISIN: CA68619L1031
Symbol: OZ4
WKN: A0KFUA
Oriental gets three more uranium licences
2008-07-09 08:39 ET - News Release
Mr. Ian Fodie reports
ORIENTAL GRANTED ADDITIONAL URANIUM EXPLORATION LICENSES IN SOUTH KOREA
Oriental Minerals Inc. has received the grant of three uranium exploration and mining licences known as Daejeon 80 (registration No. 77073), Geumsan 81 (registration No. 77072) and Goisan 116 (registration No. 77074) in the Ogcheon region of South Korea.
These are the second set of uranium licenses granted to a foreign company in South Korea. The first licenses granted to a foreign company to explore for uranium in South Korea were announced by OTL in January (see OTL News Releases of January 14 and May 28, 2008).
Commenting on the grant, Mr. Ian Fodie, the newly appointed President and CEO of OTL, said, "This additional grant of uranium licenses represents progress by our energy exploration team, furthering our efforts to establish a viable uranium asset base for exploration and potential development in South Korea."
The initial two licenses announced in January plus the three today are part of a series currently under application based upon OTL's exploration program covering an approximate 90-kilometre strike length of carbonaceous metasediments identified as containing prospective coincident uranium and vanadium.
Two of the three new granted tenements (Daejeon 80 and Geumsan 81) occur along strike to the south-west of the two tenements granted in January of this year (Daejeon 39 and 29), and represent increased coverage by OTL of probably the most potentially economic uraniferous section of the southern end of the Ogcheon Belt. The third new granted tenement (Goisan 116) is located within a second potentially productive uraniferous zone at the northeastern end of the Ogcheon Belt. Each mining license title is approximately 1.88 x 1.50 kilometres, or 2.82 km2.
An initial exploration program of geological mapping and radiometric ground surveys will be followed by diamond drilling (part of the 6000 metres announced in OTL's news release of January 14, 2008) to define the potential for significant uranium resources within these registered mining rights. A map of the area can be found on the Oriental web site at: http://www.orientalminerals.com/s/Ogchon.asp?ReportID=180026.
The target carbonaceous metasedimentary horizons are regarded as analogues of the Chattanooga (USA) and Alum (Sweden) shales, but typically with relatively higher anomalous uranium (often in excess of 0.02% U) and vanadium (often in excess of 0.3% V). The carbonaceous metasediments form part of the late Precambrian to early Palaeozoic Guryongsan Formation and extend for approximately 90 kilometres within the NE-SW trending Ogcheon structural lower greenschist facies zone.
Oriental Minerals is focused on developing world-class mining projects in South Korea. Its flagship Sangdong tungsten-molydenum project is undergoing a Preliminary Economic Assessment as a further step to revitalizing what was formerly one of the largest tungsten mines in the world.
The Ogcheon project is under the fulltime management and supervision of Mr. Chris Tedman-Jones, MSc, DipCoalGeol, FGAA, MSIA of Australia who ensures that the work complies with industry best practices standards. This news release has been reviewed and approved by Oriental Minerals' independent QP Al Workman, P.Geo. and Vice-President of Watts, Griffis and McOuat Limited.
We seek Safe Harbor.
