Uranex encouraged by drilling results at Manyoni uranium resource in Tanzania

Uranex (ASX: UNX) have announced that recent assays returned from the 2009 drilling campaign continue to confirm the continuity of the Manyoni resource.

In addition, the company said modelling of geology and assays continues to demonstrate extension of mineralisation beyond the current limits of the resource model extents.

Geological interpretation and modelling of new drillhole information continues to advance the understanding of the Manyoni mineralisation within the various Playa Deposits, or Mbugas.

The high grade schrockingerite mineralised clay zone is approximately 1 km long by up to 300 m wide, in, and overlying a broader 3 km by up to 5 km wide carnotite saprolite mineralised zone.

Uranex said the high grade nature of the shallow schrockingerite mineralisation makes it ideal for ‘Starter Pit’ status and will contribute to strong early project cash flows.

To date approximately 50% of assays have been received with the remaining 50% of sample assays expected by late April 2010.

As for the assay results from the high grade schrockingerite zone, these selected intercepts and grades along with the other returned saprolite grades continue to confirm the resource continuity in the existing model, and also extend the mineralised zone to the north and west of the current model extents.

Geological modelling of data from the 2009 drilling and pitting programmes at Playas A, C West, E, F and G has commenced, and indicates the potential for extension of mineralisation beyond current resource boundaries (at Playas A and E) and in areas without existing JORC Inferred Mineral Resources (Playas C West, F and G).

The 2009 drilling results to date are most encouraging and provide the Company with continuing confidence in its Manyoni development strategy and ongoing Pre-Feasibility Study.

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