Oklo's Mali survey suspended, applies for 3 Niger projects

Perth-based uranium explorer Oklo Uranium Ltd has lodged three further exploration permits with the government of Niger, while an airborne geographical survey in Mali was suspended for operational reasons, the company has announced.

The full text of a company announcement is pasted below

Australian uranium exploration company, Oklo Uranium Limited (ASX: OKU), is pleased to announce that the company is continuing to expand its uranium interests in west Africa, with the submission of three Exploration Permits in Niger. This brings the total number of Exploration Permit applications in Niger to six, three previously being lodged in June 2007. Niger produces approximately 9% of the world's uranium and has produced uranium for over 40 years.

Applications for the three new applications, together with the original applications, are subject to approval of the Ministry of Mines and Energy of Niger. The original applications are in an advanced stage of processing. The new applications are expected to take approximately three months for approval.

Oklo's Managing Director, Ross Brown, said, "Our strategy in west Africa is multifaceted, satisfying both short-term and long-term positions in uranium exploration and development. The potential benefit of developing prospects in the
vicinity of existing uranium mines is self-evident, both in terms of utilising existing infrastructure and having access to processing facilities."

The Elmeki Project - Niger

The Elmeki Project, formerly called Gougaram, comprises four Exploration Permit applications (the first lodged in June 2007, the following three lodged in August 2007). The project lies on the western margin of the Aïr Massif.

The largely granitic rocks of the Aïr Massif have long been considered the source of the uranium found in economic grades in the sediments of the Tim Mersoï Basin, a Palaeozoic-aged sedimentary basin immediately west of the Aïr Massif. A joint European Community and Niger Government sponsored airborne geophysical survey has recently been completed across the entire Aïr Massif. Data from this survey will be available to those companies with valid permits in the survey area.

"Should the radiometric survey flown by the EEC/Niger government indicate that the crystalline bedrock of the Aïr Massif contains a high level of background uranium, then there is a distinct possibility that a wholly new uranium precinct may be established in Niger" said Ross Brown. "The appropriate exploration model then applied by companies would be similar to that of Namibia." Oklo is the first company to have applied for ground within the survey area and has selected ground on the basis of the known pegmatites and possible preserved sections of palaeo-channel, in line with the styles of mineralisation known in Namibia.

The Kidal Project - Mali

The airborne geophysical survey being conducted by UTS of Oklo's 19,000 km2 permit area at Kidal in Mali is 47% complete. There have been some recent localised and sporadic civil disturbances in the vicinity of Kidal, which for operational reasons has caused the survey to be interrupted temporarily. Data collected to date covering
approximately half this very large survey area is being forwarded to Southern Geosciences in Perth, for processing.

Under its permit, granted by the Ministry of Mines & Energy of Mali, Oklo has the first right for Group 2 minerals including uranium, precious metals, base metals and rare earths.

The company will provide the results of the completed survey data and information on the resumption of the airborne survey as they come to hand.