OmegaCorp uranium play

LOCAL listed uranium junior OmegaCorp has committed to advance to a 70 per cent interest in the Kariba uranium exploration prospect in Zambia, southern Africa. The project covers 2,521 square kilometres in a recognised area of mineralisation, according to the company. OmegaCorp will spend a minimum of US$250,000 over two years and a further US$750,000 over two years to earn the 70 per cent stake. Once this earn-in period is complete, a joint venture will be established on defined terms, the company said. OmegaCorp joins another local junior to acquire a uranium prospect in southern Africa, Bannerman Resources. Bannerman, which listed in April, two weeks ago announced its intention to acquire majority rights to a uranium exploration portfolio in Namibia, near the world’s largest open pit uranium mine, Rössing, owned by Rio Tinto.