ACB-A-Cap resources U308

[shasta]

mmm wish I brought some more before this -Trading halt- the new JORC likely to be announced should spark some market interest

Got an email re ACB, that was interesting.

I'm going to look a little closer at this now

TONIGHT'S EMAIL IS SPONSORED BY A-CAP RESOURCES LIMITED, a Uranium explorer who is responsible for discovering Botswana's first and to date only uranium resource.

The company was listed onto the ASX in 2006 and is primarily focused
on its uranium exploration projects in Botswana, which is estimated to contain a significant resource exceeding 150 million pounds of U3O8.

A-Cap Resources has spent approximately $20 million so far on its exploration program and in so doing has discovered in excess of 150Mlbs of U3O8 this equates to a discover cost of less than 15 cents per pound of uranium oxide.

The Company announced last week the release of a Resource Update for its Letlhakane and Serule uranium prospects located in North East Botswana.

This update confirmed the global resource is presently 463 million tonnes at 154ppm for 157.8 million pounds of U3O8, representing an increase of 59% from the June 2008 Inferred Resource of 98 million pounds of U3O8.

The Resource Update confirmed positive estimations from A-Cap's leading prospects, incl ding a total resource at Letlhakane equaling 344 million tonnes at 160ppm for 116 million pounds of U3O8.

Significant portions of the Resource have shifted from the Inferred Resource category to the Indicated Resource category, taking it one step closer to becoming Botswana's first uranium
mine.

Accompanying this significant news is the identification of a new Resource
called the Serule Uranium Project, located six kilometres to the south of
Letlhakane.

The Company announced this resource contains 42 million pounds of U3O8, all of which is currently classified as an Inferred Resource.

Dr. Andrew Tunks, Managing Director of A-Cap Resources Limited, said these results were highly significant as they reaffirm geological confidence in the prospects.

We already knew we had a substantial uranium resource.

The Resource Update is one step on the way in taking the Letlhakane project from resource to reserve as part of our ongoing Bankable Feasibility Study (BFS).

The BFS commenced in mid 2009 and is expected to conclude in 2010. The Resource Update is the first major report released from the Bankable Feasibility Study.

For more information on A-CAP Resources Limited and this new development CLICK

HERE: http://www.australianinvestor.com.au/magazine.aspx?id=3173

Or visit: http://www.a-cap.com.au/

[drillfix]

Hey Shasta,

He is another link for ya buddy from Canary

http://www.canaryevents.com.au/uranium2009/4.html

[JBmurc]

yeah good to see some others seeing the value here planning on increasing my holding this week so cheap atm 150mill lbs+ this should well grow the grades might not be the best but they have so much more ore untested I wouldn't be surprised to see ACB command a 300mill lbs JORC resources (only 20% of ACB high radioacitive area has been even looked at) -

-open cut mine large scale-heap leach- need water if they find a good bore a major plus
-forward production costs $33 U308 prices will have to go up with demand 2012 set to blow out forward production

[shasta]

Hey Shasta,

He is another link for ya buddy from Canary

http://www.canaryevents.com.au/uranium2009/4.html

Cheers for that Drilly

Uranium's day in the sun will be 2011 - 2012 IMO.

I also like FTE (advanced), & WWI at the spec end of the Uranium players.

[JBmurc]

CNNC International Ltd, the listed unit of China's largest nuclear power plants operator China National Nuclear Corp (CNNC), said yesterday it would buy a stake in a uranium mine in Niger from its parent for HK$414 million ($53.3 million), and fund the deal by issuing convertible notes.

　　The company will acquire Ideal Mining Ltd from its parent CNNC. Ideal Mining holds a 37.2 percent stake in the Azelik uranium mine in Niger, it said in a statement to the Hong Kong bourse yesterday.

　　The Azelik mine comprises three uranium deposits and has an estimated mine life of 17 years. It is estimated that the mine contains resources of around 11,227 tons of uranium, said the statement

---------------8th feb
Discovery of New Zone of
Secondary Uranium Mineralisation
Ongoing exploration at the Letlhakane Uranium project has discovered a new
zone of near surface secondary uranium mineralisation to the west of the
Gorgon Prospect. The new zone has now been defined in a 150m wide by
500m long northwest trending corridor which remains open to the east and the
west. Uranium mineralisation starts within 1 metre of the surface and down to a
depth of 8 metres (Figure 1).
Although no assay results are yet available trenching and visual inspection of
hollow auger core has confirmed the presence of carnotite (uranium vanadate
mineral) in calcretes and fine-grained, strongly weathered sedimentary rock of
the Karoo Supergroup.
This discovery is potentially important as the 2008 SRK Scoping Study on the
Letlhakane Uranium Project showed that this style of mineralisation has the
highest grades, the best metallurgical recoveries and is close to surface making
it the project’s most attractive oretype.
A Hollow Auger drill program is underway to define the extent of the new zone
and to provide material for assay so the grades can be quantified. These holes
are not probed with the downhole radiometric logger as disequilibrium issues
preclude accurate estimate of the grade by this method in the near surface
environment.
A-Cap used the hollow auger drilling technique to estimate the grade of the
Mokobaesi secondary resource which currently stands at 11.3Mt @ 199ppm for
4.9Mlbs of U3O8. The Mokobaesi Resource is part of the Global Mineral
Resource of 463Mt @ 154ppm for 157Mlbs U3O8 as announced in the
December 2009 Resource upgrade.
Highlights
 A new zone of secondary mineralisation has been discovered at
the Letlhakane uranium project, to the west of the Gorgan
Prospect
 It has been defined in a 150m wide by 500m long corridor,
which is open along strike on both ends
 Mineralisation commences within 1m of the surface, to a depth
of 8m

[JBmurc]

From ACB latest presentation-http://hotcopper.com.au/announcementFiles/2010/ACB/09485988-c7ee-48ed-813f-c634ae21df60-ACB333139.pdf


1. ACAP remains fully focused on its Botswana Uranium Assets
2. Globally significant resource of 158Mlbs with potential to double
3. Project has best address in Africa with low political risk and excellent
infrastructure already in place
4. Staged project development planned initial production from high-value,
near-surface ore contributes to low CAPEX and OPEX
5. Potential for beneficiation of ore to offset relatively low grades
6. Metallurgical testing underway to optimise process routes
7. Strong Exploration Potential
8. Major drilling program currently underway
9. Drilling and feasibility studies to continue through 2010 followed by development decision

At a 100ppm U3O8 cut off the Global Resource has
increased by 59%
The Indicated and Inferred Resource is
463Mt@ 154ppm -158Mlbs U3O8
Current contained pounds makes this the 12th
biggest undeveloped uranium deposit in the
world!!!!!!!

IMHO it will be in the top 10 with the new discovery yet to be defined

[JBmurc]

been very quite volume wise for ACB since late Jan10 till yesterday an today some 2m+ shares have traded pushing the SP from 36.5c tuesday 43c currently today
good news coming i reakon

-A new twist to the uranium story makes it even more compelling than before, in Rick's view. "In the past, the development of a uranium mine was really the sole province of a major or a super-major," he observes, "but increasinglydue to the strategic nature of uranium depositsjuniors that discover major uranium deposits will have financing options open to them that were not open in the past." He explains that lenders increasingly are requiring plant operators to lock in supplies of uranium over the entire amortization period of the loan. For example, if an operator were to build a new reactor in for $6 billion and borrowed $4 billion over 30 years to finance it, the bank would require them to lock in a million pounds of uranium a year for 30 years. Given that there are well over 100 reactors planned for the next 10 years, probably 50 of which will be built, I believe there will be incredible demand to lock in supplies. Those off-take agreements can be used by fairly small companies to finance the construction of uranium mines."

[JBmurc]

China Growth Minerals Increases Shareholding
to 16.07%
A-Cap Resources Limited (‘A-Cap’), is pleased to announce
that China Growth Minerals Limited (‘CGM’) has acquired a
further 13,000,000 shares of A-Cap from Polo Resources plc
pursuant to the Share Sale Agreement (refer announcement
dated 25 September 2009), bringing their total shareholding
to 26,000,000 shares, or 16.07% of the issued share capital.
A-Cap Managing Director Andrew Tunks said, “We welcome
CGM’s latest investment in A-Cap, which now increases their
shareholding to 16.07%, making CGM our largest
shareholder on the register. Their increase in shareholding
in A-Cap is further evidence of their ongoing support of our
assets in Botswana, particularly the Letlhakane Uranium
Project, which we believe is one of the largest uranium
discoveries in the world. With the global demand for nuclear
energy increasing, particularly in China, we are delighted to
have such a prominent Hong-Kong based investment firm on
board.”
For Further information contact
A-Cap Resources + 613 9813 5888
Victoria Thomas, Six Degrees Media + 613 9674 0347

[shasta]

China Growth Minerals Increases Shareholding
to 16.07%
A-Cap Resources Limited (‘A-Cap’), is pleased to announce
that China Growth Minerals Limited (‘CGM’) has acquired a
further 13,000,000 shares of A-Cap from Polo Resources plc
pursuant to the Share Sale Agreement (refer announcement
dated 25 September 2009), bringing their total shareholding
to 26,000,000 shares, or 16.07% of the issued share capital.
A-Cap Managing Director Andrew Tunks said, “We welcome
CGM’s latest investment in A-Cap, which now increases their
shareholding to 16.07%, making CGM our largest
shareholder on the register. Their increase in shareholding
in A-Cap is further evidence of their ongoing support of our
assets in Botswana, particularly the Letlhakane Uranium
Project, which we believe is one of the largest uranium
discoveries in the world. With the global demand for nuclear
energy increasing, particularly in China, we are delighted to
have such a prominent Hong-Kong based investment firm on
board.”
For Further information contact
A-Cap Resources + 613 9813 5888
Victoria Thomas, Six Degrees Media + 613 9674 0347

ACB looking good & i see the U308 price has increased slightly over the last few weeks +0.50 to $US41.25/lb

[JBmurc]

ACB looking good & i see the U308 price has increased slightly over the last few weeks +0.50 to $US41.25/lb

yeah you should have been loading up back in the low 30's shasta
sadly I had to sell my ACB an some PEN ,ROC holdings need to come up with 75k deposit to start the building of are house here even though I really could see ACB going alot higher