Western Metals Sets Out 2008 Programme

by Tom Williams
(Melbourne)

Western Metals Limited, the growing Australian natural resources company which has conditionally acquired the Parys Mountain Project near Amlwch, Anglesey, has set out its programme for 2008.

The due diligence feasability tests to be carried out on the copper-zinc-lead resource at Parys Mountain, an advanced stage project, is just one of its growing portfolio of global exploration and development projects.

From copper-molybdenum-gold exploration in Chile to nickel, gold-zinc-lead prospects in Canada and uranium possibilities in the US and Tanzania, Western Metals (WMT)is very ambitious in its drive to become a global resources company.

The company has a large uranium prospect in South West Tanzania, considered an early stage project, covering about 14,000 square km.

Tanzania is ranked the 12th lowest risk investment country in the Chubb Risk Survey (2007) according to WMT.

The company says specimen gradings from the Eland prospect, near the Mozambique border, show uranium oxide (U3O8) gradings of 1080 ppm.

Meanwhile the Foxy prospect, about 90km north west of Eland, suggests a significant concentration at 13,400ppm U3O8.

About 60km North West of Foxy prospect is the Mtonya Corridor project, mainly consisting of sandstone and mudstone, where drilling operations suggest 1,233 ppm U3O8 over a 7m interval at Henri and 7,723 ppm at Grandfather.

WMT plans to invest A$2.5m in Mtonya where they will focus on 12,000m of drilling until October 2008 and also carry out helicopter based reconaissance to December 2008 at the Moysten, Mad Fish, Rufus, Para, and Grandfather prospects.

The aim is to clarify both surface and sub-surface mineralisation.

Meanwhile, in West Georgetown, Queensland, Australia, WMT is planning to invest A$2m on its silver-lead-zinc prospect.

It plans to carry out gravity and electromagnetic surveys and drill 5,000m of its priority target locations up to September 2008.

With governments in both developing and developed countries looking to address the energy gap and to reduce CO2 emissions, more nuclear power stations are in the pipeline.

So the demand for uranium to fuel the reactors will remain high for the forseeable future.

As supply constraints remain, the need to secure new sources is evident and WMT appears to be in the right market at the right time.

Looking at WMT's other interests, such as the Parys Mountain project, the demand for zinc and copper is likely to remain very strong, with emerging economies such as India and China showing no let up in their need for industrial metals.

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