22 ARLINGTON STREET, LEVEL 5
LONDON
United Kingdom,
SW1A 1RD
Phone: +44 (0) 20 7016 5108
Fax: +44 (0) 20 7016 5101
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Brinkley Mining Plc is an AIM listed company whose strategy is to build a portfolio of uranium exploration projects with significant potential in Africa. The Company is currently undertaking preliminary resource drilling over its Waterval project in South Africa with the intention of providing a resource statement in Q3 2007. In the DRC, the Company has formed a strategic partnership with the Atomic Energy Commission (CGEA) and plans to commence exploration activity upon granting of permits.
PROJECTS AND DEVELOPMENTS
South African project:
Brinkley Mining's 49% owned associate company Western Uranium has as its primary asset, the Waterval prospect, in the Karoo region of South Africa. In addition Western Uranium has applied for prospecting rights over the Damsfontein/Bloemfontein, Rietkuil and Flagfontein areas. In total the Waterval, Damsfontein/Bloemfontein and Rietkuil areas are underlain by approximately 166 square kilometres of uraniferous sandstone.
According to the Competent Person Report (May 2006) prepared by SRK Consulting, these areas of known and potentially uraniferous sandstones can be interpreted as exploration potential in terms of the scale of mineralisation that is targeted by the Company in its exploration programme. It should be noted that the term "exploration potential" is meant to convey precisely that and is not a Mineral Resource classification of any kind, and particularly not under any of the modern standards such as the JORC Code, SAMREC, IMMM or CIM Standards.
SRK Consulting stated that based on the assumption that between 5% and 10% of the area underlain by uraniferous sandstone may be mineralised, and typical mineralisation grades for the individual prospects, the magnitude of the total in-situ mineralisation that the Company is targeting in its exploration is likely to fall within a range of 41 million and 83 million pounds of uranium oxide ("U3O8") and between 23 million and 47 million pounds of molybdenum ("Mo").
To date prospecting rights have been granted, notarised and effected for the entire area of the Waterval prospect and a 218 hectare portion of the Rietkuil prospect. The remaining prospecting rights have yet to be granted however Western Uranium continues to pursue clarification from the DME as to the status of the applications for these areas. Drilling has now begun at Waterval.
Democratic Republic of Congo project:
To date Brinkley Mining's 70% owned subsidiary, Brinkley Africa Ltd ("Brinkley Africa"), has identified five areas in Katanga over which licenses are being applied for, however there is no assurance at this stage that these applications will be successful. Two of the areas have historical uranium resources. Once these have been granted an extensive exploration programme will commence, including airborne geophysical surveys, trenching and drilling.
In addition to the development of resource assets in the DRC, Brinkley Africa has entered into an agreement with Le Commissariat General a L'Energie Atomique ("CGEA") to implement the appropriate security measures at key border control points to prevent the illicit export of radioactive material. Revenue from this venture will be generated from the certification of the export materials.
Southern Sudan project:
The Company is progressing the applications for uranium prospecting rights in Southern Sudan. The geology of Southern Sudan consists of Precambrian Basement, with mineralisation associated with the many structural features in the area. Some recent reconnaissance exploration work has encountered radioactive readings at 5 to 6 times background. It is expected that late stage Pegmatite intrusions are primarily responsible for the uranium mineralisation in this area.
Exploration target for U308/Mo prospects
| Prospect |
Area underlain by uraniferous sandstone |
Estimated frequency of mineralisation (as portion of area underlain by uraniferous sandstone) |
| Damsfontein- Bloemfontein |
59.4 km2 |
5% |
10% |
| U3O8 target (lb U3O8): |
18,033,840 |
36,067,680 |
| Mo target (lb Mo): |
15,028,200 |
30,056,400 |
| Waterval |
28.5 km2 |
5% |
10% |
| U3O8 target (lb U3O8): |
10,815,750 |
21,631,500 |
| Mo target (lb Mo): |
5,768,400 |
11,536,800 |
| Rietkuil |
33.2 km2 |
5% |
10% |
| U3O8 target (lb U3O8): |
12,599,400 |
25,198,800 |
| Mo target (lb Mo): |
2,519,880 |
5,039,760 |
| Flagfontein |
45.2 km2 |
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| The mineralisation potential of the Flagfontein Prospect is not known well enough to allow this kind of estimate to be made. |
| TOTALS: U3O8 target (lb U3O8): |
41,448,990 |
82,897,980 |
| Mo target (lb Mo): |
23,316,480 |
46,632,960 |
Table 1: Brinkley Mining's Exploration Target for its U-Mo prospects - sourced from SRK Consulting Competent Person Report, May 2006.
It should be noted that the above information is not a Mineral Resource classification of any kind, and particularly not under any of the modern standards such as the JORC Code, SAMREC, IMMM or CIM Standards.
Share info:
Shares Outstanding: 310 Million
Shares Fully Diluted: 355 Million
Major Shareholders:
Management: 12%
Substantial s/holders: 80%
Other: 8%
Cash: US$32 Million
Assets:
| 31-Dec-06 |
£ |
US$ |
| Cash |
16,615,000 |
33,230,000 |
| Current Assets |
17,090,000 |
34,180,000 |
| Property, Plant & Equip |
7,578,000 |
15,156,000 |
| Total Assets |
26,908,000 |
53,816,000 |
Wholly and partly owned subsidiaries in the Karoo, the DRC and Southern Sudan.
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