CHIRUNDU JV-NJAME/GWABE

African Energy Resources announced assay results for the recently completed reverse circulation drill programme at the Njame South uranium deposit have been received. Significant intersections includes NJS067 intersected 4m @ 347 ppm U3O8 from 36m, NJS078 found 5m @ 313 ppm U3O8 from 29m and NJS080 returned 6m @ 323 ppm U3O8 from 24m. And infill drill Hole NJS107 returned 2m @ 597 ppm U3O8 from 10m and in Hole NJS108 found 2m @ 588 ppm U3O8 from 8m, and 5m @ 690 ppm U3O8 from 33m. Results indicate that the uranium mineralisation has continuity in grade and along strike.

African Energy Resources Limited announce the completion of an initial resource estimate for the Njame South uranium deposit, within the company’s Chirundu Joint Venture Project, Zambia. A total Inferred Resource of 4.4 Mt @ 237 ppm U3O8 has been estimated for the Njame South deposit. This new resource brings the total combined resources at the Chirundu Joint Venture to 11 Mlb U3O8. Based on current Bankable Feasibility Study (BFS) parameters, the Njame South resource will increase the proposed mine life by approximately two years and is expected to have a materially positive impact on the project economics.

African Energy Resources announced that a programme of reverse circulation (RC) percussion drilling has been completed at the Njame South prospect, located within the Chirundu Joint Venture project in southern Zambia. The prospect is located approximately 1.5km southwest of the Njame uranium deposit and is interpreted to be the along-strike continuation of known mineralisation. The full drilling programme at Njame South comprised a total of 74 drill holes on a 100m by 100m grid, for a total of 3,173m drilling. Best assays from these 29 holes include from Hole NJS045 intersected 8m @ 414 ppm U3O8 from 24m, NJS067 found 4m @ 347 ppm U3O8 from 36m, NJS078 returned 5m @ 313 ppm U3O8 from 29m and 6m @ 323 ppm U3O8 from 24m was found in NJS080.