Company Profile
Prime Minerals Limited (“Prime”) successfully listed on the Australian Stock Exchange (“ASX”) on the 3rd January 2007. Prime is a uranium explorer that is also actively investigating resource opportunities with the aim to establish itself as a player in the emerging uranium industry. Uranium is the fuel of the future with rising fossil fuel prices and green house constraints, and in addition, fundamental growth driven by nuclear reactor builds, specifically driven by China, India and Russia. Demand is expected to exceed mine supply for many years. As stated in the Prime Prospectus, it should be noted that all Prime shareholders registered on a record date in May 2007 will be entitled to participate in a non-renounceable entitlements issue of Loyalty Options on the basis of one option for every two shares held at a price of one cent per option. The options will expire 31 October 2009 and will have a 20 cent exercise price and Prime will apply for official quotation on the ASX. Prime’s 100% owned Lake Mason uranium project is located 40kms southwest of BHP Billiton’s Yeelirrie deposit, which is the world’s largest calcrete uranium deposit containing 52,000t of uranium (Refer Figure 1). The objective of the radiometric survey is to define surface radiometric uranium anomalies additional to Bolitho Bore, where minor exploration defined a pre-JORC target mineralisation of 170,000kg (374,000lbs) of uranium. A secondary objective is to define litho/chemical and hydrological trap sites where uranium mineralisation has accumulated below the surface, followed by a detailed air core drilling programme. Prime’s Barrambie vanadium/iron project is located near the town of Sandstone in Western Australia (Refer Figure 1). The objective of this survey is to define extensions to the known Barrambie vanadium/iron mineralisation, and to define litho/structural positions favourable to the deposition of gold mineralisation. Prime’s Barrambie project surrounds Reed Resources Limited (ASX Code; RDR) JORC compliant Indicated and Inferred mineral resource of 39Mt at 0.49% vanadium oxide and 11% titanium oxide and 22% iron oxide with a reported NPV of A$379m. Prime’s Barrambie project includes 24km of highly magnetic sill and has the potential to host a significantly larger resource. |
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