25 May 2012

Backer puts £3m into Uranium Resources

05/04/2011 Robert Tyerman

Estes, part of Cayman Islands-based Tangent Fund group, has invested £3 million at 3p in Tanzania-focused Uranium Resources (URA). This investment takes Estes' holding from 26 per cent to 45 per cent and the AIM-quoted company will use the proceeds to advance its projects in Southern Tanzania's Karoo Basin.

Next month, Uranium Resources, steered by managing director Alex Gostevskikh, will start a 6,850-metre drilling programme at its Mtonya project in this area, where it also plans field reconnaissance at nearby Mtonya South West. The company says it is also planning a brief prospecting programme at another project, Eland.

Shares in Uranium Resources, which peaked at 8.25p a few years ago, have traded between 5.25p and 1.63p over the past year. Now 3.13p, valuing the company at £15 million, their potential is speculative.

Tags: AIM market, Cayman Islands, Tangent Fund Group, Tanzania, Uranium

Sector: Industrial Metals

Companies: Uranium Resources

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