Uranium glow at Albidon

22/05/2006 Robert Tyerman

Western Australia-based Albidon has confirmed uranium mineralisation in Zambia's Kariba Valley.

Floated on AIM two years ago, Aussie-listed Albidon, steered by managing director Dale Rogers, says initial drilling at its Njame North prospect has encountered intersections with uranium mineralisation of 'significant thickness', including 10 metres at 760 parts per million and one metre at 2,200 parts per million. The company says the Njame mineralisation occurs in a similar geological setting to nearby uranium deposits at Dibwe and Mutanga.

Njame is part of a joint venture between Albidon and Energy Ventures, whose African Energy Resources subsidiary is to spend £230,000 over two years to earn an option to join Albidon on one or more project areas. African Energy can then earn a 30 per cent interest on each project area by spending £450,000 on each and take that to 70 per cent by funding a feasibility study on an industry-standard 'JORC' indicated resource.

Shares in Albidon, which is also looking at nickel at Munali and other projects in the same region, have perked up 2p to 37p against the market on the Njame news. They offer speculative spice for those not deterred by recent sector selling.

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