Mar 13 2006
Northwestern Mineral Ventures has announced that it has completed the acquisition of two highly prospective uranium properties in the democratic west African country of Niger, one of the world's leading uranium producers. The concessions total 4,000 square kilometers (988,000 acres) and were selected for their favorable geology, exploration potential and strategic location - within the same stratigraphy to two operating uranium mines that together provide almost 10% of worldwide production.
"We are very pleased to be one of the first North American companies to acquire exploration permits in Niger - a country that has not been explored using modern techniques and has, until now, been one of the world's best-kept uranium secrets," said Kabir Ahmed, Chairman and CEO of Northwestern. "This acquisition takes Northwestern and its uranium portfolio to the next level, enabling us to focus our extensive expertise and exploration capabilities in one of the world's most prospective and unexplored uranium districts."
The properties, named Irhazer and In Gall, were previously covered by an airborne magnetic/radiometric survey in the mid-1970s that was funded by International Research S.A. Several north-east trending faults cross both exploration permits, which are favorable to the concentration of uranium mineralization.
Niger is one of the world's most important sources of uranium. The country ranks fourth for production globally and has cumulative output to date of approximately 100,000 metric tonnes uranium (U). Niger offers great potential for new discoveries given its favorable geology and the availability of modern, remote-sensing and geological modeling technology that has not been rigorously applied in that country.
Under the terms of the agreement with the government of Niger, Northwestern is the holder of Prospecting Permits for two properties - Irhazer and In Gall. Each property consists of 2,000 square kilometers (494,000 acres) of mineral rights. The permits are valid for three years and confer the right to any minerals obtained during exploration and test work. It also grants the right to a Mining Permit if a viable reserve is discovered. Northwestern has the right to renew the Prospecting Permit for two additional three-year terms, for a total of nine years, with the company renewing the most prospective areas on each occasion. Northwestern announced its application for these concessions in a press release dated June 2, 2005.
Exploration in Niger is under the supervision of Claude Jobin, P.Eng., M.Sc., a "qualified person" as defined by National Instrument 43-101. Mr. Jobin is responsible for the preparation of technical information in this news release.
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