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Albidon to Maintain 30% Interest in Chirundu Uranium JV
Wednesday July 9, 2008, 12:44 pm

Original Announcement: ALBIDON COMMITS TO BANKABLE FEASIBILITY ON URANIUM PROJECT

Albidon announced that based on a detailed review of the Pre-Feasibility Study (PFS), it has decided to maintain its 30% interest in the Chirundu Uranium JV and will contribute to the Bankable Feasibility Study (BFS) costs in proportion to that interest. The company's share of BFS costs is expected to be in the order of $US2m. The PFS demonstrates that commercially viable mining of uranium from the Chirundu Project is possible under the projected uranium price, capital cost and operating cost scenarios used by African Energy Resources. Key points from the PFS include production of 1.3Mlb U3O8 per annum over a 5-6 year project life; estimated capital costs US$68m for pre-production costs with an additional US$21m deferred costs and uranium recovery estimated at 85-90% for Njame ores, and over 70% for Gwabe ores.

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