Urasias receives second U308 supply order
2006-04-06 21:07 ET - News Release
Mr. Phillip Shirvington reports
URASIA ENERGY LTD. SECURES SECOND SALES CONTRACT
UrAsia Energy Ltd. has agreed to supply a uranium producer with approximately 780,000 pounds U3O8 from its Akdala uranium mine in the Republic of Kazakhstan. The company has a 70-per-cent interest in the Betpak Dala joint venture, which has a 100-per-cent interest in the Akdala uranium mine. The delivery to the producer will be made in the first half of 2006 at market-related prices.
This is the second sales contract announced by the company since it acquired indirect interests in three Kazakhstan-based uranium projects in November, 2005. Commenting on the sales contract, Phillip Shirvington, president and chief executive officer, said, "Urasia is able to take advantage of today's high uranium prices and potential price rises to come, as it no longer has any old contracts in place, has negotiated its new contracts this year and is yet to contract most of its future production -- in summary, our production is unhedged."
The Kazakh-based uranium projects include: the Akdala uranium mine and the South Inkai and Kharassan, advanced-stage development projects. The company has filed revised technical reports (dated March 21, 2006, March 20, 2006, and March 25, 2006, respectively, and prepared by Roscoe Postle Associates Inc. (RPA)) for each of these projects, the reports are available on SEDAR. The technical reports were revised in order to add additional information and to clarify certain items, including historical drilling statistics.
Following completion of the company's revised technical reports and further to the technical disclosure in its revised annual information form dated, Feb. 20, 2006: management confirms that the drilling statistics reported for the South Inkai property did include drilling statistics for the entire Inkai uranium field. Based on recently obtained data from Betpak Dala, it is reported that on Urasia's South Inkai property, drilling consisted of 600 holes totalling 294,000 metres.
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