Exceptional Drilling Results For Uranium Equities' Nt Project

Exceptional Drilling Results for Uranium Equities' NT Project

Specialist uranium company Uranium Equities Limited has announced significant drilling results at its exploration project in the Alligator Rivers Uranium Province, one of the most prospective uranium districts in the world.

The N147 prospect is located 1.2km south of the former Nabarlek mine site in West Arnhem Land in Northern Territory. Uranium Equities has a 40 per cent interest in 523sq.km of exploration tenements in the region as part of a joint venture with the world's largest uranium producer, Cameco Corporation.

The latest drilling program has extended the prospect to the west through significant new intersections of additional high-grade uranium mineralisation.

Of the 17 drill holes totaling 3,500 metres completed to date, 13 had significant uranium mineralisation and 3 holes produced exceptional results at depths of approximately 100 metres:

36.2 metres @ 0.172% uranium
14.5 metres @ 0.224% uranium
23.45 metres @ 0.138% uranium

Earlier this year, Uranium Equities also acquired the company which holds the Mining Lease for the historic Nabarlek Uranium Mine, Australia's highest grade uranium mine. During its operation between 1979 and 1988 the mine produced more than 24 million pounds of uranium which at today's commodity price would be valued at approximately $2.5 billion. The Mining Lease is less than 100 metres north of the N147 Prospect.

Uranium Equities Managing Director Mark Chalmers said:

"We are very excited about these positive results. The significant grades and thicknesses drilled thus far in this field season compare favourably with some of the best deposits in Australia," Mr Chalmers said.

"The grades are similar to those found at the Four Mile deposit in South Australia's Curnamona Province but at shallower depths.

"While our systematic exploration program is in its early stages, these preliminary results further demonstrate the prospectivity of this region."

Mr Chalmers said drilling would continue to further define the grade and extent of the mineralisation.

Drill sampling is also being undertaken to the north-east, east and south-east of the prospect.

Uranium Equities, which is headquartered in Adelaide, has a portfolio of exploration projects in three Australian States as well as in the Northern Territory. It also is involved in developing new technology for the extraction of uranium from phosphoric acid streams generated in the production of superphosphate fertilizers.

ISSUED BY HUGHES PUBLIC RELATIONS:
Phone +61 8 8412 4100 or Jenny Brinkworth 0419 808 789 (mobile)

FURTHER INFORMATION AND INTERVIEWS:
Please contact Mark Chalmers on +61 8 8110 0700 or 0417 861 482.

SOURCE: Uranium Equities Limited