The ASIA Miner - Magazine and News Service covering Mining in Asia.
Home arrow Current News arrow News Archive arrow November 2007 arrow URANIUM - Uranoz acquires geothermal assets
URANIUM - Uranoz acquires geothermal assets E-mail

Uranoz Limited has added geothermal exploration assets inAustralia and Asia to its suite of uranium projects.

In keeping with the company's strategy of seeking domestic and international growth opportunities, Uranoz will acquire:

* A well researched and explored geothermal project in South Australia's South East. This is a conventional hot rock project south of Mount Gambier.

* Rights to earn a 45% stake in the exclusive geothermal rights for the whole of the western Indian state of Maharashtra.

* A similar right in the Himalayan Geothermal Province in India's far north.

* Rights to earn a 61% interest in four geothermal exploration licences in the Kyrgyz Republic, which abuts China's western borders in central Asia.

Uranoz has also proposed to appoint experienced Australian mining and geothermal project developer, Dr Bertus de Graaf, as its first managing director.

Dr de Graaf owns Panax Geothermal, which is finalising negotiations securing the geothermal rights in India and has completed an agreement to earn equity in projects in the Kyrgyz Republic.

Uranoz chairman Greg Martyr says: "The acquisitions enable us to expand further the initial asset portfolio assembled for the prospectus so as to generate a wider project development corridor.

"Significantly, this broader project exposure is across a number of geographical areas, commodities and demand cycles, thereby providing better balance and risk for both our uranium and geothermal exploration initiatives.

"The expansion also enhances the position of the company in the worldwide thrust for the commercial development of clean energy resources."

 
< Prev   Next >