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News
27.05.2010
Xemplar to Pursue New Opportunities
Xemplar to Pursue New Opportunities
May 26, 2010 - Vancouver, British Columbia, Canada, May 26, 2010 - Xemplar Energy Corp. (the “Company”) would like to provide to its shareholders a business update.
The Company has now completed almost 80,000 metres of drilling on the Warmbad uranium project and whilst results of the drill program are still being evaluated, we have advanced the project to the stage where it makes sense to bring in a partner to continue large scale exploration and develop the property to its maximum potential. The Company is actively seeking partner(s) and is in discussions.
Recent surface sampling at the Aus / Garub uranium property has caused us to reprioritize our drilling / exploration program to give more focus to this project. Surface radiometric readings indicate that the alaskite bodies have the potential to host higher uranium grades than those found at the Warmbad property.
Based on the results of the first phase of drilling at Cape Cross, the Company is in the process of refining the drill program for this project. To this end we have retained a senior geologist who has been responsible for proving up and developing significant paleo channel type uranium resources in the so called Namibian uranium corridor.
The Company has been informed by the Namibian Ministry of Mines and Energy that the EPL application for the Engo Valley property was rejected on environmental grounds. The Company has launched an appeal, which is allowed under Namibian law, and is working with a Black Empowerment Enterprise partner to help secure the EPL. The Company believes that the government has not given ISR (in situ recovery) methods enough consideration during its review process.
Management has implemented a stringent cost cutting exercise to significantly reduce the Company’s burn rate whilst ensuring adequate resources to maximize shareholder value from its Namibian assets.
Recognizing the present price of uranium and the depressed state of the market for uranium explorers in general, the Company has made the decision to actively consider projects outside the uranium sector.
The Company is very well funded, with in excess of $8 million in its treasury, to develop existing projects and to pursue new opportunities.
Mike Magrum, P. Eng., a qualified person under National Instrument 43-101, has approved the technical content of this news release.
On behalf of the Board of Directors,
Xemplar Energy Corp.
“Simon Tam”
Simon Tam, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
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May 26, 2010 - Vancouver, British Columbia, Canada, May 26, 2010 - Xemplar Energy Corp. (the “Company”) would like to provide to its shareholders a business update.
The Company has now completed almost 80,000 metres of drilling on the Warmbad uranium project and whilst results of the drill program are still being evaluated, we have advanced the project to the stage where it makes sense to bring in a partner to continue large scale exploration and develop the property to its maximum potential. The Company is actively seeking partner(s) and is in discussions.
Recent surface sampling at the Aus / Garub uranium property has caused us to reprioritize our drilling / exploration program to give more focus to this project. Surface radiometric readings indicate that the alaskite bodies have the potential to host higher uranium grades than those found at the Warmbad property.
Based on the results of the first phase of drilling at Cape Cross, the Company is in the process of refining the drill program for this project. To this end we have retained a senior geologist who has been responsible for proving up and developing significant paleo channel type uranium resources in the so called Namibian uranium corridor.
The Company has been informed by the Namibian Ministry of Mines and Energy that the EPL application for the Engo Valley property was rejected on environmental grounds. The Company has launched an appeal, which is allowed under Namibian law, and is working with a Black Empowerment Enterprise partner to help secure the EPL. The Company believes that the government has not given ISR (in situ recovery) methods enough consideration during its review process.
Management has implemented a stringent cost cutting exercise to significantly reduce the Company’s burn rate whilst ensuring adequate resources to maximize shareholder value from its Namibian assets.
Recognizing the present price of uranium and the depressed state of the market for uranium explorers in general, the Company has made the decision to actively consider projects outside the uranium sector.
The Company is very well funded, with in excess of $8 million in its treasury, to develop existing projects and to pursue new opportunities.
Mike Magrum, P. Eng., a qualified person under National Instrument 43-101, has approved the technical content of this news release.
On behalf of the Board of Directors,
Xemplar Energy Corp.
“Simon Tam”
Simon Tam, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA9840071042">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA9840071042</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.