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| | December 01, 2008
Prospective Uranium & Molybdenum Licences Granted in Cameroon
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| | NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES
December 1st, 2008
TSX-V: AAZ
African Aura Resources Ltd. ("African Aura" or the "Company", TSX-V: AAZ), an exploration company with iron ore, gold and uranium exploration activities in sub-Saharan Africa, announces that its 70% owned uranium exploration subsidiary Ridgeway Energy Ltd ("Ridgeway") has been awarded two licences in Cameroon which are considered prospective for uranium and molybdenum.
• Two licences granted to 70% owned uranium subsidiary in Cameroon
• Licences target sediment and granite hosted uranium occurrences
• Total uranium exploration licence base increased to 3,400km2
• Uranium exploration Joint Venture opportunities to be assessed
Ridgeway licences
Two exploration licences totalling approximately 1,992km2 have been granted to the Company's 70% owned uranium exploration subsidiary Ridgeway(www.ridgewayenergy.com)by the Ministry of Industry Mines and Technology Development of Cameroon. The licences were partly selected on the basis of uranium occurrences recorded in a report by the International Atomic Energy Agency in its "Atlas of Uranium Occurrences and Deposits (1988)".
The Ekomedion licence (992km2) is located in central western Cameroon and targets granite hosted and unconformity type uranium deposits including a previously trenched, high grade, porphyry-hosted molybdenum and uranium deposit with recorded grades of up to 176ppm U, and a Rare Earth Element target. The Mbanga licence (1,000km2) is located in central western Cameroon and targets sediment hosted uranium in coarse grained, partially conglomeratic sandstone abutting a granite with recorded uranium occurrences of up to 40ppm U. Similar style uranium projects exist at several locations bordering Cameroon in the Cross River Province in south eastern Nigeria.
Ridgeway intends to undertake a vehicle-borne radiometric survey across these two licences to prioritise anomalies for follow up exploration, as well as mapping and sampling the molybdenum occurrence.
John Gray, Chief Executive Officer, commented:
"We are pleased with the grant of the two new licences to our 70% owned subsidiary Ridgeway Energy Ltd, which over the past twelve months has undertaken a systematic and highly professional programme of uranium exploration in Cameroon. These two new licences target a sedimentary basin, a granite hosted uranium occurrence, and a potentially significant hard rock molybdenum occurrence, all of which will be the subject of future exploration plans.
While the market for uranium exploration companies has generally been weak over the past year, we remain confident that now is the time to explore for and discover the next generation of uranium deposits towards meeting future global energy needs, and that Cameroon has the potential to be a significant future supplier. In the meantime Ridgeway will consider joint venture opportunities on its portfolio in Cameroon with other proven uranium explorers and producers in order to share the exploration spend."
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