The new licenses replace portions of existing Joint Venture licenses held by Zambezi Resources Limited and cover the most prospective areas for uranium mineralization identified through detailed geophysical surveys and field activities undertaken by Lithic Metals in 2008.
Chalimbana Resources holds the uranium rights to the new licenses and is managed and sole funded by Lithic Metals.
Commenting on these events, Jim Kerr, managing director of Lithic Metals, said “The completion of a full field season of exploration over our Zambian uranium assets has allowed us to accurately define the most prospective areas for uranium mineralization, as exemplified by our recently announced discovery of high grade uranium values at our Katoba prospect. Not only does the creation of new title over these obviously prospective areas significantly extend the length of time our licenses have to run but also provides additional security over our existing investment by moving ownership of the licenses into a specific Joint Venture company controlled by Lithic. This process enhances the value of our assets through the extended license validity period and the de-risking of security of tenure.
This forward thinking policy enacted by the government of Zambia demonstrably allows companies to effectively utilize the prospective areas of Zambia on a commodity-specific basis.”
