Further significant intersections at Mt Gee

Further significant uranium mineralisation has been intersected on both the eastern....

  Further significant uranium mineralisation has been intersected on both the eastern and western portions of Marathon Resources’ 100% owned Mt Gee deposit in South Australia.The Mt Gee deposit, with its Inferred Resource of 45.5 million tonnes of uranium mineralisation averaging 0.068% U3O8, or 69 million pounds of contained U3O8, is one of Australia’s largest undeveloped uranium deposits.The drilling results represent the fifth and final assays from the major RC drilling program completed in Q1 2007 to improve the resource definition of the Mt Gee deposit. A revised resource statement is being prepared based on the whole drilling program and is now expected to be available in August.The company has also outlined plans for an expanded diamond drilling program expected to commence this month on the Mt Gee East and Mt Gee West deposits.Analytical results have been received. Significant analytical results include RC07MN073 (156 to 169m: 13m at 0.08% U3O8), RC07MN075 (118 to 143m: 25m at 0.06% U3O8) and RC07MN085 (188 to 204m: 16m at 0.08% U308). According to the company, the substantial widths shown by several of the intersections enhance the exploration and resource potential of the Mt Gee East area and the possibility of defining substantial areas amenable to bulk mining. The Mt Gee project is located within the Paralana Mineral System of South Australia, a uranium-rich state which is home to the world’s largest uranium deposit at Olympic Dam.