African Energy commences trading on ASX
African Energy Resources has commenced trading as a ASX listed company following its successful $5m IPO capital raising on March 27, 2007, which was more than 3.5 times oversubscribed.The company was established to explore and develop energy projects in Africa and is currently focused on advanced uranium exploration projects in the Kariba Valley of Zambia, where recent drilling has identified an initial inferred resource of over 2,200 tonnes of U308 at the Njame North prospect. The company is conducting a wide ranging uranium exploration program over extensions of the same prospective stratigraphy that hosts the Kayelekera deposit in the north of Malawi through Zambia and into northern Botswana. It controls the majority of this emerging uranium province with access to over 41,800sqkm of granted title and applications.African Energy Resources is anticipating delivery in Zambia this month of its purpose built RC exploration drilling rig, which is expected to commence the 2007 exploration drilling program on the Chirundu and Kariba Valley joint venture projects in early May. These projects are nominated joint venture projects with Albidon Limited. The company may earn a 30% interest in the projects by expending $1 million on each selected project area, and may then proceed to earn a 70% interest by completing a Prefeasibility Study on a JORC Indicated Resource.The 2007 field exploration program by the company has already commenced, with the exploration program initially focused on drill testing of the recently identified Gwabe uranium anomaly, followed by extensional drilling along strike and down dip from the Njame North resource. Initial assay results from the drilling program are expected to be released to the market in June or July.