Kyrgyzstan
Our Operations
Kyrgyz Uranium Assets
The company holds a 22.5% interest in the East Kokmoinok Uranium licence in the Kyrgyz Republic.
In December 2009 the Company finalised and settled the sale of 75% of its interest in its wholly owned subsidiary Business Sphere LLC to Raisama Limited (listed on the Australian Stock Exchange on 30 November 2009 ASX:RAI).
Under the terms of the farm-in agreement, Raisama funded a $150,000 drilling program in November 2009; paid to the company upon listing cash amount of $150,000; issued to the company upon listing 435,000 shares @ 30 cents per share and is to fund the next $1.5 million of project expenditure in the Kyrgyz Republic.
Raisama Limited has recently completed an initial drilling program comprising of four diamond drill holes totalling 399m in the main mineralised zone. Multiple zones of coal seam and sandstone mineralisation with potential strike extents of more than 350m of the main zone were intersected. The Kashkasu II Project is located adjacent to extensive historic uranium mines which were exploited from the late 1950s to 1960s.
A second diamond drilling program is planned to commence later this quarter at Kashkasu II. The Company's main priority now is to define the limits and extensions to this mineralisation and identify stratigraphic embayment and potential zones of uranium accumulation within the prospective stratigraphic horizons. Further exploration work, including geological mapping, surface sampling and radiometric traversing is continuing within the project area to define additional targets and extensions of the current mineralisation for drill testing in the 2010 field season.
Kyrgyz Oil Assets
The Company holds 100% of three licences in the Kyrgyz Republic. The three licences cover an area in excess of 6,000km2. In the North are two licences called Tyup and East Issyk-Kul and are 200km southwest of the Junggar Basin in Xinjiang China. In the South the licence is called At Bashi and is 120km from Tarim basin with over 700MBO on production.
The Company has continued to add value to these assets and will actively look for farm-in partners to progress to the next phase which is seismic.
Kyrgyzstan Licences
