Re: RSL - Retail Star
little bit of news, share price is currently 2c
Retail Star Limited
Retail Star Ltd (“the Company”) is pleased to announce the approval, by the government of Malawi, for the
transfer from Red Rock Resources plc (“RRR”) to the Company, of the Chintheche uranium licence in the
East African country of Malawi. This property comprises an Exclusive Prospecting Licence (“EPL”) covering
an area of 210.9 sq km.
The grant and transfer of the EPL is pursuant to the agreement dated 26th July 2007 and subsequently
approved by shareholders on 6th August 2007 (the “Agreement”), whereby RRR agreed to sell its uranium
interests to the Company. Following transfer of the EPL to the Company, 30,000,000 C Class Converting
Performance Shares issued to RRR convert to 30,000,000 new fully paid ordinary shares in the Company.
The Chintheche Property
The Chintheche property covers some 210.9 km² sq km and is situated immediately to the west of Lake
Malawi about 240km north of the capital of Lilongwe (figure 1). The 1987 report, “Interpretation of Airborne
Geophysical Survey Results” by Paterson, Grant & Watson for the United Nations Development Programme,
highlighted significant uranium anomalies for investigation.
Subsequent review by the Company confirmed that the anomalies are over both Basement Complex rocks
and over younger clastic sediments that sit above and marginal to them (figure 2). The younger sediments
are prospective for roll front style uranium mineralisation and the basement rocks for vein style uraniumniobium-
tantalum-rare earth mineralisation.
Peak airborne radiometric anomalies are in the order of four times higher than background readings within
the main target zone (figure 3).
The granting of the Chintheche licence complements the previously announced Machinga licence (figure 1).
The Machinga property covers some 378 sq km just north of the old capital city of Zomba in south central
Malawi. In their 1987 report, Paterson, Grant & Watson highlighted two areas for investigation for uranium
exploration within this licence; the Chinduzi Radioactive Zone, and the Machinga Radioactive Zone. Both
were rated as high priority targets.
The Malawi exploration programme is scheduled to commence in the first quarter of 2008. The intended
programme is summarised in the Company’s AGM presentation released to the ASX on 6th December 2007.
The Company believes exposure to uranium-prospective countries of East Africa, with a positive attitude to
uranium exploration, and in particular Malawi, reduces the risk of becoming heavily reliant to one region and
gives diversification. The Malawi government has expressed commitment to assisting companies exploring
for or wishing to produce uranium.
there were maps but I couldnt paste them check with ASX
Happyjack