Company Information for Murchison United NL

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Company Statement

Murchison United NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide. The Company’s shares are listed on both the Australian Stock Exchange (ASX - MUR) and the Alternative Investment Market (AIM - MUU) of the London Stock Exchange.

Murchison has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs during 2007 following a recent successful capital raising. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.

Murchison conducted an initial program of 29 RC drill holes totalling 1,809m at its Firawa prospect in Guinea during May 2007. Highlights of the results received so far include a 10m section averaging 652ppm U3O8 with a best 1m assay of 1,325ppm U3O8. Drilling in Mauritania is expected to commence in September 2007 followed by further drilling in Guinea at the Company’s Bohoduo prospect. 

Current Operations

Governments worldwide are increasingly turning to nuclear energy as a viable and attractive energy alternative to assist in reducing greenhouse gas emissions.

A persistent deficit between U308 demand and mining supply has existed for close to two decades and inventories are steadily being depleted. This international supply shortage of uranium has created a highly favourable environment for exploration.

Murchison holds a portfolio of strategic uranium exploration assets in West Africa and is currently progressing these assets and investigating other energy-related resource opportunities in Australia and internationally to further expand its asset base.

Mauritania
The company has been granted six "group 4" uranium exploration licences in the Republic of Mauritania (West Africa) covering 8,200km2, with two more permits awaiting approval. The Company is well placed to secure additional exploration licences.

Mauritania represents an attractive opportunity for Murchison, with large tracts of prospective exploration ground, including historic uranium prospects located within Reguibate Massive, a part of the West African Shield.

Exploration is further enhanced by the availability of modern airborne geophysical data and modern geological maps from the “PRISM 1” project conducted by the World Bank.

Digital airborne data and processing of radiometric line data interpreted in Sweden has identified several strong uranium anomalies. Initial reconnaissance sampling of some of these anomalies has returned grades of up to 9500ppm U3O8 (0.95%).

The Company is currently negotiating access to a drilling rig in order to commence a drilling programme on one of its licences in the Bir En Nar region of Mauritania.

Guinea
Murchison holds eight Uranium Prospecting Permits in the Republic of Guinea covering 3,563 km2 over three separate concession areas:

• Firawa
• Bohoduo
• Sesse

Exploration activities have been conducted in-house by Mr Bosse Gustafsson, the Company's Tehcnical Director.

Firawa
Past airborne surveys have identified a 5 km anomaly lying in an East-West direction at the Firawa Prospect. This area was previously partly explored by means of detailed ground spectrometry, EM, magnetic measurements and soil geochemistry by Davy McKee.

Field visits by Murchison personnel have confirmed 25-year-old deep pits and trenches on the anomaly peaks.

An initial drilling programme was successfully completed during May 2007 and the Company is awaiting assay results for drilling samples sent to Canada for analysis.  This programme comprised 31 RC drill holes for a total of 2,050 metres of drilling, targeting a highly prospective 2km section of a previously identified uranium anomaly which extends for over 5km within Murchison's Firawa exploration licences.

Bohoduo
Previous ground work by Davy McKee targeted a 700 metre long, irregular uranium anomaly at the Bohoduo Prospect. Previous work included uncompleted diamond drilling and extensive ground work, while a recent visit confirmed the presence of uranium mineralization. Airborne geophysical data indicates a 12 km long extension of the anomaly to the east.
An initial drilling programme is planned for later in 2007.

Sesse
Historical work at the Sesse Prospect was regional in nature and comprised grid geochemistry with radon gas analyses, ground magnetics and EM.

Australia - Queensland

Millenium
The Millenium mining leases are located some 35 kilometres west-north-west of Cloncurry in Queensland, Australia. The leases cover an area approximately 3.5 kilometres long and 500 metres wide.The area has old mine workings (early 1900's), as well as more recent exploration costeans and drill pad sites, which were directed to the exploitation of copper ore.

Murchison has received a contract geologist's report, which indicates promising levels of both copper and cobalt on the Millenium leases.

The recommendations of the report, including a proposed drilling programme, are currently being considered - as well as the appropriateness of the project in relation to the broader objectives of the company and taking into consideration the presence of established treatment facilities in the Cloncurry area.

Australia - WA

Maroochydore JV
The Maroochydore Copper Project in Western Australia is subject to a Joint Venture agreement with Aditya Birla Minerals Limited (ASX:ABY), which has a 50% interest in the Project and is the operator. The Project is located approximately 100km southeast of their Nifty Copper mine operations and  60km south southeast of the Telfer copper-gold mine

Maroochydore has a total estimated JORC compliant Indicated and Inferred Mineral Resource of 51 million tonnes at a grade of 1% copper and 0.04% cobalt for 0.51 million tonnes of contained copper and 20,000 tonnes contained cobalt (at a 0.5% Cu cut-off).

The Company's net attributable interest in this Mineral Resource is 25.5 million tonnes at 1% copper and 0.04% cobalt for 0.25 million tonnes of contained copper and 10,000 tonnes of contained cobalt.

The information on Mineral Resources for the Maroochydore project has been reproduced from the public reporting on the project's Mineral Resource's by the project operator, Aditya Birla Minerals Ltd.  This reported Mineral Resource was signed off for Aditya Birla Minerals Ltd by Mr Ian Glacken of Snowden Mining Industry Consultants.

Geographical Spread

West Africa and Australia

Board of Directors and Key Management

Glenn Robert Featherby, B.Com., A.C.A. (Non Executive Chairman)

Mr. Featherby joined the board on the 2nd August 2004. Glenn has over 20 years' experience in corporate advisory work and has worked extensively in the resources sector. He worked with KPMG in Perth, Western Australia and London before establishing his own accounting practice in Perth in 1997. Glenn has previously held the positions of finance director for A.I.M. listed Regal Petroleum Plc and non-executive director of Canadian & A.I.M. listed European Goldfields Limited.

Mark David Reilly, B.Bus., A.C.A. (Managing Director, Chief Executive Officer and Company Secretary)

Mr. Reilly joined the board on the 2nd August 2004. Mark has over 15 years' experience in advisory work with extensive experience in the mining, banking and finance industries. He worked with Coopers & Lybrand in Perth before establishing a practice with Glenn Featherby. He is the former administrator of the company's previous subsidiary Renison Bell Limited.

Christopher David Grannell, (Non-Executive Director)

Mr David Grannell joined the board on the 4th April 2005. He was an Executive Director and Chief Financial Officer of European Goldfields Limited a company listed on the Toronto Stock Exchange and the AIM market of the London Stock Exchange. Mr Grannell is a fellow of the Chartered Association of Certified Accountants based in London. He has significant London capital markets experience focused in the natural resources sector.

Bosse Gustafsson (Technical Director)

Mr Gustafsson joined the board on the 3rd October 2006. Mr Gustafsson has over 35 years geological experience, including more than 10 years in uranium exploration, and is a life time member of the Geological Society of Sweden. He is presently employed by the Geological Survey of Sweden, as its Senior Geologist in the Mineral Resources Information Office, a position he has held since 1993. Mr Gustafsson has managed a number of exploration programmes for both the department and private companies on a secondment basis, in various locations throughout Europe, Africa and Latin America. Mr Gustafsson will manage and conduct the Company's exploration programme in Guinea and Mauritania, as well as any other regions in which the Company may apply for exploration permits.

Company Address 36 Outram Street Western Perth, Western Australia, Western Australia, Australia 6005 Telephone: +61 8 9322 4071 Facsimile: +61 8 9322 4073 Email: info[at]munl.com.au Website: http://www.murchisonunited.com.au

Year End 30 June

Nominated Brokers Fairfax IS Plc

Nominated Advisors RFC Corporate Finance

Related News

31/07/07 - Murchison United Stood Out From The Crowd Last Week

Most Recent Statement

09/05/08 - Uranium Drilling to Commence in Guinea, West Africa
01/05/08 - Third Quarter Activities and Cashflow Report
09/04/08 - Change of AIM Broker
04/04/08 - Continuous Disclosure - Opes Prime
26/03/08 - Final Downhole Logging Results From Bir En Nar Uranium Prospect, Mauritania
17/03/08 - Re-release High Grade Uranium Intersected Mauritania