Namibia Marenica Uranium Project

Entitled to 80%

Exclusive Prospecting Licence (EPL) 3287 covers 527sq km and lies in the same uranium province as the Rossing and Langer Heinrich uranium mines and immediately north of the large Trekkopje Mine which is currently being developed by Areva.  Resource Area EPL 3287 was initially granted for a 3 year period commencing 30 November 2005 for Base and Rare Metals, Precious Metals and Nuclear Fuel Groups of Minerals and recently renewed until 30 November 2010.
In November 2009 Marenica Energy Ltd delivered an Interim Resource, based on historical and new data.  The Company delineated a uranium resource totalling 122Mt grading 140ppm U3O8 comprising of an Indicated Mineral Resource of 16Mt grading 170ppm U3O8 and an Inferred Mineral Resource of 106Mt grading 140ppm U3O8 for a combined total of 38.6 million pounds of contained U3O8.
This Interim Mineral Resource is based on data from just over a third of drill results back from Marenica Energy’s 2009 drilling program and has resulted in approximately 15% of the resource being upgraded to the Indicated category and an increase in overall tonnage and U3O8 content.  Final updated resource estimation is due to be completed in January 2010. 

HISTORY:
In April of 2006, Marenica Energy entered into a Joint Venture agreement approved by the Ministry of Mines and Energy on 31 May 2006, whereby it could earn an 80% interest in the project.
Due to high uranium prices in the 1970's, Namibia underwent considerable exploration for uranium particularly along a 100km wide corridor extending east from the coast. The Geological Survey of Namibia flew several airborne radiometric surveys which outlined a number of potential targets. Rio Tinto, Anglo America and Goldfields all conducted exploration in the region that delineated hard rock, palaeochannel and calcrete deposits.
Previous exploration notably by the Goldfields Group of South Africa, over the north east portion of the EPL, outlined several uranium mineralised areas. Over 32,000 metres of drilling was conducted in the delineation of secondary uranium deposits associated with palaeo drainage channels and weathered bedrock. Extensive metallurgical testwork was also undertaken and an historical resource estimated.  Drill intersections included 9.7 metres at 980 ppm eU308, 8.1 metres at 500 ppm eU308 and 3 metres at 754 ppm eU308. The collapse in the uranium price resulted in Goldfields withdrawing from the project at the end of 1982.
The regional geology of this area consists of basin and dome tectonic features, where massive marbles of the Karibib Formation form three prominent domal structures, while steeply dipping biotite schists (Kuiseb Formation) form the basins similar to that of the Rossing Mine. Potential to find a hard rock deposit is therefore encouraging. The recent discovery of uraninite bearing alaskites on the Marenica Project further enhances the hard rock potential of the area.

Please click on a map below to view a larger version.

Badgebup Gold Project

1.125% royalty interest

West Australian Metals holds a 1.125% interest in gross production income from the Badgebup gold project in the South West Mineral Field of Western Australia which is currently not in production.

The project is owned by Great Southern Resources Pty Limited, who are reviewing their options of reviving the operation.

Broad-Based Black Empowerment Agreement

As part of a proactive move to embrace broad-based black economic empowerment and to contribute to community uplift in the Marenica area, the company signed a Memorandum of Understanding in October 2009 with local company Millennium Minerals (Pty) Ltd. Millennium Minerals is owned by Mr Mathews Hamutenya, a well-respected businessman in Namibia.

Under the agreement, Millennium Minerals has acquired a 5% interest in the Marenica Project. Marenica Energy Limited has reduced its holding in Marenica Minerals Pty Ltd, the entity which owns the Project to 75%. The sale of the 5% interest in Marenica Minerals Pty Ltd to Millennium is subject to a number of conditions. The Millennium Minerals company charter incorporates the Marenica Millennium Community Trust to benefit disadvantaged Namibians and specifically assist with educating the youth of the general community.

Both Marenica Energy and Millennium Minerals will contribute funds to this Community Trust. The Trust's opening assets consist of A$150,000 (N$1 million) to be distributed as bursaries to deserving Namibians. This process has commenced and the successful bursary candidates were awarded their bursaries in May 2010.

Robert A. Pearce
Chairman

Mr Pearce has been a chartered accountant for over 40 years. He has extensive experience in the resource industry over the last 25 years and has most recently been chairman & previously executive chairman of Gladstone Pacific Nickel Ltd – an AIM listed company. He has also been chairman and/or chief executive or finance director of seven resource companies listed on the Australian, UK & US stock exchanges. He has also been chairman or finance director of two ASX listed television companies and executive chairman of two ASX listed industrial companies.


David G Sanders
Non-Executive Director

Mr Sanders is a lawyer with over 15 years experience in corporate and resources law. He advises numerous ASX listed companies, including companies in the resources sector, on capital raising, mergers and acquisitions, Corporations Act and ASX Listing Rules compliance and corporate governance. He is a non-executive director of ASX listed Avantogen Ltd and company secretary of ASX listed Golden West Resources Ltd. He holds Bachelor of Law and Bachelor of Commerce degrees from the University of Western Australia and a Graduate Diploma of Applied Finance and Investments from the Securities Institute of Australia. During the last three years Mr Sanders has also been a director of the following listed public company - Avantogen Ltd (September 2008 to the present).


Gavin Becker, ARSM, BSc(Eng) (London), MBA (Bond), FAusIMM, CP (Met)
Non-Executive Director

Gavin Becker has over 35 years experience in the mining industry since graduating as a metallurgist in 1974. During that time he has worked in senior operational, R&D, feasibility study and consulting roles on lead / zinc, gold, uranium, copper and nickel mines and / or projects. Earlier in his career he lived and worked in Southern Africa (Zambia 2 years, South Africa 4 years).

Gavin has uranium experience from his time in South Africa (including Mintek) as well as Australia (Yeelirrie Project), and managed WMC Resources' initial heap leach projects at St.Ives near Kambalda in WA, followed by Dominion Mining's Cosmo Howley operations in the Northern Territory which produced Dominion's first gold using heap leach methods.


Doug Buerger, B.Sc; M.Phil; FAusIMM.
Non-Executive Director

Mr Buerger specialises in Mineral Exploration and Mining with 40 years industry experience. During that time he has worked in senior operational roles, most recently as Managing Director and CEO of Bendigo Mining Limited. Prior to his role with Bendigo, Mr Buerger worked in a number of General Manager and Exploration Manager positions. He was born in Namibia and worked there for the first 10 years of his career.

Mr Buerger has had a successful track record in capital raisings and gaining valuable environmental and government support in the set up of new mines whilst in his role at Bendigo Mining.


Calvin Zhu
Non-Executive Director

Calvin has over 8 years of commercial experience spanning across Investment Banking, Management Consulting and Financial Analysis. He joins Hanlong from Credit Suisse Australia where he specialised in Mergers & Acquisitions and Debt Capital Markets. Calvin has been involved in over $5bn of public market transactions, advising blue chip clients such as Commonwealth Bank of Australia, Woolworths, Australian Government and private equity firms.

Prior to Investment Banking, Calvin was a consultant with PA Consulting Group and spent over 3 years with Proctor & Gamble.

Calvin holds a Bachelor of Applied Finance from Macquarie University and was awarded the John Allison Actuarial Scholarship.


Secretary
Simon ROBERTSON, B.Bus MApp Fin

Simon has a strong commercial background and is a member of the Institute of Chartered Accountants and the Institute of Chartered Secretaries. He has over 15 years corporate experience and has held senior executive positions in a number of listed Australian companies in the industrial and resources sectors.


John A YOUNG B App Sc (Geol), Grad Dip Tech Management, MAUSIMM, AICD
Chief Executive Officer

Mr John A Young is a geologist with experience in resource project management. He is a Member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Company Directors and has worked on a wide variety of mineral and resource projects throughout Australia in operational and management roles.
Mr Young has held senior management and operational positions at Arrow Resources Management Pty Ltd (management arm of Rothschild), Haddington Resources Ltd, and most recently as CEO and Director of AIM and ASX listed Thor Mining PLC, a company focused in specialty metals.

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