Adelaide, May 8, 2006 AEST (ABN Newswire) - The Directors of Alliance Resources Limited ("Alliance") (ASX: AGS) are pleased to announce an update to the exploration work being undertaken by joint venture partner and operator Quasar Resources Pty Ltd ("Quasar") at the Beverley 4 Mile Uranium Prospect at Arkaroola in S.A.
Quasar is an affiliate of Heathgate Resources Pty Ltd, which owns and operates the Beverley Uranium Mine. The Arkaroola Project is located immediately west of the Beverley Uranium Mine.
Uranium Exploration
The first two cored holes, AKC001 and AKC002, from Beverley 4 Mile have been completed and drill hole AKC003 is in progress. Comparative gamma log equivalent U3O8 grade and PFN log U3O8 grade results from the two completed cored holes are given in Table 1 together with previous PFN logging results. PFN grades from 0.05% to over 1% U3O8 are encouraging. Core recovery from AKC001 was poor due to wall collapse but improvements to the drilling method enabled a core recovery of 80% on AKC002. On completion of cored hole AKC003 available core samples will be sent to ANSTO for chemical analysis.
Compliance Statements:
The information in this report that relates to exploration results for uranium is based on information compiled by Mr Andrew Bowden. Mr Bowden is employed on a part-time basis by Alliance Resources Ltd and is a Competent Person as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bowden consents to the publication of this information in the form and context in which it appears.
Contact
Steve Johnston
General Manager
Tel +61 3 9697 9090
Ian Pamensky
Manager Finance and Company Secretary
Tel +61 3 9697 9090
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