A-Cap Resources Limited (ASX:ACB)
Melbourne, June 1, 2009 AEST (ABN Newswire) - A-Cap Resources Limited (ASX:ACB) the ASX-listed company focused on advancing the Letlhakane Uranium Project in Botswana, takes pleasure in announcing the appointment of Mr. Paul Ingramas Non-Executive Director of the Company.
Mr. Ingram is the CEO (Australia) and an Executive Director of Polo Resources Limited ("Polo Resources") which, following the completion of the placement announced previously on 6 May 2009, will become the largest shareholder in A-Cap, emerging with a 19.9% equity interest in the Company.
Polo Resources is an AIM-listed mining and investment company in the United Kingdom which focuses in global uranium opportunities (see www.poloresources.com).
Polo Resources also has an equity interests in two other ASX-listed pre-production uranium companies, being Berkeley Resources Limited and Extract Resources Limited.
In addition, Polo's Executive Chairman, Mr. Stephen R. Dattels and Mr. Neil Herbert, Managing Director, are both ex-UraMin directors, who recently negotiated the sale of UraMin Inc. to Areva in July 2007 for US$2.5 billion. The flagship deposit of the UraMin assets was the Trekkopje deposit a world class low-grade calcrete deposit which has some geological similarities to A-Cap's Letlhakane Uranium Project in Botswana. It is also the world's first alkaline heap leach process plant which is a similar process to what will be considered for Letlhakane.
A-Cap's Chairman Pat Volpe said, "I welcome Mr Ingram to the A-Cap Board and look forward to his contribution in establishing A-Cap as potentially the first Uranium mine in Botswana.
Polo Resources is respected as astute and strategic investors with several shareholdings in Uranium companies across the Globe. Their strategic investment in A-Cap will make Polo Resources the largest shareholder with a 19.9% stake. This is an endorsement of the potential that A-Cap and Botswana provides."
On the completion of the recently announced share placement A-Cap will have cash reserves of approximately $15M. Mr. Volpe said. "These funds will be used to fast track the Letlhakane uranium project's feasibility study as well as being applied to further drilling outside the resource with the objective of increasing the current JORC compliant inferred resource of 98m lbs"
"Mr. Ingram and Polo Resources past experience will be invaluable to A-Cap's advancements as well as lifting the Company's profile internationally for shareholders and investors" Mr. Volpe said.
Mr. Paul Ingram brief background
Mr. Ingram is a geologist with extensive experience in managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas, and has managed projects in countries throughout Australia and East Asia. He was formerly Managing Director of Menzies Gold Ltd and Exploration Director of Caledon Resources PLC. Mr. Ingram has a Bachelor of Applied Science (Geology) degree from Queensland University of Technology and is a member of the Australian Institute of Mining and Metallurgy and the Mining Industry Consultants Association.
About A-Cap Resources Limited
A-Cap holds six prospecting licences covering a total area of over 4,400km2 and three licences under application covering a further 3,000km2. All of the ground held by A-Cap has been previously explored by major companies such as Falconbridge, BCL, Urangesellchaft and Union. All of A-Cap’s tenements have significant radiometric anomalies and indications of Uranium mineralisation exposed at surface. Significant discoveries have been made at the Letlhakane Project resulting in an Inferred Resource of 30 Million lb Uranium (at an 80ppm cut-off) that has been defined in accordance with the JORC code.
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