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Uran Limited has lodged three applications for exploration licences over a number of known uranium deposits in Bulgaria
Uran lodged applications for two exploration permits over the Pravoslaven, Tristilnik, Manole and Belozem uranium deposits near the Maritsa River east of Plovdiv region of central Bulgaria. These deposits occur within the flat-lying Thracian sedimentary basin, within poorly-cemented Pliocene sandstones and siltstones. Uranium mineralisation occurs at the redox boundary, typically at depths of 60 to 250 metres in depth, in the form of ningyoite, coffinite and uranophane. Similar deposits in the region have been previously extracted by In-Situ Leaching.
The exploration target for these projects is 4,000 to 5,000 tonnes of contained U3O8, based on previous drilling by Bulgarian state uranium mining bodies. At this stage Uran has not reviewed the geological data and has not carried out a due diligence on these mineral properties. Therefore Uran considers the reported range of U3O8 content as conceptual by nature, and it is uncertain that Uran will be able to determine a Mineral Resource.
An application for an exploration permit over the Tenevo-Okop area, east of Pravoslaven, was also lodged. This application covers a number of uranium deposits in the Thracian Basin to the east of Pravoslaven, with an exploration target of 850 to 1,200 tonnes of contained U3O8 based on previous drilling by Bulgarian state uranium mining bodies. Mineralisation in this area is thought to be less well-defined than those of the Pravoslaven area, with greater potential to expand the mineralisation through exploration. However, Uran has not reviewed the geological data and has not carried out a due diligence on these mineral properties. Therefore Uran considers exploration target as conceptual by nature, and it is uncertain, that Uran will be able to determine a Mineral Resource.
Applications for exploration permits over mineralisation considered by the Bulgarian Government to constitute mineral reserves must go through a tender process prior to grant. This process will apply to these applications.
BULGARIAN URANIUM DEPOSITS
 Bulgaria History and Government
Bulgaria is located in Eastern Europe, with spectacular mountains and a coastline on the Black Sea in the east. To the south it is bordered by Greece, and the Danube River forms the northern border with Romania.
Bulgaria has an area of about 110,000 square kilometres and a population of approximately 8 million, of which about 1.5 million live in the capital, Sofia. The official language is Bulgarian, a Slavic language related to Russian, which is also widely spoken.
Following World War II Bulgaria became a satellite of the Soviet Union until its collapse in 1991. It became a NATO member in March 2004, and a member of the European Union in January 2007.
Bulgaria’s transition to democracy and a market economy has not been easy, and the country is striving to boost low standards of living.
After a period of political instability in the early 1990s, a democratic process was achieved but without strong progress on economic reform. From 2001 to 2005 under Prime Minister Simeon Saxe-Coburg-Gotha (the former King Simeon II of Bulgaria), the country successfully carried out market reforms to meet EU requirements. Unemployment fell from about 20%, and inflation came under control but incomes and living standards remain low. Pressure from the EU has seen progress in eradication of previously wide-spread corruption
A significant hurdle to gaining EU membership was the Kozloduy nuclear power plant which supplied around half of Bulgaria's electricity, as well as producing revenue from electricity exports. The two oldest reactors, Kozloduy 1 and 2, were closed in 2002, followed by Units 3 and 4 in December 2006. Units 5 and 6 which meet international standards continue to operate.
A second nuclear power plant is being constructed by Russia at approximately 150 miles north of Sofia near the Danube.
The country is a parliamentary democracy led by President Georgi Parvanov, who won a second five-year term with a landslide victory in October 2006. Legislative power is exercised by parliament, currently led by Prime Minister Sergei Stanishev who was appointed in August 2005 as head of a coalition of the Socialist Party with the liberal Movement for Simeon II and the minority Turkish Movement for Rights and Freedoms.
Closed ISL Uranium Mine |
