Great Western Mining Corporation plc
LSE : GWMO

April 24, 2008 02:11 ET

Great Western Mining Corporation Plc ('GWMC' or the 'Company'): Uranium Discovery Confirmed

DUBLIN, IRELAND--(Marketwire - April 24, 2008) - The Board of Great Western Mining Corporation Plc, (PLUS:GWMO) the PLUS quoted Dublin based uranium, gold and silver exploration company, is pleased to announce results of bulk sample leaching tests on ore from its high impact project in the state of Nevada, USA.

Highlights -

- Confirmed the presence of Uranium, gold and silver in claim area

- High recovery rate from Uranium samples : 97-99% extracted

- Uranium samples recovered ranging from 0.350% to 0.450% U3O8

- Silver recovered : 5.25 ozs (163.3 grams) per short ton (2,000 lbs)

- Gold recovered : 0.144 ozs (4.5 grams) per short ton (2,000 lbs)

- Combined value of U3O8, gold and silver at current prices would be in the region of $700 to $800 per short ton assuming 100% recovery.

Background

GWMC is examining an ore deposit containing uranium and other precious metals in quartz monzonite and quartzite located in a hydrothermal shear zone, in Mineral County, Nevada.

The Independent laboratory report contains head analyses and the results from bottle-roll leaching tests. GWMC controls 100% of an approximate 4 square kilometers claim area.

Uranium Leaching

Splits of the prepared samples were found to contain between -

- 0.350% and 0.450% U3O8 Uranium

- 5.25 ozs (163.3 grams) per short ton (2,000 lbs) silver Ag.

- 0.144 ozs (4.5 grams) per short ton (2,000 lbs) gold Au.

Good uranium recoveries (97-99%) were observed during a 7 day bottle-roll leach of sample splits at two grind sizes, minus 1/4 inch and minus 10 mesh.

Both experiments showed greater than 90% uranium extraction was achieved after 24 hours. By the end of 7 days, both samples were nearly completely extracted. After each experiment, the uranium content in the assay head was compared with that in the calculated head.

The high uranium accountability for experiment 3116-125 suggests that the sample utilized in the minus 10-mesh experiment had a true U3O8 content of 0.45%. Details of the various uranium results are shown below.



Head Assays, Uranium Accountabilities, and Extractions

----------------------------------------------------------------------------
Experiment Grind Assayed Calculated Uranium Uranium
Size head Head Assay Accountability Extraction
----------------------------------------------------------------------------
% U3O8 % U3O8 %
----------------------------------------------------------------------------
3116-123 1/4 in. 0.35 0.34 100 97
----------------------------------------------------------------------------
3116-125 10 mesh 0.35 0.45 129 99
----------------------------------------------------------------------------

Assayed head is the result reported from the analytical laboratory on a
pulped split sample of the composite. Calculated head is the sum of the
uranium found in all streams of the experiment.


Precious Metals

During both experiments, the incidence of platinum and palladium, as well as gold, silver, rhenium, and tungsten, was examined. The results are provided in the Table below.



----------------------------------------------------------------------------
Sample Ag, oz/st Au, oz/st Pd, oz/st Pt, oz/st Rh,ppm W, ppm
----------------------------------------------------------------------------
less than less than less than
Head 5.25 0.144 0.005 0.005 0.1 7
----------------------------------------------------------------------------
3116-123 less than less than less than
tails 4.80 0.07 0.005 0.005 0.1 10
----------------------------------------------------------------------------
3116-125 less than less than less than
tails 5.33 0.09 0.005 0.005 0.1 10
----------------------------------------------------------------------------


The incidence of gold and silver in the head samples that is verified by the tails samples suggests that these metals are indeed present in the material and that secondary processing steps may be justified to capture the additional value of this ore. Platinum, palladium, rhenium, and tungsten are not present in economic concentrations.

In reviewing the results Chairman Emmett O'Connell said

'The bulk test results give a powerful endorsement to our exploration programme to date. The presence of Uranium, gold and silver in our claim area is established in fact. The combined value of prospective ore, assuming 100% recovery, of uranium, gold and silver at current prices would be in the region of $700 to $800 per short ton. These are exceptional figures.'

GWMC will now direct its attention to the completion of a competent persons report on the project and a mapping, trenching and possibly drilling campaign to define the length, width, depth and volume of the deposit.

Your Directors look forward to a busy summer schedule. Shareholders should review the Company's website for news and views of activities.

Great Western Mining Corporation plc is traded on the PLUS market in London (symbol: GWMO).

The Directors of the Issuer accept responsibility for this announcement.

Note to Editor:

Great Western Mining Corporation plc is an Irish based exploration company, quoted on the PLUS Market. The company, which concentrates on gold, silver and uranium exploration, is based in Nevada, USA. Its headquarters are in Dublin.

The Great Western Mining Corporation holds 47 gold, silver and uranium lode claims in the area near Marietta, Mineral County, Nevada. This US state consistently ranks as one of the leading geologically prospective and pro-mining legal jurisdictions in the world today. Crucially, it is also extremely stable from a geo-political perspective.

Furthermore, as nuclear power usage expands rapidly across the globe, demand for the world's limited uranium resources will expand rapidly, pushing up the price for uranium ore.

The company plans to build a varied portfolio of uranium ore claims in politically secure areas.

Contact Information

  • Media enquiries:
    Bishopsgate Communications
    Nick Rome / Michael Kinirons
    +44 207 562 3350
    or
    Limelight Communications
    Kathryn Byrne
    +353 45 856 346 or Mobile: + 353 85 233 6033
    Email: kathryn.byrne@limelight.ie
    or
    Limelight Communications
    Jonathan McDade
    +353 45 856 346 or Mobile: + 353 85 233 6033
    Email: jonathan.mcdade@limelight.ie
    or
    Investor relations:
    Great Western Mining Corporation
    Liam McGrattan
    Investor Relations Director
    +353 1 856 1700 or Mobile: +353 87 274 5427
    or
    Great Western Mining Corporation
    Emmett O'Connell
    Chairman
    +353 51 565 844 or +353 1 856 1700
    Website: www.greatwesternmining.com
    or
    Corporate Adviser:
    St Helen's Capital Plc
    Duncan Vasey / Barry Hocken
    +44 207 628 5582