5 March 2008
Company Announcements Office
Australian Stock Exchange Limited
Level 4, Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam,
EXTENSIONS TO MINERALISATION AT MARENICA
HIGHLIGHTS
• Drilling results extend uranium mineralisation at Marenica Deposit, Namibia, to the south
and east.
• Mineralisation thickening within the Central Channel.
• Improved potential for a heap leach operation - with consequent reduction in operating costs.
• Drilling programme being ramped-up.
• Results pending on further drilling of extensions and infill drilling of existing resource area.
West Australian
Metals Ltd
- 2 -
MARENICA URANIUM PROJECT - NAMIBIA
Drilling Programme Confirms Extensions to Mineralisation
West Australian Metals Ltd (WME) is pleased to announce initial results from an RC drill programme
commenced in the December Quarter 2007 over the Marenica Uranium Project, Namibia (Figure 1).
The programmes’ principal objective is to significantly expand the area of mineralisation outside the
current resource area which contains 15 million pounds U3O8 (refer to JORC resource report to the
ASX, 29 November 2007).
The drilling programme is currently focused on initially testing a 20 sq km area of a buried
palaeo-drainage system immediately south and east of the resource area on a broad 600 metre by
200 metre grid pattern - the Priority Area, Figure 2. The objective is to complete this phase of
drilling by the end of the March Quarter 2008 following which infill drilling will be undertaken
during the June Quarter 2008 over areas identified as having resource potential. Drilling of this
Priority Area is being accelerated.
Results from down hole gamma probing of the first line of 26 vertical holes totalling 1,285 metres
(MAR 169 to 194, Figure 2) drilled in this current programme to test the Priority Area indicates the
presence of a significant envelope of uranium mineralisation (greater than 100 ppm eU3O8) extending
east and southeast of the Resource Area within 40 metres of the surface.
Importantly there is an apparent thickening of mineralisation over sections of the palaeo-drainage
system drilled, with five (5) holes reporting accumulated thicknesses between 10 to 15.70 metres with
grades in excess of 100ppm eU3O8 - principally within the Central Channel (see Figure 2).
This apparent thickening of mineralisation is considered significant in the context of the Company’s
primary goal of delineating a larger resource which could be amenable to heap leaching – such as
Areva’s Trekkopje Project which adjoins Marenica to the south. Significant equivalent uranium
intervals from gamma probing of these initial holes include:
Hole MAR183 3.20 metres averaging 236ppm eU3O8 (12.10-15.30 metres) and
2.50 metres averaging 298ppm eU3O8 (25.60-28.10 metres) and
7.30 metres averaging 122ppm eU3O8 (28.90-36.20 metres)
Hole MAR177 1.30 metres averaging 333ppm eU3O8 (32.45-33.75 metres) and
4.70 metres averaging 121ppm eU3O8 (24.15-28.85 metres) and
2.50 metres averaging 113ppm eU3O8 (5.05-7.55 metres)
Hole MAR 180 0.90 metres averaging 468ppm eU3O8 (20.39-21.29 metres)
Hole MAR 170 11.30 metres averaging 126ppm eU3O8 (16.18-27.48metres)
- 3 -
Table 1 lists all intervals above 100ppm eU3O8 for holes MAR 169 to 194 with collar locations of
holes shown in Figure 2. All mineralised intervals identified by probing have been sampled and
forwarded to the laboratory for assay. Long delays are expected in receiving results due to the huge
work load being carried by all laboratory facilities in South Africa and Australia.
Figure 1: Location of Marenica Project and Other Uranium Projects, Central-West Namibia
The down hole logging, calculation of equivalent uranium grades, and compositing of mineralised
intervals was conducted by geophysical consultants Terratec. All holes logged are vertically inclined,
with 76 metres the deepest hole probed. The logging programme utilised a spectrometer probe to
estimate uranium concentrations which were calculated and reported as equivalent (e) U or (e) U3O8
(see Note at end of this report). The estimated grades reported herein are based on calculations by
Terratec using data from the uranium channel (on 10 cm interval readings) with the calculated
equivalent uranium grade multiplied by a correction factor of 0.8. This correction factor has been
calculated by consultants Hellman and Schofield to provide a more accurate estimate of chemical
assay grade results, and was used by Hellman and Schofield in the initial resource estimation.
- 4 -
Figure 2: Location of Reported Drilling
- 5 -
Table 1: Significant Results –Recent Down Hole Logging
Intervals greater than or equal to 100ppm eU3O8
Hole No. Easting Northing
Depth
(m)
Dip
Depth
From
(m)
Depth
To (m)
Interval
(m)
eU3O8
ppm
MAR169 492400 7578000 22 Vertical 12.16 16.76 4.60 143
MAR170 492400 7577800 43 Vertical 16.18 27.48 11.30 126
MAR171 492400 7577600 48 Vertical 18.30 20.60 2.30 106
MAR172 492400 7577400 76 Vertical 24.96 25.46 0.50 294
MAR173 492400 7577200 44 Vertical 14.77 20.37 5.60 106
MAR174 492400 7577000 25 Vertical 9.39 11.99 2.60 181
MAR175 492400 7576800 43 Vertical 20.62 28.32 7.70 120
MAR176 492400 7576600 43 Vertical 12.88 14.18 1.30 138
Vertical 15.48 23.58 8.10 106
Vertical 24.68 28.78 4.10 103
Vertical 35.18 37.38 2.20 102
MAR177 492400 7576400 47 Vertical 5.05 7.55 2.50 113
Vertical 24.15 28.85 4.70 121
Vertical 32.45 33.75 1.30 333
MAR178 492400 7576200 26 Vertical 13.05 13.75 0.70 115
Vertical 14.85 15.85 1.00 130
MAR179 492400 7576000 34 Vertical 9.95 16.55 6.40 128
Vertical 17.15 18.85 1.70 183
Vertical 19.45 20.65 1.20 252
Vertical 22.95 23.65 0.70 211
MAR180 492400 7575800 31 Vertical 2,39 4.39 2.00 117
Vertical 16.19 16.99 0.80 130
Vertical 20.39 21.29 0.90 468
MAR182 492400 7575400 43 Vertical 6.37 6.87 0.50 154
Vertical 8.47 12.67 4.20 100
Vertical 14.17 20.97 6.80 111
Vertical 21.47 24.57 2.60 130
Vertical 29.27 30.07 0.80 169
MAR183 492400 7575200 58 Vertical 12.10 15.30 3.20 236
Vertical 25.60 28.10 2.50 298
Vertical 28.90 36.20 7.30 122
MAR187 492400 7574400 70 Vertical 9.87 10.87 1.00 114
Vertical 28.47 29.77 1.30 297
Vertical 44.77 45.17 0.40 182
MAR188 492400 7574200 70 Vertical 26.32 26.82 0.50 179
MAR189 492400 7574000 73 Vertical 22.43 23.53 1.10 108
MAR190 492400 7573800 67 Vertical 13.92 15.22 1.30 187
Vertical 17.82 18.92 1.10 133
MAR191 492400 7573600 58 Vertical 20.45 21.35 0.90 143
- 6 -
Results from the first phase of an infill drill programme completed in the Resource Area are still
awaited. This phase consisted of 41 vertical holes (between 10-25 metres depth) drilled on a 120
metres by 120 metres grid covering an area 600 x 720 metres. This program of infill drilling has
been designed to add further resources within the existing Resource Area with potential for a
further 8-12 million tonnes at an average grade of 140-180ppm U3O8 (2-5 million pounds U3O8).
Further in-fill drilling in the Resource Area will be undertaken during the current quarter.
Results from the on-going drilling and logging programmes will be reported when data is received
and evaluated. In addition, further historic holes continue to be located both within and outside the
Priority Area with probing of these holes also planned to be undertaken in the current quarter.
Yours faithfully,
Leon Reisgys
Technical Director and Acting CEO
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