Australian based uranium exploration and development company Uranex NL announced that final assay results have been received from the 2010 drill program at the Likuyu North Prospect, part of its 100% owned Mkuju Uranium Project, in Southern Tanzania.

This drilling program consisted of sixteen diamond holes along a 5km strike extent at Likuyu North, within a total project area covering 5000km² at the Mkuju Uranium Project. The program identified a high grade 500m zone within a coarse sandstone unit.

Assay results from the remaining two holes from the 2010 program has confirmed uranium mineralisation in both holes, with multiple mineralised intersections in MKDD0016, including 1.5m @ 541 ppm U₃O₈, 2m @ 420ppm U₃O₈, 2.5m @ 208 ppm U₃O₈ and intersection in MKDD0015 including 0.5m @ 213ppm U₃O₈.

These new results confirm and extend the uranium mineralisation within the high grade 500m zone and complete the program for 2010. These intersections add to previously reported significant intersections including 10.5m @ 1,124ppm U₃O₈; 13m @ 614ppm U₃O₈, 7.5m @ 352ppm U₃O₈, 2m @ 1,244ppm U₃O₈ and 4m @ 337 ppm U₃O₈. Mineralisation is interpreted to remain open in both directions.

As announced on 25th March 2011, the Company is set to commence its 2011 drill program at Likuyu North in early April with the initial aim of further extending uranium mineralisation along the 5km strike extent and to define an initial resource.

Phase 1 of the 2011 program will consist of 6000m, (60 holes) aircore drilling with geophysical logging of all holes to be conducted including spectral gamma to generate eU₃O₈ values and EM conductivity to identify geological units.

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