Stonehenge Metals Limited (SHE), a uranium exploration company with projects in South Korea, announced that the Company has signed a contract research agreement with Kongju University in Korea for research and review of uranium ore in the Okcheon Belt.
The Okcheon Belt runs through the Company’s Daejon, Miwon and Gwesan project area. The agreement is a collaborative research agreement using four PhD researchers from the Department of Geological and Environmental Sciences at Kongju University and professional geologists from Chong Ma Mines Inc., a wholly owned subsidiary of Stonehenge.
The research program will enable the logging of the lack Slates of Okcheon Mineral Belt of Korea – an area estimated by the Korean Resources Corporation (KORES) to contain in excess of 100 million tonnes of uranium resources. The study aims to use the latest technology to review drill core from the 1970s and 1980’s and to use the new data collected to assess the technical and economic feasibility of resources in the related areas. The term of the initial agreement is five months and will commence on December 1st, 2010.
Speaking at the company’s AGM today, Chairman Mr Warren Staude said “We know that there is approximately 36,000m of core from previous drilling. To be able to work collaboratively with Kongju University to determine the mineralogy of these cores will be a huge benefit to our understanding of the resource in Korea and will advance our objective of presenting a domestic energy source to a country dedicated to generating low carbon energy”