Okay guys this is another uranium play with grounds in Queensland and newly acquired grounds in Niger.
The Niger tenements they Acquired were locked up for years by the French. I cant do an indepth post as I'm at work but I would seriously consider doing some heavy research into this stock if you are interest by African uranium plays. Below is a quick rundown and some of my thoughts. NGM has had a retrace but is starting to pick back up again. I was looking at an entry just under 60 cents but it didn't come so I decided to buy in now due to the upturn from the recent retrace. I have been waiting for these grounds to be granted and now that they have I'm onboard to see how everything unfolds.
Indo Energy’s exploration concession applications are located to the south of Niger’s major uranium mines at Arlit, in central Niger. These mines have combined reserves of approximately 43,000tU grading between 0.3% and 0.5%U. Production from these mines has established Niger as the world’s sixth largest producer of mined uranium (3,093tU or 9% of world supply in 2005).
Indo Energy’s concessions cover highly prospective rocks of the arboniferous and Jurassic-Cretaceous sedimentary sequences. The rocks are similar to those that host the uranium mineralisation at Arlit and the nearby undeveloped deposit at Imouraren which has a resource of approximately 80,000t of contained uranium at a grade of 0.1%U.
Niger is the 6th largest producer of uranium for the world and the grounds they have gained are next to Imouraren one of the largest undeveloped deposits in the world. Further to the North is the Arlit uranium mine opering with an average grade of 0.3%-0.5%.
NGM Resources Announces 3 Uranium Concessions Granted to Indo Energy
Tuesday May 15, 2007, 12:12 pm
Original Announcement: Grant of three uranium concessions in Niger
NGM Resources advised that three uranium exploration concessions have been granted to Indo Energy in the highly prospective Tim Mersoi basin in Niger. The company's option to acquire 100% of Indo Energy has now been triggered by the granting of the three concessions. Indo Energy plans to fly an airborne geophysical survey over the granted concessions in May or June.
See below for an image of the grounds they have acquired.