Niger Expansion

GCM Resources PLC 10 April 2008 PRESS RELEASE GCM Resources plc 10th April 2008 GCM and AURA EXPAND INTO NIGER GCM Resources plc (AIM: GCM), in alliance with Aura Energy Limited (ASX: AEE), is pleased to announce that applications for three uranium exploration permits have been lodged, and accepted by the Department of Mines in Niger. The applications cover geological settings favourable for uranium mineralisation in the Tim Mersoi Basin in Niger. Niger is located in western Africa and is the world's fourth largest uranium producing country (3,434tU in 2006 according to the World Nuclear Association). Cumulative production to date stands at approximately 100,000 metric tons uranium, making Niger one of the world's most important sources of uranium. The Niger Government actively encourages uranium exploration and mining, with currently two new mines under development. All current production in Niger is from sandstone hosted deposits within sediments of the Tim Mersoi Basin, which are adjacent to and overlie rocks of the Air Massif. The Tim Mersoi Basin has attractive uranium grades typically grading 0.3 to 0.6% U3O8. Therefore the abundance of uranium in the district, the attractive grades, and the relative paucity of exploration clearly make this area an attractive exploration target. The application areas permitted to Aura/GCM are known as Ebadargene 1, 2 & 3. As far as Aura/GCM is aware the areas have had no meaningful previous exploration. The application areas lie just south of the Air Massif, close to alkaline volcanic and intrusive rocks within the Massif. A number of uranium deposits and occurrences lie within these structures. The Aura/GCM areas contain a swarm of east-northeast fault structures which further to the west around Agadez are known to contain uranium and associated copper. The application areas therefore appear to contain extensions to known mineralised structures. An airborne radiometric / magnetic survey has recently been flown under European Aid funding over the Air Massif, and the data is soon to be publically released. The survey covers part of Aura/GCM's northern application area. Steve Bywater, Chief Executive Officer, comments; 'We are pleased to announce the agreed permitting for exploration in this highly prospective mineralised region of Tim Mersoi Basin in Niger. This is a progressive step in the Aura / GCM African Uranium Alliance.' For further information contact: GCM Resources plc: Pelham Public Relations: Steve Bywater Charles Vivian Chief Executive Ph: +44 (0)207 743 6672 Ph: +44 (0)207 290 1630 Email: charles.vivian@pelhampr.com Graham Taggart Klara Kaczmarek Finance Director Ph: +44 (0)203 159 4395 Ph: +44 (0)207 290 1630 Email: klara.kaczmarek@pelhampr.com JP Morgan Cazenove: Nominated Advisor Michael Wentworth-Stanley Ph: +44 (0)207 588 2828 Charlotte Keenan Ph: +44 (0)207 588 2828 Notes to Editors: Aura / GCM African Uranium Alliance. On behalf of its Uranium Alliance with GCM, Aura has been actively developing high quality uranium exploration targets in West Africa since April 2007. The Alliance brings together the technical uranium experience, targeting and exploration skills of Aura with the project development and mining experience of GCM. The Alliance is managed and exploration conducted by Aura with funding provided jointly by Aura and GCM in cash and in kind. GCM's obligation is to provide funding of £165,000 for the first two years' activities of the alliance. Projects generated by the Alliance are initially solely funded by GCM, with Aura retaining the right to participate in any Joint Venture with 30% (or, at Aura's election, lower) interest. About GCM Resources plc: GCM Resources plc is a London based company quoted on the London Stock Exchange's Alternative Investment Market ('AIM'). The Company is strategically focused on coal and related investments across a range of geographical locations including: South Africa, Bangladesh and China with the aim of sourcing potential opportunities that offer near return whilst mitigating risk through the development of a diverse portfolio of assets. Primarily focused on the exploration and development of coal deposits the Company also targets related infrastructure such as power plants and telecommunications networks to build on related areas of the coal mining industry and support local development. For further information: www.gcmplc.com About Aura Energy Limited: Aura Energy Limited is an ASX listed uranium exploration company, very active in evaluating uranium occurrences in Sweden, the Yilgarn Province and Gunbarrel Basin in Western Australia, as well as in West Africa. For further information: www.auraenergy.com.au This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings